Company: VSA
Filing Date: 2025-11-13
Form Type: 424B5
Source: 0001213900-25-109735
Chunk: 65

Company: VisionSys AI Inc
Filing Date: 2025-11-13
Form: 424B5
Chunk 65
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 2019 by the State Administration of Taxation and became
effective on January 1, 2020, sets forth that non-resident enterprises and their withholding agents shall enjoy treaty benefits by means
of “self-judgment of eligibility, declaration of entitlement, and retention of relevant materials for future reference.” However,
if a competent tax authority finds out that it is necessary to apply the general anti-tax avoidance rules, it may start general investigation
procedures for anti-tax avoidance and adopt corresponding measures for subsequent administration. Moreover, according to Circular 81 and
Circular 35, if the tax authorities consider the transactions or arrangements we have are for the primary purpose of enjoying a preferential
tax treatment, the tax authorities may adjust the preferential withholding tax in the future.

<div align='center'>S-37</div>

It may be difficult for overseas regulators to conduct an investigation or collect evidence within China.

Shareholder claims or regulatory investigations
that are common in jurisdictions outside mainland China are difficult to pursue as a matter of law or practicality in mainland China.
For example, in mainland China, there are significant legal and other obstacles to providing information needed for regulatory investigations
or litigation initiated outside mainland China. Although the authorities in mainland China may establish a regulatory cooperation mechanism
with the securities regulatory authorities of another country or region to implement cross-border supervision and administration, such
cooperation with the securities regulatory authorities in the United States or other jurisdictions may not be efficient in the absence
of a mutual and practical cooperation mechanism. Furthermore, according to Article 177 of the PRC Securities Law which became effective
in March 2020, no overseas securities regulator is allowed to directly conduct investigation or evidence collection activities within
the territory of mainland China, and without the consent of the Chinese securities regulatory authorities and the other competent governmental
agencies, no entity or individual may provide documents or materials related to securities business to any foreign party. While detailed
interpretation of or implementation rules under the article have yet to be promulgated, the inability of an overseas securities regulator
to directly conduct investigation or evidence collection activities within mainland China and the potential obstacles for information
provision may further increase difficulties you face in protecting your interests. See also “Item 3. Key Information-D. Risk Factors-Risks
Related to Our ADSs-You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts
may be limited, because we are incorporated under Cayman Islands law.”

Fluctuations in exchange