Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 92

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 92
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 and our ability to offer or continue to offer securities to investors could be significantly limited
or completely hindered and the securities currently being offered may substantially decline in value and become worthless.

Nevertheless, since these
statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies
will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated,
if any. It is also highly uncertain what potential impact such modified or new laws and regulations will have on Aptorum Group’s
daily business operations, our ability to accept foreign investments and the listing of our Class A Ordinary Shares on a U. S. or other
foreign exchanges. If there is significant change to current political arrangements between mainland China and Hong Kong, the PRC government
intervenes or influences operations of companies operated in Hong Kong like us, or exerts more control through change of laws and regulations
over offerings conducted overseas and/or foreign investment in issuers like us, it may result in a material change in our operations and/or
the value of the securities we are registering for sale or could significantly limit or completely hinder our ability to offer or continue
to offer securities to investors and cause the value of our Class A Ordinary Shares to significantly decline or become worthless.

It may be difficult for overseas shareholders
and/or regulators to conduct investigations or collect evidence within China.

Shareholder claims or regulatory
investigations that are common in the United States generally are difficult to pursue as a matter of law or practicality in China. For
example, in China, there are significant legal and other obstacles to providing information needed for regulatory investigations or litigation
initiated outside China. Although the authorities in 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 Unities States may not be efficient in the absence of mutual and practical cooperation mechanisms. Furthermore,
according to Article 177 of the PRC Securities Law, or Article 177, which became effective in March 2020, no overseas securities regulator
is allowed to directly conduct investigation or evidence collection activities within the territory of the PRC. While detailed interpretation
of or implementation rules under Article 177 have yet to be promulgated, the inability for an overseas securities regulator to directly
conduct investigation or evidence collection activities within China may further increase difficulties faced by you in protecting your
interests.

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