Company: APM
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001213900-25-118752
Chunk: 142

Company: Aptorum Group Ltd
Filing Date: 2025-12-05
Form: 424B5
Chunk 142
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 hereof, we believe our Hong Kong subsidiaries are not required to pass the cybersecurity review of the CAC in
order to list Aptorum Class A ordinary shares in the U.S.

In addition, on February 17,
2023, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies, or the
Trial Measures, and five supporting guidelines, which came into effect on March 31, 2023. Pursuant to the Trial Measures, domestic
companies that seek to offer or list securities overseas, both directly and indirectly, shall complete filing procedures with the CSRC
pursuant to the requirements of the Trial Measures within three working days following its submission of initial public offerings
or listing application. If a PRC company fails to complete required filing procedures or conceals any material fact or falsifies any major
content in its filing documents, such PRC company may be subject to administrative penalties, such as order to rectify, warnings, fines,
and its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may also be subject
to administrative penalties, such as warnings and fines. In addition, on February 24, 2023, the CSRC, together with Ministry of Finance
of the PRC, National Administration of State Secrets Protection and National Archives Administration of China, revised the Provisions
on Strengthening Confidentiality and Archives Administration for Overseas Securities Offering and Listing which was issued by the CSRC,
National Administration of State Secrets Protection and National Archives Administration of China in 2009, or the Provisions. The revised
Provisions is issued under the title the Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities
Offering and Listing by Domestic Companies, and came into effect on March 31, 2023 together with the Trial Measures. One of the major
revisions to the revised Provisions is expanding its application to cover indirect overseas offering and listing, as is consistent with
the Trial Measures. The revised Provisions require that, including but not limited to (a) a domestic company that plans to, either
directly or indirectly through its overseas listed entity, publicly disclose or provide to relevant individuals or entities including
securities companies, securities service providers and overseas regulators, any documents and materials that contain state secrets or
working secrets of government agencies, shall first obtain approval from competent authorities according to law, and file with the secrecy
administrative department at the same level; and (