Company: VSA
Filing Date: 2025-11-13
Form Type: 424B5
Source: 0001213900-25-109735
Chunk: 95

Company: VisionSys AI Inc
Filing Date: 2025-11-13
Form: 424B5
Chunk 95
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 than
the marginal tax rates generally applicable to ordinary income, provided that certain holding period and other requirements are met.

A non-United States corporation (other than a
corporation that is classified as a PFIC for the fiscal year in which the dividend is paid or the preceding fiscal year) will generally
be considered to be a qualified foreign corporation (1) if it is eligible for the benefits of a comprehensive tax treaty with the
United States which the Secretary of Treasury of the United States determines is satisfactory for purposes of this provision and which
includes an exchange of information program, or (2) with respect to any dividend it pays on stock (or ADSs in respect of such stock)
which is readily tradable on an established securities market in the United States. Our ADSs are listed on NASDAQ. We believe, but cannot
assure you, that the ADSs will be readily tradable on an established securities market in the United States and that we will be a qualified
foreign corporation with respect to dividends paid on the ADSs. Since we do not expect that our ordinary shares will be listed on established
securities markets, it is unclear whether dividends that we pay on our ordinary shares that are not backed by ADSs currently meet the
conditions required for the reduced tax rate. There can be no assurance that the ADSs will continue to be considered readily tradable
on an established securities market in later years. In the event we are deemed to be a PRC resident enterprise under the Enterprise Income
Tax Law (see “—PRC Taxation”), we may be eligible for the benefits of the Agreement Between the Government of the United
States of America and the Government of the People’s Republic of China for the Avoidance of Double Taxation and the Prevention of
Tax Evasion with Respect to Taxes on Income, or the United States-PRC income tax treaty (which the Secretary of the Treasury of the United
States has determined is satisfactory for this purpose), in which case we would be treated as a qualified foreign corporation with respect
to dividends paid on our ordinary shares (regardless of whether such shares are backed by ADSs) or ADSs. U.S. Holders are urged to consult
their tax advisors regarding the availability of the reduced tax rate on dividends in their particular circumstances. Dividends received
on the ADSs or ordinary shares will not be eligible for the dividends received deduction allowed to qualifying corporations under the
Code.

For United States foreign tax credit purposes,
dividends paid on