Company: VSA
Filing Date: 2025-07-21
Form Type: F-3/A
Source: 0001104659-25-069181
Chunk: 20

Company: VisionSys AI Inc
Filing Date: 2025-07-21
Form: F-3/A
Chunk 20
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TABLE OF CONTENTS

difficult to obtain coverage by securities analysts and the news media, which could cause the price of our ADSs to decline further. Also, it may be difficult for us to raise additional capital if we are not listed on a national exchange.

We may rely on dividends and other distributions on equity paid by our mainland China subsidiaries to fund any cash and financing requirements we may have. To the extent cash or assets in the business is in the PRC or a PRC entity, the funds or assets may not be available to fund operations or for other use outside of the PRC as we, our subsidiaries, and the consolidated VIEs are subject to certain restrictions with respect to paying dividends or otherwise transferring any of their cash or assets offshore, and any such restriction could have a material and adverse effect on our ability to conduct our business.

We are a holding company, and we may rely on dividends and other distributions on equity paid by our subsidiaries in mainland China for our cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and service any debt we may incur. If these subsidiaries incur debt on their own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other distributions to us. In addition, to the extent cash or assets in the business is in the PRC or a PRC entity, the funds or assets may not be available to fund operations or for other use outside of the PRC as we, our subsidiaries, and the consolidated VIEs are subject to certain restrictions with respect to paying dividends or otherwise transferring any of their cash or assets offshore, and there is no assurance the PRC government will not intervene in or impose restrictions on the ability of us, our subsidiaries, and the consolidated VIEs to transfer cash or assets. Please also see “Item 5. Operating and Financial Review and Prospects — B. Liquidity and Capital Resources” in our Annual Report for more details.

In addition, the PRC tax authorities may require any of our subsidiaries in mainland China to adjust its taxable income under the contractual arrangements it currently has in place with the variable interest entities in a manner that would materially and adversely affect its ability to pay dividends and other distributions to us. See also the risk disclosed in our Annual Report under “Item 3. Key Information — D. Risk Factors — Risks Related to Our Corporate Structure — Our contractual arrangements with the variable interest entities may be subject to scrutiny by the P