Company: APM
Filing Date: 2025-07-15
Form Type: DRS
Source: 0001213900-25-063899
Chunk: 128

Company: Aptorum Group Ltd
Filing Date: 2025-07-15
Form: DRS
Chunk 128
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or the preemption of local regulations by national laws. These uncertainties could limit the legal protections available to us, including
our ability to enforce our agreements with our customers.

There remain some uncertainties as to whether we will be required to obtain approvals from Chinese authorities to list on the U.S. exchanges and offer or continue to offer securities in the future, and if required, we cannot assure you that we will be able to obtain such approval.

The Regulations on Mergers
and Acquisitions of Domestic Companies by Foreign Investors (the “M&A Rules”), adopted by six PRC regulatory agencies
in 2006 and amended in 2009, requires an overseas special purpose vehicle formed for listing purposes through acquisitions of PRC domestic
companies and controlled by PRC companies or individuals to obtain the approval of the China Securities Regulatory Commission (“CSRC”)
prior to the listing and trading of such special purpose vehicle’s securities on an overseas stock exchange.

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We are also aware that recently,
the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland
China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over mainland-China-based
companies listed overseas using variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews,
and expanding the efforts in anti-monopoly enforcement. For example, on July 6, 2021, the General Office of the Communist Party of China
Central Committee and the General Office of the State Council jointly issued a document to crack down on illegal activities in the securities
market and promote the high-quality development of the capital market, which, among other things, requires the relevant governmental authorities
to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over mainland-China-based companies
listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws.

On December 28, 2021, the
Cyberspace Administration of China (“CAC”), and other PRC authorities promulgated the Cybersecurity Review Measures, which
took effect on February 15, 2022. In addition, the Cybersecurity Law, which was adopted by the Standing Committee of the National People’s
Congress on November 7, 2016 and came into force on June 1, 2017, and the Cybersecurity Review Measures, or the “Review Measures”,
provide that personal information and important data collected and generated