Company: VSA
Filing Date: 2025-11-13
Form Type: 424B5
Source: 0001213900-25-109735
Chunk: 111

Company: VisionSys AI Inc
Filing Date: 2025-11-13
Form: 424B5
Chunk 111
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PCAOB”) recently, our securities may be
prohibited from trading on a national exchange or over-the-counter under the Holding Foreign Companies Accountable Act (the
“HFCAA”) and related regulations, if the PCAOB is unable to inspect our auditors for two consecutive years
beginning in 2022. As a result, an exchange may determine to delist our securities. The PCAOB issued a Determination Report on
December 16, 2021 which found that the PCAOB was unable to inspect or investigate completely registered public accounting firms
headquartered in: (1) mainland China of the People’s Republic of China because of a position taken by one or more
authorities in mainland China; and (2) Hong Kong, a Special Administrative Region and dependency of the PRC, because of a
position taken by one or more authorities in Hong Kong. Furthermore, the PCAOB’s report identified the specific registered
public accounting firms which were subject to these determinations. On December 29, 2022, legislation entitled
“Consolidated Appropriations Act, 2023”, was signed into law, which reduces the number of consecutive
non-inspection years required for triggering the prohibitions under the HFCAA from three years to two. On August 26,
2022, the CSRC, the Ministry of Finance of the PRC, and the PCAOB signed a Statement of Protocol (the “Protocol”)
governing inspections and investigations of audit firms based in mainland China and Hong Kong, taking the first step toward opening
access for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong.
Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion to select
any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. On
December 15, 2022, the PCAOB determined that it was able to secure complete access to inspect and investigate registered public
accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary.
However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB’s access in the future, the PCAOB Board
will consider the need to issue a new determination. Our financial statements have been audited by an independent registered public
accounting firm that is headquartered in the United States who is subject to laws in the United States pursuant to which the PCA