Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 91

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 91
---
. Any failure
or perceived failure of us to fully comply with such new regulatory requirements could significantly limit or completely hinder our ability
to offer or continue to offer securities to investors, cause significant disruption to our business operations, and severely damage our
reputation, which could materially and adversely affect our financial condition and results of operations and could cause the value of
our securities to significantly decline or be worthless.

If we are determined to be
subject to the Draft Rules Regarding Overseas Listings, we cannot assure you that we will be able to receive clearance of such filing
requirements in a timely manner, or at all, even though we believe that none of the situations that would clearly prohibit overseas listing
and offering applies to us. Based on laws and regulations currently in effect in the PRC as of the date of this annual report, we believe
our Hong Kong subsidiaries are not required to obtain regulatory approval from the CSRC in order to list our Class A Ordinary Shares in
the U. S.

Since these proposed rules,
statements and regulatory actions are new, it is highly uncertain how soon the legislative or administrative regulation making bodies
will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated,
if any. Any failure of us to fully comply with new regulatory requirements may significantly limit or completely hinder our ability to
offer or continue to offer the Class A Ordinary Shares, cause significant disruption to our business operations, severely damage our reputation,
materially and adversely affect our financial condition and results of operations, and cause the Class A Ordinary Shares to significantly
decline in value or become worthless.

As of the date of this annual
report, we believe are not required to obtain approvals from the PRC authorities to operate our business or list on the U. S. exchanges
and offer or continue to offer securities; specifically, we are currently not required to obtain any permission or approval from the CSRC,
the CAC or any other PRC governmental authority to operate our business or to list our securities on a U. S. securities exchange or issue
securities to foreign investors. However, if we and our Hong Kong subsidiaries (i) do not receive or maintain such approval, should the
approval be required in the future by the PRC government, (ii) inadvertently conclude that such approval is not required, or (iii) applicable
laws, regulations, or interpretations change and we are required to obtain such approval in the future, our operations and financial condition
could be materially adversely affected,