Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 87

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 87
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. Additionally, intellectual property rights and confidentiality protections in Hong Kong
may not be as effective as in the United States or other countries. Accordingly, we cannot predict the effect of future developments in
the Hong Kong legal system, including the promulgation of new laws, changes to existing laws or the interpretation or enforcement thereof,
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.

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