Company: APM
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001213900-25-118752
Chunk: 258

Company: Aptorum Group Ltd
Filing Date: 2025-12-05
Form: 424B5
Chunk 258
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with ASC 810, we have considered Libra’s memorandum and article of association, and determined that we do not have such power
over Libra’s research and development activities, which activities most significantly impact Libra’s economic performance.
Accordingly, we determined that we are not regarded as the primary beneficiary of Libra for accounting purposes. Libra did not have any
operations during the year ended December 31, 2024.

Since the consolidated VIE
operates in Hong Kong, it faces various legal and operational risks and uncertainties associated with doing business in Hong Kong. Our
current corporate structure does not contain any variable interest entity in mainland China and we do not have intention establishing
any VIEs in mainland China in the future. However, if in the future there is any significant change to the current political arrangements
between mainland China and Hong Kong and mainland China’s expanded authority in Hong Kong result in the PRC regulatory authorities
disallowing our current corporate structure, or if in the future our structure were to contain a VIE and the mainland PRC regulatory authorities
expand to Hong Kong and disallow our corporate structure, it would likely result in a material adverse change in the VIE’s operations,
and the value of our securities may decline significantly in value or become worthless.

Although currently we do not
have any business operations or VIE in mainland China and we believe that the laws and regulations of the PRC applicable in China do not
currently have any material impact on our business, financial condition or results of operations, we face risks and uncertainties associated
with the complex and evolving PRC laws and regulations and as to whether and how the recent PRC government statements and regulatory developments,
such as those relating to VIE, data and cyberspace security, and anti-monopoly concerns, would be applicable to a company such as Libra
given their substantial operations in Hong Kong and the Chinese government’s significant oversight authority over the conduct of
business in Hong Kong.

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In light of China’s
recent expansion of authority in Hong Kong, we are subject to the risks of uncertainty about any future actions of the PRC government
or authorities in Hong Kong. The Chinese government may intervene or influence our current and future operations in Hong Kong at any time,
or may exert more control over offerings conducted overseas and/or foreign investment in issuers likes ourselves. We believe that, on
the basis that we currently do not have any business operations in mainland China, we currently are