Company: VSA
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001410578-25-001300
Chunk: 243

Company: VisionSys AI Inc
Filing Date: 2025-05-15
Form: 20-F
Item: Item 16
Chunk 243
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 Prouden and requested from Prouden a letter addressed to the SEC stating whether or not it agrees with the above statements. A copy of such letter from Prouden addressed to the SEC, dated May 10, 2025, is filed as Exhibit 16.2 to this annual report.
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ITEM 16.G.  CORPORATE GOVERNANCE
As a Cayman Islands company listed on the NASDAQ Capital Market, we are subject to the NASDAQ corporate governance listing standards. However, NASDAQ rules permit a foreign private issuer like us to follow the corporate governance practices of its home country. Certain corporate governance practices in the Cayman Islands, which is our home country, may differ significantly from the NASDAQ corporate governance listing standards.
We relied on the exemption available to foreign private issuers for the requirement that it hold an annual general meeting of shareholders no later than December 31, 2024, in 2024. In this respect, we elected to follow home country practice and did not hold an annual general meeting of shareholders in 2024. In addition, in lieu of the requirements of Rule 5635(c) of the Nasdaq Rules that shareholder approval be required prior to the issuance of securities when a stock option or purchase plan is to be established or materially amended or other equity compensation arrangement made or materially amended, pursuant to which stock may be acquired by officers, directors, employees, or consultants, we elected to follow our home country practices with respect to the adoption of the 2024 Plan. If we continue to rely on these and other exemptions available to foreign private issuers in the future, our shareholders may be afforded less protection than they otherwise would under the Nasdaq corporate governance listing standards applicable to U.S. domestic issuers. See “Item 3. Key Information—D. Risk Factors—Risks Related to Our ADSs—We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to United States domestic public companies.”
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ITEM 16.H.  MINE SAFETY DISCLOSURE
Not applicable.
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ITEM 16.I.  DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.
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ITEM 16.J.  INSIDER TRADING POLICIES
The Company has adopted an insider trading policy governing the purchase, sale and other dispositions of our securities by directors, senior management and employees that