Company: APM
Filing Date: 2025-07-15
Form Type: DRS
Source: 0001213900-25-063899
Chunk: 230

Company: Aptorum Group Ltd
Filing Date: 2025-07-15
Form: DRS
Chunk 230
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 regulations over offerings conducted overseas and/or foreign investment in issuers like
us, it may result in a material change in our operations and/or the value of the securities we are registering for sale or could significantly
limit or completely hinder our ability to offer or continue to offer securities to investors and cause the value of our Class A Ordinary
Shares to significantly decline or become worthless. (Please see the risk factor section, “Risks Related to our Corporate Structure”
and “Risks Related to Doing Business in Hong Kong” for more information).

Hong Kong Regulation

The operations of laboratory
in Hong Kong are subject to certain general laws and regulations.

Waste Disposal Ordinance

The Waste Disposal Ordinance
(Chapter 354 of the Laws of Hong Kong) (“WDO”) and the Waste Disposal (Clinical Waste) (General) Regulation (Chapter 354O
of the Laws of Hong Kong) (the “WDR”) provide for, among others, the control and regulation of the production, storage, collection
and disposal of clinical waste.

Under the WDO, clinical waste
means waste consisting of any substance, matter or thing generated in connection with:

| ● | a dental, medical, nursing or veterinary practice; |

| ● | any other practice, or establishment (howsoever described), that provides medical care and services for the sick, injured, infirm or those who require medical treatment; |

| ● | dental, medical, nursing, veterinary, pathological or pharmaceutical research; or |

| ● | a dental, medical, veterinary or pathological laboratory practice, |

and which consists wholly
or partly of any of the materials specified in one or more of the groups listed below:

| ● | used or contaminated sharps; |

| ● | laboratory waste; |

| ● | human and animal tissues; |

| ● | infectious materials; |

| ● | dressings; and |

| ● | such other wastes as specified by the Director of the Environmental Protection Department (“EPD”) of Hong Kong. |

Given the research works in
our R&D Center may produce used or contaminated sharps such as syringes and needles as well as dressings, we are subject to WDO, WDR
and the Code of Practice.

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Rest of the World Regulation

For other countries in the
world, the requirements governing the conduct of clinical trials, medical product licensing, pricing and reimbursement vary from country
to country. In all cases if clinical trials are required, they must