Company: APM
Filing Date: 2025-07-15
Form Type: DRS
Source: 0001213900-25-063899
Chunk: 132

Company: Aptorum Group Ltd
Filing Date: 2025-07-15
Form: DRS
Chunk 132
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 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 hereof, 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.

<div align='center'>60</div>

As of the date hereof, 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, and our ability to offer or continue to offer securities to investors could be significantly limited
or completely hindered and the securities currently being offered may substantially decline in value and become worthless.

Nevertheless, since these
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