Company: APM
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001213900-25-118752
Chunk: 136

Company: Aptorum Group Ltd
Filing Date: 2025-12-05
Form: 424B5
Chunk 136
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 the Basic Law, the
national laws of the PRC do not apply in Hong Kong unless they are listed in Annex III of the Basic Law and applied locally
by promulgation or local legislation. National laws that may be listed in Annex III are currently limited under the Basic Law to
those which fall within the scope of defense and foreign affairs as well as other matters outside the limits of the autonomy of Hong Kong.
National laws and regulations relating to data protection, cybersecurity and anti-monopoly have not been listed in Annex III and
so do not apply directly to Hong Kong.

The laws and regulations in
the PRC are evolving, and their enactment timetable, interpretation and implementation involve significant uncertainties. To the extent
any PRC laws and regulations become applicable to us, we may be subject to the risks and uncertainties associated with the legal system
in the PRC, including with respect to the enforcement of laws and the possibility of changes of rules and regulations with little or no
advance notice. We currently do not have plan to expand our operation or acquire any operation in the mainland China. However, we may
also become subject to the laws and regulations of the PRC to the extent we commence business and customer facing operations in mainland
China as a result of any future acquisition, expansion or organic growth.

The PRC government exerts substantial influence and discretion over the manner in which companies incorporated under the laws of PRC must conduct their business activities. If we were to become subject to such direct influence or discretion, it may result in a material change in our operations and/or the value of Aptorum Class A ordinary shares, which would materially affect the interest of the investors.

The PRC legal system is evolving
rapidly and the PRC laws, regulations, and rules may change quickly with little advance notice. In particular, because these laws, rules
and regulations are relatively new, and because of the limited number of published decisions and the non-precedential nature of these
decisions, the interpretation of these laws, rules and regulations may contain inconsistences, the enforcement of which involves uncertainties.
The PRC government has exercised and continues to exercise substantial control over many sectors of the PRC economy through regulation
and/or state ownership. Government actions have had, and may continue to have, a significant effect on economic conditions in the PRC
and businesses which are subject to such government actions.

We have business operations
in Hong Kong, but not in mainland China, and we directly, or indirectly via our subsidiaries, own equity interests