Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 102

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 4
Chunk 102
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 anti-monopoly concerns, would be applicable to Scipio,
given its substantial operations in Hong Kong and the Chinese government’s significant oversight authority over the conduct of business
in Hong Kong.

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 not required to obtain approvals from Chinese authorities to operate our business or list
on the U. S. exchanges and offer securities; specifically, neither our VIE nor any of the subsidiaries is currently required to obtain
any permission or approval from the China Securities Regulatory Commission (“ CSRC”), Cyberspace Administration of China (“ CAC”)
or any other PRC governmental authority to operate its business or for us to continue to list our securities on a U. S. securities exchange
or issue securities to foreign investors. However, there is no assurance that there will not be any changes in the economic, political
and legal environment in Hong Kong in the future. Should the PRC government choose to affect operations of any company with any level
of operations in Hong Kong, or should certain PRC laws and regulations or these statements or regulatory actions become applicable to
our VIE or subsidiaries in the future. Such governmental actions: (i) could significantly limit or completely hinder our ability to continue
our operations; (ii) could significantly limit or hinder our ability to offer or continue to offer our Class A Ordinary Shares to investors;
and (iii) may cause the value of our Class A Ordinary Shares to significantly decline or be worthless.

We are also aware that recently,
the PRC government initiated a series of regulatory actions and statements to regulate business operations in certain areas in mainland
China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over mainland
Chinese companies listed overseas using variable interest entity structure, adopting new measures to extend the scope of cybersecurity
reviews, and expanding the efforts in anti-monopoly enforcement. 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 and interpretations will