Company: VSA
Filing Date: 2025-02-18
Form Type: CORRESP
Source: 0001104659-25-014444
Chunk: 1

Company: VisionSys AI Inc
Filing Date: 2025-02-18
Form: CORRESP
Chunk 1
---
 the ability of you, your subsidiaries, or the consolidated VIEs by the PRC government to transfer cash or assets. In this 
 regard, we note that you have a Hong Kong intermediate holding company in your organizational structure.                                 |

In response to the Staff’s comment, the Company respectfully proposes to revise the referenced disclosure as follows (page reference is made to the 2023 Form 20-F to illustrate the approximate location of the disclosure) in its future Form 20-F filings (with deletions shown as strike-through and additions underlined), subject to updates and adjustments to be made in connection with any material development of the subject matter being disclosed. The bold text is added on top of the proposed disclosure in the Company’s
prior response:

<div align='center'>1</div>

Page 6:

Cash and Asset Flows through Our Organization

TCTM
is a holding company with no operations of its own. We conduct our operations in mainland China primarily through our subsidiaries and
the variable interest entities in mainland China. As a result, although other means are available for us to obtain financing at the holding
company level, TCTM’s ability to pay dividends to the shareholders and to service any debt it may incur may depend upon dividends
paid by our subsidiaries in mainland China and service fees paid by the variable interest entities. If any of our subsidiaries incurs
debt on its own behalf in the future, the instruments governing such debt may restrict its ability to pay dividends to TCTM. ,
the PRC mainland China or Hong KongPRC mainland China or Hong Kongthe PRC mainland China or Hong Kong, ,
jpg y gy , , ()y y y y g y the PRC mainland China or Hong KongPRC mainland China or Hong Kongy, y the PRC mainland China or Hong Kong, , j,
y y g g In addition, our subsidiaries in mainland China are permitted to pay dividends to TCTM only out of their retained
earnings, if any, as determined in accordance with accounting standards and regulations of mainland China. Further, our subsidiaries and
the variable interest entities in mainland China are required to make appropriations to certain statutory reserve funds or may make appropriations
to certain discretionary funds, which are not distributable as cash dividends except in the event of a solvent liquidation of the companies.
For more details, see “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Holding
Company Structure.”

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Risks