Company: APM
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001213900-25-118752
Chunk: 17

Company: Aptorum Group Ltd
Filing Date: 2025-12-05
Form: 424B5
Chunk 17
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 recent PRC government statements and regulatory developments,
such as those relating to our VIE or subsidiaries, data and cyberspace security, and 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.

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In light of China’s
prior 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.

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