Company: VSA
Filing Date: 2025-11-13
Form Type: 424B5
Source: 0001213900-25-109735
Chunk: 128

Company: VisionSys AI Inc
Filing Date: 2025-11-13
Form: 424B5
Chunk 128
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cybersecurity review. In addition, a network platform operator holding over one million users’ personal information shall
apply with the Cybersecurity Review Office for a cybersecurity review before any public offering at a foreign stock exchange. On
November 14, 2021, the CAC released the discussion draft of the Administrative Measures for Internet Data Security for public
comments, which stipulates, among others, that a prior cybersecurity review is required for listing abroad of data processors which
process over one million users’ personal information. On February 17, 2023, the CSRC released the Trial Administrative
Measures of Overseas Securities Offering and Listing by Domestic Companies and five supporting guidelines, or, collectively, the
Filing Rules, which took effect on March 31, 2023. According to the Filing Rules, domestic companies in mainland China that
directly or indirectly offer or list their securities in an overseas market are required to file with the CSRC. In addition, an
overseas listed company must also submit the filing with respect to its follow-on offerings, issuance of convertible corporate bonds
and exchangeable bonds, and other equivalent offering activities, within a specific time frame requested under the Filing Rules. On
February 17, 2023, the CSRC also held a press conference for the release of the Filing Rules, which, among others, clarified
that the companies in mainland China that have been listed overseas before March 31, 2023 are not required to file with the
CSRC immediately, but these companies should complete filing with the CSRC for their future equity and equity-linked securities
financing activities in accordance with the Filing Rules. Based on the foregoing, we are required to file with the CSRC within three
working days after the completion of the initial offering pursuant to a prospectus supplement to this prospectus and make a summary
report to the CSRC after the completion of offerings under this prospectus. We plan to file with the CSRC as required, however, we
cannot assure you that we will be able to receive clearance of such compliance requirement in a timely manner, or at all. Any
failure of us to fully comply with new regulatory requirements may subject us to regulatory actions, such as warnings and fines,
which may significantly limit or completely hinder our ability to offer or continue to offer our securities to investors and could
cause the value of our securities to significantly decline or become worthless. However, as the Filing Rules was recently
promulgated