Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 77

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 77
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 of our operations are
based in Hong Kong. Accordingly, our business operations and financial conditions will be affected by the political and legal developments
in Hong Kong. During the period covered by the financial information incorporated by reference into and included in this Report, we maintain
substantially most of our operations in Hong Kong. Any adverse economic, social and/or political conditions, material social unrest, strike,
riot, civil disturbance or disobedience, as well as significant natural disasters, may affect the market may adversely affect the business
operations of our operations. Hong Kong is a special administrative region of the PRC and the basic policies of the PRC regarding Hong
Kong are reflected in the Basic Law (the “ Hong Kong Basic Law” or the “ Basic Law”), namely, Hong Kong’s
constitutional document, which provides Hong Kong with a high degree of autonomy and executive, legislative and independent judicial powers,
including that of final adjudication under the principle of “one country, two systems”. 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. Since our operation is based
in Hong Kong, any change of such political arrangements may pose immediate threat to the stability of the economy in Hong Kong, thereby
directly and adversely affecting our results of operations and financial positions.

Under the Basic Law of the
Hong Kong Special Administrative Region of the People’s Republic of China, Hong Kong is exclusively in charge of its internal affairs
and external relations, while the government of the PRC is responsible for its foreign affairs and defense. As a separate customs territory,
Hong Kong maintains and develops relations with foreign states and regions. Based on certain recent development including the Law of the
People’s Republic of China on Safeguarding National Security in the Hong Kong Special Administrative Region issued by the Standing
Committee of the PRC National People’s Congress in June 2020, the U. S. State Department has indicated that the United States no
longer considers Hong Kong to have significant autonomy from China and Former President Trump signed an executive order and Hong Kong
Autonomy Act (“ HKAA”) to remove Hong Kong’s preferential trade status and to authorize the U. S. administration to impose
blocking sanctions against individuals and entities who are determined to have materially contributed to the erosion of Hong Kong’s
autonomy. The United States may impose the same tariffs and other trade restrictions on exports from Hong Kong that it places on goods
from mainland China. These and other