Company: APM
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001213900-25-118752
Chunk: 139

Company: Aptorum Group Ltd
Filing Date: 2025-12-05
Form: 424B5
Chunk 139
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 of the conditions for
the handover of the sovereignty of Hong Kong to China, China accepted conditions such as Hong Kong’s Basic Law. The Basic
Law ensured Hong Kong will retain its own currency (Hong Kong Dollar), legal system, parliamentary system and people’s
rights and freedom for fifty years from 1997. This agreement has given Hong Kong the freedom to function with a high degree
of autonomy. The Special Administrative Region of Hong Kong is responsible for its own domestic affairs including, but not limited
to, the judiciary and courts of last resort, immigration and customs, public finance, currencies and extradition. Hong Kong continues
using the English common law system.

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However, if the PRC attempts
to alter its agreement to allow Hong Kong to function autonomously, this could potentially impact Hong Kong’s common law
legal system and may in turn bring about uncertainty in, for example, the enforcement of our contractual rights. This could, in turn,
materially and adversely affect our business and operations. Additionally, intellectual property rights and confidentiality protections
in Hong Kong may not be as effective as in the United States or other countries. Accordingly, we cannot predict the effect of
future developments in the Hong Kong legal system, including the promulgation of new laws, changes to existing laws or the interpretation
or enforcement thereof, or the preemption of local regulations by national laws. These uncertainties could limit the legal protections
available to us, including our ability to enforce our agreements with our customers.

There remain some uncertainties as to whether we will be required to obtain approvals from Chinese authorities to list on the U.S. exchanges and offer or continue to offer securities in the future, and if required, we cannot assure you that we will be able to obtain such approval.

The Regulations on Mergers
and Acquisitions of Domestic Companies by Foreign Investors (the “M&A Rules”), adopted by six PRC regulatory agencies
in 2006 and amended in 2009, requires an overseas special purpose vehicle formed for listing purposes through acquisitions of PRC domestic
companies and controlled by PRC companies or individuals to obtain the approval of the China Securities Regulatory Commission (“CSRC”)
prior to the listing and trading of such special purpose vehicle’s securities on an overseas stock exchange.

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