Company: VSA
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001410578-25-001300
Chunk: 56

Company: VisionSys AI Inc
Filing Date: 2025-05-15
Form: 20-F
Item: Item 3
Chunk 56
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 a domestic company that holds an ICP license is prohibited from leasing, transferring or selling the license to foreign investors in any form, and from providing any assistance, including providing resources, sites or facilities, to foreign investors that conduct value-added telecommunications business illegally in mainland China.
Personal disputes of significant shareholders of our Company, subsidiaries or VIE may have an adverse impact on our business, financial conditions and results of operations.
Personal legal disputes or debt enforcement actions involving significant shareholders of our Company, subsidiaries or VIE may have adverse impact on our business and corporate structure, even if such disputes are unrelated to our operations. On June 5, 2024, Banyan and Banyan A filed for asset preservation at the HKIAC. This action stemmed from disputes related the share transfer agreement dated December 7, 2018, entered in to by and among Mr. Han Shaoyun and his wholly owned company, Techedu, and Banyan and Banyan A, concerning the equity interest in Tarena International held by Techedu. As part of the asset preservation measures, Mr. Shaoyun Han’s 70% equity interest in Beijing Tongcheng was frozen. According to the Civil Ruling No. (2024) Jing 04 Cai Bao 77 issued by the Fourth Intermediate People’s Court of Beijing, along with the asset preservation notice (Case No. (2024) Jing 04 Zhi Bao 172), and with the assistance of the Haidian District Market Supervision Administration of Beijing, such equity interest has been frozen from September 19, 2024 to September 18, 2027. The HKIAC has not yet determined a specific hearing schedule for this case.
Although these legal proceedings are not directly linked to our business operations, they may still affect us materially. If legal disputes lead to judicial freezing, liens, or forced auction of equity interests in our Company, subsidiaries or VIE, they could result in a change of control or disruption in our corporate structure. In particular, the potential loss of voting rights or a transfer of equity to an unvetted third party may adversely affect our corporate governance, decision-making processes, or strategic planning. Additionally, such shareholder disputes may cause uncertainty and concern among our business partners, potentially impacting our credit profile, financing capabilities and business reputation. If these risks materialize, our business, financial condition and results of operations could be materially and adversely affected. 
If the custodians or authorized users of our controlling non