Company: VSA
Filing Date: 2025-11-13
Form Type: 424B5
Source: 0001213900-25-109735
Chunk: 47

Company: VisionSys AI Inc
Filing Date: 2025-11-13
Form: 424B5
Chunk 47
---
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 not required to complete filing with the CSRC for our prior offshore offerings and listing at this stage, but we will be subject to
the filing requirements for our future equity and equity-linked securities offerings, if any, under the Filing Rules. However, as the
Filing Rules was recently promulgated, it remains uncertain as to its interpretation, implementation and enforcement. If the CSRC, CAC
or other regulatory agencies later promulgate new rules or explanations requiring that we obtain their approvals for our future offshore
securities offerings, we may be unable to obtain such approvals in a timely manner, or at all, and such approvals may be rescinded even
if obtained. Any such circumstance could significantly limit or completely hinder our ability to offer or continue to offer securities
to investors and cause the value of such securities to significantly decline or be worthless.

<div align='center'>S-27</div>

Our ADSs will be prohibited from trading in the United States under the Holding Foreign Companies Accountable Act, or the HFCA Act, in the future if the PCAOB is unable to inspect or investigate completely our auditors. The delisting of our ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment.

Pursuant to the Holding Foreign Companies Accountable Act, if the SEC determines that