Company: APM
Filing Date: 2025-07-15
Form Type: DRS
Source: 0001213900-25-063899
Chunk: 126

Company: Aptorum Group Ltd
Filing Date: 2025-07-15
Form: DRS
Chunk 126
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 changes in laws or other unforeseeable reasons or as a result of our future development,
expansion or acquisition of operations in the PRC, it may require a material change in our operations and/or result in increased costs
necessary to comply with existing and newly adopted laws and regulations or penalties for any failure to comply. In addition, the market
prices of our Class A Ordinary Shares could be adversely affected as a result of anticipated negative impacts of any such government actions,
as well as negative investor sentiment towards Hong Kong-based companies subject to direct PRC government oversight and regulation, regardless
of our actual operating performance. There can be no assurance that the Chinese government would not intervene in or influence our operations
at any time.

We were not required to obtain
permission from the PRC government to list on a U.S. securities exchange, however there is no guarantee that this will continue to be
the case in the future in relation to the continued listing of our securities on a securities exchange outside of the PRC, or even when
such permission is obtained, it will not be subsequently denied or rescinded. Any actions by the PRC government to exert more oversight
and control over offerings (including of businesses whose primary operations are in Hong Kong) that are conducted overseas and/or foreign
investments in Hong Kong-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities
to investors and cause the value of our securities, including our Class A Ordinary Shares, to significantly decline or be worthless.

<div align='center'>57</div>

The enactment of Law of the PRC on Safeguarding National Security in the Hong Kong Special Administrative Region (the “Hong Kong National Security Law”) could impact our Hong Kong holding subsidiary.

On June 30, 2020, the Standing
Committee of the PRC National People’s Congress adopted the Hong Kong National Security Law. This law defines the duties and government
bodies of the Hong Kong National Security Law for safeguarding national security and four categories of offences - secession, subversion,
terrorist activities, and collusion with a foreign country or external elements to endanger national security - and their corresponding
penalties. On July 14, 2020, the former U.S. President Donald Trump signed the Hong Kong Autonomy Act, or HKAA, into law, authorizing
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. On August 7