Company: VSA
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001410578-25-001300
Chunk: 128

Company: VisionSys AI Inc
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 128
---
 laws of mainland China as to whether a wholly foreign owned enterprise (such as Tongcheng Shidai) is allowed to indirectly invest in and own private schools through its subsidiaries in mainland China. See “Item 3. Key Information—D. Risk Factors— Risks Related to Our Corporate Structure—If the PRC authorities determine that we can no longer own and operate certain of our learning centers through our subsidiaries in mainland China, we may need to restructure the ownership and operation of these learning centers (including possibly transferring these learning centers to the variable interest entities), our business may be disrupted and we may be exposed to increased risks associated with the contractual arrangements relating to the variable interest entities.”

73

Regulations on Online and Distance Education
The Implementation Opinions on Regulating Online After-school Tutoring, promulgated by the Ministry of Education jointly with certain other PRC government authorities and effective on July 12, 2019 requires all the academic subjects online after-school tutoring institutions for primary and secondary school students to file with the competent provincial education regulatory authorities before October 31, 2019. The Alleviating Burden Opinions and the Notice on Changing the Filing to Approval of Existing Online Academic Tutoring Institutions issued by the General Office of the Ministry of Education, jointly with five other PRC government authorities on September 10, 2021, mandate all online academic tutoring institutions to obtain school operation permits.
The Opinions on Regulating Non-academic After-school Tutoring for Primary and Secondary School Students, promulgated on November 30, 2022 by the Ministry of Education and 12 PRC government authorities, provides that non-academic after-school tutoring institutions shall obtain administrative license from competent authorities and approval for engaging in internet information services.
Regulations on the Collection of Tuition Fees
On October 12, 2015, the State Council and the Central Committee of the Communist Party of China jointly issued the Several Opinion of the Central Committee of the Communist Party of China and the State Council on Promoting the Price Mechanism Reform, which allows for-profit private schools to determine their prices on their own, while the tuition-collecting policies of non-profit private schools shall be determined by the provincial governments in a market-oriented manner and based on the local conditions.
On October 21, 2021, the Ministry of Education, jointly with other five national authorities, issued the Notice on Strengthening the Supervision over Prepaid Fees Collected by After-School Tutoring Institutions, which provides that, among other