Company: VSA
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001410578-25-001300
Chunk: 158

Company: VisionSys AI Inc
Filing Date: 2025-05-15
Form: 20-F
Item: Item 4
Chunk 158
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 in Beijing Tongcheng when and to the extent permitted by laws of mainland China.
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Because of these contractual arrangements, we are the primary beneficiary of Beijing Tongcheng and consolidate their financial results in our consolidated financial statements in accordance with U.S. GAAP.

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The following is a summary of the currently effective contracts by and among us, our mainland China subsidiary, the current VIE and its shareholders.
Exclusive Business Cooperation Agreement
Under the exclusive business cooperation agreement between Beijing Tongcheng and Tongcheng Shidai dated on August 29, 2022, Tongcheng Shidai has the exclusive right to provide, among other things, technical support, business support and related consulting services to Beijing Tongcheng, and Beijing Tongcheng agrees to accept all the consultation and services provided by Tongcheng Shidai. Without the prior written consent of Tongcheng Shidai, Beijing Tongcheng may not engage any third party to provide any of the services under this agreement. In addition, Tongcheng Shidai exclusively owns all intellectual property rights arising out of or created during the performance of the agreement. Beijing Tongcheng agrees to pay a monthly service fee to Tongcheng Shidai at an amount negotiated between themselves after taking into account factors including the complexity and difficulty of the services provided, the time consumed, the seniority of the employees providing services to Beijing Tongcheng, the value of services provided, the market price of comparable services and the operating conditions of Beijing Tongcheng. The term of the agreement will remain effective unless Tongcheng Shidai terminates the agreement in writing or a competent governmental authority rejects the renewal applications by either party to the abovementioned agreement to renew its respective business license upon expiration. Without the consent of Tongcheng Shidai, Beijing Tongcheng is not permitted to terminate this agreement in any event unless required by applicable laws.
Power of Attorney
Pursuant to the power of attorney dated on August 29, 2022 and July 24, 2023 granted by the shareholders of Beijing Tongcheng, the shareholders each irrevocably appointed Tongcheng Shidai as the attorney-in-fact to act on their behalf on all matters pertaining to Beijing Tongcheng and to exercise all of their rights as a shareholder of Beijing Tongcheng, including but not limited to attend shareholders’ meetings, vote on their behalf on all matters of Beijing Tongcheng requiring shareholders’ approval under laws and regulations of mainland China and the articles of association of Beijing Tongcheng, and designate and appoint directors and members of management body. Tongcheng