Company: APM
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001213900-25-118752
Chunk: 140

Company: Aptorum Group Ltd
Filing Date: 2025-12-05
Form: 424B5
Chunk 140
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, enhancing supervision over mainland-China-based
companies listed overseas using variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews,
and expanding the efforts in anti-monopoly enforcement. For example, on July 6, 2021, the General Office of the Communist Party of
China Central Committee and the General Office of the State Council jointly issued a document to crack down on illegal activities in the
securities market and promote the high-quality development of the capital market, which, among other things, requires the relevant governmental
authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision over mainland-China-based
companies listed overseas, and to establish and improve the system of extraterritorial application of the PRC securities laws.

On December 28, 2021,
the Cyberspace Administration of China (“CAC”), and other PRC authorities promulgated the Cybersecurity Review Measures, which
took effect on February 15, 2022. In addition, the Cybersecurity Law, which was adopted by the Standing Committee of the National
People’s Congress on November 7, 2016 and came into force on June 1, 2017, and the Cybersecurity Review Measures, or the
“Review Measures”, provide that personal information and important data collected and generated by a critical information
infrastructure operator in the course of its operations in mainland China must be stored in mainland China, and if a critical information
infrastructure operator purchases internet products and services that affect or may affect national security, it should be subject to
national security review by the CAC together with competent departments of the State Council. In addition, for critical information infrastructure
operators, or the “CIIOs”, that purchase network-related products and services, the CIIOs shall declare any network-related
product or service that affects or may affect national security to the Office of Cybersecurity Review of the CAC for cybersecurity review.
Due to the lack of further interpretations, the exact scope of what constitutes a “CIIO” remains unclear. Further, the PRC
government authorities may have wide discretion in the interpretation and enforcement of these laws. In addition, the Review Measures
stipulates that any online platform operators holding more than one million users/users’ individual information shall be subject
to cybersecurity review before listing abroad. As of the date hereof, neither we nor our subsidiaries have received any notice from any
authorities identifying us or our subsidiaries as a CIIO or requiring us or our subsidiaries