Company: VSA
Filing Date: 2025-11-13
Form Type: 424B5
Source: 0001213900-25-109735
Chunk: 46

Company: VisionSys AI Inc
Filing Date: 2025-11-13
Form: 424B5
Chunk 46
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. The PRC government has published new policies
that significantly affected certain industries and we cannot rule out the possibility that it will in the future release regulations or
policies that directly or indirectly affect our industry or require us to seek additional permission to continue our operations, In addition,
the PRC government may intervene or influence our operations at any time by adopting new laws and regulations, which could result in a
material adverse change in our operation, and our ordinary shares and ADSs may decline in value or become worthless.

Also, the PRC government has indicated an intent
to exert more oversight and control over securities offerings that are conducted overseas and/or foreign investment in China-based issuers.
For example, on July 6, 2021, the PRC government authorities made public the Opinions on Strictly Scrutinizing Illegal Securities Activities
in Accordance with the Law. These opinions emphasized the need to strengthen the administration over illegal securities activities and
the supervision on overseas listings by China-based companies and proposed to take effective measures, such as promoting the construction
of regulatory systems to deal with the risks and incidents faced by China-based overseas-listed companies. On December 28, 2021, the NDRC,
the MIIT, and several other administrations jointly published the Cybersecurity Review Measures, effective on February 15, 2022, which
required that, among others, operators of “critical information infrastructure” purchasing network products and services or
network platform operators carrying out data processing activities, that affect or may affect national security, shall apply with the
Cybersecurity Review Office for a cybersecurity review. In addition, a network platform operator holding over one million users’
personal information shall apply with the Cybersecurity Review Office for a cybersecurity review before any public offering at a foreign
stock exchange. Network Data Regulations were promulgated by the State Council on September 24, 2024, and became effective as of
January 1, 2025. The Network Data Regulations restates and further specifies the legal requirements for personal information, important
data, cross-border data transfer, network platform services, and data security. Among others, network data handlers engaging in data processing
activities that affect or may affect national security must be subject to network data security review by the relevant cyberspace administration
of the PRC. Any failure to comply with such requirements may subject us to, among others, suspension of services, fines, revoking relevant
business permits or business licenses and penalties. On February 17,