Company: VSA
Filing Date: 2025-11-13
Form Type: 424B5
Source: 0001213900-25-109735
Chunk: 127

Company: VisionSys AI Inc
Filing Date: 2025-11-13
Form: 424B5
Chunk 127
---
, guidelines, and implementations may be costly, and any incompliance or associated
inquiries, investigations, and other governmental actions may divert significant management time and attention and our financial resources,
bring negative publicity, subject us to liabilities or administrative penalties, or materially and adversely affect our business, financial
condition, and results of operations.

The PRC government’s significant oversight and discretion over our business operation could result in a material adverse change in our operations and the value of our ADSs. In addition, the Chinese government may exert more control over offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or the value of our securities.

We conduct our business primarily in mainland China.
Our operations in mainland China are governed by laws and regulations of mainland China. The PRC government has significant oversight
and discretion over the conduct of our business, and may intervene or influence our operations. 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