Company: VSA
Filing Date: 2025-11-13
Form Type: 424B5
Source: 0001213900-25-109735
Chunk: 43

Company: VisionSys AI Inc
Filing Date: 2025-11-13
Form: 424B5
Chunk 43
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 time, we may have to resort to administrative
and court proceedings to enforce our legal rights. However, since PRC administrative and court authorities have significant discretion
in interpreting and implementing statutory terms, it may be more difficult to evaluate the outcome of administrative and court proceedings
and the level of legal protection we enjoy than in more developed legal systems. Furthermore, the legal system of mainland China is based
in part on government policies and internal rules (some of which are not published in a timely manner or at all) some of which may have
retroactive effect. As a result, we may not be aware of our violation of these policies and rules until sometime after the violation.
Such uncertainties, including uncertainty over the scope and effect of our contractual, property (including intellectual property) and
procedural rights, and any failure to respond to changes in the regulatory environment in mainland China could materially and adversely
affect our business and impede our ability to continue our operations.

Changes in China’s economic, political or social conditions or government policies could have a material adverse effect on our business and operations.

Substantially all of our business operations are
conducted in mainland China. Accordingly, our business, financial condition, results of operations and prospects may be influenced to
a significant degree by political, economic and social conditions in China generally and by continued economic growth in China as a whole.

China’s economy differs from the economies
of most developed countries in many respects, including the level of government involvement, level of development, growth rate, control
of foreign exchange and allocation of resources. Although the government of mainland China has implemented measures since the late 1970s
emphasizing the utilization of market forces for economic reform, the reduction of state ownership of productive assets, and the establishment
of improved corporate governance in business enterprises, a substantial portion of productive assets in mainland China is still owned
by the government. In addition, the government of mainland China continues to play a significant role in regulating industry development
by imposing industrial policies, and has significant authority to exert influence on the ability of a China-based company, such as us,
to conduct its business. Therefore, investors of our company and our business face potential uncertainty from China. The government of
mainland China also exercises significant control over China’s economic growth through allocating resources, controlling payment
of foreign currency-denominated obligations, setting monetary policy, and providing preferential treatment to particular industries or
companies.

While China’s economy has experienced significant
growth over the past decades, growth