Company: VSA
Filing Date: 2025-11-13
Form Type: 424B5
Source: 0001213900-25-109735
Chunk: 53

Company: VisionSys AI Inc
Filing Date: 2025-11-13
Form: 424B5
Chunk 53
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 that may involve complex corporate structures. If we are considered
a non-resident enterprise under the EIT Law and if the PRC tax authorities make adjustments under Circular 59, Public Notice 7
or Circular 37, our income tax costs associated with such potential acquisitions will be increased, which may have an adverse effect on
our financial condition and results of operations.

In addition, the State Administration of Taxation
promulgated Administrative Measures on the General Anti-Avoidance Rule (Trial) on December 12, 2014, which shows the authority’s
intention to fight against any tax avoidance scheme that is adopted to obtain unwarranted tax benefit without reasonable commercial purpose.
A press release, made by the State Administration of Taxation to clarify certain issues relating to the application of this set of measures,
stated that the measures may be applicable if any general tax-avoidance scheme exists in the offshore indirect transfer of equity interests.
Since it is unclear how this set of measures, and any future implementation rules thereof, will be interpreted, amended and implemented
by the governmental authorities, we cannot predict how these regulations will affect our business operations, future acquisitions or strategy.

<div align='center'>S-30</div>

The approval of and filing with the CSRC or other PRC government authorities may be required in connection with our offshore offerings under the laws of mainland China, and, if required, we cannot predict whether or for how long we will be able to obtain such approval or complete such filing.

The Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or the M&A Rules, adopted by six PRC regulatory agencies in 2006 and amended in
2009, require an overseas special purpose vehicle formed for listing purposes through acquisitions of mainland China domestic companies
and controlled by mainland China persons or entities to obtain the approval of the CSRC prior to the listing and trading of such special
purpose vehicle’s securities on an overseas stock exchange. The interpretation and application of the regulations remain unclear,
and our offshore offerings may ultimately require approval of the CSRC. If the CSRC approval is required, it is uncertain whether we can
or how long it will take us to obtain the approval and, even if we obtain such CSRC approval, the approval could be rescinded. Any failure
to obtain or delay in obtaining the CSRC approval for any of our offshore offerings, or a rescission of such approval if obtained by us,
would subject us to sanctions imposed by the CSRC or other