Company: VSA
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001410578-25-001300
Chunk: 90

Company: VisionSys AI Inc
Filing Date: 2025-05-15
Form: 20-F
Item: Item 3
Chunk 90
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 volatility, including price declines in connection with their initial public offerings. The trading performances of these mainland China companies’ securities after their offerings may affect the attitudes of investors toward mainland China companies listed in the United States in general and consequently may impact the trading performance of our ADSs, regardless of our actual operating performance. Furthermore, the stock market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of companies like us. These broad market and industry factors may materially reduce the market price of our ADSs, regardless of our operating performance.
In addition to market and industry factors, the price and trading volume for our ADSs may be highly volatile for factors specific to our own operations, including the following:

●   the financial projections that we may choose to provide to the public, any changes in those projections or our failure for any reason to meet those projections;
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●   variations in our net revenues, net income and cash flow;
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●   announcements of new investments, acquisitions, strategic partnerships, or joint ventures;
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●   announcements of new services and expansions by us or our competitors;
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●   changes in financial estimates by securities analysts;
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●   additions or departures of key personnel;
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●   release of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities;
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●   potential litigation, regulatory investigations or other legal proceedings involving us; and
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●   detrimental negative publicity about us or our industry.
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Any of these factors may result in large and sudden changes in the volume and price at which our ADSs will trade.

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If we fail to meet Nasdaq’s minimum bid price or minimum market value of publicly held shares requirements, our ADSs could be subject to delisting, which may significantly reduce the liquidity of our ADSs and cause further declines to the market price of our ADSs.
Our ADSs were previously listed on the Nasdaq Global Select Market and we transferred the listing of our ADSs from the Nasdaq Global Select Market to Nasdaq Capital Market in November 2023. The Nasdaq Listing Rules have minimum requirements that a company must meet for continued listing on Nasdaq Global Select Market and Nasdaq Capital Market.
The requirements for continued listing when our ADSs were listed on the Nasdaq Global Select Market include maintaining a minimum closing bid price of US$1.00 per ADS and a minimum Market Value of Publicly Held Shares, or MVPHS,