VisionSys AI shareholders approve consolidation and ADS reverse split
Rhea-AI Filing Summary
VisionSys AI Inc held an extraordinary general meeting where shareholders approved several major capital structure changes. They passed a 50-to-1 share consolidation for both Class A and Class B ordinary shares, increasing the par value per share to US$0.001 and resetting authorized capital to 1,000,000,000 shares across all classes. Shareholders also approved increasing authorized share capital to US$10,000,000, allowing up to 9,860,000,000 Class A ordinary shares in total, along with existing Class B and other classes.
A special resolution was approved to adjust voting and conversion rights for Class A and Class B shares following these changes, and the company ratified a transition to scripless (paperless) share ownership. After the share consolidation, the ADS program will execute a proportional ADS reverse split so each ADS will still represent 250 Class A shares, but with fewer ADSs outstanding and a proportionately higher per-ADS market value, leaving each holder’s economic interest unchanged.
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Insights
VisionSys AI restructures share capital with 50:1 consolidation and larger authorization.
VisionSys AI Inc obtained shareholder approval for a 50-to-1 consolidation of its Class A and Class B ordinary shares, resetting par value to US$0.001 and total authorized capital to 1,000,000,000 shares split among the classes. This significantly reduces the number of shares on issue while keeping overall capital intact at the authorized level.
Shareholders also approved an increase in authorized share capital to
For U.S. investors, the ADS program will implement an ADS reverse split so each ADS continues to represent 250 Class A shares, but the number of ADSs will drop and the per-ADS market value is expected to rise proportionately. Voting and conversion rights adjustments and the move to scripless shares modernize the capital structure, with detailed effects to be reflected in future company disclosures.
FAQ
What did VisionSys AI Inc (VSA) shareholders approve at the November 2025 extraordinary meeting?
Shareholders of VisionSys AI Inc approved a 50-to-1 share consolidation of Class A and Class B ordinary shares, an increase in authorized share capital to US$10,000,000, changes to voting and conversion rights for the share classes, and a transition to issuing scripless (paperless) shares.
How does the 50-to-1 share consolidation affect VisionSys AI (VSA) ordinary shares?
The approved resolution consolidates every 50 issued and unissued Class A and Class B ordinary shares of par value US$0.00002 into 1 share of the same class with par value US$0.001. This reduces the number of shares while increasing par value, without changing the total authorized capital amount stated in the resolution.
What is the new authorized share capital structure for VisionSys AI (VSA) after the increase?
After the increase, authorized share capital is US$10,000,000, divided into 10,000,000,000 shares: 9,860,000,000 Class A ordinary shares, 40,000,000 Class B ordinary shares, and 100,000,000 shares of such other class or classes as the board may determine, all with par value US$0.001 each.
How will the VisionSys AI (VSA) ADS reverse split work for U.S. investors?
Following the share consolidation, the company will carry out an ADS Reverse Split. Each ADS will continue to represent 250 Class A ordinary shares, but the total number of ADSs outstanding will be reduced proportionately. The per-ADS market value is expected to increase proportionately so that each ADS holder’s aggregate economic interest remains unchanged.
Did VisionSys AI (VSA) change the ADS-to-share ratio in this 6-K?
No. The company stated that after the share consolidation it will instruct the ADS depositary bank not to change the current ratio, so each ADS will still represent 250 underlying Class A ordinary shares, with only the number of ADSs outstanding adjusted.
What is VisionSys AI (VSA) doing with scripless shares?
Shareholders ratified board determinations made on September 24, 2025 to dispense with paper share certificates and issue scripless shares. The resolution also provides that, where inconsistent, its terms amend and supersede the related provisions in the company’s articles of association.
What level of shareholder participation supported VisionSys AI (VSA) proposals?
At the meeting, 12,588,839,750 votes were present, representing about 84.89% of the total 14,829,779,800 votes outstanding as of the record date. Each proposal, including the share consolidation and capital increase, received substantial votes in favor with no broker non-votes counted.