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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
  on May 20, 2024</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>UNDER</I></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>THE SECURITIES ACT OF 1933</I></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>YS BIOPHARMA CO., LTD. </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified in its
  charter)</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; width: 49%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Cayman Islands</B></FONT></TD>
      <TD STYLE="padding: 0.25pt 0.25pt 1.5pt; width: 2%; text-align: center">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; width: 49%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(State or other jurisdiction of<BR>
  incorporation or organization)</B></FONT></TD>
      <TD STYLE="padding: 0.25pt; text-align: center">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(I.R.S. Employer<BR>
  Identification Number)</B></FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Building No. 2, 38 Yongda Road</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Daxing Biomedical Industry Park</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Daxing District, Beijing, PRC</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tel: 010-89202086</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address, including zip code, and telephone
  number, including area code, of registrant&rsquo;s principal executive offices)</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2024 Share Incentive Plan<BR>
  (Full title of the plan)</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cogency Global Inc.</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>122 East 42<SUP>nd</SUP> Street, 18<SUP>th</SUP>
  Floor</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10168</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+1 800-221-0102</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name, address, including zip code, and telephone
  number, including area code, of agent for service)</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Indicate by check mark whether the registrant is
  a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See
  the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo; and
  &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;).</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 50%; padding: 0.25pt">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Large accelerated filer &#9744;</P></TD>
      <TD STYLE="width: 50%; padding: 0.25pt"><FONT STYLE="font-size: 10pt">Accelerated filer &#9744;</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Non-accelerated filer &#9746;</FONT></TD>
      <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Smaller reporting company &#9746;</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0.25pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt"><FONT STYLE="font-size: 10pt">Emerging growth company &#9746;</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If an emerging growth company, indicate by
  check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
  accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the &ldquo;Securities
  Act&rdquo;). &#9744;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B><I>&nbsp;</I></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B><I>Copies to:</I></B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 50%; padding: 0.25pt">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Hui Shao</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Co-Chief Executive Officer</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Building No. 2, 38 Yongda Road</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Daxing Biomedical Industry Park</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Daxing District, Beijing</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>People&rsquo;s Republic of China</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telephone: 010-89202086</B></P></TD>
      <TD STYLE="width: 50%; padding: 0.25pt">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Will H. Cai, Esq.</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Cooley LLP</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>c/o 35th Floor</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Two Exchange Square</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>8 Connaught Place</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Central, Hong Kong</B></P>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>+852 3758-1200</B></P></TD></TR>
    </TABLE>
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>
  
  <!-- Field: Page; Sequence: 1 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PART I</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">INFORMATION REQUIRED
  IN THE SECTION 10(a) PROSPECTUS</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in">Item 1.</TD><TD>Plan Information*</TD></TR></TABLE>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in">Item 2.</TD><TD>Registrant Information and Employee Plan Annual Information*</TD></TR></TABLE>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: left">Information required by Part I to be contained in the Section
  10(a) prospectus is omitted from this registration statement in accordance with Rule 428 under the Securities Act and the Note to Part
  I of Form S-8. The documents containing information specified in this Part I will be separately provided to the participants covered
  by the plan, as specified by Rule 428(b)(1) under the Securities Act.</TD>
  </TR></TABLE>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>
  
  <!-- Field: Page; Sequence: 2; Options: NewSection -->
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      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PART II</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">INFORMATION REQUIRED
  IN THE REGISTRATION STATEMENT</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in">Item 3.</TD><TD>Incorporation of Documents by Reference</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following documents filed or to be filed (other
  than portions of these documents furnished or otherwise not deemed filed) by <FONT STYLE="background-color: white">YS Biopharma Co., Ltd.
  </FONT>(the &ldquo;Registrant&rdquo;) with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) are incorporated by reference
  as of their respective dates and deemed to be a part hereof:</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The Registrant&rsquo;s annual report on <A HREF="http://www.sec.gov/Archives/edgar/data/1946399/000121390023060012/f20f2023_ysbiopharmaco.htm">Form 20-F</A> for the
  fiscal year ended March 31, 2023 (File No. 001-41598) filed with the Commission on July 26, 2023;</TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">All other reports filed by the Registrant pursuant to Section
  13(a) or 15(d) of the Exchange Act; and</TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: left">The description of the Registrant&rsquo;s ordinary shares
  in the Registrant&rsquo;s registration statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1946399/000110465923005236/tm2226545d18_8a12b.htm">Form 8-A</A> (File No. 001-41598) filed with the Commission under Section 12(b) of the
  Exchange Act on January 20, 2023<FONT STYLE="font-family: Times New Roman, Times, Serif">,</FONT> including any amendments or reports
  filed for the purpose of updating such description.</TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All documents subsequently filed by the Registrant
  pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, after the date of this registration statement and prior to the filing
  of a post-effective amendment to this registration statement which indicates that all securities offered have been sold or which deregisters
  all securities then remaining unsold, shall be deemed to be incorporated by reference in this registration statement and to be part hereof
  from the date of filing of such documents. Any statement in a document incorporated or deemed to be incorporated by reference in this
  registration statement will be deemed to be modified or superseded to the extent that a statement contained in this registration statement
  or in any other later filed document that also is or is deemed to be incorporated by reference modifies or supersedes such statement.
  Any such statement so modified or superseded will not be deemed, except as so modified or superseded, to be a part of this registration
  statement.</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in">Item 4.</TD><TD>Description of Securities</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in">Item 5.</TD><TD>Interests of Named Experts and Counsel</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
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  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in">Item 6.</TD><TD>Indemnification of Directors and Officers</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Cayman Islands law does not limit the extent to
  which a company&rsquo;s articles of association may provide for indemnification of directors and officers, except to the extent any such
  provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud
  or the consequences of committing a crime. The Registrant&rsquo;s currently effective amended and restated articles of association, adopted
  by its shareholders on September 23, 2022, and became effective on March 16, 2023, provides that the Registrant shall indemnify and secure
  harmless of its directors and officers against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred
  or sustained by such persons, other than by reason of such person&rsquo;s own dishonesty, willful default or fraud, in or about the conduct
  of the Company&rsquo;s business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of such
  person&rsquo;s duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs,
  expenses, losses or liabilities incurred by such person in defending (whether successfully or otherwise) any civil proceedings concerning
  the Company or its affairs in any court whether in the Cayman Islands or elsewhere.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the indemnification agreements, the
  form of which was filed as <A HREF="http://www.sec.gov/Archives/edgar/data/1946399/000110465922130315/tm2226545d15_ex10-6.htm">Exhibit 10.6</A> to the Registrant&rsquo;s registration statement on Form F-4 (File No. 333-269031) filed with
  the Commission on December 28, 2022, the Registrant has agreed to indemnify its directors and officers against certain liabilities and
  expenses incurred by such persons in connection with claims made by reason of their being such a director or officer.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Insofar as indemnification for liabilities arising
  under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions,
  the Registrant has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the
  Securities Act and is therefore unenforceable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Registrant also maintains a directors and
  officers liability insurance policy for its directors and officers.</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in">Item 7.</TD><TD>Exemption from Registration Claimed</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in">Item 8.</TD><TD>Exhibits</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">See the Index to Exhibits attached hereto.</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in">Item 9.</TD><TD>Undertakings</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>The undersigned Registrant hereby undertakes:</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(1)</TD><TD STYLE="text-align: justify">To file, during any period in which offers or sales are being
  made, a post-effective amendment to this registration statement:</TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">(i)</TD><TD STYLE="text-align: justify">to include any prospectus required by Section 10(a)(3) of
  the Securities Act;</TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">(ii)</TD><TD STYLE="text-align: left">to reflect in the prospectus any facts or events arising
  after the effective date of this registration statement (or the most recent post-effective amendment thereof) which, individually or
  in the aggregate, represent a fundamental change in the information set forth in this registration statement. Notwithstanding the foregoing,
  any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which
  was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
  filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20%
  change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective
  registration statement; and</TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -0.5in"></P>
  
  <!-- Field: Page; Sequence: 4 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left">(iii)</TD><TD STYLE="text-align: justify">to include any material information with respect to the plan
  of distribution not previously disclosed in the registration statement or any material change to that information in the registration
  statement;</TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><I>&nbsp;</I></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in"><I>provided</I>, <I>however</I>, that paragraphs
  (a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs
  is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange
  Act that are incorporated by reference in this registration statement;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to
  be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be
  deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
  termination of the offering.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">The undersigned Registrant hereby undertakes that, for purposes
  of determining any liability under the <FONT STYLE="font-family: Times New Roman, Times, Serif">Securities Act, </FONT>each <FONT STYLE="font-family: Times New Roman, Times, Serif">filing
  of the Registrant&rsquo;s annual report pursuant to Section 13(a) or 15(d) of the</FONT> Exchange Act (and, where applicable, each filing
  of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in
  this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
  of such securities at that time shall be deemed to be the initial bona fide offering thereof.</TD>
  </TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>
  
  <TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
  persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
  Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event
  that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
  director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by
  such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion
  of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether
  such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication
  of such issue.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B></B></FONT></P>
  
  <!-- Field: Page; Sequence: 5 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B></B></FONT>&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT INDEX</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: bottom">
      <TD STYLE="border-bottom: Black 1.5pt solid; width: 9%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">
  
  
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Exhibit Number</B></P>
  </TD>
      <TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; width: 90%; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>Description</B></P></TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; text-indent: 0in">4.1</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-indent: 0in"><A HREF="http://www.sec.gov/Archives/edgar/data/1946399/000110465923044356/ys-20230324xex3d1.htm">Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated herein by reference to Exhibit 3.1 to the Registrant&rsquo;s registration statement on Form F-1 (File No. 333-271221) filed with the Commission on April 12, 2023<FONT STYLE="font-size: 10pt"></FONT>)</A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; text-indent: 0in">4.2</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-indent: 0in"><A HREF="http://www.sec.gov/Archives/edgar/data/1946399/000110465922130315/tm2226545d15_ex4-5.htm">Registrant&rsquo;s
  Specimen Certificate for Ordinary Shares (incorporated herein by reference to Exhibit 4.5 to the Registrant&rsquo;s registration statement
  on Form F-4 (File No. 333-269031) filed with the Commission on December 28, 2022, as amended)</A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; text-indent: 0in">5.1*</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-indent: 0in"><A HREF="ea020651801ex5-1_ysbio.htm">Opinion of Maples and Calder (Hong Kong) LLP, regarding the validity of the ordinary shares being registered</A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; text-indent: 0in">10.3</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-indent: 0in"><A HREF="http://www.sec.gov/Archives/edgar/data/1946399/000121390024040493/ea020531401ex99-3_ysbio.htm#a_003">2024 Share Incentive Plan (incorporated herein by reference to Exhibit 99.5 to the Registrant&rsquo;s current report on Form 6-K (File No. 001-41598) filed with the Commission on May 7, 2024<FONT STYLE="font-size: 10pt"></FONT>)</A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; text-indent: 0in">23.1*</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-indent: 0in"><A HREF="ea020651801ex23-1_ysbio.htm">Consent of Wei, Wei &amp; Co., LLP</A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; text-indent: 0in">23.2*</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-indent: 0in"><A HREF="ea020651801ex5-1_ysbio.htm">Consent of Maples and Calder (Hong Kong) LLP (included in Exhibit 5.1)</A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; text-indent: 0in">24.1*</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-indent: 0in"><A HREF="#a_001">Power of Attorney (included on the signature page hereto)</A></TD></TR>
    <TR STYLE="vertical-align: top; background-color: White">
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center; text-indent: 0in">107*</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-indent: 0in"><A HREF="ea020651801ex-fee_ysbio.htm">Filing Fee Table</A></TD></TR>
    </TABLE>
  
  <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
  
  <P STYLE="margin-top: 0; margin-bottom: 0"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="margin-top: 0; margin-bottom: 0"></P>
  
  
  <TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
  <TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD>Filed herewith.</TD></TR></TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>
  
  
  <!-- Field: Page; Sequence: 6 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
      <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
      <!-- Field: /Page -->
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SIGNATURES</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
  Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for
  filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
  in Beijing, China, on May 20, 2024.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
      <TD COLSPAN="2" STYLE="vertical-align: top; text-align: justify"><B>YS Biopharma Co., Ltd.</B></TD></TR>
    <TR>
      <TD STYLE="width: 60%">&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: justify; width: 5%">&nbsp;</TD>
      <TD STYLE="width: 35%">&nbsp;</TD></TR>
    <TR>
      <TD>&nbsp;</TD>
      <TD STYLE="vertical-align: top">By:</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom">/s/ Hui Shao</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>Name:&nbsp;</TD>
      <TD STYLE="text-align: justify"><FONT>Hui Shao</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>Title:</TD>
      <TD>Co-Chief Executive Officer </TD></TR>
    </TABLE>
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>
  
  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><A NAME="a_001"></A>POWER OF ATTORNEY</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">KNOW ALL PERSONS BY THESE PRESENTS, that each
  person whose signature appears below constitutes and appoints, severally and not jointly, Hui Shao, with full power to act alone, as his
  true and lawful attorney-in-fact, with the power of substitution, for and in such person&rsquo;s name, place, and stead, in any and all
  capacities, to sign any and all amendments (including post-effective amendments) to this registration statement, and to file the same,
  with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto each
  said attorney-in-fact full power and authority to do and perform each and every act and thing requisite and necessary to be done as fully
  to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that each said attorney-in-fact may
  lawfully do or cause to be done by virtue hereof.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
  Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities on May 20, 2024.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; width: 49%; text-align: center"><B>Signature</B></TD>
      <TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; width: 49%; text-align: center"><B>Title</B></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center">/s/ Hui Shao</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">Co-Chief Executive Officer and Director</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">Hui Shao</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">(<I>Principal Executive Officer</I>)</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center">/s/ Ajit Shetty</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">Chairperson of the Board of Directors</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">Ajit Shetty</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center">/s/ Chunyuan (Brenda) Wu</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">Chief Financial Officer and Director</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">Chunyuan (Brenda) Wu</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">(<I>Principal Financial and Accounting Officer</I>)</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center">/s/ Pierson Yue Pan</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">Director</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">Pierson Yue Pan</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center">/s/ Henry Chen</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">Director</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">Henry Chen</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center">/s/ <FONT>Haitao Zhao</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">Director</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center"><FONT>Haitao Zhao</FONT></TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center">/s/ Jin Wang</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">Director</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">Jin Wang</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center">/s/ Viren T Mehta</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">Director</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">Viren T Mehta</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center">/s/ Rachel Yu</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">Director</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">Rachel Yu</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center">/s/ Yuntao Cui</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">Director</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">Yuntao Cui</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">&nbsp;</TD></TR>
    </TABLE>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>
  
  
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  <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SIGNATURE OF AUTHORIZED
  REPRESENTATIVE IN THE UNITED STATES</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the Securities Act of 1933, as amended,
  the undersigned, the duly authorized representative in the United States of YS Biopharma Co., Ltd. has signed this registration statement
  or amendment thereto in New York, New York on May 20, 2024.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR STYLE="vertical-align: top">
      <TD>
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
      <TD COLSPAN="2">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Authorized U.S. Representative Cogency Global Inc.</B></P></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 60%">&nbsp;</TD>
      <TD STYLE="width: 5%">&nbsp;</TD>
      <TD STYLE="width: 35%">&nbsp;</TD></TR>
    <TR>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom">By:</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom">/s/ Colleen A. De Vries</TD></TR>
    <TR>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom">Name:</TD>
      <TD STYLE="vertical-align: bottom">Colleen A. De Vries</TD></TR>
    <TR>
      <TD STYLE="vertical-align: top">&nbsp;</TD>
      <TD STYLE="vertical-align: bottom">Title:</TD>
      <TD STYLE="vertical-align: bottom">Senior Vice-President </TD></TR>
    </TABLE>
  
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metadata_documents: [{"type": "S-8", "sequence": "1", "filename": "ea0206518-s8_ysbio.htm", "description": "REGISTRATION STATEMENT", "secsgml_size_bytes": 54270}]
metadata_filer: {"company-data": {"conformed-name": "YS Biopharma Co., Ltd.", "cik": "0001946399", "assigned-sic": "2834", "organization-name": "03 Life Sciences", "irs-number": "000000000", "state-of-incorporation": "E9", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-279544", "film-number": "24964695"}, "business-address": {"street1": "BUILDING NO. 2, 38 YONGDA ROAD", "street2": "DAXING BIOMEDICAL INDUSTRY PARK", "city": "DAXING DISTRICT, BEIJING", "state": "F4", "zip": "102629", "phone": "17327133678"}, "mail-address": {"street1": "BUILDING NO. 2, 38 YONGDA ROAD", "street2": "DAXING BIOMEDICAL INDUSTRY PARK", "city": "DAXING DISTRICT, BEIJING", "state": "F4", "zip": "102629"}, "former-company": {"former-conformed-name": "YishengBio Co., Ltd", "date-changed": "20220912"}}
text: As filed with the Securities and Exchange Commission
  on May 20, 2024
  Registration No. 333-
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  FORM S-8
  REGISTRATION STATEMENT
  UNDER
  THE SECURITIES ACT OF 1933
  YS BIOPHARMA CO., LTD.
  (Exact name of registrant as specified in its
  charter)
  Cayman Islands
  Not Applicable
  (State or other jurisdiction of
  incorporation or organization)
  (I.R.S. Employer
  Identification Number)
  Building No. 2, 38 Yongda Road
  Daxing Biomedical Industry Park
  Daxing District, Beijing, PRC
  Tel: 010-89202086
  (Address, including zip code, and telephone
  number, including area code, of registrant's principal executive offices)
  2024 Share Incentive Plan
  (Full title of the plan)
  Cogency Global Inc.
  122 East 42
  nd
  Street, 18
  th
  Floor
  New York, NY 10168
  +1 800-221-0102
  (Name, address, including zip code, and telephone
  number, including area code, of agent for service)
  Indicate by check mark whether the registrant is
  a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See
  the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and
  "emerging growth company" in Rule 12b-2 of the Securities Exchange Act of 1934 (the "Exchange Act").
  Large accelerated filer ☐
  Accelerated filer ☐
  Non-accelerated filer ☒
  Smaller reporting company ☒
  Emerging growth company ☒
  If an emerging growth company, indicate by
  check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
  accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the "Securities
  Act"). ☐
  Copies to:
  Hui Shao
  Co-Chief Executive Officer
  Building No. 2, 38 Yongda Road
  Daxing Biomedical Industry Park
  Daxing District, Beijing
  People's Republic of China
  Telephone: 010-89202086
  Will H. Cai, Esq.
  Cooley LLP
  c/o 35th Floor
  Two Exchange Square
  8 Connaught Place
  Central, Hong Kong
  +852 3758-1200
  PART I
  INFORMATION REQUIRED
  IN THE SECTION 10(a) PROSPECTUS
  Item 1.
  Plan Information*
  Item 2.
  Registrant Information and Employee Plan Annual Information*
  *
  Information required by Part I to be contained in the Section
  10(a) prospectus is omitted from this registration statement in accordance with Rule 428 under the Securities Act and the Note to Part
  I of Form S-8. The documents containing information specified in this Part I will be separately provided to the participants covered
  by the plan, as specified by Rule 428(b)(1) under the Securities Act.
  1
  PART II
  INFORMATION REQUIRED
  IN THE REGISTRATION STATEMENT
  Item 3.
  Incorporation of Documents by Reference
  The following documents filed or to be filed (other
  than portions of these documents furnished or otherwise not deemed filed) by
  YS Biopharma Co., Ltd.
  (the "Registrant") with the Securities and Exchange Commission (the "Commission") are incorporated by reference
  as of their respective dates and deemed to be a part hereof:
  (a)
  The Registrant's annual report on
  Form 20-F
  for the
  fiscal year ended March 31, 2023 (File No. 001-41598) filed with the Commission on July 26, 2023;
  (b)
  All other reports filed by the Registrant pursuant to Section
  13(a) or 15(d) of the Exchange Act; and
  (c)
  The description of the Registrant's ordinary shares
  in the Registrant's registration statement on
  Form 8-A
  (File No. 001-41598) filed with the Commission under Section 12(b) of the
  Exchange Act on January 20, 2023
  ,
  including any amendments or reports
  filed for the purpose of updating such description.
  All documents subsequently filed by the Registrant
  pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, after the date of this registration statement and prior to the filing
  of a post-effective amendment to this registration statement which indicates that all securities offered have been sold or which deregisters
  all securities then remaining unsold, shall be deemed to be incorporated by reference in this registration statement and to be part hereof
  from the date of filing of such documents. Any statement in a document incorporated or deemed to be incorporated by reference in this
  registration statement will be deemed to be modified or superseded to the extent that a statement contained in this registration statement
  or in any other later filed document that also is or is deemed to be incorporated by reference modifies or supersedes such statement.
  Any such statement so modified or superseded will not be deemed, except as so modified or superseded, to be a part of this registration
  statement.
  Item 4.
  Description of Securities
  Not applicable.
  Item 5.
  Interests of Named Experts and Counsel
  Not applicable.
  II-
  1
  Item 6.
  Indemnification of Directors and Officers
  Cayman Islands law does not limit the extent to
  which a company's articles of association may provide for indemnification of directors and officers, except to the extent any such
  provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud
  or the consequences of committing a crime. The Registrant's currently effective amended and restated articles of association, adopted
  by its shareholders on September 23, 2022, and became effective on March 16, 2023, provides that the Registrant shall indemnify and secure
  harmless of its directors and officers against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred
  or sustained by such persons, other than by reason of such person's own dishonesty, willful default or fraud, in or about the conduct
  of the Company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of such
  person's duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs,
  expenses, losses or liabilities incurred by such person in defending (whether successfully or otherwise) any civil proceedings concerning
  the Company or its affairs in any court whether in the Cayman Islands or elsewhere.
  Pursuant to the indemnification agreements, the
  form of which was filed as
  Exhibit 10.6
  to the Registrant's registration statement on Form F-4 (File No. 333-269031) filed with
  the Commission on December 28, 2022, the Registrant has agreed to indemnify its directors and officers against certain liabilities and
  expenses incurred by such persons in connection with claims made by reason of their being such a director or officer.
  Insofar as indemnification for liabilities arising
  under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions,
  the Registrant has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the
  Securities Act and is therefore unenforceable.
  The Registrant also maintains a directors and
  officers liability insurance policy for its directors and officers.
  Item 7.
  Exemption from Registration Claimed
  Not applicable.
  Item 8.
  Exhibits
  See the Index to Exhibits attached hereto.
  Item 9.
  Undertakings
  (a)
  The undersigned Registrant hereby undertakes:
  (1)
  To file, during any period in which offers or sales are being
  made, a post-effective amendment to this registration statement:
  (i)
  to include any prospectus required by Section 10(a)(3) of
  the Securities Act;
  (ii)
  to reflect in the prospectus any facts or events arising
  after the effective date of this registration statement (or the most recent post-effective amendment thereof) which, individually or
  in the aggregate, represent a fundamental change in the information set forth in this registration statement. Notwithstanding the foregoing,
  any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which
  was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus
  filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20%
  change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective
  registration statement; and
  II-
  2
  (iii)
  to include any material information with respect to the plan
  of distribution not previously disclosed in the registration statement or any material change to that information in the registration
  statement;
  provided
  ,
  however
  , that paragraphs
  (a)(1)(i) and (a)(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs
  is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange
  Act that are incorporated by reference in this registration statement;
  (2)
  That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to
  be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be
  deemed to be the initial bona fide offering thereof.
  (3)
  To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
  termination of the offering.
  (b)
  The undersigned Registrant hereby undertakes that, for purposes
  of determining any liability under the
  Securities Act,
  each
  filing
  of the Registrant's annual report pursuant to Section 13(a) or 15(d) of the
  Exchange Act (and, where applicable, each filing
  of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in
  this registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
  of such securities at that time shall be deemed to be the initial bona fide offering thereof.
  (c)
  Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
  persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
  Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event
  that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
  director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by
  such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion
  of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether
  such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication
  of such issue.
  II-
  3
  EXHIBIT INDEX
  Exhibit Number
  Description
  4.1
  Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated herein by reference to Exhibit 3.1 to the Registrant's registration statement on Form F-1 (File No. 333-271221) filed with the Commission on April 12, 2023
  )
  4.2
  Registrant's
  Specimen Certificate for Ordinary Shares (incorporated herein by reference to Exhibit 4.5 to the Registrant's registration statement
  on Form F-4 (File No. 333-269031) filed with the Commission on December 28, 2022, as amended)
  5.1*
  Opinion of Maples and Calder (Hong Kong) LLP, regarding the validity of the ordinary shares being registered
  10.3
  2024 Share Incentive Plan (incorporated herein by reference to Exhibit 99.5 to the Registrant's current report on Form 6-K (File No. 001-41598) filed with the Commission on May 7, 2024
  )
  23.1*
  Consent of Wei, Wei & Co., LLP
  23.2*
  Consent of Maples and Calder (Hong Kong) LLP (included in Exhibit 5.1)
  24.1*
  Power of Attorney (included on the signature page hereto)
  107*
  Filing Fee Table
  *
  Filed herewith.
  II-
  4
  SIGNATURES
  Pursuant to the requirements of the Securities
  Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for
  filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
  in Beijing, China, on May 20, 2024.
  YS Biopharma Co., Ltd.
  By:
  /s/ Hui Shao
  Name:
  Hui Shao
  Title:
  Co-Chief Executive Officer
  POWER OF ATTORNEY
  KNOW ALL PERSONS BY THESE PRESENTS, that each
  person whose signature appears below constitutes and appoints, severally and not jointly, Hui Shao, with full power to act alone, as his
  true and lawful attorney-in-fact, with the power of substitution, for and in such person's name, place, and stead, in any and all
  capacities, to sign any and all amendments (including post-effective amendments) to this registration statement, and to file the same,
  with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto each
  said attorney-in-fact full power and authority to do and perform each and every act and thing requisite and necessary to be done as fully
  to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that each said attorney-in-fact may
  lawfully do or cause to be done by virtue hereof.
  Pursuant to the requirements of the Securities
  Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities on May 20, 2024.
  Signature
  Title
  /s/ Hui Shao
  Co-Chief Executive Officer and Director
  Hui Shao
  (
  Principal Executive Officer
  )
  /s/ Ajit Shetty
  Chairperson of the Board of Directors
  Ajit Shetty
  /s/ Chunyuan (Brenda) Wu
  Chief Financial Officer and Director
  Chunyuan (Brenda) Wu
  (
  Principal Financial and Accounting Officer
  )
  /s/ Pierson Yue Pan
  Director
  Pierson Yue Pan
  /s/ Henry Chen
  Director
  Henry Chen
  /s/
  Haitao Zhao
  Director
  Haitao Zhao
  /s/ Jin Wang
  Director
  Jin Wang
  /s/ Viren T Mehta
  Director
  Viren T Mehta
  /s/ Rachel Yu
  Director
  Rachel Yu
  /s/ Yuntao Cui
  Director
  Yuntao Cui
  II-
  5
  SIGNATURE OF AUTHORIZED
  REPRESENTATIVE IN THE UNITED STATES
  Pursuant to the Securities Act of 1933, as amended,
  the undersigned, the duly authorized representative in the United States of YS Biopharma Co., Ltd. has signed this registration statement
  or amendment thereto in New York, New York on May 20, 2024.
  Authorized U.S. Representative Cogency Global Inc.
  By:
  /s/ Colleen A. De Vries
  Name:
  Colleen A. De Vries
  Title:
  Senior Vice-President
  II-
  6