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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 July 7, 2023</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;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
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  <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
  ACT OF 1933</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"></P>
  
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  <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</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">(Exact name of registrant as specified in its charter)</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
    <TR>
      <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; text-align: center; width: 49%"><B>Cayman Islands</B></TD>
      <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
      <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; text-align: center; width: 49%"><B>Not Applicable</B></TD></TR>
    <TR>
      <TD STYLE="vertical-align: top; text-align: center">(State or other jurisdiction of</TD>
      <TD STYLE="vertical-align: bottom">&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center">(I.R.S. Employer</TD></TR>
    <TR>
      <TD STYLE="vertical-align: top; text-align: center">incorporation or organization)</TD>
      <TD STYLE="vertical-align: bottom">&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center">Identification No.)</TD></TR>
    </TABLE>
  <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>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: +86-10 8920-2086</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices and Zip
  Code)</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"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2020 Share Incentive Plan</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the Plans)</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"></P>
  
  <!-- Field: Rule-Page --><DIV STYLE="margin-left: auto; margin-right: auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->
  
  <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&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 42nd Street, 18th 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>(212) 947-7200 </B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address, including zip code, and telephone
  number, including area code, of agent for service)</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>Copies to:</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>
      <TD ROWSPAN="8" STYLE="white-space: nowrap; vertical-align: top; width: 49%">
      <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Yi Zhang<BR>
  Director and Chairperson<BR>
  Building No. 2, 38 Yongda Road<BR>
  Daxing Biomedical Industry Park<BR>
  Daxing District, Beijing, PRC<BR>
  Tel: +86-10 8920-2086</B></P></TD>
      <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 2%">&nbsp;</TD>
      <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; width: 49%"><B>Dan Ouyang, Esq.</B></TD></TR>
    <TR>
      <TD STYLE="vertical-align: bottom">&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center"><B>Wilson Sonsini Goodrich &amp; Rosati</B></TD></TR>
    <TR>
      <TD STYLE="vertical-align: bottom">&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center"><B>Professional Corporation</B></TD></TR>
    <TR>
      <TD STYLE="vertical-align: bottom">&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center"><B>Unit 2901, 29F, Tower C, Beijing Yintai Centre</B></TD></TR>
    <TR>
      <TD STYLE="vertical-align: bottom">&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center"><B>No. 2 Jianguomenwai Avenue</B></TD></TR>
    <TR>
      <TD STYLE="vertical-align: bottom">&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center"><B>Chaoyang District, Beijing 100022</B></TD></TR>
    <TR>
      <TD STYLE="vertical-align: bottom">&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center"><B>People&rsquo;s Republic of China</B></TD></TR>
    <TR>
      <TD STYLE="vertical-align: bottom">&nbsp;</TD>
      <TD STYLE="vertical-align: top; text-align: center"><B>(86) 10-6529-8300</B></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 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 Exchange Act.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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="padding: 0.25pt 0.5pt; width: 30%">Large accelerated filer</TD>
      <TD STYLE="padding: 0.25pt 0.5pt; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
      <TD STYLE="padding: 0.25pt 0.5pt; width: 30%">Accelerated filer</TD>
      <TD STYLE="text-align: right; padding: 0.25pt 0.5pt; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0.25pt 0.5pt">Non-accelerated filer</TD>
      <TD STYLE="padding: 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD>
      <TD STYLE="padding: 0.25pt 0.5pt">Smaller reporting company</TD>
      <TD STYLE="text-align: right; padding: 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0.25pt 0.5pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt 0.5pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt 0.5pt">Emerging growth company</TD>
      <TD STYLE="text-align: right; padding: 0.25pt 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">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. <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART I</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>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</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 0pt 0.5in; text-indent: -0.5in"><B>Item 1. Plan Information*</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Item 2. Registrant Information and
  Employee Plan Annual Information*</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0.25in; 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. In accordance with the rules and regulations of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;)
  and the instructions to Form S-8, such documents are not being filed with the Commission either as part of this registration statement
  or as prospectuses or prospectus supplements pursuant to Rule 424. The documents containing information specified in this Part I will
  be separately provided to the participants covered by the Plans, as specified by Rule 428(b)(1) under the Securities Act.</TD>
  </TR></TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</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>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</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 0pt 0.5in; text-indent: -0.5in"><B>Item 3. Incorporation of Documents
  by Reference</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following documents previously filed by the
  Registrant with the Commission are incorporated by reference herein:</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 STYLE="padding: 0.25pt 0.5pt; width: 0.25in">(a)</TD>
      <TD STYLE="padding: 0.25pt 0.5pt"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Registrant&rsquo;s prospectus filed with the Commission on June
  5, 2023 pursuant to Rule 424(b)(3) under the Securities Act (File No. <A HREF="http://www.sec.gov/Archives/edgar/data/1946399/000110465923068020/tm239538-7_424b3.htm">333-271221</A>), which includes audited financial statements as of and
  for the fiscal years ended March 31, 2021 and 2022; and</P></TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0.25pt 0.5pt">&nbsp;</TD>
      <TD STYLE="padding: 0.25pt 0.5pt">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="padding: 0.25pt 0.5pt">(b)</TD>
      <TD STYLE="padding: 0.25pt 0.5pt">The description of the Registrant&rsquo;s ordinary shares incorporated by reference in its registration statement on&nbsp;<A HREF="http://www.sec.gov/Archives/edgar/data/1946399/000110465923005236/tm2226545d18_8a12b.htm">Form&nbsp;8-A</A>&nbsp;(File&nbsp;No.&nbsp;001-41598)&nbsp;filed with the Commission under Section&nbsp;12(b) of the Exchange Act on January 20, 2023, 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 Sections 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 subsequently 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: 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 0pt 0.5in; text-indent: -0.5in"><B>Item 4. Description of Securities</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</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 0pt 0.5in; text-indent: -0.5in"><B>Item 5. Interests of Named Experts
  and Counsel</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 6. Indemnification of Directors and Officers</B></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">Cayman Islands law does not limit the extent to
  which a company&rsquo;s memorandum and articles of association may provide for indemnification of officers and directors, 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 second amended and restated
  memorandum and articles of association provides that officers and directors for the time being and from time to time of the Registrant
  (but not including its auditors), and their personal representatives, shall be indemnified and secured harmless against all actions, proceedings,
  costs, charges, expenses, losses, damages, or liabilities incurred or sustained in their capacities as such unless such actions, proceedings,
  costs, charges, expenses, losses or, damages or liabilities arise from the dishonesty, willful default or fraud of such directors or officers,
  in or about the conduct of the Registrant&rsquo;s business or affairs (including as a result of any mistake of judgment) or in the execution
  or discharge of their duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any
  costs, expenses, losses or liabilities incurred by such directors or officers in defending (whether successfully or otherwise) any civil
  proceedings concerning the Registrant 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 Exhibit 10.6 to the Registrant&rsquo;s registration statement on Form F-4 (File No. 333-269031), the Registrant
  has agreed to indemnify its directors and executive officers against all liabilities and expenses incurred by such persons in connection
  with claims made by reason of their being such a director or officer to the fullest extent permitted by law with certain limited exceptions.</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"></P>
  
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  <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: 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"><B>Item 7. Exemption from Registration Claimed</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</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 0pt 0.5in; text-indent: -0.5in"><B>Item 8. Exhibits</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Exhibits listed on the accompanying Exhibit
  Index are filed as a part of, or incorporated by reference into, this registration statement (see the Exhibit Index attached hereto).</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 0pt 0.5in; text-indent: -0.5in"><B>Item 9. Undertakings</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; 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: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The undersigned Registrant hereby undertakes:</TD>
  </TR></TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&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">(1)</TD><TD STYLE="text-align: left">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">&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">(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">&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">(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; and</TD>
  </TR></TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">(iii)</TD><TD STYLE="text-align: left">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 0.75in"><I>&nbsp;</I></P>
  
  <P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><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 0.75in">&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">(2)</TD><TD STYLE="text-align: left">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 <I>bona fide</I> offering thereof.</TD>
  </TR></TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">(3)</TD><TD STYLE="text-align: left">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">&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: 0.25in">(b)</TD>
      <TD>The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&rsquo;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&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 <I>bona fide</I> offering thereof.</TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0.25in">(c)</TD>
      <TD STYLE="text-align: left">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; text-align: center"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <!-- Field: Page; Sequence: 4; Value: 1 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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 -->&nbsp;</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"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"><B>EXHIBIT INDEX</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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%"><B>Exhibit<BR>
   Number</B></TD>
      <TD STYLE="width: 1%">&nbsp;</TD>
      <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; width: 90%"><B>Description</B></TD></TR>
    <TR STYLE="background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top">4.1</TD>
      <TD STYLE="vertical-align: bottom">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><A HREF="http://www.sec.gov/Archives/edgar/data/1946399/000110465923044356/ys-20230324xex3d1.htm">Amended
      and Restated Memorandum and Articles of Association of YS Biopharma (incorporated by reference to Exhibit 3.1 to the
      Registrant&rsquo;s registration statement on Form F-1 (File No. 333-271221) initially filed with the Commission on April 12,
      2023, as amended.</A></TD></TR>
    <TR STYLE="background-color: White">
      <TD STYLE="vertical-align: top">4.2</TD>
      <TD STYLE="vertical-align: bottom">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1946399/000110465922130315/tm2226545d15_ex4-5.htm">Registrant&rsquo;s Specimen Certificate for ordinary shares (incorporated by reference to Exhibit 4.5 to the Registrant&rsquo;s registration statement on Form F-4 (File No. 333-269031) initially filed with the Commission on December 28, 2022, as amended.</A></P></TD></TR>
    <TR STYLE="background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top">5.1*</TD>
      <TD STYLE="vertical-align: bottom">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><A HREF="ea177917ex5-1_ysbiopharma.htm">Opinion of Maples and Calder (Hong Kong) LLP, regarding the validity of the ordinary shares being registered</A></TD></TR>
    <TR STYLE="background-color: White">
      <TD STYLE="vertical-align: top">10.1</TD>
      <TD STYLE="vertical-align: bottom">&nbsp;</TD>
      <TD STYLE="text-align: left; vertical-align: top"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/1946399/000110465922130315/tm2226545d15_ex10-5.htm">Amended and restated YS Biopharma 2020 Share Incentive Plan (the &ldquo;YS Biopharma 2022 Equity Incentive Plan&rdquo;), effective as of March 16, 2023 (incorporated by reference to Exhibit 10.5 to the Registrant&rsquo;s registration statement on Form F-4 (File No. 333-269031) initially filed with the Commission on December 28, 2022, as amended.</A></P></TD></TR>
    <TR STYLE="background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top">23.1*</TD>
      <TD STYLE="vertical-align: bottom">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><A HREF="ea177917ex23-1_ysbiopharma.htm">Consent of Wei, Wei &amp; Co., LLP</A></TD></TR>
    <TR STYLE="background-color: White">
      <TD STYLE="vertical-align: top"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">23.2*</P></TD>
      <TD STYLE="vertical-align: bottom">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><A HREF="ea177917ex5-1_ysbiopharma.htm">Consent of Maples and Calder (Hong Kong) LLP (included in Exhibit 5.1)</A></P></TD></TR>
    <TR STYLE="background-color: rgb(204,238,255)">
      <TD STYLE="vertical-align: top">24.1*</TD>
      <TD STYLE="vertical-align: bottom">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><A HREF="#g_001">Powers of Attorney (included on signature page hereto)</A></TD></TR>
    <TR STYLE="background-color: White">
      <TD STYLE="vertical-align: top">107*</TD>
      <TD STYLE="vertical-align: bottom">&nbsp;</TD>
      <TD STYLE="vertical-align: top"><A HREF="ea177917ex-fee_ysbiopharma.htm">Filing Fee Table</A></TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
  
  <TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 0.25in">*</TD>
      <TD STYLE="text-align: justify">Filed herewith.</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"></P>
  
  <!-- Field: Page; Sequence: 5; Value: 1 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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 -->&nbsp;</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"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in">Pursuant to the requirements of the Securities
  Act of 1933, 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 July 7, 2023.</P>
  
  
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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 COLSPAN="3"><B>YS Biopharma Co., Ltd.</B></TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD COLSPAN="3">&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>By<B>:</B></TD>
      <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid">/s/ Yi Zhang</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 4%">&nbsp;</TD>
      <TD STYLE="width: 5%">Name:&nbsp;</TD>
      <TD STYLE="width: 31%">Yi Zhang</TD>
      <TD STYLE="width: 60%">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>Title:</TD>
      <TD>Director and Chairperson</TD>
      <TD>&nbsp;</TD></TR>
    </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
  
  
  <!-- Field: Page; Sequence: 6; Value: 1 -->
      <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: normal 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 -->&nbsp;</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"><B>&nbsp;</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="g_001"></A><B>POWER OF ATTORNEY</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.25in">KNOW ALL PERSONS BY THESE PRESENTS, that each person
  whose signature appears below constitutes and appoints, severally and not jointly, each of Yi Zhang and 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; text-indent: 0.25in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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 on July 7,
  2023 in the capacities indicated.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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; text-align: center; width: 49%"><B>Signature</B></TD>
      <TD STYLE="width: 2%">&nbsp;</TD>
      <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; width: 49%"><B>Title</B></TD></TR>
    <TR STYLE="vertical-align: bottom">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid; text-align: center">/s/ Yi Zhang</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">Director and Chairperson</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">Yi Zhang</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&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">Director and Chief Executive Officer</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>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid; text-align: center">/s/ Bo Tan</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">Director</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">Bo Tan</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&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">Independent Director</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center"><FONT STYLE="background-color: white">Ajit Shetty</FONT></TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid; text-align: center">/s/ Viren Mehta</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">Independent Director</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">Viren Mehta</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid; text-align: center">/s/ Stanley Yi Chang</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">Independent Director</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">Stanley Yi Chang</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="border-bottom: black 1.5pt solid; text-align: center">/s/ Shaojing Tong</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">Independent Director</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">Shaojing Tong</TD>
      <TD>&nbsp;</TD>
      <TD>&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/ Chunyuan Wu</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center">Chief Financial Officer</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="text-align: center">Chunyuan Wu</TD>
      <TD>&nbsp;</TD>
      <TD STYLE="text-align: center"><I>(Principal Financial and Accounting Officer)</I></TD></TR>
    </TABLE>
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  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE
  UNITED STATES</B></P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; 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 on July 7, 2023.</P>
  
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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 COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COGENCY GLOBAL INC.</B></FONT></TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Authorized U.S. Representative</B></FONT></TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD COLSPAN="2">&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
      <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ COLLEEN A. DE VRIES</FONT></TD>
      <TD>&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD STYLE="width: 4%">&nbsp;</TD>
      <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT>&nbsp;</TD>
      <TD STYLE="width: 31%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colleen A. De Vries</FONT></TD>
      <TD STYLE="width: 60%">&nbsp;</TD></TR>
    <TR STYLE="vertical-align: top">
      <TD>&nbsp;</TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
      <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President on behalf of Cogency Global Inc.</FONT></TD>
      <TD>&nbsp;</TD></TR>
    </TABLE>
  
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metadata_documents: [{"type": "S-8", "sequence": "1", "filename": "ea177917-s8_ysbiopharma.htm", "description": "REGISTRATION STATEMENT", "secsgml_size_bytes": 50166}]
metadata_filer: {"company-data": {"conformed-name": "YS Biopharma Co., Ltd.", "cik": "0001946399", "assigned-sic": "2834", "irs-number": "000000000", "state-of-incorporation": "E9", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-273165", "film-number": "231076727"}, "business-address": {"street1": "BUILDING NO. 2, 38 YONGDA ROAD", "street2": "DAXING BIOMEDICAL INDUSTRY PARK", "city": "DAXING DISTRICT, BEIJING", "state": "F4", "zip": "102629", "phone": "861089202086"}, "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 July 7, 2023
  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
  (I.R.S. Employer
  incorporation or organization)
  Identification No.)
  Building No. 2, 38 Yongda Road
  Daxing Biomedical Industry Park
  Daxing District, Beijing, PRC
  Tel: +86-10 8920-2086
  (Address of Principal Executive Offices and Zip
  Code)
  2020 Share Incentive Plan
  (Full title of the Plans)
  Cogency Global Inc.
  122 East 42nd Street, 18th Floor
  New York, NY 10168
  (212) 947-7200
  (Name, address, including zip code, and telephone
  number, including area code, of agent for service)
  Copies to:
  Yi Zhang
  Director and Chairperson
  Building No. 2, 38 Yongda Road
  Daxing Biomedical Industry Park
  Daxing District, Beijing, PRC
  Tel: +86-10 8920-2086
  Dan Ouyang, Esq.
  Wilson Sonsini Goodrich & Rosati
  Professional Corporation
  Unit 2901, 29F, Tower C, Beijing Yintai Centre
  No. 2 Jianguomenwai Avenue
  Chaoyang District, Beijing 100022
  People's Republic of China
  (86) 10-6529-8300
  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 definitions of "large
  accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company"
  in Rule 12b-2 of 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.
  ☐
  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. In accordance with the rules and regulations of the Securities and Exchange Commission (the "Commission")
  and the instructions to Form S-8, such documents are not being filed with the Commission either as part of this registration statement
  or as prospectuses or prospectus supplements pursuant to Rule 424. The documents containing information specified in this Part I will
  be separately provided to the participants covered by the Plans, 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 previously filed by the
  Registrant with the Commission are incorporated by reference herein:
  (a)
  The Registrant's prospectus filed with the Commission on June
  5, 2023 pursuant to Rule 424(b)(3) under the Securities Act (File No.
  333-271221
  ), which includes audited financial statements as of and
  for the fiscal years ended March 31, 2021 and 2022; and
  (b)
  The description of the Registrant's ordinary shares incorporated by reference in its 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 Sections 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 subsequently 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.
  Item 6. Indemnification of Directors and Officers
  Cayman Islands law does not limit the extent to
  which a company's memorandum and articles of association may provide for indemnification of officers and directors, 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 second amended and restated
  memorandum and articles of association provides that officers and directors for the time being and from time to time of the Registrant
  (but not including its auditors), and their personal representatives, shall be indemnified and secured harmless against all actions, proceedings,
  costs, charges, expenses, losses, damages, or liabilities incurred or sustained in their capacities as such unless such actions, proceedings,
  costs, charges, expenses, losses or, damages or liabilities arise from the dishonesty, willful default or fraud of such directors or officers,
  in or about the conduct of the Registrant's business or affairs (including as a result of any mistake of judgment) or in the execution
  or discharge of their duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any
  costs, expenses, losses or liabilities incurred by such directors or officers in defending (whether successfully or otherwise) any civil
  proceedings concerning the Registrant 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), the Registrant
  has agreed to indemnify its directors and executive officers against all liabilities and expenses incurred by such persons in connection
  with claims made by reason of their being such a director or officer to the fullest extent permitted by law with certain limited exceptions.
  II-
  1
  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
  The Exhibits listed on the accompanying Exhibit
  Index are filed as a part of, or incorporated by reference into, this registration statement (see the Exhibit Index 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; and
  (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-
  2
  EXHIBIT INDEX
  Exhibit
  Number
  Description
  4.1
  Amended
      and Restated Memorandum and Articles of Association of YS Biopharma (incorporated by reference to Exhibit 3.1 to the
      Registrant's registration statement on Form F-1 (File No. 333-271221) initially filed with the Commission on April 12,
      2023, as amended.
  4.2
  Registrant's Specimen Certificate for ordinary shares (incorporated by reference to Exhibit 4.5 to the Registrant's registration statement on Form F-4 (File No. 333-269031) initially 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
  10.1
  Amended and restated YS Biopharma 2020 Share Incentive Plan (the "YS Biopharma 2022 Equity Incentive Plan"), effective as of March 16, 2023 (incorporated by reference to Exhibit 10.5 to the Registrant's registration statement on Form F-4 (File No. 333-269031) initially filed with the Commission on December 28, 2022, as amended.
  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*
  Powers of Attorney (included on signature page hereto)
  107*
  Filing Fee Table
  *
  Filed herewith.
  II-
  3
  SIGNATURES
  Pursuant to the requirements of the Securities
  Act of 1933, 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 July 7, 2023.
  YS Biopharma Co., Ltd.
  By
  :
  /s/ Yi Zhang
  Name:
  Yi Zhang
  Title:
  Director and Chairperson
  II-
  4
  POWER OF ATTORNEY
  KNOW ALL PERSONS BY THESE PRESENTS, that each person
  whose signature appears below constitutes and appoints, severally and not jointly, each of Yi Zhang and 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 on July 7,
  2023 in the capacities indicated.
  Signature
  Title
  /s/ Yi Zhang
  Director and Chairperson
  Yi Zhang
  /s/ Hui Shao
  Director and Chief Executive Officer
  Hui Shao
  (Principal Executive Officer)
  /s/ Bo Tan
  Director
  Bo Tan
  /s/ Ajit Shetty
  Independent Director
  Ajit Shetty
  /s/ Viren Mehta
  Independent Director
  Viren Mehta
  /s/ Stanley Yi Chang
  Independent Director
  Stanley Yi Chang
  /s/ Shaojing Tong
  Independent Director
  Shaojing Tong
  /s/ Chunyuan Wu
  Chief Financial Officer
  Chunyuan Wu
  (Principal Financial and Accounting Officer)
  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 on July 7, 2023.
  COGENCY GLOBAL INC.
  Authorized U.S. Representative
  By:
  /s/ COLLEEN A. DE VRIES
  Name:
  Colleen A. De Vries
  Title:
  Senior Vice President on behalf of Cogency Global Inc.
  II-6