Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 60

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 3
Chunk 60
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the terms of an amendment impose or increase fees or charges (other than charges in connection with foreign exchange control regulations,
and taxes and/or other governmental charges, delivery and other such expenses) or that would otherwise prejudice any substantial existing
right of the ADS holders, such amendment will not become effective as to outstanding ADSs until the expiration of 30 days after notice
of that amendment has been disseminated to Company ADS holders, and no prior consent of the Company ADS holders is required under the
deposit agreement. Furthermore, we may decide to terminate the ADS facility at any time for any reason. For example, terminations may
occur when We decides to list its ordinary shares on a non-U. S. securities exchange and determine not to continue to sponsor an ADS facility
or when we becomes the subject of a takeover or a going-private transaction. If the ADS facility will terminate, Company ADS holders
will receive at least 30 days’ prior notice, but no prior consent is required from them. Under the circumstances that we decides
to make an amendment to the deposit agreement that is disadvantageous to Company ADS holders or terminate the deposit agreement, the
Company ADS holders may choose to sell their Company ADSs or surrender their Company ADSs and become direct holders of the underlying
Ordinary Shares, but will have no right to any compensation whatsoever.

Holders of Company ADSs may be subject
to limitations on transfer of their ADSs.

Company ADSs are transferable
on the books of the depositary bank. However, the depositary bank may close its transfer books at any time or from time to time when
it deems necessary in connection with the performance of its duties. The depositary bank may close its books from time to time for a
number of reasons, including in connection with corporate events such as a rights offering, during which time the depositary bank needs
to maintain an exact number of Company ADS holders on its books for a specified period. The depositary bank may also close its books
in emergencies, and on weekends and public holidays. In addition, the depositary bank may refuse to deliver, transfer or register transfers
of Company ADSs generally when our books or the books of the depositary bank are closed, or at any time if we or the depositary bank
deems it advisable to do so because of any requirement of law or of any government or governmental body, or under any provision of the
deposit agreement.

Holders of Company ADSs might not receive
distributions on our equity