Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 32

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 3
Chunk 32
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, 2023 are not required
to make immediate filings for its listing, but are required to make filings for subsequent offerings in accordance with the Overseas
Listing Trial Measures. Companies that have already submitted an application for an initial public offering to overseas supervision administrations
but have not yet obtained the approval from overseas supervision administrations or stock exchanges for the offering and listing prior
to March 31, 2023 may arrange for the filing within a reasonable time period and should complete the required CSRC filing procedure,
the completion of which will be published on the CSRC website, before such companies’ overseas issuance and listing.

As advised by our PRC counsel,
Jingtian & Gongcheng, we will be required to complete the filing with the CSRC for the Business Combination, and the CSRC must
have concluded the filing procedure and published the filing results on the CSRC website, prior to the listing of Company ADSs and the
Assumed Warrants in accordance with the requirements under the Overseas Listing Trial Measures. Scage International designated Nanjing
Scage as the domestic responsible entity to file with the CSRC in August 2023 and January 2024 after the filing of the Form 8-K announcing
the Business Combination and the submission of the registration statement on Form F-4. As of the date of this annual report, Scage International
and Nanjing Scage have completed the filing procedures with the CSRC. Regardless of whether this offering
will be subject to any filing requirements with the CSRC under the Overseas Listing Trial Measures, any future securities offerings and
listings outside of China by our company, including but not limited to follow-on offerings, secondary listings, and going private transactions,
will be subject to the filing requirements with the CSRC under the Overseas Listing Trial Measures, and we cannot assure you that we
will be able to comply with such filing requirements in a timely manner, or at all.

In addition, we cannot guarantee
that new rules or regulations promulgated in the future will not impose any additional requirement on us or the PRC Subsidiaries, or
otherwise tighten the regulations on overseas listing of PRC domestic companies and foreign investment in China-based issuers, which
could result in a material change in our operations and significantly limit or completely hinder our ability to offer or continue to
offer securities to investors and cause the value of our securities to significantly decline or be worthless. If it is determined that
our future offshore fund-raising activities is subject to any CS