Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 192

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 19
Chunk 192
---
age Nanjing            July 13, 2021                                        51%      No actual operation, propose to engage in new energy business in the future                                                                                                                           
  Scage (Shanghai) Hydrogen Energy Technology Co., Ltd. (“ Scage Shanghai HET”)      Scage Nanjing            August 10, 2021                                    69.5%      Solid oxide electrolyzer and clean energy system development, renewable energy system and integrated energy system solution design and development in the future                                      
  Xinjiang Scage Chuangyuan Automobile Technology Co., Ltd. (“ Scage Xinjiang”)      Scage Nanjing            May 20, 2021                                        100%      Vehicle wholesale and retail                                                                                                                                                                          
  Hunan Scage Automobile Technology Co., Ltd. (“ Scage Hunan”)                       Scage Nanjing            December 20, 2021                                    51%      No actual operation, propose to engage in vehicle wholesale and retail in the future                                                                                                                  
  Beijing Scage Future Automobile Co., Ltd. (“ Scage Future Beijing”)                Scage HK                 December 13, 2023                                    96%      No actual operation, propose to engage in new energy business in the future                                                                                                                           
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F-10

SCAGE
FUTURE

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

(In
U. S. dollars, except for share and per share data, or otherwise noted)

  SUMMARY                             

  (a)      Basis of presentation  

The
accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United
States of America (“ US GAAP”).

  (b)      Principles of consolidation  

The
consolidated financial statements include the financial statements of the Company and its subsidiaries. Subsidiaries are those entities
in which the Group, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial
and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at
the meeting of directors.

All
intercompany transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.

  (c)      Non-controlling interests  

Non