Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 30

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 3
Chunk 30
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 that are conducted in China-based companies according to relevant applicable laws and regulations. On July 6,
2021, the General Office of the State Council of the PRC, together with another regulatory authority, jointly promulgated the Opinions
on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law, which calls for enhanced administration and supervision
of overseas-listed China-based companies, proposes to revise the relevant regulation governing the overseas issuance and listing of shares
by such companies, and clarifies the responsibilities of competent domestic industry regulators and government authorities. On December 24,
2021, the CSRC released the Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic
Companies (Draft for Comments) and the Administrative Measures for the Filing of Overseas Securities Offering and Listing by Domestic
Companies (Draft for Comments) for public comments until January 23, 2022. On February 17, 2023, the CSRC released the Overseas
Listing Trial Measures and circulated five supporting guidelines, which became effective on March 31, 2023. According to the Overseas
Listing Trial Measures, PRC domestic companies (which refer to companies incorporated within the PRC under the Overseas Listing Trial
Measures) that seek to offer and list securities in overseas markets, either in direct or indirect means, are required to fulfill the
filing procedure with the CSRC and report relevant information. The Overseas Listing Trial Measures provides that an overseas listing
or offering is explicitly prohibited, if any of the followings occurs: (1) such securities offering and listing is explicitly prohibited
by provisions in laws, administrative regulations and relevant state rules; (2) the intended securities offering and listing may
endanger national security as reviewed and determined by competent authorities under the State Council in accordance with law; (3) the
domestic company intending to make the securities offering and listing, or its controlling shareholder(s) and the actual controller,
have committed relevant crimes such as corruption, bribery, embezzlement, misappropriation of property or undermining the order of the
socialist market economy during the latest three years; (4) the domestic company intending to make the securities offering
and listing is currently under investigations for suspicion of criminal offenses or major violations of laws and regulations, and no
conclusion has yet been made thereof; or (5) there are material ownership disputes over equity held by the domestic company’s
controlling shareholder(s) or by other shareholder