Company: SDAWW
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001213900-25-036086
Chunk: 120

Company: SunCar Technology Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 5
Chunk 120
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Item 5-Operating and Financial Review and Prospects

for a discussion of ASGL’s
operating and financial review and prospects for the year ended December 31, 2024.

The mailing address of the
Company’s principal executive office is Suite 209, No. 656 Lingshi Road, Jing’an District, Shanghai, 200072, People’s
Republic of China, and its telephone number is (86) 138-1779-6110. The Company’s official website is https://suncartech. com/. The
information contained on, or accessible through, the Company’s website is not incorporated by reference into this Report, and you
should not consider it a part of this Report.

The Company is subject to
certain of the informational filing requirements of the Exchange Act. Since the Company is a “foreign private issuer”, the
officers, directors and principal shareholders of the Company are exempt from the reporting and “short-swing” profit recovery
provisions contained in Section 16 of the Exchange Act with respect to their purchase and sale of Class A Ordinary Shares. In addition,
the Company is not required to file reports and financial statements with the SEC as frequently or as promptly as U. S. public companies
whose securities are registered under the Exchange Act. However, the Company is required to file with the SEC an Annual Report on Form
20-F containing financial statements audited by an independent accounting firm. On March 30, 2023, the Company and GBRG furnished to its
shareholders a proxy statement/prospectus relating to the Business Combination. The SEC also maintains a website at http://www. sec. gov
that contains reports and other information that the Company files with or furnishes electronically to the SEC.

B. Business Overview

Prior to the Business Combination,
the Company did not conduct any material activities other than those incidental to its formation and the matters contemplated by the Merger
Agreement, such as the making of certain required securities law filings and the establishment of merger subsidiaries. Upon the Closing,
the Company became the direct parent of ASGL (d/b/a SunCar), and conducts its business through ASGL and ASGL’s subsidiaries.

INDUSTRY OVERVIEW OF SUNCAR

Electric Vehicles (“ EVs”) in China

The EV auto service
market has shown significant growth in recent years. With the continuous research and development investment in the electric vehicle space,
EVs demonstrate their market potential through a robust increase in sales in recent