Company: SDAWW
Filing Date: 2025-02-04
Form Type: 6-K
Source: 0001213900-25-010076
Chunk: 22

Company: SunCar Technology Group Inc.
Filing Date: 2025-02-04
Form: 6-K
Chunk 22
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 next five yearsas the employees are required to provide services for a total of 60 months to earn the award. The employees have made full subscription payment of $ 1,553during the year ended December 31, 2020. Upon termination, the unvested restricted shares are forfeited and the prepaid subscription amount for the unvested portion shall be returned to the employees. These restricted ordinary shares were considered as nonvested shares under the definition of ASC 718-10-20. The fair value of the Shares at the grant date was RMB 25.71($ 3.94) per share, which was determined based on the purchase price of the financial offering of the same securities with external institutional investors. The Group accounts for forfeitures as a reduction of stock-based compensation expense when the forfeiture actually occurs. The Group recognizes compensation expenses related to those restricted shares on a straight-line basis over the vesting periods. For the nine months ended September 30, 2023 and 2024, $ 1,147and $ 1,121of compensation expenses were recorded. As of September 30, 2024, the unrecognized compensation expense related to restricted shares amounted to $ 1,868, which will be recognized over a weighted-average period of 0.94year. The 2020 Plan was carried out in the way that eligible employees indirectly hold shares of Shanghai Shengda by holding shares of Jingning Shengjing Enterprise Management Partnership (Limited Partnership) (“Shareholding Platform”) as the general partner and limited partner of the Shareholding Platform. F-19

12. TAXATION

Cayman Islands

Under the current laws of the Cayman Islands,
the Group is not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands
withholding tax will be imposed.

Hong Kong

According to Tax (Amendment) (No. 3) Ordinance
2018 published by Hong Kong government, form April 1, 2018, under the two-tiered profits tax rates regime, the profits tax rate for the
first HKD2 million of assessable profits will be lowered to % (half of the rate specified in Schedule 8 to the Inland Revenue Ordinance
(IRO)) for corporations. China Auto Market was not subject to Hong Kong profit tax for any period presented as it did not have assessable
profit during the periods presented.

PRC

Generally, the Group’s subsidiaries, which