Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 62

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 3
Chunk 62
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 federal securities laws and the rules and regulations
promulgated thereunder. Furthermore, investors cannot waive compliance with the U. S. federal securities laws and rules and regulations
promulgated thereunder.

ADS holders may not be entitled to a jury
trial with respect to claims arising under the deposit agreement, which could result in less favorable outcomes to the plaintiff(s) in
any such action.

The deposit agreement governing
the ADSs representing our ordinary shares provides that the United States District Court for the Southern District of New York (or, if
the United States District Court for the Southern District of New York lacks subject matter jurisdiction over a particular dispute, the
state courts in New York County, New York) have exclusive jurisdiction to hear and determine claims arising under the deposit agreement
and in that regard, to the fullest extent permitted by law, ADS holders waive the right to a jury trial of any claim they may have against
us or the depositary bank arising out of or relating to our ordinary shares, the ADSs or the deposit agreement, including any claim under
the U. S. federal securities laws.

If we or the depositary bank
opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable based on the facts and
circumstances of that case in accordance with the applicable state and federal law. To our knowledge, the enforceability of a contractual
pre-dispute jury trial waiver in connection with claims arising under the federal securities laws has not been finally adjudicated by
the U. S. Supreme Court. However, we believe that a pre-dispute contractual waiver of jury trial is generally enforceable, including under
the laws of the State of New York, which govern the deposit agreement. In determining whether to enforce a pre-dispute contractual waiver
of jury trial, courts will generally consider whether a party knowingly, intelligently and voluntarily waived the right to a jury trial.
We believe that this is the case with respect to the deposit agreement and the ADSs. It is advisable that you consult legal counsel regarding
the jury waiver provision before investing in the ADSs.

If you or any other holders
or beneficial owners of ADSs bring a claim against us or the depositary bank in connection with matters arising under the deposit agreement
or the ADSs, including claims under federal securities laws, you or such other holder or beneficial owner may not be entitled to a jury
trial with respect to such claims, which may have the effect of limiting and discouraging lawsuits