Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 160

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 10
Chunk 160
---
 not distribute any such property until you request the cancellation of your
ADSs) and may sell the securities held on deposit. After the sale, the depositary will hold the proceeds from such sale and any other
funds then held for the holders of ADSs in a non-interest bearing account. At that point, the depositary will have no further obligations
to holders other than to account for the funds then held for the holders of ADSs still outstanding (after deduction of applicable fees,
taxes and expenses).

In connection with any termination
of the deposit agreement, the depositary may make available to owners of ADSs a means to withdraw the Ordinary Shares represented by
ADSs and to direct the depositary of such Ordinary Shares into an unsponsored American depositary share program established by the depositary.
The ability to receive unsponsored American depositary shares upon termination of the deposit agreement would be subject to satisfaction
of certain U. S. regulatory requirements applicable to the creation of unsponsored American depositary shares and the payment of applicable
depositary fees.

In connection with any termination
of the deposit agreement, the depositary may, with our consent, and shall, at our instruction, distribute to owners of ADSs the deposited
property in a mandatory exchange for, and upon a mandatory cancellation of, the ADSs. The ability to receive the deposited property upon
termination of the deposit agreement would be subject, in each case, to receipt by the depositary of (i) confirmation of satisfaction
of certain U. S. regulatory requirements and (ii) payment of applicable depositary fees and taxes. The depositary will give notice to
owners of ADSs at least 30 calendar days before termination of the deposit agreement. Owners of ADSs would be required to surrender ADSs
to the depositary for cancellation in exchange for the deposited property.

Books of Depositary

The depositary will maintain
ADS holder records at its depositary office. You may inspect such records at such office during regular business hours but solely for
the purpose of communicating with other holders in the interest of business matters relating to the ADSs and the deposit agreement.

The depositary will maintain
in New York facilities to record and process the issuance, cancellation, combination, split-up and transfer of ADSs. These facilities
may be closed from time to time, to the extent not prohibited by law.

Limitations on Obligations and Liabilities

The deposit agreement limits
our obligations and the depositary’s obligations to you. Please note the following