Company: SDAWW
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001213900-25-036086
Chunk: 93

Company: SunCar Technology Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 4
Chunk 93
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 arbitration or administrative proceedings (including any bankruptcy or receivership
proceedings) that we believe would have a material adverse effect on our business, results of operations, financial condition or reputation.
There are no legal, arbitral or administrative proceedings before any court current or pending against, or involving, the properties or
our businesses or to which any of our properties or our members is subject, which would have a material adverse effect on our business,
results of operations, financial condition or reputation. However, we may from time to time become a party to various legal, arbitration
or administrative proceedings arising from the ordinary course of business. During the same time period, none of our directors, supervisors
or senior management was involved in any material litigation, arbitration or administrative proceedings relating to our company.

Share Buy-Back Program

In February 2025, our board
of directors authorized a share repurchase program to buy back up to $30 million of the Company’s outstanding Class A ordinary shares
over a 12-month period. This program reflects management’s confidence in our long-term growth prospects and commitment to delivering
shareholder value. The repurchase program will be funded through a combination of cash on hand and cash generated from operations.

Key Strategic Partnerships

In 2024, we have continued to expand
our enterprise partnerships across multiple sectors:

Financial Institutions. We secured a new contract with the Sichuan Branch of Agricultural Bank of China to provide car wash and smart car wash concierge services
for their personal clients. This strengthens our strategic partnership with ABC and follows our successful collaboration with their Heilongjiang
branch. Our long-standing relationship with Ping An Bank has been renewed for 2025, with SunCar continuing to serve as the preferred aftermarket
service provider for Ping An Bank’s Credit Card Center and Automotive Consumer Finance Center. We were selected as the exclusive
provider for the Visa Concierge Car Service Project, establishing a pivotal partnership with global payments leader Visa to deliver premium
airport and high-speed rail transfer services to Industrial and Commercial Bank of China’s (ICBC) high-net-worth cardholders nationwide.

Automotive Manufacturers. In March 2025, we secured a contract to develop and operate the insurance management platform for Leapmotor, one of China’s
fastest-growing electric vehicle manufacturers. This platform will be integrated into Leapmotor’s mobile app ecosystem, handling
insurance issuance, claims processing, and accident services. This contract expands our existing partnership with Leapmotor beyond traditional
insurance agency services to provide core technology infrastructure.

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