Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 31

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 3
Chunk 31
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(s) that are controlled by the controlling shareholder(s) and/or actual
controller.

The Overseas Listing Trial
Measures also provides that if the issuer meets both the following criteria, the overseas securities offering and listing conducted by
such issuer will be deemed as an indirect overseas offering by PRC domestic companies: (1) 50% or more of any of the issuer’s
operating revenue, total profit, total assets or net assets as documented in its audited financial statements for the most recent fiscal
year is accounted for by domestic companies; and (2) the main parts of the issuer’s business activities are conducted in China,
or its main place(s) of business are located in China, or the majority of senior management staff in charge of its business operations
and management are PRC citizens or have their usual place(s) of residence located in China. Where an issuer submits an application
for an initial public offering to competent overseas regulators, such issuer must file with the CSRC within three business days
after such application is submitted. In addition, the Overseas Listing Trial Measures provide that the direct or indirect overseas listings
of the assets of domestic companies through one or more acquisitions, share swaps, transfers or other transaction arrangements shall
be subject to filing procedures in accordance with the Overseas Listing Trial Measures, which filing shall be submitted within three business
days after the issuer submits its application documents relating to the initial public offering and/or listing or after the first public
announcement of the relevant transaction (if the submission of relevant application documents is not required). Where a domestic company
seeks to indirectly offer and list securities on overseas markets, the issuer shall designate a major domestic operating entity, which
shall, as the domestic responsible entity, file with the CSRC. The Overseas Listing Trial Measures also requires subsequent reports to
be filed with the CSRC on material events, such as change of control or voluntary or forced delisting of the issuer(s) who have
completed overseas offerings and listings.

In addition, according to
the Notice on Administration for the Filing of Overseas Offering and Listing by Domestic Enterprises promulgated by CSRC on its official
website on February 17, 2023, the companies that have already been listed on overseas stock exchanges prior to March 31, 2023
or the companies that have obtained the approval from overseas supervision administrations or stock exchanges for its offering and listing
prior to March 31, 2023 and will complete their overseas offering and listing prior to September 30