Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 161

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 10
Chunk 161
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:

  We and the depositary are obligated only to take the actions                                                                                
  The depositary disclaims any liability for any failure to carry out                                                                         
  The depositary disclaims any liability for any failure to determine                                                                         
  We and the depositary will not be obligated to perform any act that                                                                         
  We and the depositary disclaim any liability if we or the depositary                                                                        
  We and the depositary disclaim any liability by reason                                                                                      
  We and the depositary further disclaim any liability for any action                                                                         

  We and the depositary also disclaim liability for the inability by                                                                   
  We and the depositary may rely without any liability upon any written                                                                
  We and the depositary also disclaim liability for any consequential                                                                  
  No disclaimer of any Securities Act liability is intended by any provision                                                           
  Nothing in the deposit agreement gives rise to a partnership or joint                                                                
  Nothing in the deposit agreement precludes Citibank (or its affiliates)                                                              

As the above limitations
relate to our obligations and the depositary’s obligations to you under the deposit agreement, we believe that, as a matter of
construction of the clause, such limitations would likely to continue to apply to ADS holders who withdraw the Ordinary Shares from the
ADS facility with respect to obligations or liabilities incurred under the deposit agreement before the cancellation of the ADSs and
the withdrawal of the Ordinary Shares, and such limitations would most likely not apply to ADS holders who withdraw the Ordinary Shares
from the ADS facility with respect to obligations or liabilities incurred after the cancellation of the ADSs and the withdrawal of the
Ordinary Shares and not under the deposit agreement.

In any event, you will
not be deemed, by agreeing to the terms of the deposit agreement, to have waived our or the depositary’s compliance with U. S. federal
securities laws and the rules and regulations promulgated thereunder. In fact, you cannot waive our or the depositary’s compliance
with U. S. federal securities laws and the rules and regulations promulgated thereunder.

Taxes

You will be responsible
for the taxes and other governmental charges payable on the ADSs and the securities represented by the ADSs. We, the depositary and the
custodian may deduct from any distribution the taxes and governmental charges payable by holders and may sell any and all property on
deposit to pay the taxes and governmental charges payable by holders. You will be liable for any deficiency if the sale proceeds