Company: SDAWW
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001213900-25-036086
Chunk: 51

Company: SunCar Technology Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 3
Chunk 51
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 of the CSRC, or comply with all applicable regulations at all times. Any failure to obtain or delay
in obtaining such filing or completing such procedures for this listing, or a rescission of any such filing obtained by SunCar, would
subject SunCar, as well as SunCar’s controlling shareholder and advisors in listing and offering securities, if they caused SunCar’s
failure, to sanctions by the CSRC or other PRC regulatory authorities as described above.

Lastly, any actions by the
Chinese government to exert more oversight and control over transaction that are conducted overseas could significantly limit or completely
hinder our ability to maintain our listing on the Nasdaq stock market and cause the value of such securities to significantly decline
or be worthless.

On February 24, 2023, the
CSRC and three other PRC agencies jointly issued the Confidentiality and Archives Provisions effective March 31, 2023, which require companies
involved in overseas securities offerings to maintain confidentiality systems, protect sensitive information, and keep working papers
within China. These provisions apply to all securities listings of PRC enterprises, including our previous Business Combination and any
future offerings. Working papers (which generally include due diligence materials and other business records) must remain in China unless
special approval is obtained from authorities. While we have implemented compliance measures and believe our activities don't involve
sensitive information, these newly promulgated regulations contain uncertainties, and non-compliance could result in fines or other penalties.

Based on the understanding
of Company’s legal department, neither SunCar, nor any of its subsidiaries, including all the PRC Operating Entities are currently
required to obtain any permissions or approvals from Chinese authorities, including the China Securities Regulatory Commission, or CSRC,
or Cybersecurity Administration Committee, or CAC, to list on U. S exchanges or issue securities to foreign investors. We have not been
denied any permissions or approvals either as of the date of this Report. However, if we were required to obtain any requisite permissions
or approvals in the future and were denied permission or approval from Chinese authorities to list on U. S. exchanges, we will not be able
to continue listing on U. S. exchange, which would materially affect the interest of the investors. It is uncertain when and whether SunCar
will be required to obtain any requisite permissions or approvals from the PRC government to list on U. S. exchanges in the future, and
even when such permission or approval is obtained, whether it will be