Company: SDAWW
Filing Date: 2025-12-22
Form Type: 6-K
Source: 0001213900-25-124170
Chunk: 0

Company: SunCar Technology Group Inc.
Filing Date: 2025-12-22
Form: 6-K
Chunk 0
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        |     |                           |     311 |   |     | $    |     311 |   |
| Repayments of payables to a related party                                                          |     | $                         |   4,503 |   |     | $    |       - |   |

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. F-5 SUNCAR TECHNOLOGY GROUP INC NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (In U.S. Dollar thousands, except share and per share data)

| 1. | ORGANIZATION AND PRINCIPAL ACTIVITIES |

Auto Services Group Limited (“SunCar”)
was incorporated under the laws of the British Virgin Islands (“BVI”) on September 19, 2012 and continued in the Cayman Islands
in accordance with applicable laws.

On May 23, 2022, SunCar entered into the Agreement
and Plan of Merger (“Merger Agreement”) with Goldenbridge Acquisition Limited (“Goldenbridge”), SunCar Technology
Group Inc. (“SunCar Technology”, or the “Company”), and SunCar Technology Global Inc (the “Merger Sub”),
a Cayman Islands exempted company and wholly owned subsidiary of SunCar Technology.

Pursuant to the Merger Agreement, at the closing
of the transactions (the “Business Combination”, or the “Transaction”) contemplated by the Merger Agreement (the
“Closing”), (i) Goldenbridge was merged with and into SunCar Technology, the separate corporate existence of Goldenbridge
ceasing and SunCar Technology continuing as the surviving corporation; (ii) the Merger Sub was merged with and into SunCar, the Merger
Sub ceasing and SunCar continuing as the surviving company.

The Company, through its wholly-owned subsidiaries
(collectively, the “Group”) primarily engages in providing auto eInsurance service, technology service and auto service in
the People’s Republic of China (“PRC” or “China”).

Sun Car Online Insurance Agency Co., Ltd. (“SunCar
Online”) was incorporated under the laws of PRC on December 5, 2007, and along with its subsidiaries, are the Group’s main
operating entities in China.

Reverse recapitalization

On May 17, 2023 (the “Closing Date”),
Goldenbridge and SunCar Technology consummated the closing of the Transaction of Goldenbridge and SunCar Technology, following the approval
at a