Company: SCAG
Filing Date: 2025-01-06
Form Type: 424B3
Source: 0001213900-25-001215
Chunk: 109

Company: Scage Future
Filing Date: 2025-01-06
Form: 424B3
Chunk 109
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 General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued the Opinions on Severely Cracking Down on Illegal Securities Activities According to Law (the “Opinions”). The Opinions stressed the need to strengthen the administration over illegal securities activities and the supervision over overseas listings by Chinese companies. Effective measures, such as promoting the construction of relevant regulatory systems, will be taken to deal with the risks and incidents of China -relatedoverseas listed companies. On November 14, 2021, the CAC promulgated the draft Regulations on the Administration of Internet Data Security (Draft for Comments) (the “Draft Regulations for Internet Data Security”), which provides that data processors that conduct the following activities must apply for cybersecurity review: (1) merger, reorganization or spin -offof Internet platform operators holding a large amount of data resources related to national security, economic development or public interests, which may have an adverse effect on national security; (2) data processors intending to list their securities on a foreign stock exchange that handle personal information of more than one million people; (3) data processors intending to list their securities on a stock exchange in Hong Kong which may have an adverse effect on national security; and (4) other data processing activities that may have an adverse effect on national security. On December 28, 2021, the CAC, jointly with 12 other governmental authorities, promulgated the revised the Measures for Cybersecurity Review (2021), which became effective on February 15, 2022. According to the Measures for Cybersecurity Review (2021), critical information infrastructure operators that intend to purchase internet products and services which may have an adverse effect on national security must apply for cybersecurity review. Meanwhile, online platform operators holding personal information of over one million users that intend to list their securities on a foreign stock exchange must apply for cybersecurity review. In the meantime, the governmental authorities have the discretion to initiate a cybersecurity review on any data processing activity if they deem such a data processing activity affects or may affect national security to the extent subject to relevant PRC laws and regulations. The specific implementation rules on cybersecurity review are subject to further clarification by subsequent regulations. On July 7, 2022, the CAC promulgated the Measures for the Security Assessment of Cross -BorderTransfer of Data, which took effect on September 1, 2022. These measures aim to regulate cross -bordertransfers of data, requiring among other things, that data processors