Company: SDAWW
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001213900-25-036086
Chunk: 50

Company: SunCar Technology Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 3
Chunk 50
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 must comply with state security regulations and
not divulge state secrets. The overseas issuers shall appoint a responsible entity in China to make filings. After an initial public offering,
the relevant Chinese entity shall file with CSRC within three business days of completing any issuance of new securities overseas. Additionally,
issuers must report to the CSRC within three business days after certain events, including change of control, investigation by overseas
regulators, change of listing status, delisting, or material business changes.

On February 17, 2023, the
CSRC also issued a Notice and held a press conference clarifying that companies in mainland China listed overseas before March 31, 2023
are not required to file immediately, but should complete filing for future capital raising activities. As an issuer listed before the
effective date, we are not required to complete filing for prior offshore offerings. As of this annual report, we and our PRC operating
entities have not been required to obtain permission from or complete filing with CSRC. However, our future capital raising activities
may be subject to the filing requirement.

Failure to complete filing
procedures as required under the Provisional Measures would subject us to sanctions by the CSRC or other PRC regulatory authorities, including
fines and penalties on our PRC operating entities’ operations, which could materially affect our business, financial condition and
results of operations. If a Chinese entity violates these measures, it and its controlling shareholders, actual controllers, directors,
supervisors, and senior executives may face administrative penalties such as warnings and fines up to RMB10 million, with directly responsible
persons facing fines between RMB500,000 and RMB5 million. If the controlling shareholder or actual controller organizes the breach, they
will be fined between RMB1 million and RMB10 million.

As a China-based issuer, SunCar
and its PRC Operating Entities are not required to comply with the Trial Measures Filing Obligations in connection with its Nasdaq initial
listing as SunCar has obtained clearance from the SEC on the registration statement on Form F-4 before March 31, 2023 and had its securities
listed on the Nasdaq prior to September 30, 2023. However, SunCar and its PRC Operation Entities will be required to comply with the Trial
Measures Filing Obligations upon any future offerings. There is no assurance that SunCar will be able to meet all applicable Trial Measures
Filing Obligations and guidelines