Company: SCAG
Filing Date: 2025-07-03
Form Type: 20-F
Source: 0001213900-25-061408
Chunk: 54

Company: Scage Future
Filing Date: 2025-07-03
Form: 20-F
Item: Item 4
Chunk 54
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ITEM 4. INFORMATION ON THE COMPANY
 
A. History and Development of the Company
 
Corporate history
 
Nanjing Scage Auto Tech Co., Ltd. (“Nanjing Scage”), our PRC subsidiary, commenced our business operations of designing, developing and commercializing heavy-duty commercial NEVs and hydrogen fueling solutions in 2019.
 
Scage International is an exempted company with limited liability incorporated in the Cayman Islands in December 2021. It is a holding company with no substantive operation. Scage International has undergone a series of corporate restructuring in contemplation of the Business Combination, in particular the following.
 

•                              Incorporation of the holding entity. In                            
    December 2021, Scage International was established as a holding company in the Cayman Islands.
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•                                       Incorporation of the Scage BVI. In December 2021,                                     
    Scage International established a wholly-owned subsidiary, VVS International Limited (“Scage BVI”), to be the intermediate
                                          holding company in the British Virgin Islands.                                      
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•                                    Incorporation of the Hong Kong subsidiary.                                 
    In January 2022, Scage BVI established a wholly-owned subsidiary, Scage (Hong Kong) Limited (“Scage HK”), to
                                 be the intermediate holding company in Hong Kong.                              
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2

 

•                                            Establishment of WFOE. In September 2023,                                          
    Scage HK acquired all the equity interest in Nanjing Xinneng Hydrogen Automotive Technology Co., Ltd. (“WFOE”), which became
                                               a wholly-owned subsidiary of Scage HK.                                           
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•                                           Incorporation of the United States subsidiary.                                       
    In February 2024, Scage HK established a wholly-owned subsidiary, Scage U.S. Corporation (“Scage US”), to be the intermediate
                                                holding company in the United States.                                            
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In August 2023, Scage International issued shares to several then shareholders of Nanjing Scage (or their designees) to reflect their respective equity interests in Nanjing Scage prior to the restructuring. In October 2023, Scage HK and WFOE acquired 26.45% and 73.55% of the equity interest in Nanjing Scage, respectively.
 
We are an exempted company incorporated in the Cayman Islands with limited liability on July 14, 2023 for the purpose of effecting the Business