Company: SCAG
Filing Date: 2025-11-12
Form Type: 20-F
Source: 0001213900-25-109190
Chunk: 69

Company: Scage Future
Filing Date: 2025-11-12
Form: 20-F
Item: Item 4
Chunk 69
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ITEM 4. INFORMATION ON THE COMPANY

A. History and Development of the Company

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 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, we established Scage International as a  
  holding company in the Cayman Islands.                                            
 ────────────────────────────────────────────────────────────────────────────────────

  Incorporation                                                                                   
  of the Scage BVI. In December 2021, Scage International established a wholly-owned subsidiary,  
  VVS International Limited (“ Scage BVI”), to be our intermediate holding company                
  in the British Virgin Islands.                                                                  
 ──────────────────────────────────────────────────────────────────────────────────────────────────

  Incorporation                                                          
  of the Hong Kong subsidiary. In January 2022, Scage BVI established a  
  wholly-owned subsidiary, Scage (Hong Kong) Limited (“ Scage HK”), to   
  be our intermediate holding company in Hong Kong.                      
 ─────────────────────────────────────────────────────────────────────────

  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.                                                                                        
 ──────────────────────────────────────────────────────────────────────────────────────────────────────

  Incorporation                                                                                       
  of the United States subsidiary. In February 2024, Scage HK established a wholly-owned subsidiary,  
  Scage U. S. Corporation (“ Scage US”), to be our intermediate holding company in                    
  the United States.                                                                                  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────

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.