Financial Statements [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$224.0 million** by June 30, 2023, with liabilities rising to **$170.1 million** and equity turning positive Condensed Consolidated Balance Sheet (in thousands USD) | Account | Dec 31, 2022 | June 30, 2023 (Unaudited) | | :--- | :--- | :--- | | **Total Current Assets** | $145,350 | $177,292 | | **Total Non-current Assets** | $46,618 | $46,727 | | **TOTAL ASSETS** | **$191,968** | **$224,019** | | **Total Current Liabilities** | $155,192 | $125,973 | | **Total Non-current Liabilities** | $0 | $44,158 | | **TOTAL LIABILITIES** | **$155,192** | **$170,131** | | **Total Equity** | $36,776 | $53,888 | - Total assets grew from **$192.0 million** to **$224.0 million**, while total liabilities increased from **$155.2 million** to **$170.1 million** between December 31, 2022, and June 30, 2023[7](index=7&type=chunk) - A significant change in liabilities was the reclassification of **$45.6 million** in 'Amount due to related parties' from current to non-current, with the non-current portion being **$43.3 million** as of June 30, 2023[7](index=7&type=chunk) [Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20%28Loss%29) Total revenues increased **27.8%** to **$159.4 million** in H1 2023, but operating profit plummeted **81.1%** to **$1.1 million** due to rising expenses, resulting in a net loss Statement of Operations Highlights (in thousands USD, except per share data) | Metric | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | **Total Revenues** | **$124,728** | **$159,378** | | Automotive after-sales service | $89,851 | $98,813 | | Insurance intermediation service | $29,346 | $47,710 | | Technology service | $5,531 | $12,855 | | **Operating Profit** | **$5,981** | **$1,128** | | **Net Income (Loss) Attributable to Shareholders** | **$2,125** | **($3,379)** | | **Basic and Diluted EPS** | **$0.03** | **($0.04)** | - Total revenues grew **27.8%** YoY, driven by strong performance in Insurance Intermediation (**+62.6%**) and Technology services (**+132.4%**)[11](index=11&type=chunk) - Operating costs and expenses increased significantly to **$158.3 million** from **$118.7 million**, primarily due to a **74.7%** rise in promotional service costs and an **88.1%** increase in selling expenses, leading to a sharp decline in operating profit[11](index=11&type=chunk) [Unaudited Condensed Consolidated Statements of Changes in Equity](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity increased to **$53.9 million** by June 30, 2023, primarily due to a **$21.7 million** private placement and reverse recapitalization, despite a net loss - The company completed a reverse recapitalization on **May 17, 2023**, which is accounted for as an issuance of shares by SunCar for the net monetary assets of Goldenbridge Acquisition Limited[25](index=25&type=chunk)[26](index=26&type=chunk) - A private placement in H1 2023 raised **$21.7 million** through the issuance of **2,173,657** Class A ordinary shares[16](index=16&type=chunk)[96](index=96&type=chunk) - Total equity attributable to the company's shareholders shifted from a deficit of **$5.3 million** at year-end 2022 to a positive equity of **$9.3 million** by June 30, 2023[16](index=16&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating activities used **$20.5 million** in H1 2023, while financing activities provided **$35.5 million**, leading to a **$14.2 million** increase in cash and restricted cash Condensed Consolidated Statements of Cash Flows (in thousands USD) | Cash Flow Activity | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | **Net cash used in operating activities** | **($20,537)** | **($20,525)** | | **Net cash (used in) provided by investing activities** | **($1,724)** | **$897** | | **Net cash provided by financing activities** | **$26,126** | **$35,485** | | Effect of exchange rate changes | ($1,463) | ($1,661) | | **Net change in cash and restricted cash** | **$2,402** | **$14,196** | | **Cash and restricted cash, end of period** | **$39,749** | **$38,113** | - Cash used in operations remained high at **$20.5 million**, primarily due to a **$38.8 million** increase in prepaid expenses and other current assets, which was partially offset by increased accounts payable and decreased accounts receivable[19](index=19&type=chunk)[197](index=197&type=chunk) - Financing activities were the primary source of cash, driven by **$68.3 million** in proceeds from short-term loans and **$21.7 million** from a private placement, net of loan repayments[19](index=19&type=chunk)[200](index=200&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Key notes include the May 2023 reverse recapitalization, disposal of Shengda Group, segment operations, significant customer concentration, and extended related-party payables - On **May 17, 2023**, the company consummated a reverse recapitalization with Goldenbridge Acquisition Limited, with SunCar determined as the accounting acquirer[25](index=25&type=chunk)[26](index=26&type=chunk) - The company disposed of its subsidiary, Shengda Group, on **March 1, 2022**. The results of this business are presented as discontinued operations[31](index=31&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - For H1 2023, Customer A and Customer B accounted for **19%** and **17%** of total revenue, respectively. As of June 30, 2023, Customers E, C, and F represented **16%**, **16%**, and **13%** of total accounts receivable, respectively[126](index=126&type=chunk)[127](index=127&type=chunk) - As of June 30, 2023, the company had significant payables to Shengda Group (a related party) totaling **$43.3 million**, with the repayment date extended to **December 31, 2025**, at a **1%** annual interest rate[119](index=119&type=chunk)[120](index=120&type=chunk) Management's Discussion and Analysis of Financial Condition and Results of Operations [Business Overview](index=31&type=section&id=Business%20Overview) SunCar provides digitalized automotive after-sales services and online auto insurance intermediation in China, operating three main business segments - The company operates **three primary business segments**: automotive after-sales service, insurance intermediation, and technology services[139](index=139&type=chunk) - In the after-sales business, SunCar provides customized service solutions to enterprise clients (banks, insurance companies) whose end customers require automotive services[139](index=139&type=chunk) - The insurance intermediation business facilitates the sale of auto insurance products from major Chinese insurers through a proprietary online digital platform[140](index=140&type=chunk) - Technology services involve providing software solutions like CRM, order management, and financial systems to partners on a proprietary hybrid cloud platform[141](index=141&type=chunk) [Results of Operations](index=37&type=section&id=Results%20of%20Operations) Total revenue grew **28%** to **$159.4 million** in H1 2023, but operating profit fell **81%** to **$1.1 million** due to a **33%** increase in operating expenses Comparison of Results of Operations (in thousands USD) | Line Item | H1 2022 | H1 2023 | Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenues** | **$124,728** | **$159,378** | **28%** | | Automotive after-sales service | $89,851 | $98,813 | 10% | | Insurance intermediation service | $29,346 | $47,710 | 63% | | Technology service | $5,531 | $12,855 | 132% | | **Total operating costs and expenses** | **($118,747)** | **($158,250)** | **33%** | | Promotional service expenses | ($28,363) | ($49,563) | 75% | | Selling expenses | ($6,802) | ($12,793) | 88% | | **Operating profit** | **$5,981** | **$1,128** | **-81%** | | **Net profit (loss)** | **$5,692** | **$1,136** | **-80%** | - Insurance intermediation revenue grew **63%** to **$47.7 million**, driven by a **118%** increase in the number of policies sold, which offset a **20%** decrease in average commission rates[182](index=182&type=chunk) - Technology service revenue increased by **132%** to **$12.9 million** due to business expansion and improved IT infrastructure via a Private Cloud Platform[183](index=183&type=chunk) - General and administrative expenses decreased by **19%** to **$4.0 million**, mainly due to a **$3.7 million** bad debt reversal following the adoption of ASC326, which was partially offset by increased professional service fees for the public listing[185](index=185&type=chunk) [Liquidity and Capital Resources](index=41&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2023, the company held **$35.5 million** in cash, with liquidity primarily from financing activities and significant contractual obligations Cash Flow Summary (in thousands USD) | Activity | Six Months Ended June 30, 2023 | | :--- | :--- | | Net cash used in operating activities | ($20,525) | | Net cash provided by investing activities | $897 | | Net cash provided by financing activities | $35,485 | | **Net increase in cash and restricted cash** | **$14,196** | - Principal sources of liquidity are cash from bank borrowings, equity financing from private placement, and revenue from business operations[194](index=194&type=chunk) Contractual Obligations as of June 30, 2023 (in thousands USD) | Obligation | Total | | :--- | :--- | | Operating lease payment | $1,517 | | Capital payment | $8,018 | | Short-term borrowings | $85,199 |

As filed with the U.S. Securities and Exchange Commission on August 9, 2023. Registration No. 333-273391 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SUNCAR TECHNOLOGY GROUP INC. (Exact name of Registrant as specified in its charter) Cayman Islands 6770 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Empl ...

As filed with the U.S. Securities and Exchange Commission on July 24, 2023. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 SUNCAR TECHNOLOGY GROUP INC. (Exact name of Registrant as specified in its charter) Cayman Islands 6770 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification No.) c ...

As filed with the U.S. Securities and Exchange Commission on July 17, 2023. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (Exact name of Registrant as specified in its charter) Cayman Islands 6770 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer c/o Shanghai Feiyou Trading Co., Ltd. Suite 209, No. 656 Lingshi Road Ji ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF ...