SunCar Technology Group (SDA) Registration Filing summary

Company overview and business model

• Leading cloud-based provider of digitalized enterprise auto services and auto eInsurance in China, generating $282.4M in 2022 and $363.7M in 2023 revenue.

• Offers one-stop, fully digitalized, on-demand automotive service systems to enterprise clients, including banks, insurers, telecoms, and NEV OEMs.

• Operates a network of over 47,000 third-party auto service providers and 64,000 external insurance sales partners, serving 1,400+ enterprise clients and collaborating with 85 insurance companies.

• Business model leverages synergies between auto services and eInsurance, with cross-utilization of networks and technology, and is expanding into SaaS offerings for service providers.

• Corporate structure is a Cayman Islands holding company with operations primarily in China, subject to PRC regulations and risks.

Financial performance and metrics

• Revenue increased from $282.4M in 2022 to $363.7M in 2023.

• As of May 31, 2024, public float was approximately $467.7M, based on 54,009,825 Ordinary Shares held by non-affiliates at $8.66 per share.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used as set forth in applicable prospectus supplements.

• For the foreseeable future, earnings are intended for research and development, new product development, and production capacity expansion; no plans to declare dividends.