Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 193

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 19
Chunk 193
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 and accrued but unpaid interest to date to June 30, 2025.

As of September 30, 2024, the Group’s significant subsidiaries
was comprised of the following:

  Subsidiaries                                                                            Date of               Place of                             Principal              
                                                                                          incorporation         incorporation                        activities             
  Alpha Mind Technology Limited (“ Alpha Mind BVI”)                                       April 17, 2023        BVI                         100      Holding                
  Alpha Mind Technology Limited (“ Alpha Mind HK”)                                        October 19, 2021      Hong Kong                   100      Holding                
  Jiachuang Yingan (Beijing) Information & Technology Co., Ltd. (“ Alpha Mind WFOE”)      August 2, 2019        PRC                         100      WFOE                   
  Huaming Insurance                                                                                                                         100      Insurance agency and   
                                                                                          March 7, 2014         PRC                VIE of Alpha      insurance              
                                                                                                                                                     technology businesses  
                                                                                                                                      Mind WFOE                             
  Huaming Yunbao                                                                                                                            100      Insurance agency and   
                                                                                          May 8, 2015           PRC                VIE of Alpha      insurance              
                                                                                                                                                     technology businesses  
                                                                                                                                      Mind WFOE                             
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F-10

  SUMMARY                           

Basis of presentation

The accompanying consolidated financial statements of the Group have
been prepared in accordance with the accounting principles generally accepted in the United States of America (“ US GAAP”).

The accompanying consolidated financial statements have been prepared
assuming that the Group will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities
in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent
on, among other things, the Group’s ability to generate cash flows from operations, and the Group’s ability to arrange adequate
financing arrangements, to support its working capital requirements.

Going concern

The Group has been incurring losses from operations since its
inception. Accumulated deficits amounted to RMB3,629,980and RMB3,856,801as of September 30, 2023 and 2024, respectively. Net
cash used in operating activities from continuing operations were RMB7,093, RMB22,178and RMB8,955for the years ended September
30, 2022, 2023