Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 86

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 86
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 sale of securities,
the underwriters will acquire the securities for their own account, including through underwriting, purchase, security lending or repurchase
agreements with us. The underwriters may resell the securities from time to time in one or more transactions, including negotiated transactions.
Underwriters may sell the securities in order to facilitate transactions in any of our other securities (described in this prospectus
or otherwise), including other public or private transactions and short sales. Underwriters may offer the securities to the public either
through underwriting syndicates represented by one or more managing underwriters or directly by one or more firms acting as underwriters.
Unless otherwise indicated in the applicable prospectus supplement, the obligations of the underwriters to purchase the securities will
be subject to certain conditions, and the underwriters will be obligated to purchase all the offered securities if they purchase any of
them. The underwriters may change from time to time any public offering price and any discounts or concessions allowed or reallowed or
paid to dealers.

If dealers are used in the sale of the securities
offered through this prospectus, we will sell the securities to them as principals, unless we otherwise indicate in the prospectus supplement.
The dealers may then resell those securities to the public at varying prices determined by the dealers at the time of resale. The applicable
prospectus supplement will include the names of the dealers and the terms of the transaction.

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Direct Sales and Sales through Agents

We may sell the securities offered through this
prospectus directly. In this case, no underwriters or agents would be involved. Such securities may also be sold through agents designated
from time to time. The applicable prospectus supplement will name any agent involved in the offer or sale of the offered securities and
will describe any commissions payable to the agent. Unless otherwise indicated in the applicable prospectus supplement, any agent is acting
on a best efforts basis for the period of its appointment.

We may sell the securities directly to institutional
investors or others who may be deemed to be underwriters within the meaning of the Securities Act with respect to any sale of those securities.
The terms of any such sales will be described in the applicable prospectus supplement.

Institutional Investors

If indicated in the prospectus supplement, we
will authorize underwriters, dealers or agents to solicit offers from various institutional investors to purchase securities. In this
case, then payment and delivery will be made on a future date that the prospectus