Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 62

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 62
---
 in good faith in the best interests of the company, a duty not to make a profit
based on his or her position as director (unless the company permits him to do so) and a duty not to put himself in a position where the
interests of the company conflict with his or her personal interest or his or her duty to a third party and a duty to exercise powers
for the purpose for which such powers were intended. A director of a Cayman Islands company owes to the company a duty to act with skill
and care. It was previously considered that a director need not exhibit in the performance of his or her duties a greater degree of skill
than may reasonably be expected from a person of his or her knowledge and experience. However, English and Commonwealth courts have moved
towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman
Islands.

Shareholder Action by Written Consent

Under the Delaware General Corporation Law, a
corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Our existing
articles of association provide that shareholders may not approve corporate matters by way of a unanimous written resolution signed by
or on behalf of each shareholder who would have been entitled to vote on such matter at a general meeting without a meeting being held.

<div align='center'>32</div>

Shareholder Proposals

Under the Delaware General Corporation Law, a
shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions
in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing
documents, but shareholders may be precluded from calling special meetings. Our existing articles of association allow our shareholders
to requisition a shareholders’ meeting (see above). As an exempted Cayman Islands company, we are not obliged by law to call shareholders’
annual general meetings though we may do so.

Cumulative Voting

Under the Delaware General Corporation Law, cumulative
voting for elections of directors is not permitted unless the corporation’s certificate of incorporation specifically provides for
it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the
minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder’s
voting power with respect to electing such director. As permitted under Cayman Islands law