Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 18

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 18
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 held substantially all of our assets prior to the Disposal. The Disposal was consummated on October 31, 2023.

On November 22, 2023, we entered into an equity
acquisition agreement with Alpha Mind, an insurance agency and insurance technology business in the PRC, and Alpha Mind’s then
shareholders to acquire all of the issued and outstanding shares in Alpha Mind for an aggregate purchase price of US$180,000,000 (the
“Acquisition”). The purchase price is payable in the form of a promissory note (collectively, the “Notes”). The
Notes have a maturity of 90 days from the closing date, which was subsequently extended to June 30, 2025, an interest rate at an annual
rate to 3% per annum and will be secured by all of the issued and outstanding equity of the Alpha Mind and all of the assets of the Alpha
Mind, including its consolidated entities.

We changed our corporate name from “FLJ
Group Limited” to “XChange TEC.INC”, effective on May 21, 2024. In addition, our ADSs began trading under the new ticker
symbol “XHG” on the NASDAQ effective on June 3, 2024.

On August 26, 2024, the Company’s board
of directors, after careful deliberations with the Company’s management team, decided it would be in the best interest of the Company
to dispose of its apartment rental business segment because it failed to meet performance expectations, was operating at a financial
loss, and faced unfavorable market conditions.

On September 12, 2024, we sold all of the equity
interest in QK365, FENGLINJU PROPERTY (CHINA) LIMITED and Shanghai Meileju Intelligent Technology Co., Ltd to Wangxiancai Limited, a limited
company incorporated under the laws of Hong Kong for nominal consideration. As a result of the Disposal, we have no longer conducted the
long-term apartment rental business.

On March 24, 2025, we closed the acquisition of
a Hong Kong-based insurance brokerage firm licensed by the Hong Kong Insurance Authority. It grants us direct access to Hong Kong's dynamic
insurance market and paves the way for the Company to launch tailored insurance solutions for clients across China and international markets.
Hong Kong's insurance sector has demonstrated robust growth driven by rising demand from mainland Chinese clients and expatriates seeking
international-standard wealth preservation tools.