Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 140

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 6
Chunk 140
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 time by the director who appoints him or her.

  Employees  
 ─────────────

As of September 30, 2024, we had 38 employees.
Substantially all of our employees are based in China. The table below shows the number of our employees by function as of September 30,
2024.

  Function            Number of  
  Administration             24  
  IT                          2  
  Marketing                  12  
  Total                      38  

Our success depends on our ability to attract,
motivate, train and retain qualified employees. We believe we offer our employees and the employees of the Current VIEs competitive compensation
packages and an environment that encourages self-development and creativity. As a result, we have generally been successful in attracting
and retaining qualified employees. We believe that we maintain a good working relationship with our employees and the employees of the
Current VIEs, and we have not experienced any material labor disputes in the past. None of our employees and the employees of the Current
VIEs are represented by labor unions.

As required by regulations in China, we and Current
VIEs participate in various employee social security plans that are organized by municipal and provincial governments for our PRC-based
employees, including pension insurance, unemployment insurance, maternity insurance, work-related injury insurance, medical insurance
and housing provident fund. We and Current VIEs are required under PRC law to make contributions to employee benefit plans occasionally
for our PRC-based employees at specified percentages of their salaries, bonuses and certain allowances of such employees, up to a maximum
amount specified by local governments in China.

We and Current VIEs enter into standard employment
agreements with these employees. We and Current VIEs also enter into standard confidentiality and non-compete agreements with these employees
in accordance with common market practice.

  Share Ownership  
 ───────────────────

Except as specifically noted, the following table
sets forth information with respect to the beneficial ownership of our ordinary shares as of the date of this annual report by:

  each of our directors and executive officers; and  

  each person known to us to beneficially own more than 5% of our total outstanding ordinary shares.  

We have adopted a dual class ordinary share structure.
The calculations in the table below are based on 246,310,681,046,400 ordinary shares outstanding as of the date of this annual report,
consisting of 239,917,892,046,400 Class A ordinary shares and