Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 115

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 4
Chunk 115
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aming Yunbao. The
purchase price upon exercise of the option will be the lowest price then permitted under applicable PRC laws. Alpha Mind WFOE or its
designated person may exercise such option at any time to purchase all or part of the equity interests in Huaming Insurance and Huaming
Yunbao until it has acquired all equity interests of Huaming Insurance and Huaming Yunbao, which is irrevocable during the term of the
agreements.

The exclusive option agreement remains in effect until all equity
interest held by shareholders in Huaming Insurance and Huaming Yunbao have been transferred or assigned to Alpha Mind WFOE and/or any
other person designated by Alpha Mind WFOE in accordance with such agreement.

Equity Interest Pledge Agreements

Pursuant to the equity interest pledge agreements, among Alpha Mind
WFOE, Huaming Insurance and Huaming Yunbao, and the shareholders who collectively owned all of Huaming Insurance and Huaming Yunbao,
such shareholders pledged all of the equity interests in Huaming Insurance and Huaming Yunbao to Alpha Mind WFOE as collateral to secure
the obligations of Huaming Insurance and Huaming Yunbao under the exclusive business cooperation agreement and exclusive option agreements.
These shareholders are prohibited from transferring the pledged equity interests without the prior consent of Alpha Mind WFOE unless
transferring the equity interests to Alpha Mind WFOE or its designated person in accordance to the exclusive option agreements. The equity
interest pledge agreements will remain in effect until all of the obligations to Alpha Mind WFOE have been fulfilled completely by Huaming
Insurance and Huaming Yunbao.

Shareholders’ Powers of Attorney (“ POAs”)

Pursuant to the shareholders’ POAs, the shareholders of Huaming
Insurance and Huaming Yunbao have given Alpha Mind WFOE an irrevocable proxy to act on their behalf on all matters pertaining to Huaming
Insurance and Huaming Yunbao and to exercise all of their rights as shareholders of Huaming Insurance and Huaming Yunbao, including the
(i) right to attend shareholders meeting; (ii) to exercise voting rights and all of the other rights including but not limited to the
sale or transfer or pledge or disposition of their shares held in part or in whole; and (iii) designate and appoint on behalf of the
shareholders the legal representative, the directors, supervisors, the chief executive officer and other senior management members of
Huaming Insurance and Huaming Yunbao, and to sign