Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 215

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 19
Chunk 215
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778,645,800ordinary shares fall in the classification of a liability.
As of September 30, 2023 and 2024, the Group recorded the liabilities of RMB169,267and RMB162,808, respectively in the account of “ Contingent
liabilities for payable for asset acquisition”. The change in the balance as of September 30, 2023 and 2024 arose from change in
foreign exchange rates.

F-24

  NOTES PAYABLE  

In connection with the acquisition of100% of the issued and outstanding
shares of Alpha Mind (Note 4), the Company issued promissory note of $153,000(equivalent to RMB1,073,693) and $27,000(equivalent to
RMB189,475), respectively, to MMTEC, Inc. and Burgeon Capital, Inc.(collectively “ Notes”) as purchase price. The Notes had
a maturity of 90 days from the closing date, an interest rate at an annual rate to3% per annum and is secured by all of the issued and
outstanding equity of Alpha Mind and all of the assets of Alpha Mind, including its consolidated entities. The Company recorded the promissory
notes in the account of “notes payable” on the consolidated balance sheets, and accrued interest for promissory notes in
the account of “accrued expenses and other current liabilities”.

On June 6, 2024, the Company and Burgeon Capital agreed to settle all
outstanding principal amount and accrued interest under the Note with a total amount of US$27,342by issuance of Class A ordinary shares.

In December 31, 2024, the Company and the Sellers of Alpha Mind agreed
to extend the maturity date of the Notes to June 30, 2025. The Company repaid the notes payable of RMB6,060to MMTEC, Inc.

As of September 30, 2024, the Company had notes payable of RMB1,067,633.

  ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES  

Accrued expenses and other current liabilities consist of the following:

                                                      As of September 30,                                   
                                                                     2023                 2024              
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Accrued interest expenses                                                    1,268                24,019  
  Other current liabilities                                                    —                     9,