Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 52

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 52
---
RC governmental
authorities publicated the Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law. These opinions
require the relevant regulators to coordinate and accelerate amendments of legislation on the confidentiality and archive management related
to overseas issuance and listing of securities, and to improve the legislation on data security, cross-border data flow and management
of confidential information. These opinions emphasized the need to strengthen the administration over illegal securities activities and
the supervision on overseas listings by China-based companies and proposed to take effective measures, such as promoting the construction
of relevant regulatory systems to deal with the risks and incidents faced by China-based overseas-listed companies. As these opinions
were recently issued, official guidance and related implementation rules have not been issued yet and the interpretation of these opinions
remains unclear at this stage. As of the date of this prospectus, we have not received any inquiry, notice, warning, or sanctions from
the CSRC or any other PRC government authorities. Based on the foregoing and the currently effective PRC laws, we and our PRC legal counsel,
Beijing Kingdom Law Firm, are of the view that, as of the date of this prospectus, these opinions do not have a material adverse impact
on our business.

On December 24, 2021, the CSRC published the Provisions
of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments), and
Administrative Measures for the Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments), or, collectively,
the Draft Overseas Listing Regulations, which set out the new regulatory requirements and filing procedures for Chinese companies seeking
direct or indirect listing in overseas markets. The Draft Overseas Listing Regulations, among others, stipulate that Chinese companies
that seek to offer and list securities in overseas markets shall fulfill the filing procedures with and report relevant information to
the CSRC, and that an initial filing shall be submitted within three working days after the application for an initial public offering
is submitted, and a second filing shall be submitted within three working days after the listing is completed. Moreover, an overseas offering
and listing is prohibited under circumstances if (i) it is prohibited by PRC laws, (ii) it may constitute a threat to or endanger national
security as reviewed and determined by competent PRC authorities, (iii) it has material ownership disputes over equity, major assets,
and core technology, (iv) in recent three years, the Chinese