Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 116

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 4
Chunk 116
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 transfer documents and any other documents in relation to the fulfillment of the obligations
under the exclusive option agreements and the equity interest pledge agreements. The shareholders’ POAs remain in effect while
the shareholders of Huaming Insurance and Huaming Yunbao hold the equity interests in Huaming Insurance and Huaming Yunbao.

Spousal Consent Letters

Pursuant to the spousal consent letters, the spouses of the shareholders
of Huaming Insurance and Huaming Yunbao commit that they have no right to make any assertions in connection with the equity interests
of Huaming Insurance and Huaming Yunbao, which are held by the shareholders. In the event that the spouses obtain any equity interests
of Huaming Insurance and Huaming Yunbao, which are held by the shareholders, for any reasons, the spouses of the shareholders shall be
bound by the exclusive option agreement, the equity interest pledge agreement, the shareholder POA and the exclusive business cooperation
agreement and comply with the obligations thereunder as a shareholder of Huaming Insurance and Huaming Yunbao. The letters are irrevocable
and shall not be withdrawn without the consent of Alpha Mind WFOE.

Based on the foregoing contractual arrangements, which grant Alpha
Mind WFOE effective control of Huaming Insurance and Huaming Yunbao and enable Alpha Mind WFOE to receive all of their expected residual
returns, the Company accounts for Huaming Insurance and Huaming Yunbao as a VIE. Accordingly, the Company consolidates the accounts of
Huaming Insurance and Huaming Yunbaofor the periods presented herein, in accordance with Regulation S-X-3A-02 promulgated by the Securities
Exchange Commission (“ SEC”), and Accounting Standards Codification (“ ASC”) 810-10, Consolidation.

  Property,             

The table below contains a summary of our properties and the properties
of the Current VIEs as of the date of September 30, 2024.

  Location                                                                                                                                  Space (sq.m.)      Use                   Lease Term                        
  Room 801, Oil & Gas Building, Lane 1, 1136, Xinzha Road, Jing ‘an District, Shanghai                                                              150.0      Administration        June 1, 2024 to                   
                                                                                                                                                                                     May 31, 2026                      
  Room 339, Building 21, West Airport Business Park, Tianjin Airport Economic Zone, Tianjin                                                           158      Administration        February 1, 2024 to               
                                                                                                                                                                                     March 15,