Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 82

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 82
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, consolidation, recapitalization or reorganization affecting
the issuer of deposited securities in which the depositary receives new securities in exchange for or in lieu of the old deposited securities,
the depositary will hold those replacement securities as deposited securities under the deposit agreement. However, if the depositary
decides it would not be lawful and practical to hold the replacement securities because those securities could not be distributed to ADS
holders or for any other reason, the depositary may instead sell the replacement securities and distribute the net proceeds upon surrender
of the ADSs.

If there is a replacement of the deposited securities
and the depositary will continue to hold the replacement securities, the depositary may distribute new ADSs representing the new deposited
securities or ask you to surrender your outstanding ADRs in exchange for new ADRs identifying the new deposited securities.

If there are no deposited securities underlying
ADSs, including if the deposited securities are cancelled, or if the deposited securities underlying ADSs have become apparently worthless,
the depositary may call for surrender of those ADSs or cancel those ADSs upon notice to the ADS holders.

<div align='center'>41</div>

Amendment and Termination

How may the deposit agreement be amended?

We may agree with the depositary to amend the
deposit agreement and the ADRs without your consent for any reason. If an amendment adds or increases fees or charges, except for taxes
and other governmental charges or expenses of the depositary for registration fees, facsimile costs, delivery charges or similar items,
or prejudices a substantial right of ADS holders, it will not become effective for outstanding ADSs until 30 days after the depositary
notifies ADS holders of the amendment. At the time an amendment becomes effective, you are considered, by continuing to hold your ADSs,
to agree to the amendment and to be bound by the ADRs and the deposit agreement as amended.

How may the deposit agreement be terminated?

The depositary will initiate termination of the
deposit agreement if we instruct it to do so. The depositary may initiate termination of the deposit agreement if:

| ● | 60 days have passed since the                                                                                         
 depositary told us it wants to resign but a successor depositary has not been appointed and accepted its appointment; |

| ● | we delist the ADSs from an                                                                                                                     
 exchange in the United States on which they were listed and do not list the ADSs on another exchange in the United States or make arrangements 
 for trading of ADSs on