Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 143

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 7
Chunk 143
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ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

  Major Shareholders  
 ──────────────────────

Please refer to “ Item 6. Directors, Senior
Management and Employees - E. Share Ownership.”

  Related Party Transactions  
 ──────────────────────────────

Contractual Arrangements with the Current VIEs and Their Shareholders

PRC laws and regulations restrict foreign ownership
and investment in value-added telecommunications services in China. As a result, we conducted certain business through Huaming Insurance
and Huaming Yunbao, the Current VIEs, based on a series of contractual arrangements. See “ Item 4. Information on the Company - 
C. Organizational Structure - Contractual Arrangements” for details.

Employment Agreements and Indemnification Agreements

See “ Item 6. Directors, Senior Management
and Employees - B. Compensation - Employment Agreements and Indemnification Agreements.”

Share Incentives

See “ Item 6. Directors, Senior Management
and Employees - B. Compensation - Stock Options and RSUs.”

  Interests of Experts and Counsel  
 ────────────────────────────────────

Not applicable.

ITEM 8. FINANCIAL INFORMATION