Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 75

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 75
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 deposit agreement on your behalf or on behalf of any other person; |

| ● | may rely upon any documents                                                                                      
 we believe or it believes in good faith to be genuine and to have been signed or presented by the proper person; |

| ● | are not liable for the acts                                                          
 or omissions of any securities depository, clearing agency or settlement system; and |

| ● | the depositary has no duty                                                                                                              
 to make any determination or provide any information as to our tax status. Neither the depositary nor we have any liability for any tax 
 consequences that may be incurred by ADS holders as a result of owning or holding ADSs or be liable for the inability or failure of an  
 ADS holder to obtain the benefit of a foreign tax credit, reduced rate of withholding or refund of amounts withheld in respect of tax   
 or any other tax benefit.                                                                                                               |

In the deposit agreement, we and the depositary
agree to indemnify each other under certain circumstances.

Requirements for Depositary Actions

Before the depositary will deliver or register
a transfer of ADSs, make a distribution on ADSs, or permit withdrawal of shares, the depositary may require:

| ● | payment of stock transfer or                                                                                                           
 other taxes or other governmental charges and transfer or registration fees charged by third parties for the transfer of any shares or 
 other deposited securities;                                                                                                            |

| ● | satisfactory proof of the identity                                            
 and genuineness of any signature or other information it deems necessary; and |

| ● | compliance with regulations                                                                                               
 it may establish, from time to time, consistent with the deposit agreement, including presentation of transfer documents. |

The depositary may refuse to deliver ADSs or register
transfers of ADSs when the transfer books of the depositary or our transfer books are closed or at any time if the depositary or we think
it advisable to do so.

Your Right to Receive the Shares Underlying Your ADSs

ADS holders have the right to cancel their ADSs
and withdraw the underlying shares at any time except:

| ● | when temporary delays arise                                                                                                            
 because: (i) the depositary has closed its transfer books or we have closed our transfer books; (ii) the transfer of shares is blocked 
 to permit voting at a shareholders’ meeting; or (iii) we are paying a dividend on our shares;                                          |

| ● | when you owe money to pay fees, 
 taxes and similar charges; or   |

| ● | when it is necessary to prohibit