Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 114

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 4
Chunk 114
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 Mind WFOE was considered the primary beneficiary of the VIEs and had
consolidated the VIEs’ financial results of operations, assets and liabilities in the Company’s consolidated financial
statements. The significant terms of the Contractual Arrangements are as follows:

Exclusive Business Cooperation Agreement

Pursuant to the exclusive business cooperation agreement between Alpha
Mind WFOE and Huaming Insurance and Huaming Yunbao, Alpha Mind WFOE has the exclusive right to provide Huaming Insurance and Huaming
Yunbao with technical support services, consulting services and other services requested by Huaming Insurance and Huaming Yunbao from
time to time to the extent permitted under PRC law. In exchange, Alpha Mind WFOE is entitled to a service fee that equals to all of the
consolidated net income of each of Huaming Insurance and Huaming Yunbao. The service fee may be adjusted by Alpha Mind WFOE based on
the actual scope of services rendered by Alpha Mind WFOE and the operational needs and expanding demands of Huaming Insurance and Huaming
Yunbao. Pursuant to the exclusive business cooperation agreement, the service fees may be adjusted based on the actual scope of services
rendered by Alpha Mind WFOE and the operational needs of Huaming Insurance and Huaming Yunbao.

The exclusive business cooperation agreement remains in effect unless
terminated in accordance with the following provision of the agreement or terminated in writing by Alpha Mind WFOE.

During the term of the exclusive business cooperation agreement, Alpha
Mind WFOE and Huaming Insurance and Huaming Yunbao shall renew the operation term prior to the expiration thereof so as to enable the
exclusive business cooperation agreement to remain effective. The exclusive business cooperation agreement shall be terminated upon the
expiration of the operation term of either Alpha Mind WFOE or Huaming Insurance and Huaming Yunbao if the application for renewal of
the operation term is not approved by relevant government authorities. If an application for renewal of the operation term is not approved,
according to the PRC Company Law, the expiration of the operation term may lead to the dissolution and cancellation of such PRC company

Exclusive Option Agreement

Pursuant to the exclusive option agreement among Alpha Mind WFOE,
Huaming Insurance and Huaming Yunbao and the shareholders who collectively owned all of Huaming Insurance and Huaming Yunbao, such shareholders
jointly and severally granted Alpha Mind WFOE an option to purchase their equity interests in Huaming Insurance and Hu