Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 64

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 3
Chunk 64
---
 under federal securities laws, you or such other holder or
beneficial owner may not be entitled to a jury trial with respect to such claims and may incur increased costs of bringing a claim, which
may have the effect of limiting and discouraging lawsuits against us and the depositary. If a lawsuit is brought against either or both
of us and the depositary under the deposit agreement, it may be heard only by a judge or justice of the applicable trial court, which
would be conducted according to different civil procedures and may result in different outcomes than a trial by jury would have, including
results that could be less favorable to the plaintiffs in any such action.

Nevertheless, if this jury trial waiver provision
is not permitted by applicable law, an action could proceed under the terms of the deposit agreement with a jury trial. No condition,
stipulation or provision of the deposit agreement or ADSs serves as a waiver by any holder or beneficial owner of ADSs (including purchasers
of our ADSs in the secondary market) or by us or the depositary of compliance with any substantive provision of the U. S. federal securities
laws and the rules and regulations promulgated thereunder.

Your rights to pursue claims against us and the depositary as
a holder of ADSs are limited by the terms of the deposit agreement.

The deposit agreement governing the ADSs representing
our Class A ordinary shares provides that ADS holders, including purchasers of ADSs in secondary market transactions and the depositary
have the right to elect to have any claim they may have against us arising out of or relating to our Class A ordinary shares or ADSs
or the deposit agreement settled by arbitration in New York, New York rather than in a court of law, and to have any judgment rendered
by the arbitrators entered in any court having jurisdiction. An arbitral tribunal in any such arbitration would not have the authority
to award any consequential, special, or punitive damages and its award would have to conform to the provisions of the deposit agreement.
The deposit agreement does not give us the right to require that any claim, whether brought by us or against us, be arbitrated. We believe
that an optional contractual arbitration provision is generally enforceable, including under the laws of the State of New York, which
govern the deposit agreement.

No condition or provision of the deposit agreement
or ADSs serves as a waiver by any owner or holder of ADSs, including purchasers of ADSs in secondary market transactions or by us or
the depositary of