Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 66

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 66
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, you must rely on the procedures of your broker or other financial institution to assert the
rights of ADS holders described in this section. You should consult with your broker or financial institution to find out what those procedures
are.

Registered holders of uncertificated ADSs receive
statements from the depositary confirming their holdings.

As an ADS holder, we do not treat you as one of
our shareholders and you do not have shareholder rights. Cayman Islands law governs shareholder rights. The depositary is the holder of
the shares underlying your ADSs. As a registered holder of ADSs, you have ADS holder rights. A deposit agreement among us, the depositary,
ADS holders and all other persons indirectly or beneficially holding ADSs sets out ADS holder rights as well as the rights and obligations
of the depositary. New York law governs the deposit agreement and the ADSs.

The following is a summary of the material provisions
of the deposit agreement. For more complete information, you should read the entire deposit agreement and the form of ADR.

Dividends and Other Distributions

How will you receive dividends and other distributions on the shares?

The depositary has agreed to pay or distribute
to ADS holders the cash dividends or other distributions it or the custodian receives on shares or other deposited securities, upon payment
or deduction of its fees and expenses. You will receive these distributions in proportion to the number of shares your ADSs represent.

| ● | Cash. The depositary                                                                                                                      
 will convert any cash dividend or other cash distribution we pay on the shares into U.S. dollars, if it can do so on a reasonable basis   
 and can transfer the U.S. dollars to the United States. If that is not possible or if any government approval is needed and cannot be     
 obtained, the deposit agreement allows the depositary to distribute the foreign currency only to those ADS holders to whom it is possible 
 to do so. It will hold the foreign currency it cannot convert for the account of the ADS holders who have not been paid. It will not      
 invest the foreign currency and it will not be liable for any interest. Before making a distribution, any withholding taxes, or other     
 governmental charges that must be paid will be deducted. The depositary will distribute only whole U.S. dollars and cents and will round  
 fractional cents to the nearest whole cent. If the exchange rates fluctuate during a time when the depositary cannot convert the foreign  
 currency, you may lose some of the value of the distribution.