Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 45

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 45
---
 were released only
for soliciting public comment at this stage and their provisions and anticipated adoption or effective date are subject to changes, and
thus their interpretation and implementation remain substantially uncertain. It is uncertain whether the Draft Overseas Listing Regulations
apply to the follow-on offerings or other offerings of the Chinese companies that have been listed overseas. We cannot predict the impact
of the Draft Overseas Listing Regulations on us at this stage.

On April 2, 2022, the CSRC published the Provisions
on Strengthening the Confidentiality and Archives Administration Related to the Overseas Securities Offering and Listing by Domestic Enterprises
(Draft for Comments), or the Draft Provisions on Confidentiality and Archives Administration, which was open for public comments until
April 17, 2022. The Draft Provisions on Confidentiality and Archives Administration requires that, in the process of overseas issuance
and listing of securities by domestic entities, the domestic entities, and securities companies and securities service institutions that
provide relevant securities service shall strictly implement the provisions of relevant laws and regulations and the requirements of these
provisions, establish and improve rules on confidentiality and archives administration. Where the domestic entities provide with or publicly
disclose documents, materials or other items related to the state secrets and government work secrets to the relevant securities companies,
securities service institutions, overseas regulatory authorities, or other entities or individuals, the companies shall apply for approval
of competent departments with the authority of examination and approval in accordance with law and report the matter to the secrecy administrative
departments at the same level for record filing. Where there is unclear or controversial whether or not the concerned materials are related
to state secrets, the materials shall be reported to the relevant secrecy administrative departments for determination. However, the Draft
Provisions on Confidentiality and Archives Administration have not yet been settled or become effective, and there remain uncertainties
regarding the further interpretation and implementation of the Draft Provisions on Confidentiality and Archives Administration.

<div align='center'>22</div>

Further, the CAC issued the Measures for the Security
Assessment of Outbound Data Transfer (the “Measures”) on July 7, 2022, which will take effect on September 1, 2022. The Measures
shall apply to the security assessment of data processors’ provision of important data and personal information collected and generated
in their operations within the territory of the PRC to overseas recipients. The Measures require relevant data processors to submit a
data security assessment to the CAC for review prior