Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 122

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 5
Chunk 122
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 2024.

Net cash used in operating activities was RMB39.9
million in FY 2023, which comprised a net cash outflow in continuing operations of RMB22.2 million and a net cash outflow in discontinued
operations of RMB17.7 million.

Net cash used in operating activities was RMB44.3
million in FY 2022, which comprised a net cash outflow in continuing operations of RMB7.1 million and a net cash outflow in discontinued
operations of RMB37.2 million.

Investing Activities

Net cash used in investing activities was RMB10.1
million in FY 2024.

Net cash used in investing activities was nil
in FY 2023.

Net cash used in investing activities was RMB11.5
million in FY 2022, reflecting a net cash outflow in discontinued operations of RMB11.5 million.

Financing Activities

Net cash provided by financing activities was
RMB8.7 million (US$1.2 million) in FY 2024. which primarily due to proceeds from short-term borrowings.

Net cash provided by financing activities was
RMB37.9 million in FY 2023, which comprised a net cash inflow in continuing operations of RMB37.9 million, primarily due to proceeds received
from short-term borrowings.

Net cash provided by financing activities was
RMB34.1 million in FY 2022. This primarily reflecting a net cash inflow in continuing operations due to (i) the proceeds of RMB20.0 million
from issuance of convertible notes, (ii) the proceeds of RMB6.5 million from short-term bank borrowings, and (iii) the proceeds of RMB4.1
million from borrowings from related parties, partially offset by net cash outflow of RMB1.3 million from discontinued operations.

Capital Expenditures

Our capital expenditures totaled nil in FY 2022,
FY 2023 and FY 2024, respectively. We will continue to make capital expenditures to meet the expected growth of our business.

Impact of Recently Issued Accounting Standards

A list of recently issued accounting pronouncements
that are relevant to us is included in note 2 “ Summary of Principal Accounting Policies - Recent accounting pronouncements”
to our consolidated financial statements included elsewhere in this annual report.

Holding Company Structure

We are a holding company with no material operations
of our own. We conduct our operations