Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 63

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 3
Chunk 63
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 S. securities laws any ADSs, ordinary shares, rights or other securities received
through such distributions. We also have no obligation to take any other action to permit the distribution of ADSs, ordinary shares,
rights or anything else to holders of ADSs. This means that you may not receive distributions we make on our ordinary shares or any value
for them if it is illegal or impractical for us to make them available to you. These restrictions may cause a material decline in the
value of the ADSs.

ADSs holders may not be entitled to a jury trial with respect
to claims arising out of or relating to our shares, the ADSs or the deposit agreement, which could result in less favorable outcomes
to the plaintiffs in any such action.

The deposit agreement governing the ADSs representing
our Class A ordinary shares provides that, to the fullest extent permitted by law, ADS holders waive the right to a jury trial of any
claim they may have against us or the depositary arising out of or relating to our shares, the ADSs or the deposit agreement, including
any claim under the U. S. federal securities laws.

If we or the depositary opposed a jury trial
demand based on the waiver, the court would determine whether the waiver was enforceable based on the facts and circumstances of that
case in accordance with the applicable state and federal law. To our knowledge, the enforceability of a contractual pre-dispute jury
trial waiver in connection with claims arising under the federal securities laws has not been finally adjudicated by the United States
Supreme Court. However, we believe that a contractual pre-dispute jury trial waiver provision is generally enforceable, including under
the laws of the State of New York, which govern the deposit agreement, by a federal or state court in the City of New York, which has
non-exclusive jurisdiction over matters arising under the deposit agreement. In determining whether to enforce a contractual pre-dispute
jury trial waiver provision, courts will generally consider whether a party knowingly, intelligently and voluntarily waived the right
to a jury trial. We believe that this is the case with respect to the deposit agreement and the ADSs. It is advisable that you consult
legal counsel regarding the jury waiver provision before entering into the deposit agreement.

If you or any other holders or beneficial owners
of ADSs, including purchasers of ADSs in secondary market transactions, bring a claim against us or the depositary in connection with
matters arising under the deposit agreement or the ADSs, including claims