Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 88

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 88
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transactions involving the securities. These derivatives may consist of short sale transactions and other hedging activities. The underwriters
may acquire a long or short position in the securities, hold or resell securities acquired and purchase options or futures on the securities
and other derivative instruments with returns linked to or related to changes in the price of the securities. In order to facilitate these
derivative transactions, we may enter into security lending or repurchase agreements with the underwriters. The underwriters may effect
the derivative transactions through sales of the securities to the public, including short sales, or by lending the securities in order
to facilitate short sale transactions by others. The underwriters may also use the securities purchased or borrowed from us or others
(or, in the case of derivatives, securities received from us in settlement of those derivatives) to directly or indirectly settle sales
of the securities or close out any related open borrowings of the securities.

Loans of Securities

We may loan or pledge securities to a financial
institution or other third party that in turn may sell the securities using this prospectus and an applicable prospectus supplement. Such
financial institution or third party may transfer its economic short position to investors in our securities or in connection with a concurrent
offering of other securities offered by this prospectus or otherwise.

General Information

Agents, underwriters, and dealers may be entitled,
under agreements entered into with us, to indemnification by us, against certain liabilities, including liabilities under the Securities
Act. Our agents, underwriters, and dealers, or their affiliates, may be customers of, engage in transactions with or perform services
for us or our affiliates, in the ordinary course of business for which they may receive customary compensation.

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

Material income tax consequences relating to the
purchase, ownership and disposition of any of the securities offered by this prospectus will be set forth in the applicable prospectus
supplement relating to the offering of those securities.

<div align='center'>ENFORCEABILITY OF CIVIL LIABILITIES</div>

We are incorporated in the Cayman Islands to take
advantage of certain benefits associated with being a Cayman Islands exempted company, such as:

| ● | political and economic stability; |

| ● | an effective judicial system; |

| ● | a favorable tax system; |

| ● | the absence of exchange control 
 or currency restrictions; and   |

| ● | the availability of professional 
 and support services.            |

However, certain disadvantages accompany