Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 35

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 35
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RC government may exert,                                                                                                                  
 at any time, substantial intervention and influence over the manner of our operations, and the rules and regulations to which we are           
 subject, including the ways they are enforced, may change rapidly and with little advance notice to us or our shareholders. Any such           
 actions by the Chinese government, including any decision to intervene or influence the operations of our subsidiaries in China or to          
 exert control over any offering of securities conducted overseas and/or foreign investment in China-based issuers, may cause us to make        
 material changes to our operations in China, may limit or completely hinder our ability to offer or continue to offer securities to investors, 
 and may cause the value of such securities to significantly decline or be worthless. For more details, see “Risk Factors—Risks                 
 Related to Doing Business in the PRC—The PRC government may exert, at any time, substantial intervention and influence over the                
 manner of our operations, and the rules and regulations to which we are subject, including the ways they are enforced, may change rapidly      
 and with little advance notice to us or our shareholders. Any such actions by the Chinese government, including any decision to intervene      
 or influence the operations of our subsidiaries in China or to exert control over any offering of securities conducted overseas and/or         
 foreign investment in China-based issuers, may cause us to make material changes to our operations in China, may limit or completely           
 hinder our ability to offer or continue to offer securities to investors, and may cause the value of such securities to significantly          
 decline or be worthless” beginning on page 20 of this prospectus.                                                                              |

| ● | Uncertainties in the interpretation                                                                                                      
 and enforcement of PRC laws and regulations could limit the legal protections available to us. For more details, see “Risk Factors—Risks 
 Related to Doing Business in the PRC—Uncertainties in the interpretation and enforcement of PRC laws and regulations could limit         
 the legal protections available to us” beginning on page 23 of this prospectus.                                                          |

<div align='center'>17</div>

| ● | Substantial uncertainties exist                                                                                                             
 with respect to the interpretation and implementation of the PRC Foreign Investment Law and how it may impact the viability of our current  
 corporate structure, corporate governance and business operations. For more details, see “Item 3. Key Information—D. Risk                   
 Factors—Risks Related to Doing Business in China—Substantial uncertainties exist with respect to the interpretation and implementation      
 of the PRC