Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 92

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 92
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 or preferred shares. When we offer to sell a
particular series of debt securities, we will describe the specific terms of that series in a supplement to this prospectus. The following
description of debt securities will apply to the debt securities offered by this prospectus unless we provide otherwise in the applicable
prospectus supplement. The applicable prospectus supplement for a particular series of debt securities may specify different or additional
terms.

The debt securities offered by this prospectus
may be secured or unsecured, and may be senior debt securities, senior subordinated debt securities or subordinated debt securities. The
debt securities offered by this prospectus may be issued under an indenture between us and the trustee under the indenture. The indenture
may be qualified under, subject to, and governed by, the Trust Indenture Act of 1939, as amended. We have summarized selected portions
of the indenture below. The summary is not complete. The form of the indenture has been filed as an exhibit to the registration statement
on Form F-3, of which this prospectus is a part, and you should read the indenture for provisions that may be important to you.

<div align='center'>47</div>

The terms of each series of debt securities will
be established by or pursuant to a resolution of our board of directors and detailed or determined in the manner provided in a board of
directors’ resolution, an officers’ certificate and by a supplemental indenture. The particular terms of each series of debt
securities will be described in a prospectus supplement relating to the series, including any pricing supplement.

We may issue any amount of debt securities under
the indenture, which may be in one or more series with the same or different maturities, at par, at a premium or at a discount. We will
set forth in a prospectus supplement, including any related pricing supplement, relating to any series of debt securities being offered,
the offering price, the aggregate principal amount offered and the terms of the debt securities, including, among other things, the following:

| ● | the title of the debt securities; |

| ● | the price or prices (expressed                                                                
 as a percentage of the aggregate principal amount) at which we will sell the debt securities; |

| ● | any limit on the aggregate               
 principal amount of the debt securities; |

| ● | the date or dates on which                                                                                               
 we will repay the principal on the debt securities and the right, if