Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 132

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 6
Chunk 132
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, we had 2,385 million
share options B outstanding (“ Stock Option B”), which are exercisable into Class A ordinary shares at RMB2.0 per ordinary
share. Stock Options B vested immediately upon the grant-date. All grantees of Stock Options B are restricted from transferring their
converted ordinary shares after certain periods subsequent to the date of our initial public offering. If the grantee of Stock Options
B resigned from our company before the restricted period lapses, we have the right to repurchase the Stock Options B or ordinary shares
at RMB2.0 per Stock Option B or ordinary share.

The following table summarizes, as of the date of this annual report, the outstanding Stock Options A and Stock Options B granted to our directors, officers and other grantees.

  Name                  Ordinary      Exercise                  Date               Date               
                          Shares      Price                     of Grant           of                 
                      Underlying      (per share)                                  Expiration         
                           Award                                                                      
                         Granted                                                                      
  Other            2,910,000,000      RMB              2.0      from August        from August        
                                                                31, 2014 to        30, 2024 to        
                                                                July 31, 2017      December 31, 2025  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────
  Zhichen Sun        500,000,000      RMB              2.0      July 31, 2017      December 31, 2025  
  Total            3,410,000,000                                                                      

2019 Share Incentive Plan

The 2019 Plan became effective immediately upon
the completion of our initial public offering. The maximum number of shares that may be issued under the 2019 Plan is 10% of the total
outstanding shares as of the date of the consummation of our initial public offering, which is 142,386,085 ordinary shares before the
Share Split we adopted on September 18, 2023.

As of December 31, 2024, we had issued 2,500 million
RSUs and 12,236 million options under the 2019 Plan. As of December 31, 2024, no RSUs were outstanding and 718 million options were outstanding
and exercisable into Class A ordinary shares. All of such options were vested as of December 31, 2024.

The following paragraphs describe the principal