Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 23

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 23
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 its respective shareholders
are substantially similar. In particular, (i) pledge agreements, entered into between the WFOE and each of the VIEs and its shareholders,
where each shareholder of the VIEs pledged his or her equity interest to the WFOE to ensure performance of their obligations under other
relevant contractual arrangements, and in case of breach, the WFOE has the right to dispose of the pledged equity. VIEs’ shareholders
are prohibited from disposing of the pledged equity or taking actions that could negatively impact the pledgee’s rights without
the WFOE’s written consent until all obligations are discharged; (ii) power of attorney, entered into between the WFOE and the VIEs
and their shareholders, where each shareholder of the VIEs authorizes WFOE’s designated individuals to act as his or her exclusive
agents, exercising all associated rights regarding their equity interest in the VIEs, and the power of attorney remains valid as long
as the shareholder holds shares in the VIEs; (iii) exclusive business cooperation agreement, entered into between the WFOE and each of
the VIEs, granting the WFOE the exclusive right to provide services to the VIEs in exchange for a service fee equal to 100% of the consolidated
net income, and also including the exclusive right for the WFOE to purchase the VIEs’ business or assets at the lowest permissible
price under PRC law, with the agreement remaining in effect unless otherwise specified by the parties; (iv) exclusive option agreements,
entered into between the WFOE and the each of the VIEs and its shareholders, granting the exclusive right to purchase the equity interests
of the VIEs’ shareholders, while the WFOE is entitled to dividends and distributions, and the exclusive option agreements remain
in effect until the transfer of all equity interests to the WFOE or its designated party; and (v) spousal consent letters, signed by each
spouse of the relevant individual shareholders of the VIEs, stating that the disposition of the equity interest held by their spouse will
be governed by the above-mentioned agreements, and their spouse undertake not to make any assertions to such equity interest. As a result
of these contractual arrangements, we, through Alpha Mind and its subsidiaries (i) are able to consolidate the financial results of the
VIEs, and (ii) receive substantially all of the economic benefits from the VIEs