Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 20

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 20
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 seeks to list on a foreign
stock exchange should also be subject to cybersecurity review. The Measures for Cybersecurity Review (2021 version) further elaborates
the factors to be considered when assessing the national security risks of the relevant activities, including, among others, (i) the risk
of core data, important data or a large amount of personal information being stolen, leaked, destroyed, and illegally used or exited the
country; and (ii) the risk of critical information infrastructure, core data, important data or a large amount of personal information
being affected, controlled, or maliciously used by foreign governments after listing abroad. Our PRC counsel, Beijing Kingdom Law Firm,
is of the view that because: (i) we are already listed on the Nasdaq Capital Market and do not “seek to list on any other foreign
stock exchange”; (ii) we and the VIEs do not hold personal information on more than one million users; and (iii) data processed
in our business does not have a bearing on national security and thus may not be classified as core or important data by the authorities,
we are not required to apply for a cybersecurity review under the Revised CAC Measures.

<div align='center'>7</div>

On February 17, 2023, the CSRC issued the Trial
Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises and five supporting guidelines,
which became effective on March 31, 2023 (the “Overseas Listing Regulations”). The Overseas Listing Regulations are applicable
to overseas securities offerings and/or listings conducted by issuers who are (i) companies incorporated in the PRC and (ii) companies
incorporated overseas with substantial operations in the PRC. The Overseas Listing Regulations stipulate that such issuer shall fulfill
the filing procedures within three working days after it makes an application for initial public offering and listing in an overseas stock
market. Among other things, if an overseas listed issuer intends to effect any follow-on offering in an overseas stock market, it should,
through its major operating entity incorporated in the PRC, submit filing materials to the CSRC within three working days after the completion
of the offering. The required filing materials shall include, but not be limited to, (1) filing report and relevant commitment letter
and (2) domestic legal opinions. Any failure of us to fully comply with new regulatory requirements may significantly limit or completely
hinder our ability to offer or continue to offer our