Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 37

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 37
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 | ) |
| Net cash provided by (used) in financing activities      |     |                                         | - |     |                                  |  5,182 |   |     |      |  720 |   |     |              |      - |   |     |             | - |     |               |  5,902 |   |
| Effect of exchange rate                                  |     |                                         | - |     |                                  |   (848 | ) |     |      |    - |   |     |              |      - |   |     |             | - |     |               |   (848 | ) |
| Net increase in cash and cash equivalents                |     |                                         | - |     |                                  |  1,055 |   |     |      |  436 |   |     |              | (4,686 | ) |     |             | - |     |               | (3,195 | ) |
| CASH AND CASH EQUIVALENTS, beginning of period           |     |                                         | - |     |                                  |    501 |   |     |      |   92 |   |     |              | 12,492 |   |     |             | - |     |               | 13,085 |   |
| CASH AND CASH EQUIVALENTS, end of period                 |     |                                         | - |     |                                  |  1,556 |   |     |      |  528 |   |     |              |  7,806 |   |     |             | - |     |               |  9,890 |   |

<div align='center'>16</div>

Recent Developments

Acquisition of Alpha Mind

On December 28, 2023, the Group closed equity
acquisition of Alpha Mind Technology Limited (“Alpha Mind”), which conducts insurance agency and insurance technology businesses
in the PRC. The Group acquired all the issued and outstanding shares in Alpha Mind for an aggregate all-cash purchase price of US$180,000,000,
paid in the form of the Notes delivered to each of the Sellers of Alpha Mind in an aggregate amount equal to the purchase price. The
Notes have a maturity of 90 days from the closing date, bear an interest rate of three percent (3%) per annum and are secured by all
of the issued and outstanding equity of Alpha Mind and all of the assets of Alpha Mind and its subsidiaries. For the year ended September