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

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 3
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 Qingke Investment Consulting Co., Ltd. (“Q&K
Investment Consulting”) and Qingke (China) Limited (“Q&K HK”), respectively, to Wangxiancai Limited, which was
a related party of the Group and is beneficially owned by the legal representative and executive director of one of the Group’s
subsidiaries (the “First Equity Transfer”). As of September 30, 2022, the Group did not account for the transfer of equity
interest in Q&K HK, Q&K Investment Consulting and Q&K E-commerce as a discontinued operation, as XChange TEC.INC was the
primary beneficiary of Q&K HK, Q&K Investment Consulting and Q&K E-commerce as XChange TEC.INC had the power to direct the
activities of these companies that most significantly impact their economic performance and XChange TEC.INC had the obligation to absorb
losses of these companies that could potentially be significant to these companies since their inception. On October 31, 2023, the Group
transferred all of its equity interest in Haoju (Shanghai) Artificial Intelligence Technology Co., Ltd. (“Haoju”), to Wangxiancai
Limited, at nominal consideration (the “Second Equity Transfer”). Upon the completion of the Second Equity Transfer, the
Group no longer conducts long-term apartment rental business in China. The disposals of Q&K Investment Consulting, Q&K HK and
Haoju are accounted as discontinued operations (“Discontinued Operations”). The remaining ongoing business operations
of our Group (excluding these disposed entities) are accounted as continuing operations (“Continuing Operations”).
On November 22, 2023, we entered into an equity acquisition agreement with Alpha Mind, an insurance agency and insurance technology business
in the PRC, and Alpha Mind’s shareholders to acquire all of the issued and outstanding shares in Alpha Mind (the “Acquisition”).
The Acquisition of Alpha Mind was consummated on December 28, 2023. Alpha Mind conducts its insurance agency and insurance technology
businesses in the PRC through its indirectly wholly-owned subsidiary, Jiachuang Yingan (Beijing) Information & Technology Co., Ltd.
(the “Current WFOE”) and the Current WFOE’s consolidated variable interest entities. In April 2022, Alpha Mind, through
the Current WFOE, entered into contractual arrangements with Huaming Insurance Agency Co., Ltd. (“Huaming Insurance”) and
Huaming Yun