Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 182

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 19
Chunk 182
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 positions of the Company as of September 30, 2024 and 2023, and the results of its operations
and its cash flows for each of the two years in the period ended September 30, 2024, in conformity with accounting principles generally
accepted in the United States of America.

We also have audited the adjustments to the 2022
consolidated financial statements to retrospectively present discontinued operations as described in Note 3 and share subdivision as described
in Note 1. In our opinion, such adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply
any procedures to the 2022 consolidated financial statements of the Company other than with respect to the adjustments and, accordingly,
we do not express an opinion or any other form of assurance on the 2022 consolidated financial statements taken as a whole.

Explanatory
Paragraph - Going Concern

The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
2 to the financial statements, the Company has incurred losses from operations for the years ended 2024 and 2023, and will require additional
capital to fund its current operating plan. This raises substantial doubt about the Company’s ability to continue as a going concern.
Management’s plans regarding these matters are also described in Note 2. The financial statements do not include any adjustments
to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities
that may result from the outcome of this uncertainty.

Basis
for Opinion

These financial statements are the responsibility
of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our
audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“ PCAOB”)
and are required to be independent with respect to the Company in accordance with the U. S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.

We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits, we are required to obtain an