Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 87

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 87
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 in any such arbitration would not have the authority
to award any consequential, special, or punitive damages and its award would have to conform to the provisions of the deposit agreement.
The deposit agreement does not give us the right to require that any claim, whether brought by us or against us, be arbitrated. We believe
that an optional contractual arbitration provision is generally enforceable, including under the laws of the State of New York, which
govern the deposit agreement.

No condition or provision of the deposit agreement
or ADSs serves as a waiver by any owner or holder of ADSs, including purchasers of ADSs in secondary market transactions, or by us or
the depositary of compliance with any substantive provision of the U.S. federal securities laws and the rules and regulations promulgated
thereunder. Therefore, in the event that there are claims brought under federal securities laws against us or the depositary brought
by any holder or owner of ADSs, including purchasers of ADSs in secondary market transactions, such claims may be submitted to arbitration
pursuant to the arbitration provision in the deposit agreement, or may be brought in a court of competent jurisdiction, at the election
of the claimant.

By agreeing to such optional arbitration provision,
you will not be deemed to have waived our or the depositary’s compliance with U.S. federal securities laws and the rules and regulations
promulgated thereunder.

<div align='center'>DESCRIPTION OF PREFERRED SHARES</div>

Subject to the provisions of the Companies Act
and in our existing memorandum and articles of association, our board of directors has the authority, without further action by our shareholders,
to issue preferred shares in one or more classes or series and to fix their designations, powers, preferences, privileges, and relative,
participating, optional and other rights and the qualifications, limitations or restrictions, including dividend rights, conversion rights,
voting power, redemption privileges, and liquidation preferences, any or all of which may be greater than the rights associated with our
ordinary shares. Preferred shares could be issued quickly with terms calculated to delay or prevent a change in control of our company
or make removal of management more difficult. Although we do not currently intend to issue any preferred shares, we cannot assure you
that we will not do so in the future.

The material terms of any series of preferred
shares that we offer, together with any material U.S. federal income tax considerations relating to such preferred shares, will be described
in the applicable prospectus supplement.