Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 166

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 12
Chunk 166
---
ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

  Debt Securities  
 ───────────────────

Not
applicable.

  Warrants and Rights  
 ───────────────────────

Not
applicable.

  Other Securities  
 ────────────────────

Not
applicable.

  American Depositary  
  Shares               
 ───────────────────────

Fees and
Expenses

An
ADS holder will be required to pay the following fees under the terms of the deposit agreement:

  Persons                                                                                                                                      For:                                                                                                                               
  US$5.00                                                                                                                                      Issuance of ADSs, including issuances resulting from                                                                               
  US$.05                                                                                                                                       Any cash distribution to ADS holders                                                                                               
  A fee                                                                                                                                        Distribution of securities distributed to holders of                                                                               
  US$.05                                                                                                                                       Depositary services                                                                                                                
  Registration                                                                                                                                 Transfer and registration of shares on our share register                                                                          
  Expenses                                                                                                                                     Cable (including SWIFT) and facsimile transmissions                                                                                
                                                                                                                                               Converting foreign currency to U. S. dollars                                                                                       
  Taxes                                                                                                                                        As necessary                                                                                                                       
  Any charges                                                                                                                                  As necessary                                                                                                                       

The
depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the
purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting
those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect
its annual fee for depositary services by deduction from cash distributions or by directly billing investors or by charging the book
entry system accounts of participants acting for them. The depositary may collect any of its fees by deduction from any cash distribution
payable (or by selling a portion of securities or other property distributable) to ADS holders that are obligated to pay those fees.
The depositary may generally refuse to provide fee attracting services until its fees for those services are paid.

From
time to time, the depositary may make payments to us to reimburse us for costs and expenses generally arising out of establishment and
maintenance of the ADS program, waive fees and expenses for services provided to us by the depositary or share revenue from the fees
collected from ADS holders. In performing its duties under the deposit agreement, the depositary may use brokers, dealers, foreign currency
dealers or other service providers that are owned by or affiliated with the