Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 107

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 107
---
 registrant or its securities provided by or on behalf of
the undersigned registrant; and

(iv) Any other communication that is an offer
in the offering made by the undersigned registrant to the purchaser.

The undersigned registrant hereby undertakes that,
for purposes of determining any liability under the Securities Act, each filing of the registrant’s annual report pursuant to Section
13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section
15(d) of the Exchange Act) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide
offering thereof.

<div align='center'>II-2</div>

Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions,
or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other
than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the
successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in
the Securities Act and will be governed by the final adjudication of such issue.

<div align='center'>Exhibit Index</div>

| Exhibit 
 Number  |     | Description                                                                                                                                                                                                                                                                                           |
| 1.1*    |     | Form of Underwriting Agreement                                                                                                                                                                                                                                                                        |
| 4.1**   |     | Registrant’s Specimen Certificate for Class A ordinary shares                                                                                                                                                                                                                                         |
| 4.2     |     | Form of Deposit Agreement, among the Registrant, the depositary and owners and holders of American Depositary Receipts (incorporated herein by reference to Exhibit 4.3 to the registration statement on Form F-1 (File No.