Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 86

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 86
---
 understand that the depositary will not determine
whether the DTC participant that is claiming to be acting on behalf of an ADS holder in requesting registration of transfer and delivery
as described in the paragraph above has the actual authority to act on behalf of the ADS holder (notwithstanding any requirements under
the Uniform Commercial Code). In the deposit agreement, the parties agree that the depositary’s reliance on and compliance with
instructions received by the depositary through the DRS/Profile system and in accordance with the deposit agreement will not constitute
negligence or bad faith on the part of the depositary.

Shareholder Communications; Inspection of Register of Holders of ADSs

The depositary will make available for your inspection
at its office all communications that it receives from us as a holder of deposited securities that we make generally available to holders
of deposited securities. The depositary will send you copies of those communications or otherwise make those communications available
to you if we ask it to. You have a right to inspect the register of holders of ADSs, but only for the purpose of communicating with those
holders regarding our business or a matter related to the deposit agreement or the ADSs.

Jury Trial Waiver

The deposit agreement provides that, to the extent
permitted by law, ADS holders waive the right to a jury trial of any claim they may have against us or the depositary arising out of or
relating to our shares, the ADSs or the deposit agreement, including any claim under the U.S. federal securities laws. If we or the depositary
opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable in the facts and circumstances
of that case in accordance with applicable case law.

You will not, by agreeing to the terms of the
deposit agreement, be deemed to have waived our or the depositary’s compliance with U.S. federal securities laws or the rules and
regulations promulgated thereunder.

Arbitration

The deposit agreement governing the ADSs representing
our Class A ordinary shares provides that ADS holders, including purchasers of ADSs in secondary market transactions and the depositary
have the right to elect to have any claim they may have against us arising out of or relating to our Class A ordinary shares or ADSs
or the deposit agreement settled by arbitration in New York, New York rather than in a court of law, and to have any judgment rendered
by the arbitrators entered in any court having jurisdiction. An arbitral tribunal