Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 45

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 45
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 listing, the Company
formally appealed the decision and submitted its hearing request on May 21, 2025.

On June 11, 2025, the Company received a notice
from Nasdaq confirming that the Company has demonstrated compliance with the MVLS Rule for continued listing on The Nasdaq Capital Market.
Consequently, the Company’s ADSs continue to be listed and traded on The Nasdaq Capital Market. We cannot guarantee that we will
maintain compliance with the MVLS Rule for continued listing on The Nasdaq Capital Market, and if we are delisted from NASDAQ, trading
in our ADSs would be conducted on a market where an investor would likely find it significantly more difficult to dispose of, or to obtain
accurate quotations as to the value of, our ADSs.

Your rights to pursue claims against us and the depositary as a holder of ADSs are limited by the terms of the deposit agreement.

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 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.

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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