Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 88

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 88
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Holders of our preferred shares are entitled to
certain rights and subject to certain conditions as set forth in our currently effective memorandum and articles of association and the
Companies Act. See “Description of Share Capital.”

<div align='center'>44

DESCRIPTION OF WARRANTS</div>

We may issue and offer warrants under the material
terms and conditions described in this prospectus and any accompanying prospectus supplement. The accompanying prospectus supplement may
add, update or change the terms and conditions of the warrants as described in this prospectus.

General

We may issue warrants to purchase our ADSs, Class
A ordinary shares, preferred shares or debt securities. Warrants may be issued independently or together with any securities and may be
attached to or separate from those securities. The warrants will be issued under warrant agreements to be entered into between us and
a bank or trust company, as warrant agent, all of which will be described in the prospectus supplement relating to the warrants we are
offering. The warrant agent will act solely as our agent in connection with the warrants and will not have any obligation or relationship
of agency or trust for or with any holders or beneficial owners of warrants.

Equity Warrants

Each equity warrant issued by us will entitle
its holder to purchase the equity securities designated at an exercise price set forth in, or to be determinable as set forth in, the
related prospectus supplement. Equity warrants may be issued separately or together with equity securities.

The equity warrants are to be issued under equity
warrant agreements to be entered into between us and one or more banks or trust companies, as equity warrant agent, as will be set forth
in the applicable prospectus supplement and this prospectus.

The particular terms of the equity warrants, the
equity warrant agreements relating to the equity warrants and the equity warrant certificates representing the equity warrants will be
described in the applicable prospectus supplement, including, as applicable:

| ● | the title of the equity warrants; |

| ● | the offering price; |

| ● | the aggregate amount of equity                                                                           
 warrants and the aggregate amount of equity securities purchasable upon exercise of the equity warrants; |

| ● | the currency or currency units                                           
 in which the offering price, if any, and the exercise price are payable; |

| ● | if applicable, the designation                                                                                                          
 and terms of the equity securities with which the equity warrants are issued, and the amount of equity warrants issued with each equity 
 security;                                                                                                                               |

|