Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 211

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 19
Chunk 211
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 of a component of an entity or a group of components of an entity
is required to be reported as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect
on an entity’s operations and financial results when the components of an entity meets the criteria in paragraph 205-20-45-1E to
be classified as held for sale. When all of the criteria to be classified as held for sale are met, including management, having the authority
to approve the action, commits to a plan to sell the entity, the major current assets, other assets, current liabilities, and noncurrent
liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations.
At the same time, the results of all discontinued operations, less applicable income taxes (benefit), shall be reported as components
of net income (loss) separate from the net income (loss) of continuing operations in accordance with ASC 205-20-45.

F-20

The following is a reconciliation of the amounts of major classes of
assets and liabilities classified as assets of discontinued operations and liabilities of discontinued operations in the consolidated
balance sheets as of September 30, 2023:

                                                               As of  
                                                                 RMB  
  Current assets of discontinued operations                           
  Cash, cash equivalents and restricted cash                     815  
  Accounts receivable, net                                     2,409  
  Amounts due from related parties                               286  
  Other current assets                                        64,506  
  Property and equipment, net                                    183  
  Other assets                                                 9,590  
  Total current assets of discontinued operations             77,789  
  Accounts payable                                           157,613  
  Amounts due to related parties                                 951  
  Deferred revenue                                            99,230  
  Short-term debt                                            103,552  
  Rental instalment loans                                     15,756  
  Deposits from tenants                                       29,723  
  Accrued expenses and other current liabilities             102,608  
  Total liabilities of discontinued operations               509,433  

The following is a reconciliation of the amounts of major classes of
income from operations classified as discontinued operations in the consolidated statements of comprehensive income (loss) for the years
ended September 30, 2022, 2023 and 2024:

                                                                                                                           For                                          
                                                                                                               the years ended                                          
                                                                                                                 September 30,                                          
                                                                                                                          2022      2023