Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 83

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 83
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 the U.S. over-the-counter market;                                                                                       |

| ● | we delist our shares from an                                                                                                           
 exchange outside the United States on which they were listed and do not list the shares on another exchange outside the United States; |

| ● | the depositary has reason to                                                                                            
 believe the ADSs have become, or will become, ineligible for registration on Form F-6 under the Securities Act of 1933; |

| ● | we appear to be insolvent or  
 enter insolvency proceedings; |

| ● | all or substantially all the                                                                        
 value of the deposited securities has been distributed either in cash or in the form of securities; |

| ● | there are no deposited securities                                                               
 underlying the ADSs or the underlying deposited securities have become apparently worthless; or |

| ● | there has been a replacement 
 of deposited securities.     |

If the deposit agreement will terminate, the depositary
will notify ADS holders at least 90 days before the termination date. At any time after the termination date, the depositary may sell
the deposited securities. After that, the depositary will hold the money it received on the sale, as well as any other cash it is holding
under the deposit agreement, unsegregated and without liability for interest, for the pro rata benefit of the ADS holders that have not
surrendered their ADSs. Normally, the depositary will sell as soon as practicable after the termination date.

After the termination date and before the depositary
sells, ADS holders can still surrender their ADSs and receive delivery of deposited securities, except that the depositary may refuse
to accept a surrender for the purpose of withdrawing deposited securities or reverse previously accepted surrenders of that kind that
have not settled if it would interfere with the selling process. The depositary may refuse to accept a surrender for the purpose of withdrawing
sale proceeds until all the deposited securities have been sold. The depositary will continue to collect distributions on deposited securities,
but, after the termination date, the depositary is not required to register any transfer of ADSs or distribute any dividends or other
distributions on deposited securities to the ADSs holder (until they surrender their ADSs) or give any notices or perform any other duties
under the deposit agreement except as described in this paragraph.

<div align='center'>42</div>

Limitations on Obligations and Liability

Limits on our Obligations and the Obligations of the Depositary; Limits on Liability to