Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 212

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 19
Chunk 212
---
, at a total consideration of $180,000(equivalent to RMB1,299,654). The
purchase price is payable in the form of promissory note. The Notes have a maturity of90days from the closing date, an interest
rate at an annual rate to3% per annum and will be secured by all of the issued and outstanding equity of Alpha Mind and all of the
assets of Alpha Mind, including its consolidated entities. On December 28, 2023, the Company issued Notes of $153,000(equivalent to
RMB1,104,706) and $27,000(equivalent to RMB194,948), respectively, to MMTEC, Inc. and Burgeon Capital, Inc. On June 6, 2024, the
Company and Burgeon Capital Inc agreed to settle all outstanding principal amount and accrued interest under the Note with a total
amount of US$27,342by issuance of Class A ordinary shares. In December 31, 2024, the Company and MMTEC agreed to extend the
maturity date of the Notes to June 30, 2025.

The Company has allocated the purchase price of Alpha Mind based upon
the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values
of the assets acquired and liabilities assumed at the acquisition date in accordance with the business combination standard issued by
FASB. The Company used carrying amount of assets and liabilities as fair value, which approximate the fair value. Acquisition-related
costs incurred for the acquisitions are not material and have been expensed as incurred in other operating expenses. The following table
summarizes the estimated fair values of the identifiable assets acquired at the acquisition date, which represents the net purchase price
allocation at the date of the acquisition of Alpha Mind based on a valuation performed by an independent valuation firm engaged by the
Company.

                                       December 28,                 
                                       RMB                          
  Net tangible assets (1)                                   15,436  
  Goodwill (2)                                           1,284,218  
  Total purchase consideration(3)                        1,299,654  

  (1)      The                                                                                                                                          

                                                      As of                     
                                                      RMB                       
  ASSETS                                                                        
  Current assets                                                                
  Cash, cash equivalents                                                 5,868  
  Short-term investment                                                  1,616  
  Accounts receivable, net                                              19,260