Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 189

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 19
Chunk 189
---
                                                      —                                  ( 92           ( 13      
  Supplemental                                                                                                                                                                            
  Acquisition                                                                                                                 —                                  1,263,168      180,000   
  Notes                                                                                                                       —                                  ( 191,875      ( 27,342  
  Convertible                                                                                                                 ( 333,679                          —              —         
  Short-term                                                                                                                  ( 217,477                          ( 25,254       ( 3,599   
  Short-term                                                                                                                  ( 6,497                            —              —         

Reconciliation
of cash, cash equivalents and restricted cash to the consolidated balance sheets:

                                 As                                                                   
                                 of September 30,                                                     
                                 2023                           2024                                  
                                 RMB                            RMB                   USD             
 ──────────────────────────────────────────────────────────────────────────────────────────────────────
  Cash and cash equivalents                            286                 8,085               1,152  
  Restricted cash - non                                —                   5,000                 712  
  Total                                                286                13,085               1,864  

The
accompanying notes are an integral part of these consolidated financial statements.

F-8

XChange
TEC. INC

(formerly
known as “ FLJ GROUP LIMITED”)

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

(Renminbi
and USD in thousands, except for share data and per share data, unless otherwise stated)

  ORGANIZATION              

XChange TEC. INC
(formerly known as “ FLJ Group Limited”) (the “ Company” or “ XHG”) conducts its insurance agency and
insurance technology businesses in the People’s Republic of China (the “ PRC”) since its acquisition of Alpha Mind Technology
Limited (“ Alpha Mind”) on December 28, 2023. Alpha Mind conducts its insurance agency and insurance technology businesses
through its indirectly wholly-owned subsidiary, Jiachuang Yingan (Beijing) Information & Technology Co., Ltd. (the “ WFOE”)
and the WFOE’s consolidated variable interest entities, namely Huaming Insurance Agency Co., Ltd. (“ Huaming Insurance”)
and Huaming Yunbao (Tianjin) Technology Co., Ltd. (“ Huaming Yunbao”, together with Huaming Insurance, the “ VIEs”).
On May 21, 2024, the Company changed its name from “ FLJ Group Limited” to “ XChange TEC. INC”, and the Company