Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 101

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 4
Chunk 101
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 to the Domain Name
Measures, domain name owners are required to register their domain names and the MIIT is in charge of the administration of PRC Internet
domain names. The domain name services follow a “first come, first file” principle. Applicants for registration of domain
names shall provide their true, accurate and complete information of such domain names to and enter into registration agreements with
domain name registration service institutions. The applicants will become the holders of such domain names upon the completion of the
registration procedure.

Regulations Relating to Foreign Exchange

General Administration of Foreign Exchange

Foreign currency exchange in China is primarily
governed by the Foreign Exchange Control Regulations of the PRC, or the Foreign Exchange Administration Rules, promulgated by the State
Council on January 29, 1996 and last amended on August 5, 2008, and various regulations issued by the State Administration of Foreign
Exchange, or the SAFE and other relevant PRC government authorities. Under the Foreign Exchange Administration Rules, the RMB is freely
convertible into other currencies for routine current account items, including distribution of dividends, payment of interest, trade
and service related foreign exchange transactions. The conversion of RMB into other currencies for most capital account items, such as
direct equity investment, overseas loan, and repatriation of investment, however, is still regulated. Payments for transactions that
take place within the PRC must be made in RMB. Unless otherwise approved, PRC companies may repatriate foreign currency payments received
from abroad or retain the same abroad. Foreign-invested enterprises may retain foreign exchange in accounts with designated foreign exchange
banks under the current account items subject to a cap set by the SAFE or its local office. Foreign exchange proceeds under the current
accounts may be either retained or sold to a financial institution engaging in settlement and sale of foreign exchange pursuant to relevant
rules and regulations of the State. For foreign exchange proceeds under the capital accounts, approval from the SAFE is required for
its retention or sale to a financial institution engaging in settlement and sale of foreign exchange, except where such approval is not
required under the relevant rules and regulations of the PRC.

Pursuant to the Notice of the SAFE on Further
Improving and Adjusting Foreign Exchange Administration Policies for Direct Investment, or the SAFE Notice No. 59, as promulgated by
SAFE on November 19, 2012 and further amended on May 4, 2015 and October 10, 201