Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 84

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 84
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 Holders of ADSs

The deposit agreement expressly limits our obligations
and the obligations of the depositary. It also limits our liability and the liability of the depositary. We and the depositary:

| ● | are only obligated to take                                                                                                              
 the actions specifically set forth in the deposit agreement without negligence or bad faith, and the depositary will not be a fiduciary 
 or have any fiduciary duty to holders of ADSs;                                                                                          |

| ● | are not liable if we are or                                                                                                            
 it is prevented or delayed by law or by events or circumstances beyond our or its control from performing our or its obligations under 
 the deposit agreement;                                                                                                                 |

| ● | are not liable if we or it                                  
 exercises discretion permitted under the deposit agreement; |

| ● | are not liable for the inability                                                                                                            
 of any holder of ADSs to benefit from any distribution on deposited securities that is not made available to holders of ADSs under the      
 terms of the deposit agreement, or for any special, consequential or punitive damages for any breach of the terms of the deposit agreement; |

| ● | have no obligation to become                                                                                                            
 involved in a lawsuit or other proceeding related to the ADSs or the deposit agreement on your behalf or on behalf of any other person; |

| ● | may rely upon any documents                                                                                      
 we believe or it believes in good faith to be genuine and to have been signed or presented by the proper person; |

| ● | are not liable for the acts                                                          
 or omissions of any securities depository, clearing agency or settlement system; and |

| ● | the depositary has no duty                                                                                                              
 to make any determination or provide any information as to our tax status. Neither the depositary nor we have any liability for any tax 
 consequences that may be incurred by ADS holders as a result of owning or holding ADSs or be liable for the inability or failure of an  
 ADS holder to obtain the benefit of a foreign tax credit, reduced rate of withholding or refund of amounts withheld in respect of tax   
 or any other tax benefit.                                                                                                               |

In the deposit agreement, we and the depositary
agree to indemnify each other under certain circumstances.

Requirements for Depositary Actions

Before the depositary will deliver or register
a transfer of ADSs, make a distribution on ADSs, or permit withdrawal of shares, the depositary may require:

| ● | payment of stock transfer or                                                                                                           
 other taxes or other governmental charges and transfer or registration fees charged by