Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 213

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 19
Chunk 213
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,                      
                                                2023      2024            
  Opening balance                                                      —  
 ──────────────────────────────────────────────────────────────────────────
  Acquisition of Alpha Mind                                          277  
  Recovery                                                          ( 86  
  Ending balance                                                     191  

  Short Term Debt  
 ───────────────────

The short-term debt was as follows:

                       As of September 30,                                    
                                      2023                  2024              
 ──────────────────────────────────────────────────────────────────────────────
  Short-term debt                               44,432                32,070  

For the years ended September 30, 2023 and 2024, the Group
entered into loan agreements with certain third party entities, pursuant to which the Group borrowed RMB37,887and RMB13,081,
equivalent to $5,190and equivalent to $1,864, respectively. The loans bear interest rate of3.85% per annum and were matured
through July 2025.

F-23

  CONTINGENT LIABILITIES FOR PAYABLE FOR ASSET ACQUISITION  

On July 22, 2020, the Group entered into a series of asset
purchase agreements with Great Alliance Coliving Limited. and its affiliates (“ Beautiful House” or the
“ Sellers”) to acquire assets, including approximately72,000apartment rental contracts with leasehold improvements
attached toit, and trademarks of Beautiful House. In addition, the Group also assumed liabilities of RMB349,665associated with
acquired assets. The consideration was comprised of cash of $29,000(approximately RMB205,306) and12,858,939,200shares of the
Group’s Class A ordinary shares with total value of $42,673(approximately RMB289,733), reflecting discount for lack of
marketability. The number of shares to be issued is determined based on the total share consideration amount agreed and average
closing price of the Group’s ADS of 90 days prior to the execution of the asset purchase agreements. The shares are payable in
three instalments of30%,40% and30% with lockup periods expiring on June 30, 2021, 2022 and 2023, respectively. As of September
30, 2020, the Group made a cash payment of $5,800(equivalent of RMB39,498). There were no material direct transaction costs
related to the transaction. The remaining cash consideration payable