Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 184

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 19
Chunk 184
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1, accordingly, we do not express an
opinion or any other form of assurance about whether such retrospective adjustments are appropriate and have been properly applied. Those
adjustments were audited by other auditors.

Explanatory
Paragraph - Going Concern

The accompanying
consolidated financial statements have been prepared assuming that the Group will continue as a going concern. As more fully described
in Note 2, the Group has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds
to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Group’s ability to continue
as a going concern. Management’s plans in regard to these matters are also described in Note 2. The consolidated financial statements
do not include any adjustments that might result from the outcome of this uncertainty.

Basis
for Opinion

These
financial statements are the responsibility of the Group’s management. Our responsibility is to express an opinion on the Group’s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (“ PCAOB”) and are required to be independent with respect to the Group in accordance with the U. S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted
our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Group is not required
to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required
to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness
of the Group’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits
included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,
and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a
reasonable basis for our opinion.

/s/ Marcum
Asia CPAs LLP

Marcum Asia
CPAs LLP