Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 226

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 19
Chunk 226
---
─────────────────────────────────────────────────────────────────────────────────────────
  Key Space (S) Pte Ltd (“ Key Space”)      An entity controlled by certain shareholders of the Group                                                                                                                                             
  Mr. Qu Chengcai                           Chief Executive Officer. Mr. Qu resigned on October 17, 2024 and Mr. Qu was no longer a related party of the Group since then.                                                                        
  Mr. Sun Zhichen                           Chief Executive Officer from January·2025, former Chief Financial Officer till October 17.2024.                                                                                                       
  Mr. Zhang Yong                            Chief Executive Officer. Mr. Zhang was appointed as CEO on October 17, 2024, and resigned on January 2025                                                                                             

  Transactions          

As stated in Note 1, on October 31, 2023 and September 12, 2024, the
Group transferred the equity interest in the Q& K HK and QK365, FENGLINJU PROPERTY (CHINA) LIMITED and Shanghai Meileju Intelligent
Technology Co., Ltd, respectively, to Wangxiancai Limited for nominal consideration.

As stated in Note 12, the Group issued72million and43.18million
stock options to Mr. Qu and Mr. Sun, respectively. (See Note 12 - Share based compensation)

  Balances with related parties  

As of September 30, 2023 and 2024, amounts due to related parties were
RMB4,495and RMB4,324, respectively. The balance due to related parties represented borrowings from Key Space which were due within
12 months from borrowing. Details are as follows:

                 As of September 30,                                  
                                2023                 2024             
 ──────────────────────────────────────────────────────────────────────
  Key Space                               4,495                4,324  
                                          4,495                4,324  

F-31

  18.      COMMITMENTS AND CONTINGENCIES  
 ──────────────────────────────────────────

Operating
Lease Commitment

The
Company leases office space under non-cancelable operating lease agreements, which end at various dates in 2024 and
2028. As of September 30, 2024, the Company’s operating leases had a weighted average remaining lease term
of 3.4 3.70 Future lease payments under operating leases as of
September 30, 2024 were as follows:

  2025