Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 15

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 15
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 September 30, 2023 and 2024, respectively. Net cash used in operating activities from continuing operations were RMB 7.1
million, RMB 22.2 million and RMB 9.0 million for FY 2022, FY 2023 and FY2024, respectively. As of September 30, 2023 and 2024, our current
liabilities exceeded current assets by RMB 643.4 million and RMB 1,271.2 million, respectively. These factors had raised substantial doubt
about our ability to continue as a going concern. Haoju holds substantially all of the equity interest of our subsidiaries in the PRC,
through which we carried out long-term apartment rental business (the “Disposed Business”). The Disposed Business contributed
substantially all revenue and held substantially all of our assets prior to the Disposal. The Disposal was consummated on October 31,
2023.

On November 22, 2023, we entered into an equity
acquisition agreement with Alpha Mind, an insurance agency and insurance technology business in the PRC, and Alpha Mind’s then shareholders
to acquire all of the issued and outstanding shares in Alpha Mind for an aggregate purchase price of US$180,000,000 (the “Acquisition”).
The purchase price is payable in the form of promissory note (collectively, the “Notes”). The Notes have a maturity of 90
days from the closing date, which was subsequently extended to June 30, 2025, an interest rate at an annual rate to 3% per annum and will
be secured by all of the issued and outstanding equity of the Alpha Mind and all of the assets of the Alpha Mind, including its consolidated
entities.

We changed our corporate name from “FLJ
Group Limited” to “XChange TEC.INC”, effective on May 21, 2024. In addition, our ADSs began trading under the new ticker
symbol “XHG” on the NASDAQ effective on June 3, 2024.

On September 12, 2024, we sold all of the equity
interest in QK365, FENGLINJU PROPERTY (CHINA) LIMITED and Shanghai Meileju Intelligent Technology Co., Ltd to Wangxiancai Limited, a limited
company incorporated under the laws of Hong Kong for nominal consideration. As a result of the Disposal, we have no longer conducted the
long-term