Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 67

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 67
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| ● | Shares. The depositary                                                                                                                       
 may distribute additional ADSs representing any shares we distribute as a dividend or free distribution. The depositary will only distribute 
 whole ADSs. It will sell shares which would require it to deliver a fraction of an ADS (or ADSs representing those shares) and distribute    
 the net proceeds in the same way as it does with cash. If the depositary does not distribute additional                                      |

ADSs, the outstanding ADSs will also represent the new shares. The depositary may sell a portion of the distributed shares (or ADSs representing those shares) sufficient to pay its fees and expenses in connection with that distribution.

| ● | Rights to purchase additional                                                                                                               
 shares. If we offer holders of our securities any rights to subscribe for additional shares or any other rights, the depositary may         
 (i) exercise those rights on behalf of ADS holders, (ii) distribute those rights to ADS holders or (iii) sell those rights and distribute   
 the net proceeds to ADS holders, in each case after deduction or upon payment of its fees and expenses. To the extent the depositary        
 does not do any of those things, it will allow the rights to lapse. In that case, you will receive no value for them. The depositary        
 will exercise or distribute rights only if we ask it to and provide satisfactory assurances to the depositary that it is legal to do        
 so. If the depositary will exercise rights, it will purchase the securities to which the rights relate and distribute those securities      
 or, in the case of shares, new ADSs representing the new shares, to subscribing ADS holders, but only if ADS holders have paid the exercise 
 price to the depositary. U.S. securities laws may restrict the ability of the depositary to distribute rights or ADSs or other securities   
 issued on exercise of rights to all or certain ADS holders, and the securities distributed may be subject to restrictions on transfer.      |

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| ● | Other Distributions.                                                                                                                       
 The depositary will send to ADS holders anything else we distribute on deposited securities by any means it thinks is legal, fair and      
 practical. If it cannot make the distribution in that way, the depositary has a choice. It may decide to sell what we distributed and      
 distribute the net proceeds, in the same way as it does with cash. Or, it may decide to hold what we distributed, in which case ADSs       
 will also represent the newly distributed property