Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 30

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 30
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 listing abroad. Our PRC counsel, Beijing Kingdom Law Firm,
is of the view that because: (i) we are already listed on the Nasdaq Capital Market and do not “seek to list on any other foreign
stock exchange”; (ii) we and the VIEs do not hold personal information on more than one million users; and (iii) data processed
in our business does not have a bearing on national security and thus may not be classified as core or important data by the authorities,
we are not required to apply for a cybersecurity review under the Revised CAC Measures.

On February 17, 2023, the CSRC issued the Trial
Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises and five supporting guidelines,
which became effective on March 31, 2023 (the “Overseas Listing Regulations”). The Overseas Listing Regulations are applicable
to overseas securities offerings and/or listings conducted by issuers who are (i) companies incorporated in the PRC and (ii) companies
incorporated overseas with substantial operations in the PRC. The Overseas Listing Regulations stipulate that such issuer shall fulfill
the filing procedures within three working days after it makes an application for initial public offering and listing in an overseas stock
market. Among other things, if an overseas listed issuer intends to effect any follow-on offering in an overseas stock market, it should,
through its major operating entity incorporated in the PRC, submit filing materials to the CSRC within three working days after the completion
of the offering. The required filing materials shall include, but not be limited to, (1) filing report and relevant commitment letter
and (2) domestic legal opinions. Any failure of us to fully comply with new regulatory requirements may significantly limit or completely
hinder our ability to offer or continue to offer our securities, cause significant disruption to our business operations, and severely
damage our reputation, which would materially and adversely affect our financial condition and results of operations and cause our securities
to significantly decline in value or become worthless.

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As advised by our PRC legal counsel, Beijing Kingdom
Law Firm, we and the VIEs, (i) are not required to make the filing with the CSRC in connection with the Acquisition since the Acquisition
does not involve any issuance or listing of shares or other equity-based securities of the Company on a stock exchange, which would trigger
the filing requirement with the CSRC, (ii