Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 148

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 10
Chunk 148
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Alpha Mind Equity Acquisition Agreement.
On November 22, 2023, we entered into an equity acquisition agreement with Alpha Mind and Alpha Mind’s shareholders to acquire all
the issued and outstanding shares in Alpha Mind for an aggregate purchase price of US$180,000,000 or RMB equivalent. After the completion
of this acquisition on December 29, 2023, Alpha Mind became a wholly-owned subsidiary of the Company. At Closing, we delivered to the
sellers the Notes in an aggregate amount equal to the purchase price. The Notes have a maturity of 90 days from the closing date, which
was subsequently extended to June 30, 2025, and are secured by all of the issued and outstanding equity of Alpha Mind and all of the assets
of Alpha Mind and its subsidiaries. This agreement contains representations, warranties, covenants and closing conditions of each of the
parties thereto that are customary for transactions of this type.

Securities Purchase Agreement. On September 24, 2024, we entered into a Securities Purchase Agreement
(the “ Purchase Agreement”) with VG Master Fund SPC (“ VG”). Upon the terms and subject to the satisfaction of the
conditions contained in the Purchase Agreement, the Company will have the right, in its sole discretion, from time to time during the
term of the Purchase Agreement, to require VG to purchase up to an aggregate of $25,000,000 of the Company’s Class A Ordinary Shares,
par value $0.0000001 per share, represented by ADSs, each ADS representing 600,000 Class A ordinary shares, subject to certain limitations
set forth in the Purchase Agreement. Sales of the ADSs by the Company to VG under the Purchase Agreement, and the timing of any such sales,
are solely at the Company’s option, and the Company is under no obligation to sell any securities to VG under the Purchase Agreement.

Other than the above, we have not entered into
any material contracts other than in the ordinary course of business and other than those described in “ Item 4. Information on the
Company,” “ Item 7. Major Shareholders and Related Party Transactions - B. Related Party Transactions,” or elsewhere
in this annual report on Form 20-F.

  Exchange Controls  
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See “ Item 4. Information on the Company - B.
Business Overview - Regulations - Regulations Relating to Foreign Exchange.”

  Taxation  
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The following summary of the material Cayman