Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 64

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 64
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 company and its significant shareholders, it does provide that such transactions
must be entered into bona fide in the best interests of the company and for a proper corporate purpose and not with the effect of constituting
a fraud on the minority shareholders.

Dissolution; Winding Up

Under the Delaware General Corporation Law, unless
the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting
power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the
corporation’s outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority
voting requirement in connection with dissolutions initiated by the board. Under Cayman Islands law, a company may be wound up by either
an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts,
by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including
where it is, in the opinion of the court, just and equitable to do so. Under the Companies Act and our existing articles of association,
our company may be dissolved, liquidated or wound up by a special resolution of shareholders.

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Variation of Rights of Shares

Under the Delaware General Corporation Law, a
corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the
certificate of incorporation provides otherwise. Under Cayman Islands law and our existing articles of association, if our share capital
is divided into more than one class of shares, we may vary the rights attached to any class only with the sanction of a special resolution
passed at a general meeting of the holders of the shares of that class.

Amendment of Governing Documents

Under the Delaware General Corporation Law, a
corporation’s governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless
the certificate of incorporation provides otherwise. As permitted by Cayman Islands law, our existing memorandum of association and articles
of association may only be amended by a special resolution of shareholders.

Rights of Non-Resident or Foreign Shareholders

There are no limitations imposed by our existing
articles of association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares.