Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 84

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 4
Chunk 84
---
 both parties involved.
The agreements further specify the duration of the cooperation and any provisions for renewal or termination, ensuring flexibility to
accommodate parties’ business needs.

Our in-house sales team
is responsible for promoting and selling the insurance products directly to customers. Our in-house sales team establishes close relationships
with customers, providing personalized guidance and support throughout the sales process. We continuously equip our sales team with latest
industry knowledge and sales techniques, ensuring they are capable to meet the evolving needs and preferences of our customers.

Our Business Partners

We cooperate with a
variety of business partners in conducting our businesses, including customers and suppliers in our insurance agency business.

Our customers for the
insurance agency business are major insurance companies in China, which we consider as our insurance company partners. As of September
30, 2024, we had established business relationships with 56 insurance companies. These companies include industry leading and/or state-owned
property and casualty insurance companies as well as certain regional property and casualty insurance companies in China.

We conduct regular visits
to, and organize periodic marketing events for insurance companies, including their headquarters and their branches in different regions,
to promote our insurance agency services and introduce our business model and the functionalities of our SaaS platform, particularly
on how they facilitate end consumers reach, user experience and transaction efficiency. Our senior management and marketing department
at headquarters maintain close communications with the headquarters of major insurance companies. We also invite insurance companies
to visit our headquarters and branches to demonstrate our business operations, flows and strengths.

Our suppliers primarily
include external referral sources which we consider as our distribution channel partners. As of September 30, 2024, we had established
business relationships with 102 distribution channel partners.

We engage external referral
sources in different geographic locations of various types of businesses. We select our external referral sources based on various criteria,
including their reputation, consumer flows, industry experience, operational track record and previous relationship with us. We require
our external referral sources to obtain necessary licenses and certificates required to conduct their relevant business. See “ - B.
Business Overview - Our Referral System” for more details.

Our End Customers

We sell the insurance
products primarily to individual end consumers. We are not a party to the insurance policies underwritten by insurance companies, and
generally do not enter into any agreements with our end consumers. We actively promote insurance products we carry to end consumers.
Through our marketing network, we contact potential end consumers with our target demographics on a regular basis. We also keep