Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 75

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 75
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kong and Shanghai Banking Corporation Limited, as custodian for the depositary in Hong Kong. Each ADS also represents any other
securities, cash or other property which may be held by the depositary. The deposited shares together with any other securities, cash
or other property held by the depositary are referred to as the deposited securities. The depositary’s office at which the ADSs
are administered and its principal executive office are located at 240 Greenwich Street, New York, New York 10286.

You may hold ADSs either (A) directly (i) by having
an American depositary receipt, also referred to as an ADR, which is a certificate evidencing a specific number of ADSs, registered in
your name, or (ii) by having uncertificated ADSs registered in your name, or (B) indirectly by holding a security entitlement in ADSs
through your broker or other financial institution that is a direct or indirect participant in The Depository Trust Company, also called
DTC. If you hold ADSs directly, you are a registered ADS holder, also referred to as an ADS holder. This description assumes you are an
ADS holder. If you hold the ADSs indirectly, you must rely on the procedures of your broker or other financial institution to assert the
rights of ADS holders described in this section. You should consult with your broker or financial institution to find out what those procedures
are.

Registered holders of uncertificated ADSs receive
statements from the depositary confirming their holdings.

As an ADS holder, we do not treat you as one of
our shareholders and you do not have shareholder rights. Cayman Islands law governs shareholder rights. The depositary is the holder of
the shares underlying your ADSs. As a registered holder of ADSs, you have ADS holder rights. A deposit agreement among us, the depositary,
ADS holders and all other persons indirectly or beneficially holding ADSs sets out ADS holder rights as well as the rights and obligations
of the depositary. New York law governs the deposit agreement and the ADSs.

The following is a summary of the material provisions
of the deposit agreement. For more complete information, you should read the entire deposit agreement and the form of ADR.

Dividends and Other Distributions

How will you receive dividends and other distributions on the shares?

The depositary has agreed to pay or distribute
to ADS holders the cash dividends or other distributions it or the custodian receives on shares or other