Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 74

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 74
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 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. In addition,
there are no provisions in our existing memorandum and articles of association governing the ownership threshold above which shareholder
ownership must be disclosed.

Directors’ Power to Issue Shares

Subject to applicable law, our board of directors
is empowered to issue or allot shares or grant options and warrants with or without preferred, deferred, qualified or other special rights
or restrictions.

Limitations or Qualifications

We have a dual-class voting structure such that
our ordinary shares consist of Class A ordinary shares and Class B ordinary shares. Holders of Class A ordinary shares are entitled to
one vote per share in respect of matters requiring the votes of shareholders, while holders of Class B ordinary shares are entitled to
ten (10) votes per share, subject to certain exceptions. Due to the super voting power of Class B ordinary share holder, the voting power
of the Class A ordinary shares may be materially limited.

Preemptive Rights

Our shareholders do not have preemptive rights.

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DESCRIPTION OF AMERICAN DEPOSITARY SHARES</div>

The Bank of New York Mellon, as depositary, registers
and delivers ADSs. Each ADS represents 2,400 Class A ordinary shares (or a right to receive 2,400 Class A ordinary shares) deposited with
The Hong