Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 60

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 60
---
) intends to present a compromise or arrangement to its creditors (or classes thereof) either, pursuant to the Companies Act,
the law of a foreign country or by way of a consensual restructuring. The petition may be presented by a company acting by its directors,
without a resolution of its members or an express power in its articles of association. On hearing such a petition, the Cayman Islands
court may, among other things, make an order appointing a restructuring officer or make any other order as the court thinks fit.

Shareholders’ Suits

In principle, we will normally be the proper plaintiff
and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would
in all likelihood be of persuasive authority in the Cayman Islands, there are exceptions to the foregoing principle, including when:

| ● | a company acts or proposes       
 to act illegally or ultra vires; |

| ● | the act complained of, although                                                                                                
 not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and |

| ● | those who control the company               
 are perpetrating a “fraud on the minority.” |

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Indemnification of Directors and Executive Officers and Limitation of Liability

Cayman Islands law does not limit the extent to
which a company’s memorandum and articles of association may provide for indemnification of officers and directors, except to the
extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification
against civil fraud or the consequences of committing a crime. Our existing memorandum and articles of association permit indemnification
of officers and directors for losses, damages, costs and expenses incurred in their capacities as such unless such losses or damages arise
from dishonesty or fraud which may attach to such directors or officers. This standard of conduct is generally the same as permitted under
the Delaware General Corporation Law for a Delaware corporation. In addition, we have entered into indemnification agreements with our
directors and senior executive officers that provide such persons with additional indemnification beyond that provided in our existing
memorandum and articles of association. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
our directors, officers or persons controlling us under the foregoing provisions, we have been informed that, in the opinion of the SEC,
such indemnification is against public policy as