Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 85

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 85
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 third parties for the transfer of any shares or 
 other deposited securities;                                                                                                            |

| ● | satisfactory proof of the identity                                            
 and genuineness of any signature or other information it deems necessary; and |

| ● | compliance with regulations                                                                                               
 it may establish, from time to time, consistent with the deposit agreement, including presentation of transfer documents. |

The depositary may refuse to deliver ADSs or register
transfers of ADSs when the transfer books of the depositary or our transfer books are closed or at any time if the depositary or we think
it advisable to do so.

Your Right to Receive the Shares Underlying Your ADSs

ADS holders have the right to cancel their ADSs
and withdraw the underlying shares at any time except:

| ● | when temporary delays arise                                                                                                            
 because: (i) the depositary has closed its transfer books or we have closed our transfer books; (ii) the transfer of shares is blocked 
 to permit voting at a shareholders’ meeting; or (iii) we are paying a dividend on our shares;                                          |

| ● | when you owe money to pay fees, 
 taxes and similar charges; or   |

| ● | when it is necessary to prohibit                                                                                                              
 withdrawals in order to comply with any laws or governmental regulations that apply to ADSs or to the withdrawal of shares or other deposited 
 securities.                                                                                                                                   |

This right of withdrawal may not be limited by
any other provision of the deposit agreement.

<div align='center'>43</div>

Direct Registration System

In the deposit agreement, all parties to the deposit
agreement acknowledge that the Direct Registration System, also referred to as DRS, and Profile Modification System, also referred to
as Profile, will apply to the ADSs. DRS is a system administered by DTC that facilitates interchange between registered holding of uncertificated
ADSs and holding of security entitlements in ADSs through DTC and a DTC participant. Profile is a feature of DRS that allows a DTC participant,
claiming to act on behalf of a registered holder of uncertificated ADSs, to direct the depositary to register a transfer of those ADSs
to DTC or its nominee and to deliver those ADSs to the DTC account of that DTC participant without receipt by the depositary of prior
authorization from the ADS holder to register that transfer.

In connection with and in accordance with the
arrangements and procedures relating to DRS/Profile, the parties to the deposit agreement