Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 65

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 65
---
 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.

<div align='center'>34

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 Hongkong 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