Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 75

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 4
Chunk 75
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ITEM 4. INFORMATION ON THE COMPANY

A. History and Development of the Company

We began our operation through Qingke Fashion
Life Service Co., Ltd., or Q& K Fashion, which was established on November 8, 2007 by certain individuals related to our founder and
former chief executive officer, Mr. Guangjie Jin, who transferred all voting rights to Mr. Guangjie Jin by proxy agreements. We substantially
commenced our apartment rental business in 2012. During the period from 2007 to 2014, Q& K Fashion undertook several rounds of equity
financing in the PRC. Mr. Guangjie Jin held more than 50% controlling interests over Q& K Fashion since the date of its incorporation.

On August 2, 2013, Q& K Fashion incorporated
Shanghai Qingke E commerce Co., Ltd, or Q& K E-commerce. On March 17, 2015, Q& K E-commerce incorporated Shanghai Qingke Equipment
Rental Co., Ltd., or Q& K Equipment Rental. From 2013 to 2015, Q& K Fashion transferred all of its shareholding over Q& K E-commerce
to several investors and our founder and former chief executive officer, Mr. Guangjie Jin, allowing the latter to obtain control through
majority equity ownership.

To facilitate financing and offshore listing,
we underwent a series of reorganization, or the Reorganization as follows. We incorporated Q& K International Group Limited in the
Cayman Islands as our offshore holding company in August 2014.

On November 5, 2019, our ADSs commenced trading
on the Nasdaq under the symbol “ QK.” We raised from our initial public offering, after underwriters exercised their over-allotment
option in full, approximately US$44.5 million in net proceeds after deducting underwriting discounts and commissions and estimated offering
expenses payable by us.

We changed our company name from “ Q& K
International Group Limited” to “ FLJ Group Limited”, effective on September 13, 2022. In addition, our ADSs began trading
under the new ticker symbol “ FLJ” on the NASDAQ effective on September 26, 2022.

On September 18, 2023, our authorized share capital
was changed to US$1,000,000 divided into 10,000,000,000,000 shares of a nominal or par value of US$0.000