Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 42

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 42
---
RC—The PRC government may exert, at any time, substantial intervention and influence over the                
 manner of our operations, and the rules and regulations to which we are subject, including the ways they are enforced, may change rapidly      
 and with little advance notice to us or our shareholders. Any such actions by the Chinese government, including any decision to intervene      
 or influence the operations of our subsidiaries in China or to exert control over any offering of securities conducted overseas and/or         
 foreign investment in China-based issuers, may cause us to make material changes to our operations in China, may limit or completely           
 hinder our ability to offer or continue to offer securities to investors, and may cause the value of such securities to significantly          
 decline or be worthless” beginning on page 23 of this prospectus.                                                                              |

| ● | Uncertainties in the interpretation                                                                                                      
 and enforcement of PRC laws and regulations could limit the legal protections available to us. For more details, see “Risk Factors—Risks 
 Related to Doing Business in the PRC—Uncertainties in the interpretation and enforcement of PRC laws and regulations could limit         
 the legal protections available to us” beginning on page 26 of this prospectus.                                                          |

<div align='center'>19</div>

| ● | Substantial uncertainties exist                                                                                                             
 with respect to the interpretation and implementation of the PRC Foreign Investment Law and how it may impact the viability of our current  
 corporate structure, corporate governance and business operations. For more details, see “Item 3. Key Information—D. Risk                   
 Factors—Risks Related to Doing Business in China—Substantial uncertainties exist with respect to the interpretation and implementation      
 of the PRC Foreign Investment Law and how it may impact the viability of our current corporate structure, corporate governance and business 
 operations” beginning on page 23 of our Form 20-F for FY 2024, which is incorporated herein by reference.                                   |

| ● | We may be adversely affected                                                                                                            
 by the complexity, uncertainties and changes in PRC regulation of internet-related businesses and companies, and any lack of requisite  
 approvals, licenses or permits applicable to our business may have a material adverse effect on our business and results of operations. 
 For more details, see “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—We may                          
 be adversely affected by the complexity, uncertainties and changes in PRC regulation of internet-related businesses and companies, and  
 any lack of requisite approvals, licenses