Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 97

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 97
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 otherwise indicated in the applicable prospectus supplement, any agent is acting
on a best efforts basis for the period of its appointment.

We may sell the securities directly to institutional
investors or others who may be deemed to be underwriters within the meaning of the Securities Act with respect to any sale of those securities.
The terms of any such sales will be described in the applicable prospectus supplement.

Institutional Investors

If indicated in the prospectus supplement, we
will authorize underwriters, dealers or agents to solicit offers from various institutional investors to purchase securities. In this
case, then payment and delivery will be made on a future date that the prospectus supplement specifies. The underwriters, dealers or agents
may impose limitations on the minimum amount that the institutional investor can purchase. They may also impose limitations on the portion
of the aggregate amount of the securities that they may sell. These institutional investors include:

| ● | commercial and savings banks; |

| ● | insurance companies; |

| ● | pension funds; |

| ● | investment companies; |

| ● | educational and charitable 
 institutions; and          |

| ● | other similar institutions 
 as we may approve.         |

The obligations of any of these purchasers pursuant
to delayed delivery and payment arrangements will not be subject to any conditions. However, one exception applies. An institution’s
purchase of the particular securities cannot at the time of delivery be prohibited under the laws of any jurisdiction that governs:

| ● | the validity of the arrangements; 
 or                                |

| ● | the performance by us or the 
 institutional investor.      |

Market Making, Stabilization and Other Transactions

Unless the applicable prospectus supplement states
otherwise, each series of offered securities will be a new issue and will have no established trading market. We may elect to list any
series of offered securities on an exchange. Any underwriters that we use in the sale of offered securities may make a market in such
securities, but may discontinue such market making at any time without notice. Therefore, we cannot assure you that the securities will
have a liquid trading market.

Any underwriter may also engage in
stabilizing transactions, syndicate covering transactions and penalty bids in accordance with Rule 104 under the Exchange Act.
Stabilizing transactions involve bids to purchase the underlying security in the open market for the purpose of pegging, fixing or
maintaining the price of the securities. Syndicate covering transactions involve purchases of the securities in the open market
after the distribution has been