Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 4

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 4
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bao (Tianjin) Technology Co., Ltd. (“Huaming Yunbao, together with Huaming Insurance, the “Current
VIEs”), respectively. Via such contractual arrangements (the “VIE Structure”), we are regarded as the primary beneficiary
of the Current VIEs and consolidate the financial results of the Current VIEs under U.S. GAAP. The VIE structure is not equivalent of
an investment in the equity interest of the Current VIEs. For more detailed discussion of how cash is transferred between our subsidiaries,
WFOE and the VIEs, see “Our Company— Cash and Asset Flows Through Our Organization” in this prospectus. As used in this prospectus, unless the context otherwise requires, “we,” “us,” “our company” and “our” refer to XChange TEC.INC and its subsidiaries, except in the context of describing the consolidated financial information, also include the VIEs.

We are exposed to legal and operational risks
associated with our operations in China. The PRC government has significant authority to exert influence on the ability of a company with
operations in China, including us, to conduct its business. Changes in China’s economic, political or social conditions or government
policies could materially and adversely affect our business and results of operations. We are subject to risks due to the uncertainty
of the interpretation and the application of the PRC laws and regulations, including but not limited to the risks of uncertainty about
any future actions of the PRC government on U.S. listed companies. We may also be subject to sanctions imposed by PRC regulatory agencies,
including CSRC, if we fail to comply with their rules and regulations. Any actions by the PRC government to exert more oversight and control
over offerings that are conducted overseas and/or foreign investment in companies having operations in China, including us, could significantly
limit or completely hinder our ability to offer or continue to offer securities to investors, and cause the value of our securities to
significantly decline or become worthless. These China-related risks could result in a material change in our operations and/or the value
of our securities, or could significantly limit or completely hinder our ability to offer securities to investors in the future and cause
the value of such securities to significantly decline or become worthless. See “Our Company—Recent PRC Regulatory Development”
in this prospectus and “Item 3. Key Information—D. Risk Factors – Risks Related to Doing Business in China” in
our