Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 69

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 69
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You may surrender your ADR to the depositary for
the purpose of exchanging your ADR for uncertificated ADSs. The depositary will cancel that ADR and will send to the ADS holder a statement
confirming that the ADS holder is the registered holder of uncertificated ADSs. Upon receipt by the depositary of a proper instruction
from a registered holder of uncertificated ADSs requesting the exchange of uncertificated ADSs for certificated ADSs, the depositary will
execute and deliver to the ADS holder an ADR evidencing those ADSs.

Voting Rights

How do you vote?

ADS holders may instruct the depositary how to
vote the number of deposited shares their ADSs represent. If we request the depositary to solicit your voting instructions (and we are
not required to do so), the depositary will notify you of a shareholders’ meeting and send or make voting materials available to
you. Those materials will describe the matters to be voted on and explain how ADS holders may instruct the depositary how to vote. For
instructions to be valid, they must reach the depositary by a date set by the depositary. The depositary will try, as far as practical,
subject to the laws of the Cayman Islands and the provisions of our existing memorandum and articles of association or similar documents,
to vote or to have its agents vote the shares or other deposited securities as instructed by ADS holders. If we do not request the depositary
to solicit your voting instructions, you can still send voting instructions, and, in that case, the depositary may try to vote as you
instruct, but it is not required to do so.

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Except by instructing the depositary as described
above, you won’t be able to exercise voting rights unless you surrender your ADSs and withdraw the shares. However, you may not
know about the meeting enough in advance to withdraw the shares. In any event, the depositary will not exercise any discretion in voting
deposited securities and it will only vote or attempt to vote as instructed.

We cannot assure you that you will receive the
voting materials in time to ensure that you can instruct the depositary to vote your shares. In addition, the depositary and its agents
are not responsible for failing to carry out voting instructions or for the manner of carrying out voting instructions. This means that
you may not be able to exercise voting rights and there may be