Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 34

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 34
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 headings. For detailed discussions, see “Risk Factors” in this prospectus and “Item 3. Key Information—D. Risk Factors” in our Form 20-F for FY 2024, which is incorporated by reference in this prospectus. For a detailed discussion of the foregoing risks, see “Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry” beginning on page 15 of our Form 20-F for FY 2021, which is incorporated herein by reference. Risks Related to Our Corporate Structure We and the VIE entities face risks and uncertainties related to the former corporate structure, including, but not limited to, the following:

| ● | If the PRC government determines                                                                                                               
 that the contractual arrangements with the VIE entities did not comply with PRC regulations, or if these regulations change or are interpreted 
 differently in the future, our shares and/or ADSs may decline in value if we are deemed to be unable to assert our contractual control         
 rights over the assets of the VIE entities. For more details, see “Risk Factors—Risks Related to Our Corporate Structure—If                    
 the PRC government determines that the contractual arrangements with the VIE entities did not comply with PRC regulations, or if these         
 regulations change or are interpreted differently in the future, our shares and/or ADSs may decline in value if we are deemed to be unable     
 to assert our contractual control rights over the assets of the VIE entities” beginning on page 19 of this prospectus.                         |

Risks Related to Doing Business in the PRC We are not an operating company but a Cayman Islands holding company with operations conducted by our subsidiaries in China. Investors in our securities have purchased securities of a holding company incorporated in the Cayman Islands. We face risks and uncertainties related to doing business in China in general, including, but not limited to, the following:

| ● | Changes in China’s economic,                                                                                                          
 political or social conditions or government policies could 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—Changes                       
 in China’s economic, political or social conditions or government policies could have a material adverse effect on our business       
 and results of operations” beginning on page 43 of our Form 20-F for FY 2024, which is incorporated herein by reference.              |

| ● | The P