Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 196

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 19
Chunk 196
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,877      8,390  
  LIABILITIES                                                                                     
  Accounts payable                                                             36,797      5,244  
  Taxes payable                                                                 1,457        208  
  Accrued expenses and other current liabilities                                8,625      1,229  
  Operating lease liabilities, current                                            122         17  
  Operating lease liabilities, noncurrent                                         431         61  
  Total liabilities                                                            47,432      6,759  

                          For the years ended September 30,                                                        
                          2022*                                  2023      2024                                    
                          RMB                                    RMB       RMB                    USD              
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Total net revenues                                                                 288,369               41,092  
  Net loss                                                                           ( 4,496                ( 641  

                                                           For the years ended September 30,                                           
                                                           2022                                   2023      2024                       
                                                           RMB                                    RMB       RMB                        
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Net cash (used in) provided by operating activities                                                                 2,479      353   
  Net cash used in investing activities                                                                               ( 694      ( 99  
  Net cash provided by financing activities                                                                           —          —     

The consolidated VIE entities and their subsidiaries contributed nil, niland100% of the Group’s consolidated revenues for the years ended September 30, 2022, 2023 and 2024, respectively. As of September
30, 2022, 2023 and 2024, the consolidated VIE entities and their subsidiaries accounted for an aggregate of nil, niland4%, respectively,
of the Group’s consolidated total assets, and nil, niland4%, respectively, of the Group’s consolidated total liabilities.

There are no terms in any arrangements, considering both explicit arrangements
and implicit variable interests that require the Group or its subsidiaries to provide financial support to the VIE entities.

F-12

There are no assets held in the VIE entities and its subsidiaries that
can be used only to settle obligations of the VIE entities and their subsidiaries, except for registered capital and the PRC statutory
reserves. As the VIE entities and their subsidiaries are incorporated as a limited liability company under the PRC Company Law, creditors
of the VIE entities do not have recourse to the