Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 90

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 4
Chunk 90
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 the following deceptive actions in insurance agency
activities:

  deceiving the insurer, applicant, the insured or beneficiary;  

  concealing important information relating to the insurance  

  obstructing the applicant to perform his/her obligation                              

  giving or promising to give the applicant, the insured                              

  coercing, inducing or restricting the applicant to                                                                                     

  forging or altering an insurance contract without authorization,                   

  misappropriating, withholding or occupying insurance  

  seeking improper benefits for other institutions or   

  defrauding the insurance benefits by colluding with  

  disclosing business secrets of the insurer, the applicant  

A professional insurance agency may not sign
insurance contracts on behalf of a contributor. On April 2, 2019, the CBIRC issued a Notice to Rectify the Irregularities in the Insurance
Intermediary Market (the “ Rectify Notice”), requiring all insurance companies and insurance intermediaries to conduct self-inspections
to determine whether their practices violate relevant regulations.

According to the Rectify Notice, among other
matters, insurance intermediaries and insurance agencies must rectify any non-compliance practices, such as granting or undertaking to
grant policyholders, insured parties or beneficiaries benefits other than those agreed in the insurance contracts, failure to register
the sales persons engaged by the insurance intermediaries with the CBIRC’s Insurance Intermediaries Regulatory Information System,
or hiring sales person with bad conduct or who do not have professional knowledge necessary for insurance sales. As of the date this
proxy statement/prospectus, CCT has completed the applicable rectification measures.

On June 23, 2020, the
CBIRC further issued the Notice to Follow-up Review of the Rectification of Market Chaos in Banking and Insurance Industries (the “ Review
Notice”), requiring all banking and insurance institutions to carry out strict self-examination and self-rectification. According
to the Review Notice, among other matters, insurance companies and insurance intermediaries must rectify any non-compliance practices,
such as misleading consumers to buy insurance products by making false publicity on the grounds that the sales of insurance products
are about to be stopped or the premium rates are about to be adjusted, maliciously misleading or instigating clients to cancel insurance
policies, making consumers suffer from unnecessary losses of contractual rights and interests, or disclosing client information in violation
of regulations. CCT has completed the self-examination and self-rectification work and reported the same to the CBIRC.

Regulations Relating to Foreign Investment

Companies established