Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 53

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 53
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 matters such as a change of name or making changes to our existing memorandum of association
and our articles of association.

Transfer of Ordinary Shares

Subject to the restrictions contained in our existing
articles of association, any of our shareholders may transfer all or any of his or her ordinary shares by an instrument of transfer in
the usual or common form or any other form approved by our board of directors.

Our board of directors may, in its absolute discretion,
and without giving any reason therefor, refuse to register a transfer of any share that is not a fully paid up share to a person of whom
it does not approve, or any share issued under any share incentive scheme for employees upon which a restriction on transfer imposed thereby
still subsists, and it may also, without prejudice to the foregoing generality, refuse to register a transfer of any share to more than
four joint holders or a transfer of any share that is not a fully paid up share on which we have a lien. Our board of directors may also
decline to register any transfer of any ordinary share unless:

| ● | the instrument of transfer                                                                                                            
 is lodged with us, accompanied by the certificate for the ordinary shares to which it relates and such other evidence as our board of 
 directors may reasonably require to show the right of the transferor to make the transfer;                                            |

| ● | the instrument of transfer                          
 is in respect of only one class of ordinary shares; |

| ● | the instrument of transfer        
 is properly stamped, if required; |

| ● | a fee of such maximum sum as                                                                                                               
 the Nasdaq may determine to be payable or such lesser sum as our directors may from time to time require is paid to us in respect thereof. |

If our directors refuse to register a transfer,
they shall, within three months after the date on which the instrument of transfer was lodged, send to each of the transferor and the
transferee notice of such refusal.

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The registration of transfers may, after compliance
with any notice required of the Nasdaq, be suspended and the register of members closed at such times and for such periods as our board
of directors may from time to time determine, provided, however, that the registration of transfers shall not be suspended nor the register
of members closed for more than 30 days in any year as our board may determine.

Liquidation

On a return of capital on winding up or otherwise
(other than on conversion, redemption or purchase of ordinary shares), assets