Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 53

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 53
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 operating entities and their controlling shareholders and actual controllers
have committed relevant prescribed criminal offenses or are currently under investigations for suspicion of criminal offenses or major
violations, (v) the directors, supervisors, or senior executives have been subject to administrative punishment for severe violations,
or are currently under investigations for suspicion of criminal offenses or major violations, or (vi) it has other circumstances as prescribed
by the State Council. The Draft Overseas Listing Regulations, among others, stipulate that when determining whether an offering and listing
shall be deemed as “an indirect overseas offering and listing by a Chinese company”, the principle of “substance over
form” shall be followed, and if the issuer meets the following conditions, its offering and listing shall be determined as an “indirect
overseas offering and listing by a Chinese company” and is therefore subject to the filing requirement: (i) the revenues, profits,
total assets or net assets of the Chinese operating entities in the most recent financial year accounts for more than 50% of the corresponding
data in the issuer’s audited consolidated financial statements for the same period; and (ii) the majority of senior management in
charge of business operation are Chinese citizens or have domicile in PRC, and its principal place of business is located in PRC or main
business activities are conducted in PRC. As advised by our PRC legal counsel, the Draft Overseas Listing Regulations were released only
for soliciting public comment at this stage and their provisions and anticipated adoption or effective date are subject to changes, and
thus their interpretation and implementation remain substantially uncertain. It is uncertain whether the Draft Overseas Listing Regulations
apply to the follow-on offerings or other offerings of the Chinese companies that have been listed overseas. We cannot predict the impact
of the Draft Overseas Listing Regulations on us at this stage.

On April 2, 2022, the CSRC published the Provisions
on Strengthening the Confidentiality and Archives Administration Related to the Overseas Securities Offering and Listing by Domestic Enterprises
(Draft for Comments), or the Draft Provisions on Confidentiality and Archives Administration, which was open for public comments until
April 17, 2022. The Draft Provisions on Confidentiality and Archives Administration requires that, in the process of overseas issuance
and listing of securities by domestic entities, the domestic entities, and securities companies and securities service institutions that
provide relevant securities service shall strictly implement the provisions of relevant laws and regulations and the requirements of these
provisions, establish