Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 76

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 76
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 deposited securities, upon payment
or deduction of its fees and expenses. You will receive these distributions in proportion to the number of shares your ADSs represent.

| ● | Cash. The depositary                                                                                                                      
 will convert any cash dividend or other cash distribution we pay on the shares into U.S. dollars, if it can do so on a reasonable basis   
 and can transfer the U.S. dollars to the United States. If that is not possible or if any government approval is needed and cannot be     
 obtained, the deposit agreement allows the depositary to distribute the foreign currency only to those ADS holders to whom it is possible 
 to do so. It will hold the foreign currency it cannot convert for the account of the ADS holders who have not been paid. It will not      
 invest the foreign currency and it will not be liable for any interest. Before making a distribution, any withholding taxes, or other     
 governmental charges that must be paid will be deducted. The depositary will distribute only whole U.S. dollars and cents and will round  
 fractional cents to the nearest whole cent. If the exchange rates fluctuate during a time when the depositary cannot convert the foreign  
 currency, you may lose some of the value of the distribution.                                                                             |

| ● | Shares. The depositary                                                                                                                       
 may distribute additional ADSs representing any shares we distribute as a dividend or free distribution. The depositary will only distribute 
 whole ADSs. It will sell shares which would require it to deliver a fraction of an ADS (or ADSs representing those shares) and distribute    
 the net proceeds in the same way as it does with cash. If the depositary does not distribute additional                                      |

ADSs, the outstanding ADSs will also represent the new shares. The depositary may sell a portion of the distributed shares (or ADSs representing those shares) sufficient to pay its fees and expenses in connection with that distribution.

| ● | Rights to purchase additional                                                                                                               
 shares. If we offer holders of our securities any rights to subscribe for additional shares or any other rights, the depositary may         
 (i) exercise those rights on behalf of ADS holders, (ii) distribute those rights to ADS holders or (iii) sell those rights and distribute   
 the net proceeds to ADS holders, in each case after deduction or upon payment of its fees and expenses. To the extent the depositary        
 does not do any of those things, it will allow the rights to lapse. In that case, you will receive no value for them. The depositary        
 will