Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 44

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 44
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ORS</div>

Investing in our securities involves risk. You
should carefully consider the risk factors and uncertainties described under the heading “Item 3. Key Information—D. Risk
Factors” in our most recent annual report on Form 20-F for FY 2024, which is incorporated herein by reference, as updated by our
subsequent filings under the Securities Exchange Act of 1934, or the Exchange Act, and any risk factors and other information described
in the applicable prospectus supplement before acquiring any of our securities. These risks and uncertainties could materially affect
our business, results of operations or financial condition and cause the value of our securities to decline.

Risks Related to Our Securities

We were not in compliance with NASDAQ’s continued listing requirements until recently, and if we fail to maintain compliance with NASDAQ’s continued listing requirements our shares may be delisted from the NASDAQ Capital Market.

Our ADSs are listed on the NASDAQ Capital
Market under the symbol “XHG.” To continue to be listed on NASDAQ, we need to satisfy a number of requirements, including
a minimum bid price for our ordinary shares of $1.00 per share for 30 consecutive business days and shareholders’ equity of at
least $2.5 million, or $35 million market value of listed securities or $500,000 of net income from continuing operations
for the most recently completed fiscal year or two of the three most recently completed fiscal years.

On November 13, 2024, XChange TEC.INC (the
“Company”) received a letter from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”)
regarding the Company’s failure to comply with Nasdaq Continued Listing Rule 5550(b)(2) (the “MVLS Rule”), which requires
the Company to maintain a minimum Market Value of Listed Securities of $35 million. Therefore, in accordance with Listing Rule 5810(c)(3)(A),
the Company was provided 180 calendar days, or until May 12, 2025, to regain compliance with the Rule.

Subsequently, on May 13, 2025, the Company
received a Determination Letter stating that the Company had not regained compliance with the MVLS Rule, and that the Company’s
ADSs would be delisted from The Nasdaq Capital Market. as provided an additional 180 calendar day compliance period, or until January
21, 2025, to demonstrate compliance.

To regain its Nasdaq