Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 68

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 68
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. However, the depositary is not required to distribute any securities (other than       
 ADSs) to ADS holders unless it receives satisfactory evidence from us that it is legal to make that distribution. The depositary may       
 sell a portion of the distributed securities or property sufficient to pay its fees and expenses in connection with that distribution.     
 U.S. securities laws may restrict the ability of the depositary to distribute securities to all or certain ADS holders, and the securities 
 distributed may be subject to restrictions on transfer.                                                                                    |

The depositary is not responsible if it decides
that it is unlawful or impractical to make a distribution available to any ADS holders. We have no obligation to register ADSs, shares,
rights or other securities under the Securities Act. We also have no obligation to take any other action to permit the distribution of
ADSs, shares, rights or anything else to ADS holders. This means that you may not receive the distributions we make on our shares or any
value for them if it is illegal or impractical for us to make them available to you.

Deposit, Withdrawal and Cancellation

How are ADSs issued?

The depositary will deliver ADSs if you or your
broker deposits shares or evidence of rights to receive shares with the custodian. Upon payment of its fees and expenses and of any taxes
or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will register the appropriate number of ADSs in the names
you request and will deliver the ADSs to or upon the order of the person or persons that made the deposit.

How can ADS holders withdraw the deposited securities?

You may surrender your ADSs to the depositary
for the purpose of withdrawal. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer
taxes or fees, the depositary will deliver the shares and any other deposited securities underlying the ADSs to the ADS holder or a person
the ADS holder designates at the office of the custodian. Or, at your request, risk and expense, the depositary will deliver the deposited
securities at its office, if feasible. However, the depositary is not required to accept surrender of ADSs to the extent it would require
delivery of a fraction of a deposited share or other security. The depositary may charge you a fee and its expenses for instructing the
custodian regarding delivery of deposited securities.

How do ADS holders interchange between certificated ADSs and uncertificated ADS