Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 185

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 19
Chunk 185
---

We have served
as the Group’s auditor from 2020 to 2023. In 2023 we became the predecessor auditor.

New York,
NY

January 20,
2023

F-3

XChange
TEC. INC

(formerly
known as “ FLJ Group Limited”)

CONSOLIDATED
BALANCE SHEETS

(Renminbi
and USD in thousands, except for share and per share data, unless otherwise stated)

                                                                                                                                                                                                            As of September 30,                                  
                                                                                                                                                                                                            2023                            2024                 
                                                                                                                                                                                                            RMB                              RMB                 
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  ASSETS                                                                                                                                                                                                                                                         
  Current assets:                                                                                                                                                                                                                                                
  Cash and cash equivalents                                                                                                                                                                                 286                            8,085          1,152  
  Short term investments                                                                                                                                                                                    —                              2,032            290  
  Accounts receivable, net                                                                                                                                                                                  —                             36,276          5,169  
  Advances to suppliers                                                                                                                                                                                     7,296                         13,745          1,959  
  Other current assets                                                                                                                                                                                      282                            7,505          1,069  
  Current assets of discontinued operations                                                                                                                                                                 77,789                             —              —  
  Total current assets                                                                                                                                                                                      85,653                        67,643          9,639  
  Non-current assets:                                                                                                                                                                                                                                            
  Restricted Cash, non-current                                                                                                                                                                              —                              5,000            712  
  Property and equipment, net                                                                                                                                                                               —                                  6              1  
  Operating lease right of use assets                                                                                                                                                                       —                                947            135  
  Goodwill                                                                                                                                                                                                  —                            709,240        101,066  
  Total non-current assets                                                                                                                                                                                  —                            715,193        101,914  
  Total assets                                                                                                                                                                                              85,653                       782,836        111,553  
  LIABILITIES AND SHAREHOLDERS’ DEFICIT                                                                                                                                                                                                                          
  LIABILITIES                                                                                                                                                                                                                                                    
  Current liabilities:                                                                                                                                                                                                                                           
  Accounts payable                                                                                                                                                                                          182                           36,972          5,268  
  Amounts due to related parties                                                                                                                                                                            4,495                          4,324            616  
  Short-term debt                                                                                                                                                                                           44,432                        32,070