Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 40

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 40
---
 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 listing, the Company
formally appealed the decision and submitted its hearing request on May 21, 2025.

On June 11, 2025, the Company received a notice
from Nasdaq confirming that the Company has demonstrated compliance with the MVLS Rule for continued listing on The Nasdaq Capital Market.
Consequently, the Company’s ADSs continue to be listed and traded on The Nasdaq Capital Market.

<div align='center'>18</div>

Summary of Risk Factors An investment in our ADSs involves significant risks. You should carefully consider all of the information in this prospectus, including the risks and uncertainties described below, before making an investment in our ADSs. Any of the following risks could have a material adverse effect on our business, financial condition and results of operations. In any such case, the market price of our ADSs could decline, and you may lose all or part of your investment. Below please find a summary of the principal risks we and the VIE entities face, organized under relevant headings. For detailed discussions, see “Risk Factors” in this prospectus and “Item 3. Key Information—D. Risk Factors” in our Form 20-F for FY 2024, which is incorporated by reference in this prospectus. For a detailed discussion of the foregoing risks, see “Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry” beginning on page 15 of our Form 20-F for FY 2021, which is incorporated herein by reference. Risks Related to Our Corporate Structure We and the VIE entities face risks and uncertainties related to the former corporate structure, including, but not limited to, the following:

| ● | If the PRC government determines                                                                                                               
 that the contractual arrangements with the VIE entities did not comply with PRC