Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 191

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 19
Chunk 191
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000,000 0.0000001 48,000,000 480,000,000,000,000 0.0000001 419,500,000,000,000 0.0000001 60,000,000,000,000 0.0000001 500,000,000,000 0.0000001 411,000,000,000,000 0.0000001 59,000,000,000,000 0.0000001

Further effective
on November 4, 2024, the Group changed the ratio of the American depositary shares (“ ADSs”) representing its Class A ordinary
shares from one (1) ADS representing six hundred thousand ( 600,000 12,000,000

F-9

  Disposals        

On October 26, 2021 and December 17, 2021, the Group transferred of
all of its equity interest in Q& K Investment Consulting Co., Ltd. (“ Q& K Investment Consulting”) and Qingke (China)
Limited (“ Q& K HK”), respectively, to Wangxiancai Limited, which is a related party of the Group, and is beneficially owned
by the legal representative and executive director of one of the Group’s subsidiaries (the “ First Equity Transfer”).
The Equity Transfer was made at nominal consideration. As of September 30, 2022, the Group did not account for the transfer of equity
interest in Q& K HK, Q& K Investment Consulting and Q& K E-commerce as a discontinued operation, as FLJ is the primary beneficiary
of Q& K HK, Q& K Investment Consulting and Q& K E-commerce as FLJ has the power to direct the activities of these companies that
most significantly impact their economic performance and FLJ has the obligation to absorb losses of these companies that could potentially
be significant to these companies since their inception. The Group accounted for Q& K HK, Q& K Investment Consulting and Q& K
E-commerce as variable interest entities.

On October 31, 2023, the Group transferred of all of its equity interest
in Haoju (Shanghai) Artificial Intelligence Technology Co., Ltd. (“ Q& K AI”), to Wangxiancai Limited, at nominal consideration
(the “ Second Equity Transfer”). On September 12, 2024, the Group transferred of all of its equity interest in QK365. com INC.
(BVI