Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 62

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 3
Chunk 62
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 out voting instructions or for their manner of carrying
out your voting instructions. This means that you may not be able to exercise your right to direct the voting of the underlying shares
which are represented by your ADSs, and you may have no legal remedy if the underlying shares are not voted as you requested.

Your right to participate in any future rights offerings may
be limited, which may cause dilution to your holdings.

We may from time to time distribute rights to
our shareholders, including rights to acquire our securities. However, we cannot make such rights available to you in the United States
unless we register both the rights and the securities to which the rights relate under the Securities Act or an exemption from the registration
requirements is available. Under the deposit agreement, the depositary will not make rights available to you unless both the rights and
the underlying securities to be distributed to ADS holders are either registered under the Securities Act or exempt from registration
under the Securities Act. We are under no obligation to file a registration statement with respect to any such rights or securities or
to endeavor to cause such a registration statement to be declared effective and we may not be able to establish a necessary exemption
from registration under the Securities Act.

Accordingly, you may be unable to participate
in our rights offerings in the future and may experience dilution in your holdings.

You may not receive dividends or other distributions on our
ordinary shares and you may not receive any value for them, if it is illegal or impractical to make them available to you.

The depositary has agreed to pay to you the cash
dividends or other distributions it or the custodian receives on our ordinary shares or other deposited securities underlying your ADSs,
after deducting its fees and expenses. You will receive these distributions in proportion to the number of ordinary shares your ADSs
represent. However, the depositary is not responsible if it decides that it is unlawful or impractical to make a distribution available
to any holders of ADSs. For example, it would be unlawful to make a distribution to a holder of ADSs if it consists of securities that
require registration under the Securities Act but that are not properly registered or distributed under an applicable exemption from
registration. The depositary may also determine that it is not feasible to distribute certain property through the mail. Additionally,
the value of certain distributions may be less than the cost of mailing them. In these cases, the depositary may determine not to distribute
such property. We have no obligation to register under U.