Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 219

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 19
Chunk 219
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 of shares that may be issued under the 2019 Plan is10% of the total outstanding
shares as of the date of the consummation of our initial public offering.

In June 2022, the Group issued7.2billion stock options with nilexercise
price to Mr. Qu, the Chief Executive Officer of the Company. All of the stock options were vested and exercised immediately upon grant.
The Group recorded stock options at the grant date fair value per ADS of US$0.0363425, ADS reverse split in November and December 2023)
by reference to the share price in the open market on grant date.

In June 2022, the Group issued5.036billion stock options with nilexercise price to Mr. Sun, the Chief Financial Officer of the Company, of which4.318billion stock options vested and exercised immediately
upon grant,359million stock options vested on August 3, 2022, and the remaining359million stock options vested on August 3, 2023.
As of September 30, 2024, neither of the359million stock options vested on August 3, 2022 or the359million stock options vested on
August 3, 2023 were exercised by or issued to Mr. Sun. The Group recorded stock options at the grant date fair value per ADS of US$0.0363425,
ADS reverse split in November and December 2023) by reference to the share price in the open market on grant date.

F-26

2022 Share Incentive Plan

On November 18, 2022, the board of directors has approved and adopted
a new share incentive plan (the “2022 Plan”). The maximum number of shares available for issuance under the 2022 Plan is250,000,000,000Class B ordinary shares of the Company.

In respect of matters requiring the votes of shareholders, holders
of Class A ordinary shares are entitled toonevote per share, while holders of Class B ordinary shares are entitled totenvotes per
share based on our dual class share structure. Each Class B ordinary share is convertible intoone(1) Class A ordinary share at any time
by the holder thereof, while Class A ordinary shares are not convertible into Class B ordinary shares underany circumstances. Upon any
transfer of Class B ordinary shares by a holder thereof to any person or entity which is not an affiliate of such holder, such Class B
ordinary shares shall be automatically