Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 31

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 31
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) are not required to go through cybersecurity review by the CAC since (a) we are already listed
on the Nasdaq Capital Market and do not seek to list on any other foreign stock exchange; (b) we and the VIEs do not hold personal information
of more than one million users; and (c) data processed in our business does not have a bearing on national security and thus may not be
classified as core or important data by the authorities, and (iii) have not received or were denied such requisite permissions by any
PRC authority in connection with the Acquisition.

Uncertainties exist as to the interpretation of
these laws, regulations and policies and due to the possibility that laws, regulations, or policies in the PRC could change in the future.
Any action by the PRC government expanding the categories of industries and companies whose foreign securities offerings are subject to
review by the CSRC or the CAC or different or changing interpretation of these laws or regulations could significantly limit or completely
hinder our ability to engage in capital markets transactions offer or continue to offer securities to investors and could cause the value
of such securities to significantly decline or be worthless. For more detailed information, see “Item 3. Key Information-D. Risk
Factors-Risks Relating to Doing Business in China.”

For the risks related to the HFCA Act, see “-Risks
Related to the Holding Foreign Companies Accountable Act” as set forth at the outset of Part I and “-Risk Factors-Risks Related
to Doing Business in China-If the U.S. Public Company Accounting Oversight Board, or the PCAOB, is unable to inspect our auditors as required
under the Holding Foreign Companies Accountable Act, the SEC will prohibit the trading of our ADSs. A trading prohibition for our ADSs,
or the threat of a trading prohibition, may materially and adversely affect the value of your investment. Additionally, the inability
of the PCAOB to conduct inspections of our auditors would deprive our investors of the benefits of such inspections.”

Cash and Asset Flows Through Our Organization

Alpha Mind WFOE, the VIE and its consolidated
subsidiaries, or investors transfer funds through our organization under the applicable PRC laws and regulations. To the extent our cash
in the business is in the PRC or a PRC entity, the funds may not be available to distribute dividends to our investors, or for other use
outside of the PRC, due to interventions in or the imposition