Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 85

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 85
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 such depositary or another nominee of such
depositary or by such depositary or any such nominee to a successor of such depositary or a nominee of such successor. The specific terms
of the depositary arrangement with respect to any debt securities of a series and the rights of and limitations upon owners of beneficial
interests in a global security will be described in the applicable prospectus supplement.

The indenture and the debt securities will be
governed by, and construed in accordance with, the internal laws of the State of New York, unless we otherwise specify in the applicable
prospectus supplement.

<div align='center'>46

PLAN OF DISTRIBUTION</div>

We may sell or distribute the securities offered
by this prospectus, from time to time, in one or more offerings, as follows:

| ● | through agents; |

| ● | to dealers or underwriters 
 for resale;                |

| ● | directly to purchasers; or |

| ● | through a combination of any 
 of these methods of sale.    |

In addition, we may issue the securities as a
dividend or distribution or in a subscription rights offering to our existing security holders. In some cases, we or any dealers acting
for us may also repurchase the securities and reoffer them to the public by one or more of the methods described above. This prospectus
may be used in connection with any offering of our securities through any of these methods or other methods described in the applicable
prospectus supplement.

Our securities distributed by any of these methods
may be sold to the public, in one or more transactions, either:

| ● | at a fixed price or prices, 
 which may be changed;       |

| ● | at market prices prevailing 
 at the time of sale;        |

| ● | at prices related to prevailing 
 market prices; or               |

| ● | at negotiated prices. |

The prospectus supplement relating to any offering
will identify or describe:

| ● | any underwriter, dealers or 
 agents;                     |

| ● | their compensation; |

| ● | the net proceeds to us; |

| ● | the purchase price of the securities; |

| ● | any over-allotment options                                           
 under which underwriters may purchase additional securities from us; |

| ● | the public offering price of 
 the securities; and          |

| ● | any exchange on which the securities 
 will be listed.                      |

Sale through Underwriters or Dealers

If we use underwriters for a