Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 44

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 44
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 Domestic Companies (Draft for Comments), and
Administrative Measures for the Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments), or, collectively,
the Draft Overseas Listing Regulations, which set out the new regulatory requirements and filing procedures for Chinese companies seeking
direct or indirect listing in overseas markets. The Draft Overseas Listing Regulations, among others, stipulate that Chinese companies
that seek to offer and list securities in overseas markets shall fulfill the filing procedures with and report relevant information to
the CSRC, and that an initial filing shall be submitted within three working days after the application for an initial public offering
is submitted, and a second filing shall be submitted within three working days after the listing is completed. Moreover, an overseas offering
and listing is prohibited under circumstances if (i) it is prohibited by PRC laws, (ii) it may constitute a threat to or endanger national
security as reviewed and determined by competent PRC authorities, (iii) it has material ownership disputes over equity, major assets,
and core technology, (iv) in recent three years, the Chinese operating entities and their controlling shareholders and actual controllers
have committed relevant prescribed criminal offenses or are currently under investigations for suspicion of criminal offenses or major
violations, (v) the directors, supervisors, or senior executives have been subject to administrative punishment for severe violations,
or are currently under investigations for suspicion of criminal offenses or major violations, or (vi) it has other circumstances as prescribed
by the State Council. The Draft Overseas Listing Regulations, among others, stipulate that when determining whether an offering and listing
shall be deemed as “an indirect overseas offering and listing by a Chinese company”, the principle of “substance over
form” shall be followed, and if the issuer meets the following conditions, its offering and listing shall be determined as an “indirect
overseas offering and listing by a Chinese company” and is therefore subject to the filing requirement: (i) the revenues, profits,
total assets or net assets of the Chinese operating entities in the most recent financial year accounts for more than 50% of the corresponding
data in the issuer’s audited consolidated financial statements for the same period; and (ii) the majority of senior management in
charge of business operation are Chinese citizens or have domicile in PRC, and its principal place of business is located in PRC or main
business activities are conducted in PRC. As advised by our PRC legal counsel, the Draft Overseas Listing Regulations