Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 73

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 73
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We may agree with the depositary to amend the
deposit agreement and the ADRs without your consent for any reason. If an amendment adds or increases fees or charges, except for taxes
and other governmental charges or expenses of the depositary for registration fees, facsimile costs, delivery charges or similar items,
or prejudices a substantial right of ADS holders, it will not become effective for outstanding ADSs until 30 days after the depositary
notifies ADS holders of the amendment. At the time an amendment becomes effective, you are considered, by continuing to hold your ADSs,
to agree to the amendment and to be bound by the ADRs and the deposit agreement as amended.

How may the deposit agreement be terminated?

The depositary will initiate termination of the
deposit agreement if we instruct it to do so. The depositary may initiate termination of the deposit agreement if:

| ● | 60 days have passed since the                                                                                         
 depositary told us it wants to resign but a successor depositary has not been appointed and accepted its appointment; |

| ● | we delist the ADSs from an                                                                                                                     
 exchange in the United States on which they were listed and do not list the ADSs on another exchange in the United States or make arrangements 
 for trading of ADSs on the U.S. over-the-counter market;                                                                                       |

| ● | we delist our shares from an                                                                                                           
 exchange outside the United States on which they were listed and do not list the shares on another exchange outside the United States; |

| ● | the depositary has reason to                                                                                            
 believe the ADSs have become, or will become, ineligible for registration on Form F-6 under the Securities Act of 1933; |

| ● | we appear to be insolvent or  
 enter insolvency proceedings; |

| ● | all or substantially all the                                                                        
 value of the deposited securities has been distributed either in cash or in the form of securities; |

| ● | there are no deposited securities                                                               
 underlying the ADSs or the underlying deposited securities have become apparently worthless; or |

| ● | there has been a replacement 
 of deposited securities.     |

If the deposit agreement will terminate, the depositary
will notify ADS holders at least 90 days before the termination date. At any time after the termination date, the depositary may sell
the deposited securities. After that, the depositary will hold the money it received on the sale, as well as any other cash it is holding
under the deposit