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

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 29
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 business license from the local counterpart of the State Administration for Market Regulation,
or SAMR. Each of the VIEs has obtained a valid business license from the local SAMR, and no application for any such license has been
denied. In addition, the VIEs are also required to obtain insurance agency operating licenses pursuant to the PRC laws. As of the date
of this prospectus, as advised by our PRC legal counsel, Beijing Kingdom Law Firm, we and the VIEs have received all requisite permits,
approvals and certificates from the PRC government authorities to conduct our business operations in China. To our knowledge, no permission
or approval has been denied or revoked. However, given the uncertainties of interpretation and implementation of relevant laws and regulations
and the enforcement practice by government authorities, we cannot be certain that relevant policies in this regard will not change in
the future, which may require us or our subsidiaries or VIEs to obtain additional licenses, permits, filings or approvals for conducting
our business in the PRC. If we or our subsidiaries or VIEs do not receive or maintain required permissions or approvals, or inadvertently
conclude that such permissions or approvals are not required, we may be subject to governmental investigations or enforcement actions,
fines, penalties, suspension of operations, or be prohibited from engaging in relevant business or conducting securities offering, and
these risks could result in a material adverse change in our operations, significantly limit or completely hinder our ability to offer
or continue to offer securities to investors, or cause such securities to significantly decline in value or become worthless.

On December 28, 2021, CAC released the revised
Cybersecurity Review Measures (the “Revised CAC Measures”) and became effective on February 15, 2022, which iterates that
any “online platform operators” controlling personal information of more than one million users which seeks to list on a foreign
stock exchange should also be subject to cybersecurity review. The Measures for Cybersecurity Review (2021 version) further elaborates
the factors to be considered when assessing the national security risks of the relevant activities, including, among others, (i) the risk
of core data, important data or a large amount of personal information being stolen, leaked, destroyed, and illegally used or exited the
country; and (ii) the risk of critical information infrastructure, core data, important data or a large amount of personal information
being affected, controlled, or maliciously used by foreign governments after