Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 228

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 19
Chunk 228
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 accounts payable.

  20.      SUBSEQUENT EVENTS  
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The following subsequent events were evaluated on January 22, 2025,
the date the financial statements were issued.

Except as set forth below, there were no events that occurred subsequent
to September 30, 2024 that require adjustment to or disclosure in the consolidated financial statements.

On October 17, 2024, Mr. Chengcai Qu resigned as a director, Chairman
of the board of directors, Chairman of the compensation committee, Chairman of the nominating and corporate governance committee, and
Chief Executive Officer of XChange TEC. INC (the “ Company”), Mr. Zhichen Sun resigned as Chief Financial Officer of the Company,
and Mr. Jiamin Chen resigned as a director of the Company. On the same day, the board of directors of the Company appointed Mr. Yong Zhang
as a director, Chairman of the board of directors, Chairman of the compensation committee, Chairman of the nominating and corporate governance
committee, and Chief Executive Officer of the Company, Ms. Jiaxing Chang as a director and Chief Financial Officer of the Company, and
Mr. Yong Ma as the Head of Business of the Company. In addition, the board of directors removed Mr. Gang Xie as a director of the Company.

On October 24, 2024, Mr. Yong Zhang, Chairman of the Board of Directors
and Chief Executive Officer of XChange TEC. INC (the “ Company”), purchased at nominal consideration from Mr. Chengcai Qu, the
then sole shareholder and sole director of Golden Stream Ltd. (“ Golden Stream”) and former Chairman and Chief Executive Officer
of the Company, all issued and outstanding ordinary shares held by Mr. Qu in Golden Stream. Effective October 24, 2024, Mr. Yong Zhang
became the sole shareholder and sole director of Golden Stream. As of the date hereof, Golden Stream owns a total of6,392,789,000,000Class B ordinary shares, par value $0.0000001per share, of the Company.

On December 12, 2024 and December 20, 2024, the Company issued82,800,000,000,000and84,000,000,000,000Class A Ordinary shares respectively in accordance with a Securities Purchase Agreement with VG dated on September
24, 2024.

On December 31 2024, the Company and the Sellers
of Alpha