Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 41

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 41
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 regulations, or if these regulations change or are interpreted 
 differently in the future, our shares and/or ADSs may decline in value if we are deemed to be unable to assert our contractual control         
 rights over the assets of the VIE entities. For more details, see “Risk Factors—Risks Related to Our Corporate Structure—If                    
 the PRC government determines that the contractual arrangements with the VIE entities did not comply with PRC regulations, or if these         
 regulations change or are interpreted differently in the future, our shares and/or ADSs may decline in value if we are deemed to be unable     
 to assert our contractual control rights over the assets of the VIE entities” beginning on page 22 of this prospectus.                         |

Risks Related to Doing Business in the PRC We are not a Chinese operating company but a Cayman Islands holding company with operations conducted by our subsidiaries in China. Investors in our securities have purchased securities of a holding company incorporated in the Cayman Islands. We face risks and uncertainties related to doing business in China in general, including, but not limited to, the following:

| ● | Changes in China’s economic,                                                                                                          
 political or social conditions or government policies could have a material adverse effect on our business and results of operations. 
 For more details, see “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—Changes                       
 in China’s economic, political or social conditions or government policies could have a material adverse effect on our business       
 and results of operations” beginning on page 23 of our Form 20-F for FY 2024, which is incorporated herein by reference.              |

| ● | The PRC government may exert,                                                                                                                  
 at any time, substantial intervention and influence over the manner of our operations, and the rules and regulations to which we are           
 subject, including the ways they are enforced, may change rapidly and with little advance notice to us or our shareholders. Any such           
 actions by the Chinese government, including any decision to intervene or influence the operations of our subsidiaries in China or to          
 exert control over any offering of securities conducted overseas and/or foreign investment in China-based issuers, may cause us to make        
 material changes to our operations in China, may limit or completely hinder our ability to offer or continue to offer securities to investors, 
 and may cause the value of such securities to significantly decline or be worthless. For more details, see “Risk Factors—Risks                 
 Related to Doing Business in the P