Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 36

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 36
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 Foreign Investment Law and how it may impact the viability of our current corporate structure, corporate governance and business 
 operations” beginning on page 43 of our Form 20-F for FY 2024, which is incorporated herein by reference.                                   |

| ● | We may be adversely affected                                                                                                            
 by the complexity, uncertainties and changes in PRC regulation of internet-related businesses and companies, and any lack of requisite  
 approvals, licenses or permits applicable to our business may 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—We may                          
 be adversely affected by the complexity, uncertainties and changes in PRC regulation of internet-related businesses and companies, and  
 any lack of requisite approvals, licenses or permits applicable to our business may have a material adverse effect on our business and  
 results of operations” beginning on page 44 of our Form 20-F for FY 2021, which is incorporated herein by reference.                    |

| ● | PRC regulation of loans to                                                                                                                        
 and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent          
 us from using the proceeds we receive from our offshore financing activities to make loans to or make additional capital contributions            
 to our PRC subsidiaries, which could materially and adversely affect our liquidity and our ability to fund and expand our business. For           
 more details, see “Item 3. Key Information—D. Risk Factors— Risks Related to Doing Business in China—PRC regulation                               
 of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay         
 or prevent us from using the proceeds we receive from our offshore financing activities to make loans to or make additional capital contributions 
 to our PRC subsidiary, which could materially and adversely affect our liquidity and our ability to fund and expand our business”                 
 beginning on page 45 of our Form 20-F for FY 2021, which is incorporated herein by reference.                                                     |

| ● | If the U.S. Public Company                                                                                                                     
 Accounting Oversight Board, or the PCAOB, is unable to inspect our auditors as required under the Holding Foreign Companies Accountable        
 Act, the SEC will prohibit the trading of our ADSs. A trading prohibition for our ADSs, or the threat of a trading prohibition, may materially 
 and adversely affect the value of your investment. Additionally, the inability of the PCAOB