Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 68

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 68
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 between a Cayman parent company and its
Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders. For this purpose, a company is a “parent”
of a subsidiary if it holds issued shares that together represent at least ninety percent (90%) of the votes of a general meeting of the
subsidiary.

The consent of each holder of a fixed or floating
security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain circumstances, a dissentient shareholder
of a Cayman constituent company is entitled to payment of the fair value of his shares upon dissenting to a merger or consolidation. The
exercise of appraisal rights will preclude the exercise of any other rights save for the right to seek relief on the grounds that the
merger or consolidation is void or unlawful.

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In addition, there are statutory provisions that
facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved
by (i) in the case of a members’ scheme of arrangement, seventy-five percent in value of the members or class of members, as the
case may be, with whom the arrangement is to be made and/or (ii) in the case of a creditors scheme of arrangement, a majority in number
of each class of creditors with whom the arrangement is to be made, and who must, in addition, represent seventy-five percent in value
of each such class of creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings,
convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the
Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved,
the court can be expected to approve the arrangement if it determines that:

| ● | the statutory provisions as                  
 to the required majority vote have been met; |

| ● | the shareholders have been                                                                                                                
 fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote 
 interests adverse to those of the class;                                                                                                  |

| ● | the arrangement is such that                                                                                     
 may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and |

| ● | the arrangement is not one