Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 43

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 3
Chunk 43
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 business, results of operations
and financial condition could be materially and adversely affected.

The approval of and/or filing with the CSRC or other PRC government
authorities may be required in connection with our future offshore offerings under PRC law, and, if required, we cannot predict whether
or for how long we will be able to obtain such approval or complete such filing.

On February 17, 2023, the CSRC released a set
of regulations consisting of six documents, including the Trial Administrative Measures of Overseas Securities Offering and Listing by
Domestic Companies and five supporting guidelines, collectively, the Overseas Listing Filing Rules, which came into effect on March 31,
2023. According to the Overseas Listing Filing Rules, China-based companies that have already offered shares or been listed overseas prior
to the implementation of such new regulations qualify as “ Stock Enterprises”, and Stock Enterprises are not required to apply
for the filing immediately until a subsequent overseas offering or listing occurs. However, the Overseas Listing Filing Rules, among others,
require the issuer or its main operational entity in the PRC to file with the CSRC for its follow-on securities offerings in the same
offshore market within three business days after the completion of such offerings, and file with the CSRC for its offerings or listing
in offshore stock market other than the stock market of its initial public offering or listing within three business days after the submission
of offering application outside mainland China.

We had been listed on the NASDAQ prior to the
implementation of the Overseas Listing Filing Rules. Our PRC legal counsel, Beijing Kingdom Law Firm, is of the view that we are qualified
as a “ Stock Enterprise” and are not required to apply for the filing immediately until a subsequent overseas offering or listing
occurs according to the Overseas Listing Filing Rules. However, we are required to file with the CSRC for our follow-on securities offerings
in the same offshore market within three business days after the completion of such offerings, and file with the CSRC for our offerings
or listing in offshore stock market other than the stock market of our initial public offering or listing within three business days after
the submission of offering application outside mainland China. Failure to comply with the filing requirements for any offering, listing
or any other capital raising activities, may result in administrative penalties, such as order to rectify, warnings, fines and other penalties,
on us, our controlling shareholders, the actual controllers, any person directly in charge and