Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 94

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 4
Chunk 94
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 and foreign-funded
insurance companies in China which have operated for three or more years may apply to CBIRC to establish a foreign-invested insurance
agency within China.

Regulations Relating to Foreign Investment in the Value-added
Telecommunication Services

The Telecommunications Regulations of the People’s
Republic of China, which was promulgated by the State Council on September 25, 2000 and last amended on February 6, 2016, categorizes
all telecommunications businesses in China as either basic telecommunications businesses or value-added telecommunications businesses.
Further, according to the Catalog of Telecommunications Business, attached to the Telecommunications Regulations and last mended by the
MIIT on December 28, 2015, information services provided via fixed network, mobile network and Internet fall within value-added telecommunication
services.

The State Council promulgated the Administrative
Rules on Foreign-invested Telecommunications Enterprises in December 2001, as last amended on February 6, 2016, or the FITE Regulations.
The FITE Regulations set forth detailed requirements with respect to capitalization, investor qualifications and application procedures
in connection with the establishment of a foreign-invested telecommunications enterprise. These administrative rules require a foreign-invested
value-added telecommunications enterprises in mainland China to be established as Sino-foreign joint ventures, which the foreign investors
may acquire up to 50% of the equity interest of such enterprise.

In July 2006, MIIT publicly released the Notice
on Strengthening the Administration of Foreign Investment in Operating Value-added Telecommunications Business, or the MIIT Notice, which
reiterates certain provisions under the FITE Regulations. According to the MIIT Notice, if any foreign investor intends to invest in
a PRC telecommunications business, a foreign-invested telecommunications enterprise must be established and such enterprise must apply
for the relevant telecommunications business licenses. Under the MIIT Notice, domestic telecommunications enterprises are prohibited
from renting, transferring or selling a telecommunications license to foreign investors in any form, and from providing any resources,
premises, facilities and other assistance in any form to foreign investors for their illegal operation of any telecommunications business
in China.

Regulations on Consumer Protection

In October 1993, the SCNPC promulgated the Law
on the Protection of the Rights and Interests of Consumers, or the Consumer Protection Law, which became effective on January 1, 1994
and was further amended on August 27, 2009 and October 25,