Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 65

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 3
Chunk 65
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 compliance with any substantive provision of the U. S. federal securities laws and the rules and regulations promulgated
thereunder. Therefore, to the extent there are specific federal securities law violation aspects to any claims against us or the depositary
brought by any holder or owner of ADSs, including purchasers of ADSs in secondary market transactions, the federal securities law violation
aspects of such claims may, at the option of such holders or owners, remain in state or federal court in the State of New York.

By agreeing to such optional arbitration provision,
you will not be deemed to have waived our or the depositary’s compliance with U. S. federal securities laws and the rules and regulations
promulgated thereunder.

You may be subject to limitations on transfer of your ADSs.

Your ADSs are transferable on the books of the
depositary. However, the depositary may close its transfer books at any time or from time to time when it deems expedient in connection
with the performance of its duties. In addition, the depositary may refuse to deliver, transfer or register transfers of ADSs generally
when our books or the books of the depositary are closed, or at any time if we or the depositary deems it advisable to do so because
of any requirement of law or of any government or governmental body, or under any provision of the deposit agreement, or for any other
reason.

Certain judgments obtained against us may not be enforceable.

We are an exempted company limited by shares
incorporated under the laws of the Cayman Islands. We conduct substantially all of our operations in China and substantially all of our
assets are located in China. In addition, a majority of our directors and executive officers reside within China, and most of the assets
of these persons are located within China. As a result, it may be difficult or impossible for you to effect service of process within
the United States upon these individuals, or to bring an action against us or against these individuals in the United States in the event
that you believe your rights have been infringed under the U. S. federal securities laws or otherwise. Even if you are successful in bringing
an action of this kind, the laws of the Cayman Islands and of the PRC may render you unable to enforce a judgment against our assets
or the assets of our directors and officers.

There is uncertainty as to whether the courts
of the Cayman Islands would (i) recognize or enforce judgments of U.