Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 93

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 4
Chunk 93
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 December 12, 2019, the State Council promulgated
the Implementation Regulations of Foreign Investment Law, or the Implementation Regulations, which simultaneously came into force with
the Foreign Investment Law from January 1, 2020. The Implementation Regulations provides specific operation rules for the principles
of investment protection, investment promotion and investment management in the Foreign Investment Law.

Regulation of Foreign Investment in the Insurance Brokerage
and Insurance Agency Industry

Pursuant to the Announcement of the China Insurance
Regulatory Commission on Permitting Foreign Insurance Brokerage Companies to Establish Solely Foreign-invested Insurance Brokerage Companies,
effective from December 11, 2006, in accordance with the related commitments of China for accession to the WTO, foreign insurance
brokerage companies may establish wholly foreign-funded insurance brokerage companies in accordance with PRC laws and there are no restrictions
other than those on establishment conditions and business scope. Pursuant to the Notice of the China Banking and Insurance Regulatory
Commission on Widening the Scope of Business of Foreign-funded Insurance Brokerage Companies issued on and effective from April 27,
2018, foreign-funded insurance brokerage institutions that have obtained insurance brokerage business permits upon approval by the insurance
regulatory authority of the State Council may engage in the same businesses as a PRC domestic insurance brokerage company.

Pursuant to the Public Announcement of the China
Insurance Regulatory Commission on Relevant Matters Concerning the Application of the Insurance Agencies in Hong Kong and Macao for Establishing
Solely-Invested Insurance Agencies in the Mainland issued on December 26, 2007, from January 1, 2008, local professional insurance
agencies in Hong Kong or Macao which meet the requirements may apply for the establishment of solely-invested insurance agencies in the
mainland of the PRC. Pursuant to the Supplements and Amendments VIII to the Mainland’s Specific Commitments on Liberalization of
Trade in Services for Hong Kong and the Supplements and Amendments VIII to the Mainland’s Specific Commitments on Liberalization
of Trade in Services for Macao, qualified insurance brokerage institutions in Hong Kong or Macao may establish solely-invested insurance
agencies in Guangdong province (including Shenzhen) for practicing within Guangdong province. Pursuant to the Notice of the China Banking
and Insurance Regulatory Commission on Allowing Overseas Investors to Operate Insurance Agent Business in China, effective from June 19,
2018, overseas insurance agency entities operating an insurance agency business for three or more years outside China