Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 43

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 43
---
 or permits applicable to our business may have a material adverse effect on our business and  
 results of operations” beginning on page 23 of our Form 20-F for FY 2021, which is incorporated herein by reference.                    |

| ● | PRC regulation of loans to                                                                                                                        
 and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay or prevent          
 us from using the proceeds we receive from our offshore financing activities to make loans to or make additional capital contributions            
 to our PRC subsidiaries, which could materially and adversely affect our liquidity and our ability to fund and expand our business. For           
 more details, see “Item 3. Key Information—D. Risk Factors— Risks Related to Doing Business in China—PRC regulation                               
 of loans to and direct investment in PRC entities by offshore holding companies and governmental control of currency conversion may delay         
 or prevent us from using the proceeds we receive from our offshore financing activities to make loans to or make additional capital contributions 
 to our PRC subsidiary, which could materially and adversely affect our liquidity and our ability to fund and expand our business”                 
 beginning on page 45 of our Form 20-F for FY 2021, which is incorporated herein by reference.                                                     |

| ● | If the U.S. Public Company                                                                                                                     
 Accounting Oversight Board, or the PCAOB, is unable to inspect our auditors as required under the Holding Foreign Companies Accountable        
 Act, the SEC will prohibit the trading of our ADSs. A trading prohibition for our ADSs, or the threat of a trading prohibition, may materially 
 and adversely affect the value of your investment. Additionally, the inability of the PCAOB to conduct inspections of our auditors would       
 deprive our investors of the benefits of such inspections. For more details, see “Risk Factors—Risks Related to Doing Business                 
 in the PRC—If the U.S. Public Company Accounting Oversight Board, or the PCAOB, is unable to inspect our auditors as required under            
 the Holding Foreign Companies Accountable Act, the SEC will prohibit the trading of our ADSs. A trading prohibition for our ADSs, or           
 the threat of a trading prohibition, may materially and adversely affect the value of your investment. Additionally, the inability of          
 the PCAOB to conduct inspections of our auditors would deprive our investors of the benefits of such inspections” beginning on                 
 page 27 of this prospectus.                                                                                                                    |

<div align='center'>20

RISK FACT