Company: XHG
Filing Date: 2025-10-29
Form Type: F-3/A
Source: 0001213900-25-103499
Chunk: 72

Company: XChange TEC.INC
Filing Date: 2025-10-29
Form: F-3/A
Chunk 72
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 on such matter at a general meeting without a meeting being held.

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Shareholder Proposals

Under the Delaware General Corporation Law, a
shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions
in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing
documents, but shareholders may be precluded from calling special meetings. Our existing articles of association allow our shareholders
to requisition a shareholders’ meeting (see above). As an exempted Cayman Islands company, we are not obliged by law to call shareholders’
annual general meetings though we may do so.

Cumulative Voting

Under the Delaware General Corporation Law, cumulative
voting for elections of directors is not permitted unless the corporation’s certificate of incorporation specifically provides for
it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the
minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder’s
voting power with respect to electing such director. As permitted under Cayman Islands law, our existing articles of association do not
provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders
of a Delaware corporation.

Removal of Directors

Under the Delaware General Corporation Law, a
director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares
entitled to vote, unless the certificate of incorporation provides otherwise. Subject to any provision to the contrary in our existing
articles of association, a director may, at any time before the expiration of his or her period of office (notwithstanding anything in
our existing articles of association or in any agreement between our company and such director (but without prejudice to any claim for
damages under any such agreement)) be removed by way of either (a) a special resolution of the shareholders; or (b) the affirmative vote
of a majority of the remaining directors present and voting at a board meeting; or (c) a resolution in writing (which complies with the
requirements of the provisos contained in article 119 of our existing articles of association) signed by all the directors other than
the director being removed.

Transactions with Interested Shareholders

The Delaware General Corporation Law contains
a business combination statute applicable to