Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 59

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 59
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 be, with whom the arrangement is to be made and/or (ii) in the case of a creditors scheme of arrangement, a majority in number
of each class of creditors with whom the arrangement is to be made, and who must, in addition, represent seventy-five percent in value
of each such class of creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings,
convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the
Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved,
the court can be expected to approve the arrangement if it determines that:

| ● | the statutory provisions as                  
 to the required majority vote have been met; |

| ● | the shareholders have been                                                                                                                
 fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote 
 interests adverse to those of the class;                                                                                                  |

| ● | the arrangement is such that                                                                                     
 may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and |

| ● | the arrangement is not one                                                              
 that would more properly be sanctioned under some other provision of the Companies Act. |

When a takeover offer is made and accepted by
holders of 90% of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such
four month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can be
made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless
there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction is thus approved,
the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting
shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

The Companies Act also contains statutory provisions
which provide that a company may present a petition to the Grand Court of the Cayman Islands for the appointment of a restructuring officer
on the grounds that the company (a) is or is likely to become unable to pay its debts within the meaning of section 93 of the Companies
Act; and (b