Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 6

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 6
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 our historical contractual arrangements with the VIE entities do not comply with PRC regulatory restrictions
on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations change or are
interpreted differently in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations.
Our Cayman Islands holding company, our PRC subsidiaries and VIE entities, and investors of our company face uncertainty about potential
future actions by the PRC government that could affect the enforceability of the historical contractual arrangements with the VIE entities
and, consequently, significantly affect the historical financial performance of the VIE entities and our Company as a whole. See “Risk
Factors—Risks Related to Our Corporate Structure—If the PRC government determines that the contractual arrangements with the
VIE entities did not comply with PRC regulations, or if these regulations change or are interpreted differently in the future, our shares
and/or ADSs may decline in value if we are deemed to be unable to assert our contractual control rights over the assets of the VIE entities”
in this prospectus.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or completeness of this prospectus, including any prospectus supplement, free writing prospectus and documents incorporated by reference. Any representation to the contrary is a criminal offense.

<div align='center'>The date of this prospectus is September 9, 2025.

TABLE OF CONTENTS</div>

|                                              |     | Page |
| ABOUT THIS PROSPECTUS                        |     |    1 |
| INCORPORATION OF DOCUMENTS BY REFERENCE      |     |    2 |
| SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS   |     |    3 |
| OUR COMPANY                                  |     |    4 |
| RISK FACTORS                                 |     |   19 |
| USE OF PROCEEDS                              |     |   26 |
| CAPITALIZATION AND INDEBTEDNESS              |     |   26 |
| DESCRIPTION OF SHARE CAPITAL                 |     |   26 |
| DESCRIPTION OF AMERICAN DEPOSITARY SHARES    |     |   35 |
| DESCRIPTION OF PREFERRED SHARES              |     |   41 |
| DESCRIPTION OF WARRANTS                      |     |   42 |
| DESCRIPTION OF UNITS                         |     |   44 |
| DESCRIPTION OF DEBT SECURITIES               |     |   44 |
| PLAN