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

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 3
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 our equity interest in the Shanghai Qingke Investment Consulting Co., Ltd. (“Q&K Investment Consulting”) and Qingke
(China) Limited (“Q&K HK”), respectively, to Wangxiancai Limited, which was a related party of the Group and is beneficially
owned by the legal representative and executive director of one of the Group’s subsidiaries (the “First Equity Transfer”).
As of September 30, 2022, the Group did not account for the transfer of equity interest in Q&K HK, Q&K Investment Consulting and
Q&K E-commerce as a discontinued operation, as XChange TEC.INC was the primary beneficiary of Q&K HK, Q&K Investment Consulting
and Q&K E-commerce as XChange TEC.INC had the power to direct the activities of these companies that most significantly impact their
economic performance and XChange TEC.INC had the obligation to absorb losses of these companies that could potentially be significant
to these companies since their inception. On October 31, 2023, the Group transferred all of its equity interest in Haoju (Shanghai) Artificial
Intelligence Technology Co., Ltd. (“Haoju”), to Wangxiancai Limited, at nominal consideration (the “Second Equity Transfer”).
Upon the completion of the Second Equity Transfer, the Group no longer conducts long-term apartment rental business in China. The disposals
of Q&K Investment Consulting, Q&K HK and Haoju are accounted as discontinued operations (“Discontinued Operations”).
The remaining ongoing business operations of our Group (excluding these disposed entities) are accounted as continuing operations (“Continuing
Operations”). On November 22, 2023, we entered into an equity acquisition agreement with Alpha Mind, an insurance agency and
insurance technology business in the PRC, and Alpha Mind’s shareholders to acquire all of the issued and outstanding shares in Alpha
Mind (the “Acquisition”). The Acquisition of Alpha Mind was consummated on December 28, 2023. Alpha Mind conducts its insurance
agency and insurance technology businesses in the PRC through its indirectly wholly-owned subsidiary, Jiachuang Yingan (Beijing) Information
& Technology Co., Ltd. (the “Current WFOE”) and the Current WFOE’s consolidated variable interest entities. In April
2022, Alpha Mind, through the Current WFOE, entered into contractual arrangements with Huaming Insurance Agency Co., Ltd. (“Huaming
Insurance”) and Huaming Yun