Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 90

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 90
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 civil liability provisions of the securities laws 
 of the United States or any state in the United States; or                                                                            |

| ● | entertain original actions                                                                                                               
 brought in each respective jurisdiction against us or our directors or officers predicated upon the securities laws of the United States 
 or any state in the United States.                                                                                                       |

We have been advised by our Cayman Islands legal
counsel, Conyers Dill & Pearman, that the courts of the Cayman Islands are unlikely (i) to recognize or enforce against us judgments
of courts of the United States predicated upon the civil liability provisions of the securities laws of the United States or any state
in the United States; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the
civil liability provisions of the securities laws of the United States or any state in the United States, so far as the liabilities imposed
by those provisions are penal in nature. The courts of the Cayman Islands would recognize as a valid judgment, a final and conclusive
judgment in personam obtained in the United States Courts against our company under which a sum of money is payable (other than a sum
of money payable in respect of multiple damages, taxes or other charges of a like nature or in respect of a fine or other penalty) or,
in certain circumstances, an in personam judgment for non-monetary relief, and would give a judgment based thereon provided that (a) such
courts had proper jurisdiction over the parties subject to such judgment, (b) such courts did not contravene the rules of natural justice
of the Cayman Islands, (c) such judgment was not obtained by fraud, (d) the enforcement of the judgment would not be contrary to the public
policy of the Cayman Islands, (e) no new admissible evidence relevant to the action is submitted prior to the rendering of the judgment
by the courts of the Cayman Islands, and (f) there is due compliance with the correct procedures under the laws of the Cayman Islands.
A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

Beijing Kingdom Law Firm has further advised us
that the recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedures Law. PRC courts may recognize
and enforce foreign judgments in accordance with the requirements, public policy considerations and conditions set forth in applicable
provisions of PRC laws relating to the enforcement of civil liability, including the