Company: XHG
Filing Date: 2025-09-09
Form Type: F-3
Source: 0001213900-25-086186
Chunk: 74

Company: XChange TEC.INC
Filing Date: 2025-09-09
Form: F-3
Chunk 74
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 agreement, unsegregated and without liability for interest, for the pro rata benefit of the ADS holders that have not
surrendered their ADSs. Normally, the depositary will sell as soon as practicable after the termination date.

After the termination date and before the depositary
sells, ADS holders can still surrender their ADSs and receive delivery of deposited securities, except that the depositary may refuse
to accept a surrender for the purpose of withdrawing deposited securities or reverse previously accepted surrenders of that kind that
have not settled if it would interfere with the selling process. The depositary may refuse to accept a surrender for the purpose of withdrawing
sale proceeds until all the deposited securities have been sold. The depositary will continue to collect distributions on deposited securities,
but, after the termination date, the depositary is not required to register any transfer of ADSs or distribute any dividends or other
distributions on deposited securities to the ADSs holder (until they surrender their ADSs) or give any notices or perform any other duties
under the deposit agreement except as described in this paragraph.

<div align='center'>39</div>

Limitations on Obligations and Liability

Limits on our Obligations and the Obligations of the Depositary; Limits on Liability to Holders of ADSs

The deposit agreement expressly limits our obligations
and the obligations of the depositary. It also limits our liability and the liability of the depositary. We and the depositary:

| ● | are only obligated to take                                                                                                              
 the actions specifically set forth in the deposit agreement without negligence or bad faith, and the depositary will not be a fiduciary 
 or have any fiduciary duty to holders of ADSs;                                                                                          |

| ● | are not liable if we are or                                                                                                            
 it is prevented or delayed by law or by events or circumstances beyond our or its control from performing our or its obligations under 
 the deposit agreement;                                                                                                                 |

| ● | are not liable if we or it                                  
 exercises discretion permitted under the deposit agreement; |

| ● | are not liable for the inability                                                                                                            
 of any holder of ADSs to benefit from any distribution on deposited securities that is not made available to holders of ADSs under the      
 terms of the deposit agreement, or for any special, consequential or punitive damages for any breach of the terms of the deposit agreement; |

| ● | have no obligation to become                                                                                                            
 involved in a lawsuit or other proceeding related to the ADSs or the