<SEC-DOCUMENT>0001213900-25-042057.txt : 20250512
<SEC-HEADER>0001213900-25-042057.hdr.sgml : 20250512
<ACCEPTANCE-DATETIME>20250512163007
ACCESSION NUMBER:		0001213900-25-042057
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20250512
FILED AS OF DATE:		20250512
DATE AS OF CHANGE:		20250512

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			XChange TEC.INC
		CENTRAL INDEX KEY:			0001769256
		STANDARD INDUSTRIAL CLASSIFICATION:	INSURANCE AGENTS BROKERS & SERVICES [6411]
		ORGANIZATION NAME:           	02 Finance
		EIN:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39111
		FILM NUMBER:		25935314

	BUSINESS ADDRESS:	
		STREET 1:		ROOM 1607, BUILDING A
		STREET 2:		NO. 596 MIDDLE LONGHUA ROAD
		CITY:			XUHUI, SHANGHAI
		STATE:			F4
		ZIP:			200032
		BUSINESS PHONE:		86-21-6417-9625

	MAIL ADDRESS:	
		STREET 1:		ROOM 1607, BUILDING A
		STREET 2:		NO. 596 MIDDLE LONGHUA ROAD
		CITY:			XUHUI, SHANGHAI
		STATE:			F4
		ZIP:			200032

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FLJ Group Ltd
		DATE OF NAME CHANGE:	20220926

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Q&K INTERNATIONAL GROUP Ltd
		DATE OF NAME CHANGE:	20190227
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ea0241546-6k_xchange.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER<BR>
THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of May 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-39111</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>XChange TEC.INC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s Name)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>No.801, Building 1, 1136 Xinzha Road</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>JingAn District, Shanghai, 200041</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>People&rsquo;s Republic of China</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form 20-F &#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Form 40-F &#9744;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This report on Form 6-K, including the exhibits
hereof, is hereby incorporated by reference into the Registrant&rsquo;s Registration Statement on <U STYLE="text-decoration: none"><A HREF="https://www.sec.gov/Archives/edgar/data/1769256/000119312521225090/d567808df3.htm">Form&nbsp;F-3</A></U> initially filed
with the U.S. Securities and Exchange Commission on July 27, 2021 (Registration No. 333-258187) and shall be a part thereof from the date
on which this current report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION CONTAINED IN THIS FORM 6-K REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As previously disclosed, on April 23, 2025, XChange
TEC.INC (the &ldquo;Company&rdquo;), MMTEC, Inc. (&ldquo;MMTEC&rdquo;), a holder of certain Secured Promissory Note dated December 28,
2023 issued by the Company in the original principal amount of US$153,000,000 (the &ldquo;Original Note&rdquo;), and Infinity Asset Solutions
Ltd. (&ldquo;Infinity Asset&rdquo;), entered into a Note Purchase Agreement (the &ldquo;Agreement&rdquo;), pursuant to which Infinity
Asset purchased from MMTEC, a portion of the Original Note representing US$51,988,242 of the total US$153,738,529 of the unpaid principal
and accrued and unpaid interest under the Original Note. The portion of the Original Note purchased by Infinity Asset is hereinafter referred
to as the &ldquo;Note.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May 9, 2025, the Company and Infinity Asset
entered into a share subscription agreement and a payoff letter (collectively, the &ldquo;Conversion Documents&rdquo;), pursuant to which,
the Company agreed to issue to Infinity Asset and Infinity Asset agreed to subscribe from the Company, 108,027,515,844 Class A ordinary
shares, par value US$0.0000001 per share, of the Company (the &ldquo;Converted Shares&rdquo;), as the repayment by the Company to Infinity
Asset of all outstanding principal amount and accrued interest under the Note with a total amount of US$51,988,242. On the same date,
the Company consummated the issuance of the Converted Shares. The Converted Shares were issued in reliance upon the exemption from securities
registration pursuant to Regulation S promulgated under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May 9, 2025, the Company adopted an equity incentive
plan (the &ldquo;2025 Equity Incentive Plan&rdquo;) and issued thereunder 11,800,000,000 Class B ordinary shares, par value US$0.0000001
per share, of the Company (the &ldquo;Reserved Shares&rdquo;) to Golden Stream Ltd., a limited liability company incorporated in Cayman
Islands (the &ldquo;ESOP Platform&rdquo;). The ESOP Platform will hold the Reserved Shares (i) before any granting or vesting to the participants
of the 2025 Equity Incentive Plan (the &ldquo;Participants&rdquo;), and (ii) after any vesting to the Participants, on behalf of the Participants
pursuant to the respective share award agreements. The Reserved Shares were issued in reliance upon the exemption from securities registration
afforded by Section 4(a)(2) of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Following the issuance of the Converted Shares
and Reserved Shares, as of the date hereof, the Company has a total of 111,851,094,785 Class A ordinary shares&nbsp;and 11,863,927,890
Class B ordinary shares issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 9%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 90%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description of Document</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea024154601ex99-1_xchange.htm">Share Subscription Agreement dated May 9, 2025</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea024154601ex99-2_xchange.htm">Payoff Letter dated May 9, 2025</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea024154601ex99-3_xchange.htm">2025 Equity Incentive Plan</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40.8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">XChange TEC.INC</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 34%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Zhichen Sun</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhichen Sun</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of the Board of Directors<BR>
 Chief Executive
    Officer </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: May 12, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ea024154601ex99-1_xchange.htm
<DESCRIPTION>SHARE SUBSCRIPTION AGREEMENT DATED MAY 9, 2025
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SUBSCRIPTION AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-transform: uppercase">This
SUBSCRIPTION Agreement </FONT>(this &ldquo;<U>Agreement</U>&rdquo;), dated as of May 9, 2025, is entered into by and between:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(1)&nbsp;<B>XChange
TEC.INC</B>, a company incorporated under the laws of the Cayman Islands and listed on NASDAQ under ticker symbol of XHG (the &ldquo;<U>Company</U>&rdquo;);
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(2)&nbsp;<B>Infinity
Asset Solutions Ltd.</B>, a company with limited liability incorporated under the laws of the British Virgin Islands (the &ldquo;<U>Subscriber</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The Subscriber and the Company
are sometimes each referred to herein as a &ldquo;<U>Party</U>,&rdquo; and collectively as the &ldquo;<U>Parties</U>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal"><U>W</U>&nbsp;<U>I</U>&nbsp;<U>T</U>&nbsp;<U>N</U>&nbsp;<U>E</U>&nbsp;<U>S</U>&nbsp;<U>S</U>&nbsp;<U>E</U>&nbsp;<U>T</U>&nbsp;<U>H:</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">WHEREAS, a US$50,000,000 secured
promissory note agreement , dated April 23, 2025 (as amended, restated or supplemented from time to time, the &ldquo;<U>Note Agreement</U>&rdquo;),
was entered into between the Company as maker and the Subscriber as holder. As at the date of this Agreement, the outstanding amount (including
the outstanding principal and any accrued but unpaid interest) owed by the Company to the Subscriber pursuant to the Note Agreement is
US$51,988,242 (the &ldquo;<U>Outstanding Amount</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">WHEREAS, upon the terms and conditions
of this Agreement, the Company desires to issue and sell to the Subscriber, and the Subscriber wishes to subscribe from the Company, Class
A ordinary shares, US$0.0000001 par value per share (&ldquo;<U>Class A Ordinary Shares</U>&rdquo;) of the Company, in a private placement
exempt from registration pursuant to Regulation S of the U.S. Securities Act of 1933, as amended (&ldquo;<U>Regulation S</U>&rdquo; and
&ldquo;<U>Securities Act</U>,&rdquo; respectively);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 1in">NOW, THEREFORE, in consideration
of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
I<BR>
SUBSCRIPTION AND SALE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 1.1.&nbsp;<U>Issuance, Sale and Subscription
of Ordinary Shares</U>. Upon the terms and subject to the conditions of this Agreement, at the Closing (as defined below), the Subscriber
agrees to subscribe, and the Company agrees to sell and issue to the Subscriber, such number of Class A Ordinary Shares for a subscription
price of US$0.00048125 per Class A Ordinary Share(the &ldquo;<U>Subscription Price</U>&rdquo;) with a total consideration of US$51,988,242
for the Subscription (the &ldquo;<U>Consideration</U>&rdquo;), being the Outstanding Amount owed by the Company to the Subscriber pursuant
to the Note Agreement as at the Closing Date, free and clear of all liens or Encumbrances as defined below (except for restrictions arising
under the Securities Act or created by virtue of this Agreement) (the &ldquo;<U>Subscription</U>&rdquo;). The number of Class A Ordinary
Shares to be issued to and subscribed by the Subscriber shall be determined by dividing the Outstanding Amount by the Subscription Price
(as defined below) as of the time of the Closing Date, and is as set out in Section 1.3 (<I>Closing</I>) of this Agreement. Fraction of
Class A Ordinary Shares will not be issued and no cash adjustment will be made in respect thereof. The Class A Ordinary Shares issued
to the Subscriber pursuant to this Agreement shall be referred to herein as the &ldquo;<U>Subscription Shares</U>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 1.2.&nbsp;<U>Set off of Outstanding Amount
with the Consideration</U>. The Parties hereby agree that the payment of Consideration by the Subscriber will be set off by the repayment
of the Outstanding Amount by the Company. The Parties further agree that no cash payment will be made to the Company by the Subscriber
upon the Closing (as defined below) and that upon the Closing and cancellation of the Note Agreement, the Company will be deemed to have
repaid all Outstanding Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 1.3.&nbsp;<U>Closing</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;Closing.
Subject to Section 1.5, the closing (the &ldquo;<U>Closing</U>&rdquo;) of the Subscription shall take place remotely via the electronic
exchange of the closing documents and signatures (followed by prompt delivery of the originals therefor) on May 9, 2025 or such other
time as the Parties may mutually agree upon. The date and time of the Closing are referred to herein as the &ldquo;<U>Closing Date</U>.&rdquo;
The Company and the Subscriber agreed that the following table sets forth the Outstanding Amount and the number of Class A Ordinary Shares
that will be issued and subscribed at Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">Closing Date</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">Outstanding Amount</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">Number of Class A Ordinary Shares to be subscribed by the Subscriber</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-indent: 0pt; padding-left: 0pt">May 9, 2025</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">US$</TD><TD STYLE="width: 9%; text-align: right">51,988,242</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">108,027,515,844</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 1.4.&nbsp;<U>Set off and Delivery</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;At the
Closing, the Company shall deliver a certified true copy of the updated register of members of the Company, evidencing that the Subscription
Shares have been issued and registered in the name of the Subscriber.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;<U>Restrictive
Legend</U>. Each certificate representing the Subscription Shares, if any such certificate is issued, shall be endorsed with the following
legend:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933
(AS AMENDED, THE &ldquo;ACT&rdquo;) OR UNDER THE SECURITIES LAWS OF ANY STATE. THIS SECURITY MAY NOT BE TRANSFERRED, SOLD OR OFFERED FOR
SALE: IN THE ABSENCE OF (1) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT, OR (2) AN EXEMPTION OR QUALIFICATION UNDER APPLICABLE SECURITIES
LAWS, INCLUDING THE REGISTRATION REQUIREMENTS OF THE ACT. ANY ATTEMPT TO TRANSFER OR SELL THIS SECURITY IN VIOLATION OF THESE RESTRICTIONS
SHALL BE VOID.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 1.5.&nbsp;<U>Closing Conditions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;<U>Conditions
to the Company&rsquo;s Obligations to Effect the Closing</U>. The obligation of the Company to issue and sell the Subscription Shares
to the Subscriber as contemplated by this Agreement are subject to the satisfaction, on or before the Closing Date, of each of the following
conditions, any of which may be waived in writing by the Company in its sole discretion:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">(i)&nbsp;Each
of the payoff letter, in the form agreed by the Parties, has been duly executed by the Subscriber in favor of, and delivered to, the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">(ii)&nbsp;All
actions required to be taken by the Subscriber in connection with the subscription of the Subscription Shares hereunder shall have been
completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">(iii)&nbsp;The
representations and warranties of the Subscriber contained in Section 2.1 of this Agreement shall have been true and correct on the date
of this Agreement and true and correct on and as of the Closing Date; and the Subscriber shall have performed and complied in all material
respects with all, and not be in breach or default in any material respect under any, agreements, covenants, conditions and obligations
contained in this Agreement that are required to be performed or complied with on or before the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp; <U>Conditions
to the Subscriber&rsquo;s Obligations to Effect the Closing</U>. The obligation of the Subscriber to subscribe and pay for the Subscription
Shares as contemplated by this Agreement is subject to the satisfaction, on or before the Closing Date, of the following conditions, any
of which may be waived in writing by the Subscriber in its sole discretion:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">(i)&nbsp;All
corporate and other actions required to be taken by the Company in connection with the issuance and sale of the Subscription Shares shall
have been completed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">(ii)&nbsp;The
representations and warranties of the Company contained in Section 2.2 of this Agreement shall have been true and correct on the date
of this Agreement and true and correct on and as of the Closing Date; and the Company shall have performed and complied in all material
respects with all, and not be in breach or default in any material respects under any, agreements, covenants, conditions and obligations
contained in this Agreement that are required to be performed or complied with on or before the Closing Date.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
II<BR>
REPRESENTATIONS AND WARRANTIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 2.1.&nbsp;<U>Representations and Warranties
of the Subscriber</U>. The Subscriber hereby represents and warrants to the Company, as of the date hereof and as of the Closing Date,
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;<U>Due
Incorporation</U>. The Subscriber is a company duly incorporated as a BVI company with limited liability, validly existing and in good
standing under the laws of the British Virgin Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;<U>Authority</U>.
The Subscriber has full power and authority to enter into, execute and deliver this Agreement and any of the agreement, certificate, document
and instrument otherwise required in connection with implementing the transactions and actions contemplated in this Agreement (together,
the &ldquo;<U>Transaction Documents</U>&rdquo;) and to perform its obligations hereunder and thereunder. The execution and delivery by
the Subscriber of this Agreement and the other Transaction Documents and the performance by the Subscriber of its obligations hereunder
and thereunder have all been duly authorized by all requisite actions on the Subscriber&rsquo;s part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;<U>Valid
Agreement</U>. This Agreement has been and, upon its execution each of the other Transaction Documents shall have been, duly executed
and delivered by the Subscriber, and each of the Agreement and the other Transaction Documents, upon execution, constitutes the legal,
valid and binding obligation of the Subscriber, enforceable against him in accordance with its terms, except (i) as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors&rsquo; rights
generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;<U>Noncontravention</U>.
Neither the execution and the delivery of this Agreement or any other Transaction Documents, nor the consummation of the transactions
contemplated hereby or thereby, will (i) violate any provision of the organizational documents of the Subscriber or violate any constitution,
statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental entity
or court to which the Subscriber is subject, or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration
of or creation of an encumbrance under, or create in any party the right to accelerate, terminate, modify, or cancel, any agreement, contract,
lease, license, instrument, or other arrangement to which the Subscriber is a party or by which the Subscriber is bound or to which any
of the Subscriber&rsquo;s assets are subject. There is no action, suit or proceeding, pending or threatened against the Subscriber that
questions the validity of the Transaction Documents or the right of the Subscriber to enter into this Agreement and the other Transaction
Documents or to consummate the transactions contemplated hereby or thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;<U>Consents
and Approvals</U>. Neither the execution and delivery by the Subscriber of this Agreement and the other Transaction Documents, nor the
consummation by the Subscriber of any of the transactions contemplated hereby or thereby, nor the performance by the Subscriber of any
of this Agreement or the Transaction Documents in accordance with its terms requires the consent, approval, order or authorization of,
or registration with, or the giving of notice to, any governmental or public body or authority or any third party, except such as have
been or will have been obtained, made or given on or prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;<U>Status
and Investment Intent</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">(i)&nbsp;<U>Experience</U>.
The Subscriber has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits
and risks of its investment in the Subscription Shares. The Subscriber is capable of bearing the economic risks of such investment, including
a complete loss of its investment. The Subscriber has conducted its own investigation of the Company and the Subscription Shares. The
Subscriber has had access to, and an adequate opportunity to review, financial and other information as it deems necessary to make our
decision to subscribe the Subscription Shares. The Subscriber has been offered the opportunity to ask questions of the Company and received
answers thereto, as it deemed necessary in connection with its decision to subscribe the Subscription Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">(ii)&nbsp;<U>Information</U>.
The Subscriber acknowledges that (i) the Company currently may have, and later may come into possession of, information regarding the
Company that is not known to it and that may be material to a decision to enter into this transaction to subscribe the Subscription Shares
(&ldquo;Excluded Information&rdquo;), (ii) it has determined to enter into this transaction to subscribe the Securities notwithstanding
its lack of knowledge of the Excluded Information, and (iii) neither the Company shall have liability to it, and it hereby to the extent
permitted by law waives and releases any claims we may have against the Company, with respect to the nondisclosure of the Excluded Information.
The Subscriber has consulted to the extent deemed appropriate by the Subscriber with the Subscriber&rsquo;s own advisers as to the financial,
tax, legal and related matters concerning an investment in the Subscription Shares. The Subscriber has made its own assessment and have
satisfied itself concerning the relevant tax and other economic considerations relevant to its investment in the Subscription Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">(iii)&nbsp;<U>Subscription
Entirely for Own Account</U>. The Subscriber is acquiring the Subscription Shares that it is purchasing pursuant to this Agreement for
its own account for investment purposes only. The Subscriber does not have any direct or indirect arrangement, or understanding with any
other persons to distribute, or regarding the distribution of the Subscription Shares in violation of the Securities Act or any other
applicable state securities law. The Subscriber certifies that the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">(iv)&nbsp;<U>Solicitation</U>.
The Subscriber was not identified or contacted through the marketing of the Subscription Shares. The Subscriber did not learn of the investment
in the Subscription Shares as a result of any general solicitation or general advertising (as defined in Regulation D under the Securities
Act) or directed selling efforts (as defined in Regulation S under the Securities Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">(v)&nbsp;<U>Not
U.S. Person</U>. The Subscriber is not a &ldquo;U.S. person&rdquo; as defined in Rule 902 of Regulation S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in">(vi)&nbsp;<U>Offshore
Transaction</U>. The Subscriber has been advised and acknowledges that in issuing the Subscription Shares to the Subscriber pursuant hereto,
the Company is relying upon the exemption from registration provided by Regulation S. The Subscriber is acquiring the Subscription Shares
in an offshore transaction (as defined in Regulation S under the Securities Act) in reliance upon the exemption from registration provided
by Regulation S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 2.2.&nbsp;<U>Representations and Warranties
of the Company</U>. The Company hereby represents and warrants to the Subscriber, as of the date hereof and as of the Closing Date, as
follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(a)&nbsp;<U>Due
Formation</U>. The Company is a company duly incorporated as an exempted company with limited liability, validly existing and in good
standing under the laws of the Cayman Islands. The Company has all requisite power and authority to carry on its business as it is currently
being conducted. Each Subsidiary (as defined below) has been duly organized, is validly existing and in good standing under the laws of
its jurisdiction of organization and has the requisite corporate power and authorization to own, lease and operate its properties and
to carry on its business as now being conducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(b)&nbsp;<U>Authority</U>.
The Company has full power and authority to enter into, execute and deliver this Agreement and each of the other Transaction Documents
and to perform its obligations hereunder and thereunder. The execution and delivery by the Company of this Agreement and the other Transaction
Documents and the performance by the Company of its obligations hereunder and thereunder have all been duly authorized by all requisite
actions on its part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&nbsp;<U>Valid
Agreement</U>. This Agreement has been and, upon its execution each of the other Transaction Documents shall have been, duly executed
and delivered by the Company, and each of the Agreement and the other Transaction Documents, upon execution, constitutes the legal, valid
and binding obligations of the Company, enforceable against it in accordance with its terms, except (i) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors&rsquo; rights generally,
and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(d)&nbsp;<U>Capitalization</U>.
All outstanding shares of the share capital of the Company and all outstanding shares of capital stock of each of the Company&rsquo;s
subsidiaries and consolidated affiliated entities (each a &ldquo;<U>Subsidiary</U>&rdquo; and collectively &ldquo;<U>Subsidiaries</U>&rdquo;)
have been issued and granted in compliance with (x) all applicable Securities Laws and other applicable laws and (y) all requirements
set forth in applicable contracts, without violation of preemptive rights, rights of first refusal or other similar rights. &ldquo;<U>Securities
Laws</U>&rdquo; means the Securities Act, the U.S. Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;),
the listing rules of, or any listing agreement with the NASDAQ Global Market (the &ldquo;<U>Nasdaq</U>&rdquo;) and any other applicable
law regulating securities or takeover matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(e)&nbsp;<U>Due
Issuance of the Subscription Shares</U>. At the Closing Date, the Subscription Shares have been duly authorized and, when issued and delivered
to and paid for by the Subscriber pursuant to this Agreement, will be validly issued, fully paid and non-assessable and free and clear
of any pledge, mortgage, security interest, encumbrance, lien, charge, assessment, title defect, right of first refusal, right of pre-emption,
third party right or interest, claim or restriction of any kind or nature (collectively the &ldquo;<U>Encumbrances</U>&rdquo;), except
for restrictions arising under the Securities Act or created by virtue of this Agreement (including the lock-up provision in Section 3.1
below), and upon delivery and entry into the register of members of the Company will transfer to the Subscriber good and valid title to
the Subscription Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(f)&nbsp;<U>Noncontravention</U>.
Neither the execution and the delivery of this Agreement or any other Transaction Documents, nor the consummation of the transactions
contemplated hereby and thereby, will (i) violate any provision of the organizational documents of the Company or its Subsidiaries or
violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any
government, governmental entity or court to which the Company or its Subsidiaries is subject, or (ii) conflict with, result in a material
breach of, constitute a material default under, result in the acceleration of or creation of a material Encumbrance under, or create in
any party, in material respects, the right to accelerate, terminate, modify, or cancel, any agreement, contract, lease, license, instrument,
or other arrangement to which the Company or its Subsidiaries is a party or by which the Company or its Subsidiaries is bound or to which
any of the Company&rsquo;s or its Subsidiaries&rsquo; assets are subject. There is no action, suit or proceeding, pending or threatened
against the Company or its Subsidiaries that questions the validity of this Agreement or the other Transaction Documents the right of
the Company to enter into this Agreement or the other Transaction Documents or to consummate the transactions contemplated hereby or thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(g)&nbsp;<U>Consents
and Approvals</U>. Neither the execution and delivery by the Company of this Agreement or any other Transaction Document, nor the consummation
by the Company of any of the transactions contemplated hereby and thereby, nor the performance by the Company of this Agreement or any
of the other Transaction Documents in accordance with its terms requires the consent, approval, order or authorization of, or registration
with, or the giving notice to, any governmental or public body or authority or any third party (other than filings that have been made
pursuant to applicable U.S. state securities laws and post-sale filings pursuant to applicable U.S. state and federal securities laws
and the rules and regulations of Nasdaq, which the Company undertakes to file within the applicable time periods), except such as have
been or will have been obtained, made or given on or prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(h)&nbsp;<U>Solicitation</U>.
Neither the Company nor any person acting on its behalf has offered or sold the Subscription Shares by any form of general solicitation
or general advertising (as defined in Regulation D under the Securities Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(i)&nbsp;<U>Regulation
S</U>. No directed selling efforts (as defined in Rule 902 of Regulation S under the Securities Act) have been made by any of the Company,
any of its affiliates or any person acting on its behalf with respect to any Subscription Shares that are not registered under the Securities
Act; and none of such persons has taken any actions that would result in the sale of the Subscription Shares to the Subscriber under this
Agreement requiring registration under the Securities Act; and the Company is a &ldquo;foreign issuer&rdquo; (as defined in Regulation
S).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
III<BR>
COVENANTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 3.1.&nbsp;<U>Distribution Compliance Period</U>.
The Subscriber agrees not to resell, pledge or transfer any Subscription Shares within the United States or to any U.S. Person, as each
of those terms is defined in Regulation S, during the 40 days following the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 3.2.&nbsp;<U>Further Assurances</U>. From the
date of this Agreement until the Closing Date, (i) the Parties shall use their reasonable best efforts to fulfill or obtain the fulfillment
of the conditions precedent to the consummation of the transactions contemplated hereby, and (ii) the Company shall, and shall cause each
of its Subsidiaries to (x) conduct its business and affairs in the ordinary course of business consistent with past practice, (y) not
take any action, or omit to take any action, that would reasonably be expected to make any of its representations and warranties in this
Agreement untrue at, or as of any time before, the Closing Date.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Article
IV<BR>
MISCELLANEOUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 4.1.&nbsp;<U>Governing Law; Jurisdiction</U>.
This Agreement shall be governed and interpreted in accordance with the internal laws of the State of New York. Each of the Parties agrees
and consents to personal jurisdiction and venue in any federal or state court within the Borough of Manhattan, in the City of New York,
having subject matter jurisdiction, for the purposes of any action, suit or proceeding arising out of or relating to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 4.2.&nbsp;<U>Amendment</U>. This Agreement
shall not be amended, changed or modified, except by another agreement in writing executed by the Parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 4.3.&nbsp;<U>Binding Effect</U>. This Agreement
shall inure to the benefit of, and be binding upon, each of the Company and the Subscriber and their respective heirs, successors and
permitted assigns and legal representatives. Nothing herein, express or implied, is intended to or shall confer upon any other person
any legal or equitable right, benefit or remedy of any nature whatsoever, except as expressly provided in this Agreement and.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 4.4.&nbsp;<U>Assignment</U>. Neither this Agreement
nor any of the rights, duties or obligations hereunder may be assigned by the Company or the Subscriber without the express written consent
of the other Party, except that the Subscriber may assign all or any part of his rights and obligations hereunder to any affiliate controlled
by the Subscriber without the consent of the Company, provided that no such assignment shall relieve the Subscriber of its obligations
hereunder if such assignee does not perform such obligations. Any purported assignment in violation of the foregoing sentence shall be
null and void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 4.5.&nbsp;<U>Notices</U>. All notices, requests,
demands, and other communications under this Agreement shall be in writing and shall be deemed to have been duly given on the date of
actual delivery if delivered personally to the Party to whom notice is to be given, on the date sent if sent by telecopier, tested telex
or prepaid telegram, on the next business day following delivery to Federal Express properly addressed or on the day of attempted delivery
by the U.S. Postal Service if mailed by registered or certified mail, return receipt requested, postage paid, and properly addressed as
follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 20%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If to the Subscriber, at:</P></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD><B>Infinity Asset Solutions Ltd.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Attention: Jennifer Shao </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">Address: OMC Chambers,</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Wickhams Cay 1, Road Town,</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Tortola, British Virgin Islands</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>If to the Company, at:</TD>
    <TD>&nbsp;</TD>
    <TD><B>XChange TEC.INC&nbsp;&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Attention: ZHICHEN SUN</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">Address: No. 801, Building 1, 1136</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Xinzha Road, JingAn District,</P>
        <P STYLE="margin-top: 0; margin-bottom: 0">Shanghai, 200041</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>E-mail:&nbsp;frank@qk365.com</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Any Party may change its address for purposes of
this Section 4.5 by giving the other Parties hereto written notice of the new address in the manner set forth above.</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 4.6.&nbsp;<U>Entire Agreement</U>. This Agreement
constitutes the entire understanding and agreement between the Parties with respect to the matters covered hereby, and all prior agreements
and understandings, oral or in writing, if any, between the Parties with respect to the matters covered hereby are merged and superseded
by this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 4.7.&nbsp;<U>Severability</U>. If any provisions
of this Agreement shall be adjudicated to be illegal, invalid or unenforceable in any action or proceeding whether in its entirety or
in any portion, then such provision shall be deemed amended, if possible, or deleted, as the case may be, from the Agreement in order
to render the remainder of the Agreement and any provision thereof both valid and enforceable, and all other provisions hereof shall be
given effect separately therefrom and shall not be affected thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 4.8.&nbsp;<U>Fees and Expenses</U>. Except
as otherwise provided in this Agreement, each of the Company and the Subscriber will bear their respective expenses incurred in connection
with the negotiation, preparation and execution of this Agreement and the transactions contemplated hereby, including fees and expenses
of attorneys, accountants, consultants and financial advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 4.9.&nbsp;<U>Confidentiality</U>. Each Party
hereto shall keep in confidence and shall not use (except for the purposes of the transactions contemplated hereby) or disclose, any non-public
information disclosed to it or its affiliates, representatives or agents in connection with this Agreement or the transactions contemplated
hereby. Each Party hereto shall ensure that its affiliates, representatives and agents keep in confidence, and do not use (except for
the purposes of the transactions contemplated hereby) or disclose, any such non-public information, except for Required Disclosures (as
defined below). In the event that a Party, or any of its affiliates, representatives and agents, is required by law, regulation or judgment
of a competent jurisdiction or requested by any governmental or regulatory agency of a competent jurisdiction (including, without limitation,
any stock exchange or self-regulatory organization) to disclose any such non-public information (such disclosure being referred to as
&ldquo;<U>Required Disclosures</U>&rdquo; herein), it shall, to the extent legally permissible, notify the other Party as promptly as
practicable under the circumstances so that the other Party may seek a protective order or other appropriate remedy. In the event that
the other Party does not indicate its intention to obtain such protective order or other remedy within two (2) business days of receipt
of the notice of such Required Disclosures, the disclosing Party shall furnish only that portion of the non-public information that is
legally required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 4.10.&nbsp;<U>Specific Performance</U>. The
Parties agree that irreparable damage would occur in the event any provision of this Agreement were not performed in accordance with the
terms hereof and that the Parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law
or equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 4.11.&nbsp;<U>Headings</U>. The headings of
the various articles and sections of this Agreement are inserted merely for the purpose of convenience and do not expressly or by implication
limit, define or extend the specific terms of the section so designated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section 4.12.&nbsp;<U>Execution in Counterparts</U>.
For the convenience of the Parties and to facilitate execution, this Agreement may be executed in one or more counterparts, each of which
shall be deemed to be an original, but all of which together shall constitute but one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Pages Follow</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>IN WITNESS WHEREOF</B>, the
parties hereto have duly executed this Agreement effective as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>XChange TEC.INC</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 6%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 34%"><I>/s/ Zhichen Sun</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Zhichen Sun</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>CEO</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>IN WITNESS WHEREOF</B>, the
parties hereto have duly executed this Agreement effective as of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>Infinity Asset Solutions Ltd.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 6%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 34%"><I>/s/ Jennifer Shao</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Jennifer Shao</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title: </TD>
    <TD STYLE="text-indent: 0pt">Director</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ea024154601ex99-2_xchange.htm
<DESCRIPTION>PAYOFF LETTER DATED MAY 9, 2025
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.25in">May 9, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>XChange TEC.INC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Re: Payoff Letter</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sirs,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Reference is hereby made to the US$50,000,000
secured promissory note agreement, dated April 23, 2025 (the &ldquo;<B>Note Agreement</B>&rdquo;), between XChange TEC.INC as borrower
(the &ldquo;<B>Maker</B>&rdquo;) and Infinity Asset Solutions Ltd. as the holder (the &ldquo;<B>Holder</B>&rdquo;). Capitalized terms
used but not defined herein shall have the meanings given to them in the Note Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Pursuant to the subscription agreement (&ldquo;<B>Subscription
Agreement</B>&rdquo;) dated May 9, 2025 between the Maker and the Holder, the Holder agrees to subscribe for the Subscription Shares (as
defined in the Subscription Agreement) pursuant to the terms and conditions of the Subscription Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Upon the occurrence of Closing (as defined in
the Subscription Agreement), all amount outstanding under the Note Agreement and the other transaction documents shall, simultaneously
upon the occurrence of Closing, be deemed repaid by the Maker and the Maker shall not be liable to the Holder in respect of any obligations
under the Note Agreement (including all principal, accrued interest and all other amounts outstanding under the Note Agreement) (the &ldquo;<B>Discharge</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Upon the occurrence of the Closing, the Holder
shall, upon the reasonable request and at the cost and expenses of the Maker, (i) do all things and execute all documents as may reasonably
necessary to give effect to the release of the transaction security and the termination of (a) the Note Agreement, and (b) the security
interest in and first lien on the Collateral (without prejudice to any claims, rights or obligations that are expressly stated to survive
termination of the Finance Documents); and (ii) authorise the Maker to make filings and releases and provide notices of satisfaction of
charge to give effect to the matters set out in the deed of release and termination, in each case without the signature of the Maker,
to the extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Notwithstanding anything provided in this Payoff
Letter, each of the Maker and the Holder agrees that if the Closing does not occur, the Discharge will not occur and the terms and conditions
of the Finance Documents will remain in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">This Payoff Letter shall be binding on and shall
inure solely to the benefit of the Maker, the Holder, the Security Providers and their respective successors and assigns, and no other
person shall have any rights herein under the Contracts (Rights of Third Parties) Ordinance (Chapter 623 of the laws of Hong Kong) to
enforce or to enjoy the benefit of any provision of this Payoff Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center; text-indent: -0.5in">&nbsp;&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">This Payoff Letter may be executed in any number
of counterparts, and shall have the same effect as if the signatures on the counterparts were on a single copy of this Payoff Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">This Payoff Letter and the rights and obligations
of the parties arising hereunder shall be governed by, and shall be construed and enforced in accordance with Hong Kong law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="3"><B><U>HOLDER</U></B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD><B>&nbsp;</B></TD>
    <TD COLSPAN="2"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>Infinity Asset Solutions Ltd.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid"><I>/s/ Jennifer Shao</I></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%"> </TD>
    <TD STYLE="width: 6%">Name:</TD>
    <TD STYLE="width: 30%"> Jennifer Shao</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"></TD>
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify">Director</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">Agreed to and accepted on May 9, 2025:</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><B><U>BORROWER</U></B></TD>
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD>
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><B>XChange TEC.INC&nbsp;&nbsp;</B></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><I>/s/ ZHICHEN SUN</I></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Name: </TD>
    <TD STYLE="text-align: justify">ZHICHEN SUN</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify">CEO</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ea024154601ex99-3_xchange.htm
<DESCRIPTION>2025 EQUITY INCENTIVE PLAN
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 99.3</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">XChange TEC.INC<BR>
2025 EQUITY INCENTIVE PLAN</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT></FONT>Purpose of the Plan</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The purpose of this 2025 Equity Incentive Plan (the
&ldquo;Plan&rdquo;) is to aid the Company and its Affiliates in recruiting and retaining key employees, directors or consultants of outstanding
ability and to motivate such employees, directors or consultants to exert their best efforts on behalf of the Company and its Affiliates
by providing incentives through the granting of Awards. The Company expects that it will benefit from the added interest which such key
employees, directors or consultants will have in the welfare of the Company as a result of their proprietary interest in the Company&rsquo;s
success.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT></FONT>Definitions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The following capitalized terms used in the Plan
have the respective meanings set forth in this Section:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD><B>Applicable Laws</B>: All laws, statutes, regulations, ordinances, rules or governmental requirements that are applicable to this
Plan or any Award granted pursuant to this Plan, including but not limited to applicable laws of the People&rsquo;s Republic of China,
the United States and the Cayman Islands, and the rules and requirements of any applicable national securities exchange.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD><B>Act</B>: The U.S. Securities Exchange Act of 1934, as amended, or any successor thereto.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD><B>Affiliate</B>: With respect to the Company, any entity directly or indirectly controlling, controlled by, or under common control
with, the Company or any other entity designated by the Board in which the Company or an Affiliate has an interest.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD><B>Award</B>: An Option, Restricted Share or Restricted Share Unit award granted to a Participant pursuant to the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD><B>Beneficial Owner</B>: A &ldquo;beneficial owner&rdquo;, as such term is defined in Rule 13d-3 under the Act (or any successor rule
thereto).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD><B>Board</B>: The board of directors of the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(g)</TD><TD><B>Change of Control</B>: The occurrence of any of the following events:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(i) the sale or disposition, in one or a
series of related transactions, of all or substantially all, of the assets of the Company to any &ldquo;person&rdquo; or &ldquo;group&rdquo;
(as such terms are defined in Sections 13(d)(3) or 14(d)(2) of the Act) other than the Permitted Holders;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(ii) any person or group, other than the
Permitted Holders, is or becomes the Beneficial Owner (except that a person shall be deemed to have &ldquo;beneficial ownership&rdquo;
of all shares that any such person has the right to acquire, whether such right is exercisable immediately or only after the passage of
time), directly or indirectly, of more than 50% of the total voting power of the voting share of the Company (or any entity which controls
the Company), including by way of merger, consolidation, tender or exchange offer or otherwise; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">(iii) during any period of two consecutive
years, individuals who at the beginning of such period constituted the Board (together with any new directors whose election by such Board
or whose nomination for election by the shareholders of the Company was approved by a vote of a majority of the directors of the Company,
then still in office, who were either directors at the beginning of such period or whose election or nomination for election was previously
so approved) cease for any reason to constitute a majority of the Board, then in office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(h)</TD><TD><B>Code</B>: The U.S. Internal Revenue Code of 1986, as amended, or any successor thereto.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD><B>Committee</B>: The compensation committee of the Board.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(j)</TD><TD><B>Company</B>: XChange TEC.INC, a company incorporated under the laws of the Cayman Islands.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(k)</TD><TD><B>Disability</B>: Inability of a Participant to perform in all material respects his duties and responsibilities to the Company,
or any Subsidiary of the Company, by reason of a physical or mental disability or infirmity which inability is reasonably expected to
be permanent and has continued (i) for a period of not less than 90 consecutive days or (ii) such shorter period as the Committee may
reasonably determine in good faith. The Disability determination shall be in the sole discretion of the Committee and a Participant (or
his representative) shall furnish the Committee with medical evidence documenting the Participant&rsquo;s disability or infirmity which
is satisfactory to the Committee.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(l)</TD><TD><B>Effective Date</B>: The date the Board approves the Plan, or such later date as is designated by the Board.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(m)</TD><TD><B>Employment</B>: The term &ldquo;Employment&rdquo; as used herein shall be deemed to refer to (i) a Participant&rsquo;s employment
if the Participant is an employee of the Company or any of its Affiliates, (ii) a Participant&rsquo;s services as a consultant, if the
Participant is consultant to the Company or its Affiliates and (iii) a Participant&rsquo;s services as an non-employee director, if the
Participant is a non-employee member of the Board.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(n)</TD><TD><B>Fair Market Value</B>: On a given date, (i) if there should be a public market for the Shares on such date, the closing price of
the Shares as reported on such date on the Composite Tape of the principal national securities exchange on which such Shares are listed
or admitted to trading, or (ii) if there should not be a public market for the Shares on such date, the Fair Market Value shall be the
value established by the Committee in good faith.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(o)</TD><TD><B>ISO</B>: An Option that is also an incentive share option granted pursuant to Section 6(d) of the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(p)</TD><TD><B>Option</B>: A share option granted pursuant to Section 6 of the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(q)</TD><TD><B>Participant</B>: An employee, director or consultant who is selected by the Committee to participate in the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(r)</TD><TD><B>Permitted Holder:</B> means, as of the date of determination, (i) the Company or (ii) any employee benefit plan (or trust forming
a part thereof) maintained by (A) the Company or (B) any corporation or other Person of which a majority of its voting power of its voting
equity securities or equity interest is owned, directly or indirectly, by the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(s)</TD><TD><B>Person</B>: A &ldquo;person&rdquo;, as such term is used for purposes of Section 13(d) or 14(d) of the Act (or any successor section
thereto).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(t)</TD><TD><B>Plan</B>: This 2025 Equity Incentive Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(u)</TD><TD><B>Restricted Share</B>: a Share awarded to a Participant pursuant to Section 7 that is subject to certain restrictions and may be
subject to risk of forfeiture.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD><B>Restricted Share Unit</B>: means an Award granted pursuant to Section 8.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(w)</TD><TD><B>Shares</B>: Class B Ordinary Shares of the Company, par value US$0.0000001 per share.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD><B>Subsidiary</B>: A corporation or other entity of which a majority of the outstanding voting shares or voting power is beneficially
owned directly or indirectly by the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT></FONT>Shares Subject to the Plan</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The total number of Shares which may be issued under
the Plan is 11,800,000,000 (which will be equitably adjusted in the event of any share dividend, subdivision, reclassification, recapitalization,
split, reverse split, combination, consolidation or similar transactions). The Shares shall consist of unissued Shares in the authorized
share capital of the Company. The issuance of Shares or the payment of cash upon the exercise of an Award or in consideration of the cancellation
or termination of an Award shall reduce the total number of Shares available under the Plan, as applicable. Shares which are subject to
Awards which terminate or lapse without the payment of consideration may be granted again under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT></FONT>Administration</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Plan shall be administered by the Committee,
which may delegate its duties and powers in whole or in part to any subcommittee thereof. Awards may, in the discretion of the Committee,
be made under the Plan in assumption of, or in substitution for, outstanding awards previously granted by the Company or its subsidiaries
or a company acquired by the Company or with which the Company combines. The number of Shares underlying such substitute awards shall
be counted against the aggregate number of Shares available for Awards under the Plan. The Committee is authorized to interpret the Plan,
to establish, amend and rescind any rules and regulations relating to the Plan, to determine the Participants under the Plan, and to make
any other determinations that it deems necessary or desirable for the administration of the Plan. The Committee may correct any defect
or supply any omission or reconcile any inconsistency in the Plan in the manner and to the extent the Committee deems necessary or desirable.
Any decision of the Committee in the interpretation and administration of the Plan, as described herein, shall lie within its sole and
absolute discretion and shall be final, conclusive and binding on all parties concerned (including, but not limited to, Participants and
their beneficiaries or successors). The Committee shall have the full power and authority to establish the terms and conditions of any
Award consistent with the provisions of the Plan and to waive any such terms and conditions at any time (including, without limitation,
accelerating or waiving any vesting conditions). The Committee shall require payment of any amount it may determine to be necessary to
withhold for any applicable taxes as a result of the exercise, grant or vesting of an Award. Unless the Committee specifies otherwise,
the Participant may elect to pay a portion or all of such withholding taxes by (a) delivery in Shares or (b) having Shares withheld by
the Company from any Shares that would have otherwise been received by the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT></FONT>Limitations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">No Award may be granted under the Plan after the
tenth anniversary of the Effective Date, but Awards theretofore granted may extend beyond that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT></FONT>Terms and Conditions of Options</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Options granted under the Plan shall be, as determined
by the Committee, non-qualified or incentive share options for U.S. federal income tax purposes, as evidenced by the related Award agreements,
and shall be subject to the foregoing and the following terms and conditions and to such other terms and conditions, not inconsistent
therewith, as the Committee shall determine:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD><U>Exercise Price</U>. Provided that the exercise price per Share shall not be less than the par value of any such Shares, the exercise
price per Share subject to an Option shall be determined by the Committee and set forth in the Award agreement which may be a fixed price
or a variable price related to the Fair Market Value of the Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD><U>Exercisability</U>. Options granted under the Plan shall be exercisable at such time and upon such terms and conditions as may
be determined by the Committee, but in no event shall an Option be exercisable more than ten years after the date it is granted.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD><U>Exercise of Options</U>. Except as otherwise provided in the Plan or in an Award agreement, an Option may be exercised for all,
or from time to time any part, of the Shares for which it is then exercisable. For purposes of this Section 6 of the Plan, the exercise
date of an Option shall be the later of the date a notice of exercise is received by the Company and, if applicable, the date payment
is received by the Company pursuant to clauses (i), (ii), (iii) or (iv) in the following sentence. The purchase price for the Shares as
to which an Option is exercised shall be paid to the Company in full at the time of exercise at the election of the Participant (i) in
cash or its equivalent (e.g., by check), (ii) to the extent permitted by the Committee, in Shares having a Fair Market Value equal to
the aggregate exercise price for the Shares being purchased and satisfying such other requirements as may be imposed by the Committee;
provided, that such Shares have been held by the Participant for no less than six months (or such other period as established from time
to time by the Committee in order to avoid adverse accounting treatment applying generally accepted accounting principles), (iii) partly
in cash and, to the extent permitted by the Committee and subject to the other requirements and conditions set forth above in (ii), partly
in Shares or (iv) if there is a public market for the Shares at such time, through the delivery of irrevocable instructions to a broker
to sell Shares obtained upon the exercise of the Option and to deliver promptly to the Company an amount out of the proceeds of such sale
equal to the aggregate exercise price for the Shares being purchased. No Participant shall have any rights to dividends or other rights
of a shareholder with respect to Shares subject to an Option until the Participant has given written notice of exercise of the Option,
paid in full for such Shares and, if applicable, has satisfied any other conditions imposed by the Committee pursuant to the Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD><U>ISOs</U>. The Committee may grant Options under the Plan that are intended to be ISOs. Such ISOs shall comply with the requirements
of Section 422 of the Code (or any successor section thereto). No ISO may be granted to any Participant who at the time of such grant,
owns more than ten percent of the total combined voting power of all classes of shares of the Company or of any Subsidiary, unless (i)
the exercise price for such ISO is at least 110% of the Fair Market Value of a Share on the date the ISO is granted and (ii) the date
on which such ISO terminates is a date not later than the day preceding the fifth anniversary of the date on which the ISO is granted.
Any Participant who disposes of Shares acquired upon the exercise of an ISO either (i) within two years after the date of grant of such
ISO or (ii) within one year after the transfer of such Shares to the Participant, shall notify the Company of such disposition and of
the amount realized upon such disposition. All Options granted under the Plan are intended to be nonqualified share options, unless the
applicable Award agreement expressly states that the Option is intended to be an ISO. If an Option is intended to be an ISO, and if for
any reason such Option (or portion thereof) shall not qualify as an ISO, then, to the extent of such non-qualification, such Option (or
portion thereof) shall be regarded as a nonqualified share option granted under the Plan; provided that such Option (or portion thereof)
otherwise complies with the Plan&rsquo;s requirements relating to nonqualified share options. In no event shall any member of the Committee,
the Company or any of its Affiliates (or their respective employees, officers or directors) have any liability to any Participant (or
any other Person) due to the failure of an Option to qualify for any reason as an ISO.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD><U>Attestation</U>. Wherever in this Plan or any agreement evidencing an Award a Participant is permitted to pay the exercise price
of an Option or taxes relating to the exercise of an Option by delivering Shares, the Participant may, subject to procedures satisfactory
to the Committee, satisfy such delivery requirement by presenting proof of beneficial ownership of such Shares, in which case the Company
shall treat the Option as exercised without further payment and shall withhold such number of Shares from the Shares acquired by the exercise
of the Option.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT></FONT>Terms and Conditions of Restricted Shares</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD><U>Grant of Restricted Shares</U>. The Committee, at any time and from time to time, may grant Restricted Shares to Participants as
the Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of Restricted
Shares to be granted to each Participant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD><U>Restricted Shares Award Agreement</U>. Each Award of Restricted Shares shall be evidenced by an Award agreement that shall specify
the period of restriction, the number of Restricted Shares granted, and such other terms and conditions as the Committee, in its sole
discretion, shall determine. Unless the Committee determines otherwise, Restricted Shares shall be held by the Company or entity(ies)
designated by the Company, as escrow agent until the restrictions on such Restricted Shares have lapsed.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD><U>Issuance and Restrictions</U>. Restricted Shares shall be subject to such restrictions on transferability and other restrictions
as the Committee may impose (including, without limitation, limitations on the right to vote Restricted Shares or the right to receive
dividends on the Restricted Shares). These restrictions may lapse separately or in combination at such times, pursuant to such circumstances,
in such installments, or otherwise, as the Committee determines at the time of the grant of the Award or thereafter.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD><U>Forfeiture/Repurchase</U>. Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter,
upon termination of employment or service during the applicable restriction period, Restricted Shares that are at that time subject to
restrictions shall be forfeited, redeemed or repurchased in accordance with the Award agreement; provided, however, the Committee may
(a) provide in any Restricted Share Award agreement that restrictions or forfeiture, redemption and repurchase conditions relating to
Restricted Shares will be waived in whole or in part in the event of terminations resulting from specified causes, and (b) in other cases
waive in whole or in part restrictions or forfeiture and repurchase conditions relating to Restricted Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(e)</TD><TD><U>Certificates for Restricted Shares</U>. Restricted Shares granted pursuant to the Plan may be evidenced in such manner as the Committee
shall determine. If certificates representing Restricted Shares are registered in the name of the Participant, certificates must bear
an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Shares, and the Company may,
at its discretion, retain physical possession of the certificate until such time as all applicable restrictions lapse.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(f)</TD><TD><U>Removal of Restrictions</U>. Except as otherwise provided in this Section 7, Restricted Shares granted under the Plan shall be
released from escrow as soon as practicable after the last day of the period of restriction. The Committee, in its discretion, may accelerate
the time at which any restrictions shall lapse or be removed. After the restrictions have lapsed, the Participant shall be entitled to
have any legend or legends under Section 7(e) removed from his or her Share certificate, and the Shares shall be freely transferable by
the Participant, subject to applicable legal restrictions. The Committee (in its discretion) may establish procedures regarding the release
of Shares from escrow and the removal of legends, as necessary or appropriate to minimize administrative burdens on the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT></FONT>Terms and Conditions of Restricted Share Units</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD><U>Grant of Restricted Share Units</U>. The Committee, at any time and from time to time, may grant Restricted Share Units to Participants
as the Committee, in its sole discretion, shall determine. The Committee, in its sole discretion, shall determine the number of Restricted
Share Units to be granted to each Participant.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD><U>Restricted Share Units Award Agreement</U>. Each Award of Restricted Share Units shall be evidenced by an Award agreement that
shall specify any vesting conditions, the number of Restricted Share Units granted, and such other terms and conditions as the Committee,
in its sole discretion, shall determine.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD><U>Form and Timing of Payment of Restricted Share Units</U>. At the time of grant, the Committee shall specify the date or dates on
which the Restricted Share Units shall become fully vested and nonforfeitable. Upon vesting, the Committee, in its sole discretion, may
pay Restricted Share Units in the form of cash, Shares or a combination thereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD><U>Forfeiture/Repurchase</U>. Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter,
upon termination of employment or service during the applicable restriction period, Restricted Share Units that are at that time unvested
shall be forfeited or repurchased in accordance with the Award agreement; provided, however, the Committee may (a) provide in any Restricted
Share Unit Award agreement that restrictions or forfeiture and repurchase conditions relating to Restricted Share Units will be waived
in whole or in part in the event of terminations resulting from specified causes, and (b) in other cases waive in whole or in part restrictions
or forfeiture and repurchase conditions relating to Restricted Share Units.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT></FONT>Adjustments Upon Certain Events</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding any other provisions in the Plan
to the contrary, the following provisions shall apply to all Awards granted under the Plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD><U>Generally</U>. In the event of any change in the outstanding Shares after the Effective Date by reason of any Share dividend or
split, reorganization, recapitalization, merger, consolidation, spin-off, combination, combination or transaction or exchange of Shares
or other corporate exchange, or any distribution to shareholders of Shares other than regular cash dividends or any transaction similar
to the foregoing, the Committee in its sole discretion and without liability to any person shall make such substitution or adjustment,
if any, as it deems to be equitable, as to (i) the number or kind of Shares or other securities issued or reserved for issuance pursuant
to the Plan or pursuant to outstanding Awards, (ii) the maximum number of Shares for which Awards may be granted during a calendar year
to any Participant, (iii) the exercise price of any Award and/or (iv) any other affected terms of such Awards.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD><U>Change of Control</U>. In the event of a Change of Control after the Effective Date, (i) if determined by the Committee in the
applicable Award agreement or otherwise, any outstanding Awards then held by Participants which are unexercisable or otherwise unvested
or subject to lapse restrictions shall automatically be deemed exercisable or otherwise vested or no longer subject to lapse restrictions,
as the case may be, as of immediately prior to such Change of Control and (ii) the Committee may, but shall not be obligated to, (A) cancel
such Awards for fair value (as determined in the sole discretion of the Committee) which, in the case of Options, may equal the excess,
if any, of value of the consideration to be paid in the Change of Control transaction to holders of the same number of Shares subject
to such Options (or, if no consideration is paid in any such transaction, the Fair Market Value of the Shares subject to such Options)
over the aggregate exercise price of such Options, (B) provide for the issuance of substitute Awards that will substantially preserve
the otherwise applicable terms of any affected Awards previously granted hereunder as determined by the Committee in its sole discretion
or (C) provide that for a period of at least 15 days prior to the Change of Control, such Options shall be exercisable as to all Shares
subject thereto and that upon the occurrence of the Change of Control, such Options shall terminate and be of no further force and effect.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT></FONT>No
Right to Employment or Awards, No Shareholders Rights</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The granting of an Award under the Plan shall impose
no obligation on the Company or any Subsidiary to continue the Employment of a Participant and shall not lessen or affect the Company&rsquo;s
or Subsidiary&rsquo;s right to terminate the Employment of such Participant. No Participant or other Person shall have any claim to be
granted any Award, and there is no obligation for uniformity of treatment of Participants, or holders or beneficiaries of Awards. The
terms and conditions of Awards and the Committee&rsquo;s determinations and interpretations with respect thereto need not be the same
with respect to each Participant (whether or not such Participants are similarly situated).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">No Award gives the Participant any of the rights
of a shareholder of the Company unless and until Shares are in fact issued to such person in connection with such Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT></FONT>Successors
and Assigns</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Plan shall be binding on all successors and assigns
of the Company and a Participant, including without limitation, the estate of such Participant and the executor, Committee or trustee
of such estate, or any receiver or trustee in bankruptcy or representative of the Participant&rsquo;s creditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT></FONT>Nontransferability
of Awards</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Unless otherwise determined by the Committee, an
Award shall not be transferable or assignable by the Participant otherwise than by will or by the laws of descent and distribution. An
Award exercisable after the death of a Participant may be exercised by the legatees, personal representatives or distributees of the Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Notwithstanding the foregoing, no provision herein
shall prevent or forbid transfers by will, by the laws of descent and distribution, to a trust that was established solely for tax planning
purposes and not for purposes of profit or commercial activity or, to one or more &ldquo;family members&rdquo; (as such term is defined
in SEC Rule 701 promulgated under the Securities Act of 1933, as amended) by gift or pursuant to a qualified domestic relations order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT></FONT>Amendments
or Termination</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Board may amend, alter or discontinue the Plan,
but no amendment, alteration or discontinuation shall be made, (a) without the approval of the shareholders of the Company, if such action
would (except as is provided in Section 9 of the Plan), increase the total number of Shares reserved for the purposes of the Plan or change
the maximum number of Shares for which Awards may be granted to any Participant, in each case only to the extent such approval is required
by the principal national securities exchange on which the Shares are listed or admitted to trading, or (b) without the consent of a Participant,
if such action would diminish any of the rights of the Participant under any Award theretofore granted to such Participant under the Plan;
provided, however, that the Committee may amend the Plan in such manner as it deems necessary to permit the granting of Awards meeting
the requirements of any Applicable Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Without limiting the generality of the foregoing,
to the extent applicable, notwithstanding anything herein to the contrary, this Plan and Awards issued hereunder shall be interpreted
in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretative guidance issued thereunder,
including without limitation any such regulations or other guidance that may be issued after the Effective Date. Notwithstanding any provision
of the Plan to the contrary, in the event that the Committee determines that any amounts payable hereunder will be taxable to a Participant
under Section 409A of the Code and related Department of Treasury guidance prior to payment to such Participant of such amount, the Company
may (a) adopt such amendments to the Plan and Awards and appropriate policies and procedures, including amendments and policies with retroactive
effect, that the Committee determines necessary or appropriate to preserve the intended tax treatment of the benefits provided by the
Plan and Awards hereunder and/or (b) take such other actions as the Committee determines necessary or appropriate to comply with the requirements
of Section 409A of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">14.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">  </FONT></FONT>Multiple Jurisdictions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In order to assure the viability of Awards granted
to Participants employed in various jurisdictions, the Committee may, in its sole discretion, provide for such special terms as it may
consider necessary or appropriate to accommodate differences in local law, tax policy or custom applicable in the jurisdiction in which
the Participant resides or is employed. Moreover, the Committee may approve such supplements to, amendments, restatements, or alternative
versions of the Plan as it may consider necessary or appropriate for such purposes without thereby affecting the terms of the Plan as
in effect for any other purpose; provided, however, that no such supplements, amendments, restatements or alternative versions shall increase
the Share limitation contained in Section 3 hereof. Notwithstanding the foregoing, the Committee may not take any actions hereunder, and
no Awards shall be granted that would violate any Applicable Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">15.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT></FONT>Distribution
of Shares</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 71.25pt">The obligation of the Company to make payments
in Shares pursuant to an Award shall be subject to all Applicable Laws and to any such approvals by government agencies as may be required.
Additionally, in the discretion of the Committee, American depositary shares, or ADSs, may be distributed in lieu of Shares in settlement
of any Award, provided that the ADSs shall be of equal value to the Shares that would have otherwise been distributed. If the number of
Shares represented by an ADS is other than on a one-to-one basis, the limitations contained in Section 3 shall be adjusted to reflect
the distribution of ADSs in lieu of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 71.25pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">16.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT></FONT>Taxes</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 71.25pt">No Shares shall be delivered under the Plan to
any Participant until such Participant has made arrangements acceptable to the Committee for the satisfaction of any income and employment
tax withholding obligations under any Applicable Laws, in particular, the tax laws, rules, regulations and government orders of the People&rsquo;s
Republic of China or the U.S. federal, state or other local tax laws, as applicable. The Company and each of its Subsidiaries shall have
the authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal,
state, local and foreign taxes (including the Participant&rsquo;s payroll tax obligations, if any) required to be withheld under any Applicable
Laws with respect to any Award issued to the Participant hereunder. The Committee may in its discretion and in satisfaction of the foregoing
requirement allow a Participant to elect to have the Company withhold Shares otherwise issuable under an Award (or allow the return of
Shares) having a Fair Market Value equal to the sums required to be withheld. Notwithstanding any other provision of the Plan, the number
of Shares which may be withheld with respect to the issuance, vesting, exercise or payment of any Award (or which may be repurchased from
the Participant of such Award after such Shares were acquired by the Participant from the Company) in order to satisfy the Participant&rsquo;s
federal, state, local and other income and payroll tax liabilities with respect to the issuance, vesting, exercise or payment of the Award
shall, unless specifically approved by the Committee, be limited to the number of Shares which have a Fair Market Value on the date of
withholding or repurchase equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal,
state, local and other income tax any payroll tax purposes that are applicable to such taxable income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 71.25pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">17.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT></FONT>Clawback
Policy</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 71.25pt">Awards granted under the Plan and any gross proceeds
received by Participants with respect to Awards granted under the Plan shall be subject to the Company&rsquo;s clawback policy, as amended
from time to time, to comply with regulations related to recoupment or clawback of compensation adopted pursuant to the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010, the listing standards of any national securities exchange on which the Company&rsquo;s
securities are listed or any other applicable law, rule, or regulation. Clawback can, if applicable and where permitted by applicable
local law, be made by deducting payments that will be due in the future (including salary, bonuses, and other forms of compensation).
A Participant&rsquo;s acceptance of an Award under the Plan shall constitute such Participant&rsquo;s acknowledgement and recognition
that the Participant&rsquo;s compliance with this Section 17 is a condition for the Participant&rsquo;s receipt of the Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 71.25pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">18.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT></FONT>Choice
of Law</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Plan shall be governed by and construed in accordance
with the laws of the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-weight: normal">19.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT></FONT>Effectiveness
of the Plan</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Plan shall be effective as of the Effective Date
and shall terminate ten years later, subject to earlier termination by the Board pursuant to Section 13 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">10</P>

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