<SEC-DOCUMENT>0001213900-26-044666.txt : 20260416
<SEC-HEADER>0001213900-26-044666.hdr.sgml : 20260416
<ACCEPTANCE-DATETIME>20260416163846
ACCESSION NUMBER:		0001213900-26-044666
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20260416
DATE AS OF CHANGE:		20260416

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:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-290136
		FILM NUMBER:		26868105

	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>424B5
<SEQUENCE>1
<FILENAME>ea0285971-424b5_xchange.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<B>Filed Pursuant to Rule 424(b)(5)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-290136</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(to Prospectus dated March 11, 2026)</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-align: center"><B>XChange TEC.INC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to $100,000,000 in Aggregate Gross Proceeds
of American Depositary Shares and </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>5,813,953 Commitment American Depositary Shares</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-align: justify; text-indent: 0.25in">This prospectus supplement
relates to the offer and sale of up to $100,000,000 of American Depositary Shares (the &ldquo;ADSs&rdquo;), each ADS representing 2,400
Class A ordinary shares of the Company, par value $0.0000001 per share (the &ldquo;Class A Ordinary Shares&rdquo;), by us to VG Master
Fund SPC, whom we refer to in this prospectus supplement as &ldquo;VG,&rdquo; pursuant to a securities purchase agreement, dated as of
April 15, 2026, we entered into with VG, which we refer to in this prospectus supplement as the &ldquo;Purchase Agreement.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus supplement
also relates to the offer and sale of up to 5,813,953 ADSs issuable to VG as consideration for VG&rsquo;s execution and delivery of, and
commitment to perform its obligations under, the Purchase Agreement, as further described in this prospectus supplement (the &ldquo;Commitment
ADSs&rdquo;). Under the terms of the Purchase Agreement, we may elect to sell the ADSs to VG at our discretion from time to time after
the date of this prospectus supplement.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may receive up to $100,000,000
in aggregate gross proceeds under the Purchase Agreement from sales of the ADSs we may elect to make to VG pursuant to the Purchase Agreement.
See &ldquo;The Committed Equity Facility&rdquo; in this prospectus supplement for a description of the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The ADSs are listed on the
NASDAQ Global Market and are traded under the symbol &ldquo;XHG.&rdquo; On April 15, 2026, the closing price of the ADSs on the
NASDAQ Global Market was US$1.46 per ADS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of April 15, 2026, the
aggregate market value of our outstanding Class A Ordinary Shares held by non-affiliates was approximately $163 billion, based on 111,851,094,785
outstanding Class A Ordinary Shares, of which approximately 111,851,094,785 Class A Ordinary Shares were held by non-affiliates, and a
per ADS price of $1.46 based on the closing sale price of the ADSs on April 15, 2026.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Investing in our securities
involves risks. You should read the &ldquo;<U>Risk Factors</U>&rdquo; section in this prospectus supplement, any related free writing
prospectus and the documents we incorporate by reference in this prospectus supplement before investing in our securities. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">XChange TEC.INC is not a
Chinese operating company but rather a holding company incorporated in the Cayman Islands. Because XChange TEC has no business operations
of its own, we conduct our business through our operating subsidiaries, primarily in China. This structure involves unique risks to investors
and you may never directly hold equity interests in XChange TEC&rsquo;s operating entities. You are specifically cautioned that there
are significant legal and operational risks associated with being based in or having the majority of operations in China, including that
changes in the legal, political and economic policies of the Chinese government, the relations between China and the United States, or
Chinese or United States regulations may materially and adversely affect our business, financial condition, results of operations and
the market price of XChange TEC&rsquo;s securities. Moreover, the Chinese government may exercise significant oversight and discretion
over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change
in our operations and/or the value of the securities being registered for sale or could significantly limit or completely hinder XChange
TEC&rsquo;s ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline
or be worthless. For a detailed description of risks related to the holding corporate structure, see &ldquo;Item 3. Key Information&mdash;D.
Risk Factors&mdash;Risks Related to Doing Business in China&mdash;Substantial uncertainties exist with respect to the interpretation and
implementation of the PRC Foreign Investment Law and how it may impact the viability of our current corporate structure, corporate governance
and business operations&rdquo; beginning on page 24 of our Form 20-F for FY 2025, which is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Specifically, the government
of China (which is also referred to as &ldquo;PRC&rdquo;) recently initiated a series of regulatory actions and made a number of public
statements on the regulation of business operations in China, including cracking down on illegal activities in the securities market,
enhancing supervision over China-based companies listed overseas using a variable interest entity structure, adopting new measures to
extend the scope of cybersecurity reviews, and expanding efforts in anti-monopoly enforcement. We do not believe that our subsidiaries
in Hong Kong or mainland China are directly subject to these regulatory actions or statements, as we have not carried out any monopolistic
behavior and our business does not involve the collection of personal information or implicate national security. However, since these
statements and regulatory actions by the PRC government are newly published and detailed official guidance and related implementation
rules have not been issued or taken effect, uncertainties exist as to how soon the regulatory bodies in China will finalize implementation
measures, and the impacts the modified or new laws and regulations will have on our daily business operation, the ability to accept foreign
investments and list securities on a U.S. or other foreign exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are exposed to legal and
operational risks associated with our operations in China. The PRC government has significant authority to exert influence on the ability
of a company with operations in China, including us, to conduct its business. Changes in China&rsquo;s economic, political or social conditions
or government policies could materially and adversely affect our business and results of operations. We are subject to risks due to the
uncertainty of the interpretation and the application of the PRC laws and regulations, including but not limited to the risks of uncertainty
about any future actions of the PRC government on U.S. listed companies. We may also be subject to sanctions imposed by PRC regulatory
agencies, including CSRC, if we fail to comply with their rules and regulations. Any actions by the PRC government to exert more oversight
and control over offerings that are conducted overseas and/or foreign investment in companies having operations in China, including us,
could significantly limit or completely hinder our ability to offer or continue to offer securities to investors, and cause the value
of our securities to significantly decline or become worthless. These China-related risks could result in a material change in our operations
and/or the value of our securities, or could significantly limit or completely hinder our ability to offer securities to investors in
the future and cause the value of such securities to significantly decline or become worthless. See &ldquo;Our Company&mdash;Recent PRC
Regulatory Development&rdquo; in this prospectus and &ldquo;Item 3. Key Information&mdash;D. Risk Factors &ndash; Risks Related to Doing
Business in China&rdquo; in our Form 20-F for our fiscal year ended September 30, 2024, or FY 2025, which is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our current Singapore-based
auditor, Onestop Assurance PAC, is not among the PCAOB-registered public accounting firms headquartered in the PRC or Hong Kong that are
subject to PCAOB&rsquo;s determination on December 16, 2021 of having been unable to inspect or investigate completely. However, we could
still face the risk of delisting and cessation of trading of our securities from a stock exchange or an over-the-counter market in the
United States under the Holding Foreign Companies Accountable Act and the securities regulations promulgated thereunder if the PCAOB determines
in the future that it is unable to completely inspect or investigate the audit working papers of our auditor which are located in China.
On August 26, 2022, the PCAOB signed a Statement of Protocol with the China Securities Regulatory Commission (the &ldquo;CSRC&rdquo;)
and the Ministry of Finance of the People&rsquo;s Republic of China, or the Protocol, taking the first step toward opening access for
the PCAOB to inspect and investigate registered public accounting firms headquartered in China. Furthermore, the PCAOB will need to reassess
by the end of 2022 whether China remains a jurisdiction where the PCAOB is not able to inspect and investigate completely auditors registered
with the PCAOB. On December 15, 2022, the PCAOB board announced that it has completed the inspections, determined that it had complete
access to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, and voted
to vacate the Determination Report. See &ldquo;Risk Factors&mdash;Risks Related to Doing Business in the PRC&mdash;If the U.S. Public
Company Accounting Oversight Board, or the PCAOB, is unable to inspect our auditors as required under the Holding Foreign Companies Accountable
Act, the SEC will prohibit the trading of the ADSs. A trading prohibition for the ADSs, or the threat of a trading prohibition, may materially
and adversely affect the value of your investment. Additionally, the inability of the PCAOB to conduct inspections of our auditors would
deprive our investors of the benefits of such inspections&rdquo; in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our historical corporate
structure is subject to risks associated with our contractual arrangements with the VIE entities. Our historical contractual arrangements
might not be as effective as direct ownership in providing us with control over the VIE entities and the termination of these agreements
may incur additional costs. If the PRC government deems that our historical contractual arrangements with the VIE entities do not comply
with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation of existing
regulations change or are interpreted differently in the future, we could be subject to severe penalties or be forced to relinquish our
interests in those operations. Our Cayman Islands holding company, our PRC subsidiaries and VIE entities, and investors of our company
face uncertainty about potential future actions by the PRC government that could affect the enforceability of the historical contractual
arrangements with the VIE entities and, consequently, significantly affect the historical financial performance of the VIE entities and
our Company as a whole. See &ldquo;Risk Factors&mdash;Risks Related to Our Corporate Structure&mdash;If the PRC government determines
that the contractual arrangements with the VIE entities did not comply with PRC regulations, or if these regulations change or are interpreted
differently in the future, our shares and/or ADSs may decline in value if we are deemed to be unable to assert our contractual control
rights over the assets of the VIE entities&rdquo; in this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy
or completeness of this prospectus, including any prospectus supplement, free writing prospectus and documents incorporated by reference.
Any representation to the contrary is a criminal offense.&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this prospectus supplement is April
16, 2026.</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

<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: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><B>Page</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#b_001">ABOUT THIS PROSPECTUS SUPPLEMENT</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">S-ii</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#b_002">SUMMARY</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">S-1</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#b_003">THE COMMITTED EQUITY FACILITY</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">S-26</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#b_004">RISK FACTORS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">S-30</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#b_005">SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">S-32</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#b_006">USE OF PROCEEDS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">S-33</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#b_007">DESCRIPTION OF SHARE CAPITAL</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">S-33 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#b_008">DESCRIPTION OF AMERICAN DEPOSITARY SHARES</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">S-42</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#b_009">DETERMINATION OF OFFERING PRICE</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">S-49</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#b_010">PLAN OF DISTRIBUTION</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">S-50</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#b_011">TAXATION</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">S-50</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#b_012">LEGAL MATTERS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">S-50 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#b_013">EXPERTS</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">S-51</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><A HREF="#b_014">WHERE YOU CAN FIND MORE INFORMATION ABOUT US</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">S-51 </TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><A HREF="#b_015">INCORPORATION OF DOCUMENTS BY REFERENCE</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">S-52</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt"><B>Prospectus</B></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center"><B>Page</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt; width: 90%"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT
    THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCORPORATION
    OF DOCUMENTS BY REFERENCE</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SPECIAL
    NOTE ON FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_004">PROSPECTUS
    SUMMARY</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK
    FACTORS</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_006">USE
    OF PROCEEDS</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAPITALIZATION
    AND INDEBTEDNESS</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF SHARE CAPITAL</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">30</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF AMERICAN DEPOSITARY SHARES</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF PREFERRED SHARES</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF WARRANTS</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF UNITS</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF DEBT SECURITIES</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN
    OF DISTRIBUTION</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">51</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TAXATION</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ENFORCEABILITY
    OF CIVIL LIABILITIES</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">53</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL
    MATTERS</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">55</TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE
    YOU CAN FIND MORE INFORMATION ABOUT US</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</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; text-align: justify; text-indent: 0.25in"><B>You should rely only on
the information contained in this prospectus. No one has been authorized to provide you with information that is different from that contained
in this prospectus. This prospectus supplement is dated as of the date set forth on the cover hereof. You should not assume that the information
contained in this prospectus supplement is accurate as of any date other than that date.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>For investors outside
the United States:</B> We have not done anything that would permit this offering or possession or distribution of this prospectus in any
jurisdiction where action for that purpose is required, other than in the United States. You are required to inform yourselves about and
to observe any restrictions relating to this offering and the distribution of this prospectus supplement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="b_001"></A><B>ABOUT THIS PROSPECTUS SUPPLEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus supplement
and the accompanying prospectus relate to the offering of our Class A Ordinary Shares represented by American Depositary Shares. You should
read this prospectus supplement, the accompanying prospectus, the documents incorporated by reference into this prospectus supplement
and the accompanying prospectus, and any free writing prospectus that we may authorize for use in connection with this offering, in their
entirety before making an investment decision. You should also read and consider the information in the documents to which we have referred
you in the section of this prospectus supplement entitled &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Incorporation by
Reference.&rdquo; These documents contain important information that you should consider when making your investment decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This document is in two parts.
The first part is this prospectus supplement, which describes the specific terms of the offering of our Class A Ordinary Shares represented
by ADSs and also adds to and updates information contained in the accompanying prospectus and the documents incorporated by reference
into this prospectus supplement and the accompanying prospectus. The second part, the accompanying prospectus, including the documents
incorporated by reference into the accompanying prospectus, provides more general information, some of which may not apply to this offering.
Generally, when we refer to this prospectus, we are referring to the combined document consisting of this prospectus supplement and the
accompanying prospectus. To the extent there is a conflict between the information contained in this prospectus supplement, on the one
hand, and the information contained in the accompanying prospectus or in any document incorporated by reference into the accompanying
prospectus that was filed with the Securities and Exchange Commission, or SEC, before the date of this prospectus supplement, on the other
hand, you should rely on the information in this prospectus supplement. If any statement in one of these documents is inconsistent with
a statement in another document having a later date, the statement in the document having the later date modifies or supersedes the earlier
statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are responsible for the
information contained in, or incorporated by reference into, this prospectus supplement, the accompanying prospectus and in any free writing
prospectus that we may authorize for use in connection with this offering. We have not authorized any other person to provide you with
different information, and we take no responsibility for any other information that others may give you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are not making an offer
to sell or soliciting an offer to buy our Class A Ordinary Shares represented by ADSs in any jurisdiction in which an offer or solicitation
is not authorized or in which the person making that offer or solicitation is not qualified to do so or to anyone to whom it is unlawful
to make an offer or solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">You should assume that the
information appearing in this prospectus supplement, the accompanying prospectus, the documents incorporated by reference into this prospectus
supplement and the accompanying prospectus, and in any free writing prospectus that we may authorize for use in connection with this offering,
is accurate only as of the date of those respective documents. Our business, financial condition, results of operations and prospects
may have changed since those dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Unless otherwise indicated
or the context otherwise requires in this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">&ldquo;Acquisition&rdquo; has the meaning ascribed to it in the note below**;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">&ldquo;ADSs&rdquo; refers to the American depositary shares, each of which represents 2,400 Class A ordinary shares as of the date of this prospectus supplement;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">&ldquo;Alpha Mind&rdquo; refers to Alpha Mind Technology Limited, a company incorporated under the laws of the British Virgin Islands, and, if applicable, its consolidated entities;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">&ldquo;CBIRC&rdquo; means the China Banking and Insurance Regulatory Commission;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">&ldquo;China&rdquo; or the &ldquo;PRC&rdquo; refers to the People&rsquo;s Republic of China, including, for the purposes of this annual report, Hong Kong and Macau, unless referencing specific laws and regulations and other legal and tax matters applicable only to mainland China, and excluding, for the purposes of this annual report only, Taiwan;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">&ldquo;Continuing Operations&rdquo; has the meaning ascribed to it in the note below*;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">&ldquo;Current VIEs&rdquo; refer to Huaming Insurance Agency Co., Ltd. and Huaming Yunbao (Tianjin) Technology Co., Ltd.**;</TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>&ldquo;Current WFOE&rdquo; refers to Jiachuang Yingan (Beijing) Information &amp; Technology Co., Ltd.**;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>&ldquo;Discontinued Operations&rdquo; has the meaning ascribed to it in the note below*;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>&ldquo;Disposal&rdquo; has the meaning ascribed to it in &ldquo;Item 4. Information on the Company&mdash;A. History and development of the Company&rdquo; of our Form 20-F for our fiscal year ended September 30, 2025;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>&ldquo;Disposed Business&rdquo; has the meaning ascribed to it in &ldquo;Item 4. Information on the Company&mdash;A. History and development of the Company&rdquo; of our Form 20-F for our fiscal year ended September 30, 2025;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>&ldquo;Former VIE&rdquo; or &ldquo;Q&amp;K E-commerce&rdquo; refers to Shanghai Qingke E-commerce Co., Ltd.*;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>&ldquo;Former VIE entities&rdquo; refer to Qingke (China) Limited or Q&amp;K HK, Shanghai Qingke Investment Consulting Co., Ltd. and Shanghai Qingke E-commerce Co., Ltd. and its subsidiaries*;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>&ldquo;Former WFOE&rdquo; or &ldquo;Q&amp;K Investment Consulting&rdquo; refers to Shanghai Qingke Investment Consulting Co., Ltd.*;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>&ldquo;Notes&rdquo; has the meaning ascribed to it in &ldquo;Item 4. Information on the Company&mdash;A. History and development of the Company&rdquo; of our Form 20-F for our fiscal year ended September 30, 2025;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>&ldquo;ordinary shares&rdquo; refers to our Class A ordinary shares and Class B ordinary shares, par value US$0.0000001 per share as of the date of this prospectus supplement;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>&ldquo;RMB&rdquo; and &ldquo;Renminbi&rdquo; refer to the legal currency of mainland China;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>&ldquo;US$,&rdquo; &ldquo;U.S. dollars,&rdquo; &ldquo;$,&rdquo; and &ldquo;dollars&rdquo; refer to the legal currency of the United States;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD>&ldquo;VIE&rdquo; refers to variable interest entity; and</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our company,&rdquo; &ldquo;our,&rdquo; &ldquo;the Company&rdquo;, and &ldquo;the Group&rdquo; means, XChange TEC.INC and its subsidiaries, which include Alpha Mind following the consummation of the Acquisition. XChange TEC.INC is a Cayman Islands holding company with no operations of its own and conducts its business through its subsidiaries and the Current VIEs in China. The Current VIEs are consolidated for accounting purposes but are not entities in which XChange TEC.INC owns any equity.</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">*</TD>
    <TD STYLE="text-align: justify">On October 26, 2021 and December 17, 2021, FLJ Group Limited (together with its consolidated subsidiaries, the &ldquo;Group&rdquo;) transferred all of its equity interest in Shanghai Qingke Investment Consulting Co., Ltd. (&ldquo;Q&amp;K Investment Consulting&rdquo;) and Qingke (China) Limited (&ldquo;Q&amp;K HK&rdquo;), respectively, to Wangxiancai Limited, which was a related party of the Group and is beneficially owned by the legal representative and executive director of one of the Group&rsquo;s subsidiaries (the &ldquo;First Equity Transfer&rdquo;). As of September 30, 2022, the Group did not account for the transfer of equity interest in Q&amp;K HK, Q&amp;K Investment Consulting and Q&amp;K E-commerce as a discontinued operation, as FLJ Group Limited was the primary beneficiary of Q&amp;K HK, Q&amp;K Investment Consulting and Q&amp;K E-commerce as FLJ Group Limited had the power to direct the activities of these companies that most significantly impact their economic performance and FLJ Group Limited had the obligation to absorb losses of these companies that could potentially be significant to these companies since their inception. On October 31, 2023, the Group transferred all of its equity interest in Haoju (Shanghai) Artificial Intelligence Technology Co., Ltd. (&ldquo;Haoju&rdquo;), to Wangxiancai Limited, at nominal consideration (the &ldquo;Second Equity Transfer&rdquo;). Upon the completion of the Second Equity Transfer, the Group no longer conducts long-term apartment rental business in China. The disposals of Q&amp;K Investment Consulting, Q&amp;K HK and Haoju are accounted for as discontinued operations (&ldquo;Discontinued Operations&rdquo;). The remaining ongoing business operations of our Group (excluding these disposed entities) are accounted for as continuing operations (&ldquo;Continuing Operations&rdquo;). See Note 1-Organization and Principal Activities to our consolidated financial statements for more information in the financial statements for FY 2023 included in our Form 20-F for the fiscal year ended September 30, 2023.</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">**</TD>
    <TD STYLE="text-align: justify">On November 22, 2023, we entered into an equity acquisition agreement with Alpha Mind, an insurance agency and insurance technology business in the PRC, and Alpha Mind&rsquo;s shareholders to acquire all of the issued and outstanding shares in Alpha Mind (the &ldquo;Acquisition&rdquo;). The Acquisition of Alpha Mind was consummated on December 28, 2023. Alpha Mind conducts its insurance agency and insurance technology businesses in the PRC through its indirectly wholly-owned subsidiary, Jiachuang Yingan (Beijing) Information &amp; Technology Co., Ltd. (the &ldquo;Current WFOE&rdquo;) and the Current WFOE&rsquo;s consolidated variable interest entities. In April 2022, Alpha Mind, through the Current WFOE, entered into contractual arrangements with Huaming Insurance Agency Co., Ltd. (&ldquo;Huaming Insurance&rdquo;) and Huaming Yunbao (Tianjin) Technology Co., Ltd. (&ldquo;Huaming Yunbao,&rdquo; together with Huaming Insurance, the &ldquo;Current VIEs&rdquo;), respectively. The contractual arrangements enable Alpha Mind to obtain control over the Current VIEs.</TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Names of certain companies provided in this prospectus
are translated or transliterated from their original Chinese legal names.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Discrepancies in any table between the amounts
identified as total amounts and the sum of the amounts listed therein are due to rounding.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="b_002"></A><B>SUMMARY</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: justify; text-indent: 0.25in"><I>This summary highlights
information contained elsewhere or incorporated by reference in this prospectus supplement and the accompanying prospectus. This summary
does not contain all of the information that you should consider before deciding to invest in our common stock. You should read this entire
prospectus supplement and the accompanying prospectus carefully, including the &ldquo;Risk Factors&rdquo; section contained in this prospectus
supplement, our financial statements and the related notes thereto and the other documents incorporated by reference in this prospectus
supplement and the accompanying prospectus.</I></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>Overview</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-align: justify; text-indent: 0.25in">We acquired Alpha Mind, an
insurance agency and insurance technology business in the PRC, on December 28, 2023, and conduct insurance agency and insurance technology
businesses in the PRC through the Current WFOE and Current VIEs which provides a wide variety of insurance products underwritten by major
insurance companies, including industry leading and/or state-owned property and casualty insurance companies as well as certain regional
property and casualty insurance companies in China. Through the Current VIEs, we hold the insurance agent operating license which is required
under applicable PRC laws to conduct insurance agency business in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As an insurance agency, we
are not involved in underwriting insurance policies. We are committed to providing insurance purchasers with comprehensive services, spanning
from application to claim settlement, through our professional and dedicated approach. We have accumulated substantial expertise and successfully
expanded our insurance product portfolio to encompass a wide range of offerings. These include life, health, group accident, and various
other property-related insurances. Leveraging the growing ubiquity of mobile internet, we introduced the SaaS platform in 2023. The SaaS
platform functions as an internal operational management system designed to enhance the efficiency and scalability of insurance operations.
While it does not directly generate revenue, it provides a foundational infrastructure that enables insurance institutions and individual
insurance brokers to onboard smoothly through a one-click process. This facilitates the rapid configuration of organizational structures,
user accounts, client profiles, and access permissions. The platform integrates in real-time with external insurance databases, appointment
scheduling systems, policy records, and performance tracking data. This integration creates a fully closed-loop sales process, enhancing
data consistency and operational continuity across all stages. To support business growth and adaptability, the platform offers reserved
expansion interfaces (an application programming interface used to connect with insurance providers). These allow for the quick integration
of multiple insurance companies and their products, enabling a broader service offering and partnership ecosystem. Insurance brokers can
also use the front-end interface of the SaaS platform to show the products detail to consumers, which can improve the efficiency of insurance
selling process. By leveraging data-driven insights and standardized operational workflows, the system helps reduce the administrative
overhead and costs associated with insurance operations. Ultimately, it makes insurance sales more straightforward, management more transparent,
and customer service more professional. This technological advancement has streamlined and popularized our insurance agency business,
enhancing accessibility and convenience for our customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our role as an insurance
agent is mainly to facilitate insurance companies to promote market penetration of their products through our extensive nationwide sales
network. Insurance companies may leverage our marketing network to promote their products with cost efficiency rather than having to build
a marketing network of their own. With respect to end customers, or insurance purchasers, our sales representatives are able to leverage
their professional knowledge and experience to advise and recommend the most suitable insurance products and efficiently complete the
contract signing process as well as assist them with claim applications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">With our solid foundation
and unwavering commitment to excellence, we are confident in our ability to capitalize thriving Chinese insurance agency market. In 2024,
we were ranked 40 among the top 100 insurance intermediaries in China and were ranked third in Tianjin region, in terms of insurance premium
facilitated. We, through the Current VIEs, are principally engaged in the insurance agency business primarily through a &ldquo;Business
to Business to Consumer,&rdquo; or B2B2C, model. We offer a wide variety of insurance products underwritten by major insurance companies
in China, including industry leading and/or state-owned property and casualty insurance companies as well as certain regional property
and casualty insurance companies in China, to insurance purchasers and generate revenue from commissions from these insurance companies,
typically based on a percentage of the premium paid by insurance purchasers. In 2023 and 2024, we sold more than 13,687,786 and 22,765,794
insurance policies with an aggregate premium of approximately RMB2,139.0 million and RMB2,219.116 million, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

</DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We sell insurance policies
primarily through a network of external referral sources, which comprised more than 740 external registered sales representatives and
102 strategic channel partners as of December 31, 2024, as well as through the in-house sales force. As of December 31, 2024, we had branch
coverage in 16 cities in 10 provinces, autonomous regions and municipalities in China and had established collaborative relationships
with 56 insurance companies and approximately 195 of their branches in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We specialize in distributing
automobile insurance policies at the earlier stage of our business and subsequently expanded our insurance product portfolio to include
other types of insurance including life, health, group accident and other property related insurances. In 2024, insurance premium from
property related insurance accounted for approximately 84.2% of the total insurance premium from insurance policies sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We typically do not collect,
hold or refer any insurance premiums to or on behalf of the insurance companies. The insurance premium typically will be paid directly
by the insurance purchasers to the insurance companies, and the insurance companies will pay us the commission within a specified period
after their receipt of the insurance premium. After an insurance policy takes effect, we communicate and coordinate with insurance purchasers
and insurance companies to serve their respective needs. As we do not underwrite insurance policies, the insurance purchasers or policy
holders do not have any direct recourse with us for insurance claims as the insurance contract is entered into directly between the policy
holders and the insurance companies, we only play the role of facilitating the claim process.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We generate revenue from
our insurance agency business primarily through collecting commissions from insurance companies for successful sales of their insurance
products, which are typically based on a percentage of the premium paid by insurance policy purchasers. The commission rates are typically
set by insurance companies and vary for different product types, different insurance companies and different geographic regions in which
the insurance products are sold. The commission rates are also subject to adjustments by insurance companies from time to time based on
their expectation on profits, consumer demand for insurance products in the market, the availability and pricing of comparable products
from other insurance companies, regulatory requirements and governmental policies, and other factors that affect insurance companies at
the relevant time. In this connection, the average commission rates also varied between different cities in which we operate our insurance
agency business, and in 2023 and 2024, our by-city average commission rates ranged from 9% to 33% and 4% to 35%, respectively, while its
overall average commission rate was 14% and 10%, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On October 26, 2021, December
17, 2021, and October 31, 2023, we transferred all of our equity interests in Q&amp;K Investment Consulting (the &ldquo;Former WFOE&rdquo;),
Qingke (China) Limited (&ldquo;Q&amp;K HK&rdquo;), and Haoju (Shanghai) Artificial Intelligence Technology Co., Ltd. (&ldquo;Haoju,&rdquo;
and together with the Former WFOE and Q&amp;K HK, the &ldquo;Disposed Entities&rdquo;), respectively, to Wangxiancai Limited for nominal
consideration (collectively, the &ldquo;Equity Transfers&rdquo;). At the time of the Equity Transfers, Wangxiancai Limited was beneficially
owned by the legal representative and executive director of one of our subsidiaries and was therefore a related party; Wangxiancai Limited
ceased to be a related party in October 2023. The consideration for each transfer was nominal because the Disposed Entities were loss-making,
had net liabilities, and the likelihood of generating future cash flows was minimal given (i) decreasing demand for long-term rental apartments
in the areas of operation due to population outflows and (ii) increasing operating costs as a percentage of revenue resulting from fixed
cost burdens amid declining revenue streams. The Former WFOE was a wholly owned subsidiary of Q&amp;K HK and, prior to its transfer, maintained
a series of contractual arrangements with our former variable interest entity, Shanghai Qingke E-commerce Co., Ltd., through which we
carried out certain rental apartment operations. Haoju, a limited company organized under the laws of the PRC and our indirect wholly
owned subsidiary prior to the disposal, together with its subsidiaries held substantially all of the equity interests of our PRC subsidiaries
through which we conducted our long-term apartment rental business (the &ldquo;Disposed Business&rdquo;). The Disposed Business contributed
substantially all of our revenue and held substantially all of our assets prior to the October 31, 2023 disposal of Haoju, which was consummated
on that date. The Disposed Business had been incurring losses from operations. Our accumulated deficits amounted to RMB 4,605,215,000
and RMB 3,856,801,000 as of September 30, 2025 and 2024 respectively. Net cash used in operating activities from continuing operations
were RMB 11,698,000, RMB 8,955,000 and 22,178,000 for the years ended September 30, 2025, 2024 and 2023, respectively. As of September
30, 2025 and 2024, current liabilities exceeded current assets by RMB 909,308,000 and RMB 1,271,179,000, respectively.&nbsp;These factors
raise substantial doubt about our ability to continue as a going concern. The Equity Transfers were effected to enable us to allocate
resources to higher-quality rental apartment operations through our remaining subsidiaries in China. Haoju holds substantially all of
the equity interest of our subsidiaries in the PRC, through which we carried out long-term apartment rental business (the &ldquo;Disposed
Business&rdquo;). The Disposed Business contributed substantially all revenue and held substantially all of our assets prior to the Disposal.
The Disposal was consummated on October 31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

</DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In 2022, we entered into
a loan agreement with Key Space (S) Pte. Ltd (&ldquo;Key Space&rdquo;), which was a subsidiary owned by one of our then shareholders,
with a total principal amount of RMB4.1 million, in connection with our business operation. In FY 2022, FY 2023, and FY 2024, amounts
due to Key Space were RMB4.1 million, RMB4.5 million and RMB4.3 million, respectively. The balance due to related parties represented
borrowings from Key Space which were due within 12 months from borrowing, which were subsequently extended and are due by June 2026. Key
Space ceased to be a related party of the Company in December 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On November 22, 2023, we
entered into an equity acquisition agreement with Alpha Mind, an insurance agency and insurance technology business in the PRC, and Alpha
Mind&rsquo;s then shareholders to acquire all of the issued and outstanding shares in Alpha Mind for an aggregate purchase price of US$180,000,000
(the &ldquo;Acquisition&rdquo;). The purchase price is payable in the form of a promissory note (collectively, the &ldquo;Notes&rdquo;).
The Notes have a maturity of 90 days from the closing date, which was subsequently extended to June 30, 2025, an interest rate of 3% per
annum and will be secured by all of the issued and outstanding equity of Alpha Mind and all of the assets of Alpha Mind, including its
consolidated entities. As of January 14, 2026, the Company had paid off a total principal amount of US$77,000,000 by issuing Class A ordinary
shares of the Company to the noteholders. The Company intends to pay the rest of the promissory notes by either using the cash flow generated
by the Company&rsquo;s operation or through debt or equity offerings or loans; however, depending on market conditions, the Company may
also choose to pay a portion of the promissory notes through issuance of Class A ordinary shares. We have also been exploring financing
opportunities with certain Asia-based investors who are not U.S. persons and who are not affiliated with us or the Current VIEs. The financing
may involve equity-based instruments, including convertible debt. However, the terms and conditions are still under negotiation and there
are uncertainties whether we can close the financing on favorable terms and in a timely manner or at all. In the event that we fail to
repay the promissory notes within the extended maturity date, the noteholders may exercise their collateral rights in which case we will
lose control and will no longer be able to consolidate the results of operations of Alpha Mind. For more details, see &ldquo;Item 3. Key
Information&mdash;D. Risk Factors&mdash;Risks Related to our Business and Industry&mdash; If we are unable to repay or refinance the Notes,
we will lose control and will no longer be able to consolidate the results of operations of Alpha Mind. In addition, our level of indebtedness
could adversely affect our business, financial condition, results of operations and prospects&rdquo; in the Company&rsquo;s annual report
on Form 20-F for FY 2025. The Acquisition was completed on December 28, 2023, upon which Alpha Mind became our wholly-owned subsidiary
and we assumed and began conducting the principal business of Alpha Mind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Effective on December 7,
2023, we adjusted the ratio of ADS from one (1) ADS representing fifteen thousand (15,000) Class A ordinary shares to one (1) ADS representing
six hundred thousand (600,000) Class A ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On May 20, 2024, our authorized
share capital was changed to US$48,000,000 divided into 480,000,000,000,000 shares of a nominal or par value of US$0.0000001 each, of
which 419,500,000,000,000 were designated as Class A Ordinary Shares of a nominal or par value of US$0.0000001 each, 60,000,000,000,000
were designated as Class B Ordinary Shares of a nominal or par value of US$0.0000001 each, and 500,000,000,000 were designated as Preferred
Shares of a nominal or par value of US$0.0000001 each.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On May 20, 2024, we changed
our company name from &ldquo;FLJ Group Limited&rdquo; to &ldquo;XChange TEC.INC,&rdquo; effective on May 21, 2024. The ADSs began trading
under the new ticker symbol &ldquo;XHG&rdquo; on the NASDAQ effective on June 3, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On June 6, 2024, the Company
and Burgeon Capital Inc (&ldquo;Burgeon Capital&rdquo;) entered into certain share conversion documents (the &ldquo;Conversion Documents&rdquo;),
pursuant to which, the Company agreed to issue to Burgeon Capital and Burgeon Capital agreed to subscribe from the Company, the Converted
Shares, as the repayment by the Company to Burgeon Capital of all outstanding principal amount and accrued interest under the promissory
note issued to Burgeon Capital on December 28, 2023, with a total amount of US$27,342,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

</DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On August 26, 2024, the Company&rsquo;s
board of directors, after careful deliberations with the Company&rsquo;s management team, decided it would be in the best interest of
the Company to dispose of its apartment rental business segment because it failed to meet performance expectations, was operating at a
financial loss, and faced unfavorable market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On September 12, 2024, we
sold all of the equity interest in QK365, FENGLINJU PROPERTY (CHINA) LIMITED and Shanghai Meileju Intelligent Technology Co., Ltd to Wangxiancai
Limited, a limited company incorporated under the laws of Hong Kong for nominal consideration. As a result of the Disposal, we have no
longer conducted the long-term apartment rental business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On October 24, 2024, Mr.
Yong Zhang purchased from Mr. Chengcai Qu, the then sole shareholder and sole director of Golden Stream, all issued and outstanding ordinary
shares held by Mr. Qu in Golden Stream, and became the sole shareholder and sole director of Golden Stream.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Effective on November 8,
2024, we adjusted the ratio of ADS from one (1) ADS representing six hundred thousand (600,000) Class A ordinary shares to one (1) ADS
representing twelve million (12,000,000) Class A ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On December 12, 2024 and
December 20, 2024, the Company issued 82,800,000,000,000 and 84,000,000,000,000 Class A Ordinary shares respectively in accordance with
a Securities Purchase Agreement with VG Master Fund SPC (&ldquo;VG&rdquo;) dated September 24, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On March 24, 2025, we closed
the acquisition of a Hong Kong-based insurance brokerage firm licensed by the Hong Kong Insurance Authority. It grants us direct access
to Hong Kong&rsquo;s dynamic insurance market and paves the way for the Company to launch tailored insurance solutions for clients across
China and international markets. Hong Kong&rsquo;s insurance sector has demonstrated robust growth driven by rising demand from mainland
Chinese clients and expatriates seeking international-standard wealth preservation tools. As a gateway linking global capital flows, Hong
Kong offers unparalleled opportunities to serve high-net-worth individuals, multinational corporations, and cross-border investors. Our
entry into the Hong Kong market aligns with the vision to become a one-stop hub for clients seeking sophisticated risk management and
wealth enhancement solutions. The local regulatory capabilities allow our business team to deliver innovative insurance products that
meet the evolving needs of Asia&rsquo;s affluent population.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On April 23, 2025, the Company,
MMTEC, Inc. (&ldquo;MMTEC&rdquo;), who was the then holder of the Note in the original principal amount of US$153,000,000, and Infinity
Asset Solutions Ltd. (&ldquo;Infinity Asset&rdquo;), entered into a Note Purchase Agreement, pursuant to which Infinity Asset purchased
from MMTEC, a portion of the Note (the &ldquo;Infinity Note&rdquo;) representing US$51,988,242 of the total US$153,738,529 of the unpaid
principal and accrued and unpaid interest under the Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On May 6, 2025, the Company
changed the ratio of the ADSs representing its Class A ordinary shares from one (1) ADS representing one hundred and twenty (120) Class
A ordinary shares to one (1) ADS representing two thousand four hundred (2,400) Class A ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On May 9, 2025, the Company
and Infinity Asset entered into a share subscription agreement and a payoff letter, pursuant to which, the Company issued 108,027,515,844
Class A Ordinary Shares to Infinity Asset, as the repayment by the Company to Infinity Asset of all outstanding principal amount and accrued
interest under the Infinity Note with a total amount of US$51,988,242.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On June 30, 2025, the Company
and MMTEC agreed to extend the maturity date of the Note held by MMTEC and accrued interest to date to December 31, 2025 and if the Notes
have an outstanding balance on the maturity date, the maturity date will be automatically extended to the end of following year.</P>

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Regulations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">We
operate in an increasingly complex legal and regulatory environment. We are subject to a variety of PRC and foreign laws, rules and regulations
across numerous aspects of our business. This section sets forth a summary of the principal PRC laws, rules and regulations relevant to
our business and operations in the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Regulation of Insurance Agencies</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
principal regulation governing professional insurance agencies is the Provisions on the Regulation of Insurance Agencies, effective from
January 1, 2021. The Provisions on the Regulation of Insurance Agencies regulate market access, operating rules, market exit, monitoring
and inspection, and legal obligations for insurance agencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">According
to the Provisions on the Regulation of Insurance Agencies, &ldquo;insurance agencies&rdquo; refers to organizations or individuals that
are entrusted by an insurance company and collect commissions from the insurance company to handle the insurance business on an agency
basis within the scope authorized by the insurance company, including professional insurance agencies, sideline insurance agencies and
individual insurance agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">To
establish a professional insurance agency, the minimum registered capital depends on its business region. For professional insurance agencies
whose business regions are not limited to the province, autonomous region, municipality directly under the central government, or city
specifically designated in the state plan where they are registered, the minimum registered capital should be RMB50 million, while for
those operating within the province, autonomous region, municipality directly under the central government, or city specifically designated
in the state plan where they are registered, the minimum registered capital should be RMB20 million. The registered capital of a professional
insurance agency must be paid-in monetary capital. An insurance professional agency must obtain an Insurance Agent Operating License.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">A
professional insurance agency may engage in the following insurance agency businesses:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">selling insurance products on behalf of the insurer principal;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">collecting insurance premiums on behalf of the insurer principal;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">conducting loss surveys and handling claims of insurance businesses on behalf of the insurer principal; and</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">other business activities specified by the CBIRC.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">According
to the Notice to Overhaul Chaotic Auto Insurance Market (the &ldquo;Overhaul Notice&rdquo;), promulgated by the CBIRC on July 6, 2017,
all property insurance companies must intensify their compliance management and control of vehicle insurance intermediary businesses,
and comply with authorization and management responsibilities applicable to intermediaries and individuals. Property insurance companies
may not entrust any institution without lawful qualification to conduct insurance sale activities, or pay vehicle insurance service charges
to unqualified institutions, directly or in a disguised way.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Property
insurance companies may not entrust or permit any cooperative intermediary to delegate vehicle insurance agency rights to any other institution.
A property insurance company may entrust a third-party internet platform to provide webpage-linking services, but may not entrust or permit
any third-party internet platform without a lawful qualification as an insurance intermediary to engage in insurance sale activities on
its website, including trial calculations of insurance premiums, price quotations and comparisons, business promotions and fund payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Property
insurance companies must submit for approval of the terms and premium ratios for vehicle insurance. Any property insurance company, insurance
intermediary or individual may not grant or undertake to grant benefits not specified in an insurance contract to the policyholder or
the insured, including by returning cash or providing prepaid cards, negotiable securities, insurance products, coupons or other property,
or offsetting premiums by reward points or exchanging reward points for goods. Property insurance companies, insurance intermediaries
or individuals may not pay interest or benefits not specified in an insurance contract in a disguised way such as by allowing the insured
to participate in a promotional campaign organized by any other institution or individual.</P>

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">According
to the Guiding Opinions on Implementation of the Comprehensive Reform of Vehicle Insurance promulgated by the CBIRC on September 2, 2020,
insurance companies and intermediaries will be under simultaneous investigation and handling in the vehicle insurance field, to severely
crack down on the illegal acts such as obtaining service charges by fabricating intermediary business, issuing false invoices and bundled
sales. In addition, it is imperative to promote insurance companies and intermediaries to improve the connection of information systems,
to regulate the settlement and payment of service charges, and prohibit the advance payment by sales personnel. Insurance intermediaries
are prohibited from carrying out non-local vehicle insurance business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">In
September 2023, the National Financial Regulatory Administration promulgated the Measures for the Administration of Insurance Sales Activities,
which will come into force on March 1, 2024. These Measures categorizes insurance sales activities of insurance companies and insurance
intermediaries, including insurance agency companies, into three phases namely pre-sales, in-sales, and post-sales activities, setting
forth varied regulatory requirements on insurance sales activities in the phases of pre-sales, in-sales, and post-sales activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Qualification Management
for Practitioners of Insurance Agencies</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Based
on the Provisions on the Regulation of Insurance Agencies, the CBIRC is authorized by law and the State Council to exercise centralized
supervision and administration competence over practitioners of insurance agencies by category. Under the Provisions on the Regulation
of Insurance Agencies, the term &ldquo;practitioners of insurance agencies&rdquo; refers to individuals of insurance agencies who engage
in sale of insurance products or the relevant loss survey.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Based
on the Provisions on the Regulation of Insurance Agencies, the Circular of the China Insurance Regulatory Commission on Issues concerning
the Administration of Insurance Intermediary Practitioners promulgated by the CBIRC on August 3, 2015 and Notice on Cancelling and Adjusting
a Group of Administrative Approval Items promulgated by the CBIRC on August 7, 2015, prior to practice of practitioners of insurance agencies,
the employer should file practice registration information for such personnel on the CBIRC insurance intermediaries monitoring information
system, without requiring a qualification certificate as a prerequisite for practice registration management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Professional
insurance agencies, including us, are obligated to monitor the sales activities of the salespersons and restrict and prohibit the misconduct
of such insurance sales practitioners employed by or cooperated with such professional insurance agencies. Any failure to do so may result
in rectification orders, penalties or fines to the practitioners of insurance agencies and the professional insurance agencies themselves.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Regulation of Internet
Insurance</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">On
December 7, 2020, CBIRC issued Measures for the Regulation of Internet Insurance Businesses (the &ldquo;Internet Insurance Measures&rdquo;).
Pursuant to the Internet Insurance Measures, no institutions or individuals other than insurance institutions, which refer to insurance
companies, insurance agency companies, insurance brokerage companies and other qualified insurance intermediaries, may engage in the internet
insurance business. Under the Internet Insurance Measures, an insurance institution may sell insurance products or provide insurance brokerage
services via the Internet and self-service terminal equipment, so that consumers can independently learn the product information and complete
insurance purchase on their own through such insurance institution&rsquo;s self-operated network platform or the self-run network platforms
of other insurance institutions. However, the insurance application pages must belong to the self-run network platform of such insurance
institution. &ldquo;Self-operated online platforms&rdquo; refer to online platforms set up by insurance institutions with independent
operation and complete data authority. Self-operated online platforms shall effectively isolate from its affiliated parties such as shareholders,
actual controllers and senior executives of the company in such aspects as finance, business, information system and customer information
protection etc.</P>

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

</DIV>

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

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<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">An
insurance institution conducting Internet insurance businesses and its self-operated network platform shall meet the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">the place of service access is within the territory of the PRC;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">it shall meet the provisions of the relevant laws and regulations and the qualification requirements of the competent authority of the relevant industry;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">it shall have an information management system and core business system supporting the operation of Internet insurance businesses, which shall be effectively isolated from other irrelevant information systems of the insurance institution;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">it shall have sound cybersecurity monitoring, information notification and emergency response mechanisms, as well as sound cybersecurity protection means such as boundary protection, intrusion detection, data protection and disaster recovery;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">it shall implement the national graded protection system for cybersecurity, carry out record-filing of the grading of cybersecurity, regularly carry out graded protection assessment, and implement security protection measures for the corresponding grades;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">it shall have a legal and compliant marketing model and establish an operation and service system that meets the operation needs of Internet insurance, meets the characteristics of Internet insurance users and supports the service coverage regions;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">it shall establish or specify an Internet insurance business management department, equip itself with corresponding professionals, designate a senior executive to serve as the person in charge of Internet insurance businesses, and specify the persons in charge of the self-run network platforms respectively;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">it shall have a sound management system and operating procedures for Internet insurance businesses;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">an insurance company shall, in carrying out Internet insurance sales, comply with the relevant provisions of the CBIRC on the regulatory evaluation for solvency and protection of consumers&rsquo; rights and interests;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">a professional insurance intermediary shall be a national agency, and its business regions are not limited to the province where its head office is registered, and shall comply with the relevant provisions of the CBIRC on the classified regulation of professional insurance intermediaries; and</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">it shall meet other conditions prescribed by the CBIRC.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">According
to the Internet Insurance Measures, &ldquo;Internet insurances companies&rdquo; can be established upon special approval by the CBIRC
and registered in accordance with the law without establishing branches and specialize in carrying out Internet insurance business nationwide
in order to promote the integration and innovation of insurance business with the Internet, big data and other new technologies. An Internet
insurance company shall not sell insurance products offline or through other insurance institutions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">In
addition, an Internet enterprise is allowed to use the self-operated network platform to sell Internet insurance products and provide
insurance services as an insurance agent, provided that such Internet enterprise shall obtain the insurance agency operating license for
operating insurance agency business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Non-insurance
institutions may not carry out Internet insurance business, including but not limited to the following commercial acts: (i) providing
consulting services for insurance products; (ii) comparing insurance products, trial calculation of insurance premiums and comparing quotations;
(iii) designing insurance purchase plans for insurance applicants; (iv) going through insurance purchase formalities on behalf of clients;
and (v) collecting insurance premiums as an agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Internet Insurance Measures provides that the CBIRC and its local offices are responsible for the development of the regulatory system
for Internet insurance business in an overall manner, and the CBIRC and its local offices shall, in accordance with the division of regulatory
work for insurance institutions, implement daily monitoring and regulation of Internet insurance business.</P>

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Regulation of Services Provided by Professional
Insurance Agency and Its Practitioners</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Based
on the Provisions on the Regulation of Insurance Agencies, professional insurance agencies and practitioners may not take the following
deceptive actions in insurance agency activities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">deceiving the insurer, applicant, the insured or beneficiary;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">concealing important information relating to the insurance contract;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">obstructing the applicant to perform his/her obligation of disclosure, or inducing him/her not to perform his/her obligation of disclosure;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">giving or promising to give the applicant, the insured or the beneficiary benefits other than those stipulated in the insurance contract;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">coercing, inducing or restricting the applicant to enter into an insurance contract by taking advantage of his/her administrative power, position or the advantage of his/her occupation or by other unfair means;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">forging or altering an insurance contract without authorization, or providing false supporting materials for the parties to an insurance contract;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">misappropriating, withholding or occupying insurance premiums or insurance benefits;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">seeking improper benefits for other institutions or individuals by taking advantage of his/her business;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">defrauding the insurance benefits by colluding with the applicant, the insured or beneficiary; or</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">disclosing business secrets of the insurer, the applicant or the insured known in the business activities.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">A
professional insurance agency may not sign insurance contracts on behalf of a contributor. On April 2, 2019, the CBIRC issued a Notice
to Rectify the Irregularities in the Insurance Intermediary Market (the &ldquo;Rectify Notice&rdquo;), requiring all insurance companies
and insurance intermediaries to conduct self-inspections to determine whether their practices violate relevant regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">According
to the Rectify Notice, among other matters, insurance intermediaries and insurance agencies must rectify any non-compliance practices,
such as granting or undertaking to grant policyholders, insured parties or beneficiaries benefits other than those agreed in the insurance
contracts, failure to register the sales persons engaged by the insurance intermediaries with the CBIRC&rsquo;s Insurance Intermediaries
Regulatory Information System, or hiring sales person with bad conduct or who do not have professional knowledge necessary for insurance
sales. As of the date this proxy statement/prospectus, CCT has completed the applicable rectification measures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">On
June 23, 2020, the CBIRC further issued the Notice to Follow-up Review of the Rectification of Market Chaos in Banking and Insurance Industries
(the &ldquo;Review Notice&rdquo;), requiring all banking and insurance institutions to carry out strict self-examination and self-rectification.
According to the Review Notice, among other matters, insurance companies and insurance intermediaries must rectify any non-compliance
practices, such as misleading consumers to buy insurance products by making false publicity on the grounds that the sales of insurance
products are about to be stopped or the premium rates are about to be adjusted, maliciously misleading or instigating clients to cancel
insurance policies, making consumers suffer from unnecessary losses of contractual rights and interests, or disclosing client information
in violation of regulations. CCT has completed the self-examination and self-rectification work and reported the same to the CBIRC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Regulations Relating
to Foreign Investment</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Companies
established and operating in the PRC shall be subject to the Company Law of the PRC, or the PRC Company Law, which was promulgated on
December 29, 1993 and newly amended on December 28, 2013 and October 26, 2018. The PRC Company Law provides general regulations for companies
set up and operating in the PRC, including foreign-invested companies. Unless otherwise provided in the PRC foreign investment laws, the
provisions in the PRC Company Law shall prevail.</P>

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Investments
in the PRC by foreign investors and foreign-invested enterprises are regulated by the Special Administrative Measures (Negative List)
for the Access of Foreign Investment, or the Negative List, the latest version of which was promulgated by the NDRC and the PRC Ministry
of Commerce, or the MOFCOM on June 23, 2020 and became effective as of July 23, 2020 and Catalogue of Industries for Encouraging Foreign
Investment, or the Encouraging Catalogue, the latest version of which was promulgated by the NDRC and the MOFCOM on December 27, 2020
and became effective as of January 27, 2021. The Negative List and the Encouraging Catalogue jointly categorize the industries into three
categories: encouraged industries, restricted industries and prohibited industries. Establishment of wholly foreign-owned enterprises
is generally allowed in industries outside of the Negative List. For the restricted industries within the Negative List, some are limited
to equity or contractual joint ventures, while in some cases Chinese partners are required to hold the majority interests in such joint
ventures. Foreign investors are not allowed to invest in industries in the Negative List. Industries not listed in the Negative List are
generally open to foreign investment unless specifically restricted by other applicable PRC regulations. The Negative List expands the
scope of permitted industries by reducing the number of industries that fall within the previous negative list where restrictions on the
shareholding percentage or requirements on the composition of board or senior management still exists.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Foreign Investment Law became effective on January 1, 2020 and has replaced the trio of three previous laws regulating foreign investment
in China, or the Three FIE Laws, namely, the Sino-foreign Equity Joint Venture Enterprise Law, the Sino-foreign Cooperative Joint Venture
Enterprise Law and the Wholly Foreign-invested Enterprise Law, together with their implementation rules and ancillary regulations, as
the legal foundation for foreign investment in the PRC. Generally speaking, the PRC Company Law or the PRC Partnership Law shall apply
with respect to an FIE&rsquo;s organization. This is aimed to put an end to any discrepancy between the Three FIE Laws and the Company
Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Foreign Investment Law mainly stipulates four forms of foreign investors, which includes: (a) a foreign investor, individually or collectively
with other investors, establishes a foreign-invested enterprise within PRC; (b) a foreign investor acquires stock shares, equity shares,
interests in assets, or other like rights and interests of an enterprise within PRC; (c) a foreign investor, individually or collectively
with other investors, invests in a new project within PRC; and (d) foreign investors invest in China through any other methods under laws,
administrative regulations, or provisions prescribed by the State Council. Compared with the Three FIE Laws, the Foreign Investment Law
is profoundly different in the following aspects:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify; text-indent: -0.25in; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">Application of a pre-establishment national treatment. According to the Foreign Investment Law, the PRC governments shall govern foreign investment according to the system of pre-establishment national treatment, which requires treatment given to foreign investors and their investments during the market access stage shall not be inferior to treatment afforded to PRC domestic investors and their investment except where a foreign investment falls into the orbit of the Negative List.</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">Application of an updated Investment Management. Pursuant to the Foreign Investment Law, the State shall establish a foreign investment information report system. Foreign investors or FIEs shall submit investment information to the competent department for commerce through the enterprise registration system and the enterprise credit information publicity system. The content and scope of information subject to the reporting obligations shall be determined under the principle of necessity. In addition, the State shall establish a security review system for foreign investment, under which a security review shall be conducted for any foreign investment affecting or having the possibility to affect the state security.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">In
addition, the Foreign Investment Law also provides several protective rules and principles for foreign investors and their investments
in the PRC, including, among others, that local governments shall abide by their policy commitments to the foreign investors and perform
all contracts entered into in accordance with the law; foreign-invested enterprises are allowed to issue stocks and corporate bonds; except
for special circumstances, in which case statutory procedures shall be followed and fair and reasonable compensation shall be made in
a timely manner, expropriate or requisition the investment of foreign investors is prohibited; mandatory technology transfer is prohibited;
foreign investors&rsquo; funds are allowed to be freely transferred out and into the territory of PRC, which run through the entire lifecycle
from the entry to the exit of foreign investment; and providing an all-around and multi-angle system to guarantee fair competition of
foreign-invested enterprises in the market economy. Furthermore, the Foreign Investment Law provides that foreign-invested enterprises
established according to the existing laws regulating foreign investment may maintain their structure and corporate governance within
five years after the implementation of the Foreign Investment Law, which means that foreign-invested enterprises may be required to adjust
the structure and corporate governance in accordance with the current PRC Company Law and other laws and regulations governing the corporate
governance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">On
December 12, 2019, the State Council promulgated the Implementation Regulations of Foreign Investment Law, or the Implementation Regulations,
which simultaneously came into force with the Foreign Investment Law from January 1, 2020. The Implementation Regulations provides specific
operation rules for the principles of investment protection, investment promotion and investment management in the Foreign Investment
Law.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><B><I>&nbsp;</I></B></P>

</DIV>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><B><I></I></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Regulation of Foreign Investment in
the Insurance Brokerage and Insurance Agency Industry</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Pursuant
to the Announcement of the China Insurance Regulatory Commission on Permitting Foreign Insurance Brokerage Companies to Establish Solely
Foreign-invested Insurance Brokerage Companies, effective from December 11, 2006, in accordance with the related commitments of China
for accession to the WTO, foreign insurance brokerage companies may establish wholly foreign-funded insurance brokerage companies in accordance
with PRC laws and there are no restrictions other than those on establishment conditions and business scope. Pursuant to the Notice of
the China Banking and Insurance Regulatory Commission on Widening the Scope of Business of Foreign-funded Insurance Brokerage Companies
issued on and effective from April 27, 2018, foreign-funded insurance brokerage institutions that have obtained insurance brokerage business
permits upon approval by the insurance regulatory authority of the State Council may engage in the same businesses as a PRC domestic insurance
brokerage company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Pursuant
to the Public Announcement of the China Insurance Regulatory Commission on Relevant Matters Concerning the Application of the Insurance
Agencies in Hong Kong and Macao for Establishing Solely-Invested Insurance Agencies in the Mainland issued on December 26, 2007, from
January 1, 2008, local professional insurance agencies in Hong Kong or Macao which meet the requirements may apply for the establishment
of solely-invested insurance agencies in the mainland of the PRC. Pursuant to the Supplements and Amendments VIII to the Mainland&rsquo;s
Specific Commitments on Liberalization of Trade in Services for Hong Kong and the Supplements and Amendments VIII to the Mainland&rsquo;s
Specific Commitments on Liberalization of Trade in Services for Macao, qualified insurance brokerage institutions in Hong Kong or Macao
may establish solely-invested insurance agencies in Guangdong province (including Shenzhen) for practicing within Guangdong province.
Pursuant to the Notice of the China Banking and Insurance Regulatory Commission on Allowing Overseas Investors to Operate Insurance Agent
Business in China, effective from June 19, 2018, overseas insurance agency entities operating an insurance agency business for three or
more years outside China and foreign-funded insurance companies in China which have operated for three or more years may apply to CBIRC
to establish a foreign-invested insurance agency within China.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Regulations Relating
to Foreign Investment in the Value-Added Telecommunication Services</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Telecommunications Regulations of the People&rsquo;s Republic of China, which was promulgated by the State Council on September 25, 2000
and last amended on February 6, 2016, categorizes all telecommunications businesses in China as either basic telecommunications businesses
or value-added telecommunications businesses. Further, according to the Catalog of Telecommunications Business, attached to the Telecommunications
Regulations and last mended by the MIIT on December 28, 2015, information services provided via fixed network, mobile network and Internet
fall within value-added telecommunication services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
State Council promulgated the Administrative Rules on Foreign-invested Telecommunications Enterprises in December 2001, as last amended
on February 6, 2016, or the FITE Regulations. The FITE Regulations set forth detailed requirements with respect to capitalization, investor
qualifications and application procedures in connection with the establishment of a foreign-invested telecommunications enterprise. These
administrative rules require a foreign-invested value-added telecommunications enterprises in mainland China to be established as Sino-foreign
joint ventures, which the foreign investors may acquire up to 50% of the equity interest of such enterprise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">In
July 2006, MIIT publicly released the Notice on Strengthening the Administration of Foreign Investment in Operating Value-added Telecommunications
Business, or the MIIT Notice, which reiterates certain provisions under the FITE Regulations. According to the MIIT Notice, if any foreign
investor intends to invest in a PRC telecommunications business, a foreign-invested telecommunications enterprise must be established
and such enterprise must apply for the relevant telecommunications business licenses. Under the MIIT Notice, domestic telecommunications
enterprises are prohibited from renting, transferring or selling a telecommunications license to foreign investors in any form, and from
providing any resources, premises, facilities and other assistance in any form to foreign investors for their illegal operation of any
telecommunications business in China.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><B><I>&nbsp;</I></B></P>

</DIV>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><B><I></I></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Regulations on Consumer Protection</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">In
October 1993, the SCNPC promulgated the Law on the Protection of the Rights and Interests of Consumers, or the Consumer Protection Law,
which became effective on January 1, 1994 and was further amended on August 27, 2009 and October 25, 2013. Under the Consumer Protection
Law, any business operator providing a commodity or service to a consumer is subject to certain mandatory requirements, including the
following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify; text-indent: -0.25in; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">to ensure that commodities and services meet certain safety requirements;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">to protect the safety of consumers;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">to disclose serious defects of a commodity or a service and to adopt preventive measures against occurrence of damage;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">to provide consumers with accurate information and to refrain from conducting false advertising;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">to obtain consents of consumers and to disclose the rules for the collection and/or use of information when collecting data or information from consumers; to take technical measures and other necessary measures to protect the personal information collected from consumers; not to divulge, sell, or illegally provide consumers&rsquo; information to others; not to send commercial information to consumers without the consent or request of consumers or with a clear refusal from consumers;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">not to set unreasonable or unfair terms for consumers or alleviate or release itself from civil liability for harming the legal rights and interests of consumers by means of standard contracts, circulars, announcements, shop notices or other means;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">to remind consumers in a conspicuous manner to pay attention to the quality, quantity and prices or fees of commodities or services, duration and manner of performance, safety precautions and risk warnings, after-sales service, civil liability and other terms and conditions vital to the interests of consumers under a standard form of agreement prepared by the business operators, and to provide explanations as required by consumers; and</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">not to insult or slander consumers or to search the person of, or articles carried by, a consumer or to infringe upon the personal freedom of a consumer.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Business
operators in China may be subject to civil liabilities for failing to fulfill the obligations discussed above. These liabilities include
restoring the consumer&rsquo;s reputation, eliminating the adverse effects suffered by the consumer, and offering apology and compensation
for any loss thus incurred to the consumer. The following penalties may also be imposed by relevant governmental agencies upon business
operators for the infraction of these obligations: issuance of a warning, confiscation of any illegal income, imposition of a fine, an
order to cease business operation, revocation of its business license or imposition of criminal liabilities under circumstances that are
specified in laws and statutory regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">In
December 2003, the Supreme People&rsquo;s Court in China enacted the Interpretation of Some Issues Concerning the Application of Law for
the Trial of Cases on Compensation for Personal Injury, which further enhances the liabilities of business operators engaged in the operation
of accommodation, restaurants, or entertainment facilities and subjects such operators to compensatory liabilities for failing to fulfill
their statutory obligations to a reasonable extent or to guarantee the personal safety of others.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Regulation of Anti-Money
Laundering</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Based
on the Circular on Strengthening Work of Anti-Money Laundering in Insurance Industry, promulgated on August 10, 2010 by the CB IRC, and
Administrative Measures for the Anti-money Laundering Work in the Insurance Industry, effective from October 1, 2011, the CBIRC organizes,
coordinates and directs policies concerning anti-money laundering in the insurance industry. Under these measures, insurance companies,
insurance asset management companies, professional insurance agencies and insurance brokers are required to materially improve their anti-money
laundering related internal control competence on the basis of real-name policy issuance and on the principle of complete customer materials,
traceable transaction records and regulated funds operation.</P>

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Based
on provisions of the Administrative Measures for the Anti-money Laundering Work in the Insurance Industry, insurance companies carrying
out the insurance business via professional insurance agencies or financial institution-based insurance joint offering agencies must include
anti-money laundering provisions in their cooperation agreements. Professional insurance agencies and brokers must establish anti-money
laundering internal control systems and prohibit equity investments with funds from illicit sources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Senior
management personnel of professional insurance agencies and brokers must be versed in anti-money laundering laws and regulations. Professional
insurance agencies and brokers must provide anti-money laundering training and education, properly manage major money laundering cases
involving itself, facilitate anti-money laundering monitoring and inspection, administrative investigation and investigation of criminal
activities involving money laundering, and keep confidential any information related to lawful anti-money laundering initiatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Regulations relating
to Information Security and Censorship</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Internet
content in China is also strictly regulated and restricted from a state security standpoint. Pursuant to the Decision Regarding the Protection
of Internet Security enacted by the SCNPC on December 28, 2000, which was amended on August 27, 2009, any attempt to undertake the following
actions may be subject to criminal punishment in China:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-align: justify; text-indent: -0.25in; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">gaining improper entry into a computer or system of national strategic importance;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">disseminating politically disruptive information;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">leaking government secrets;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">spreading false commercial information; or</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">infringing intellectual property rights.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
MPS has also promulgated a series of measures that prohibit the use of the internet in ways that, among other things, result in the leakage
of government secrets or the spread of socially destabilizing content. The MPS and its local counterparts have supervision and inspection
powers in this regard, and we may be subject to the jurisdiction of the local security bureaus. If an internet information service provider
violates these measures, the PRC government may revoke its license and shut down its website. In 1997, the MPS issued the Administration
Measures on the Security Protection of Computer Information Network with International Connections, which was amended by the State Council
on January 8, 2011 and prohibited using internet in ways which, among others, resulted in a leakage of state secrets or spreading of socially
destabilizing content.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Moreover,
on December 7, 2016, the SCNPC promulgated the Cybersecurity Law of the People&rsquo;s Republic of China, which became effective on June
1, 2017, pursuant to which, network operators shall comply with laws and regulations and fulfill their obligations to safeguard security
of the network when conducting business and providing services. Those who provide services through networks shall take technical measures
and other necessary measures pursuant to laws, regulations and compulsory national requirements to safeguard the safe and stable operation
of the networks, respond to network security incidents effectively, prevent illegal and criminal activities, and maintain the integrity,
confidentiality and usability of network data, and the network operator shall not collect the personal information irrelevant to the services
it provides or collect or use the personal information in contravention of the laws or agreements between both parties.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><B><I>&nbsp;</I></B></P>

</DIV>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><B><I></I></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Regulations Relating to Protection of
User Identity and Information</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
security and confidentiality of information on the identity of internet users are also highly regulated in China. The Internet Information
Service Administrative Measures promulgated by the State Council requires internet information service providers to maintain an adequate
system that protects the security of user information. In December 2005, the MPS promulgated the Regulations on Technical Measures of
Internet Security Protection, requiring internet service providers to utilize standard technical measures for internet security protection.
Moreover, the Rules for Regulating the Market Order of Internet Content Services, which was promulgated in December 2011, further enhances
the protection of internet users&rsquo; personal information by prohibiting internet information service providers from unauthorized collection,
disclosure or use of personal information of their users.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">In
December 2012, the SCNPC promulgated the Decision on Strengthening Network Information Protection to enhance the legal protection of information
security and privacy on the internet. On July 16, 2013, the Ministry of Industry and Information Technology, or the MIIT, promulgated
the Provisions for the Protection of Telecommunication and Internet User Personal Information, or the Provisions for the Protection of
Person Information. According to the Provisions for the Protection of Person Information, under which Internet information service providers
are subject to strict requirements to protect personal information of internet users, including: if a network service provider wishes
to collect or use personal information, such personal information collected shall be used only in connection with the services to be provided
by Internet information service providers to such users and shall be kept in strict confidence. Furthermore, it must disclose to its users
the purpose, method and scope of any such collection or usage, and must obtain consent from the users whose information is being collected
or used. Network service providers are also required to establish and publish their protocols relating to personal information collection
or usage, keep any collected information strictly confidential and take technological and other measures to maintain the security of such
information. Network service providers are required to cease any collection or usage of the relevant personal information, and de register
the relevant user account, when a user stops using the relevant Internet service. Network service providers are further prohibited from
divulging, distorting or destroying any such personal information, or selling or providing such personal information unlawfully to other
parties. In addition, if a network service provider appoints an agent to undertake any marketing or technical services that involve the
collection or usage of personal information, the network service provider is required to supervise and manage the protection of the information.
Pursuant to the Provisions for the Protection of Person Information, in broad terms, that violators may face warnings, fines, public exposure
and, in the most severe cases, criminal liability.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Regulations relating
to Mobile Internet Applications Information Services</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">In
China a mobile internet application is governed by the Provisions on the Administration of Mobile Internet Application Information Services,
or the Provisions on Administration of Application, as promulgated by the CAC on June 28, 2016 and became effective on August 1, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Pursuant
to the Provisions on Administration of Application, application information service providers shall obtain the relevant qualifications
as required by laws and regulations, strictly implement their information security management responsibilities, and carry out the duties
including to establish and complete user information security protection mechanism, to establish and complete information content inspection
and management mechanisms, to protect users&rsquo; right to know the right to choose in the process of usage, and to record users&rsquo;
daily information and preserve it for sixty (60) days.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Regulation Relating
to Intellectual Property</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>The Copyright Law</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">PRC
has enacted various laws and regulations relating to the protection of copyright. PRC is a signatory to some major international conventions
on protection of copyright and became a member of the Berne Convention for the Protection of Literary and Artistic Works in October 1992,
the Universal Copyright Convention in October 1992, and the Agreement on Trade-Related Aspects of Intellectual Property Rights upon its
accession to the World Trade Organization in December 2001.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Copyright Law of the PRC (2010 Revision), or the Copyright Law, which was promulgated on September 7, 1990 and subsequently amended on
October 27, 2001 and February 26, 2010 and the Implementation Regulation of the Trademark Law of the PRC promulgated by the State Council
on August 2, 2002 and further amended on January 8, 2011 and January 30, 2013 provides that Chinese citizens, legal persons, or other
organizations shall, whether published or not, enjoy copyright in their works, which include, among others, works of literature, art,
natural science, social science, engineering technology and computer software. The purpose of the Copyright Law aims to encourage the
creation and dissemination of works which is beneficial for the construction of socialist spiritual civilization and material civilization
and promotes the development and prosperity of Chinese culture.</P>

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

</DIV>

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Pursuant
to the Computer Software Protection Regulations, as promulgated by the State Council on December 20, 2001, and most recently amended on
January 30, 2013, Chinese citizens, legal persons and other organizations shall enjoy copyright on the software they develop, regardless
of whether the software has been released publicly. Software copyright commences from the date on which the development of the software
is completed. The protection period for software copyright of a legal person or other organizations shall be 50 years, concluding on December
31 of the 50th year after the software&rsquo;s initial release. In order to further implement the Computer Software Protection Regulations,
the State Copyright Bureau issued the Regulations for Computer Software Copyright Registration Procedures on February 20, 2002, which
apply to software copyright registration, license contract registration and transfer contract registration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>The Trademark Law</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Trademarks
are protected by the Trademark Law of the People&rsquo; Republic of China (2013 Revision) which was promulgated on August 23, 1982 and
subsequently amended on February 22, 1993, October 27, 2001 and August 30, 2013 respectively as well as the Implementation Regulation
of the PRC Trademark Law adopted by the State Council on August 3, 2002 and further amended on April 29, 2014. In China, registered trademarks
include commodity trademarks, service trademarks, collective trademarks and certification trademarks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Trademark Office under the SAMR, handles trademark registrations and grants a term of ten years to registered trademarks. Trademarks are
renewable every ten years where a registered trademark needs to be used after the expiration of its validity term. A registration renewal
application shall be filed within 12 months prior to the expiration of the term. A trademark registrant may license its registered trademark
to another party by entering into a trademark license contract. Trademark license agreements must be filed with the Trademark Office to
be recorded. The licensor shall supervise the quality of the commodities on which the trademark is used, and the licensee shall guarantee
the quality of such commodities. As with trademarks, the PRC Trademark Law has adopted a &ldquo;first come, first file&rdquo; principle
with respect to trademark registration. Where the trademark for which a registration application has been made is identical or similar
to another trademark which has already been registered or been subject to a preliminary examination and approval for use on the same kind
of or similar commodities or services, the application for registration of such trademark may be rejected. Any person applying for the
registration of a trademark may not prejudice the existing right first obtained by others, nor may any person register in advance a trademark
that has already been used by another party and has already gained a &ldquo;sufficient degree of reputation&rdquo; through such party&rsquo;s
use.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>The Patent Law</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">According
to the Patent Law of the People&rsquo;s Republic of China (2008 Revision) promulgated by the SCNPC, and its Implementation Rules (2010
Revision) promulgated by the State Council, the State Intellectual Property Office of the PRC is responsible for administering patents
in the PRC. The patent administration departments of provincial or autonomous regions or municipal governments are responsible for administering
patents within their respective jurisdictions. The Patent Law of the PRC and its implementation rules provide for three types of patents,
&ldquo;invention&rdquo;, &ldquo;utility model&rdquo; and &ldquo;design&rdquo;. Invention patents are valid for twenty years, while design
patents and utility model patents are valid for ten years, from the date of application. The Chinese patent system adopts a &ldquo;first
come, first file&rdquo; principle, which means that where more than one person files a patent application for the same invention, a patent
will be granted to the person who files the application first. To be patentable, invention or utility models must meet three criteria:
novelty, inventiveness and practicability. Except under certain specific circumstances provided by law, any third party user must obtain
consent or a proper license from the patent owner to use the patent. Otherwise, the use constitutes an infringement of the patent rights.</P>

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><I>Domain Names</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">On
May 29, 2012, the China Internet Network Information Center, or the CNNIC issued the Implementing of the Rules for China Internet Network
Information Center Domain Name Registration (2012 Revision), setting forth detailed rules for registration of domain names. The MIIT promulgated
the Administrative Measures on Internet Domain Name, or the Domain Name Measures on August 24, 2017, which became effective on November
1, 2017. According to the Domain Name Measures, domain name owners are required to register their domain names and the MIIT is in charge
of the administration of PRC Internet domain names. The domain name services follow a &ldquo;first come, first file&rdquo; principle.
Applicants for registration of domain names shall provide their true, accurate and complete information of such domain names to and enter
into registration agreements with domain name registration service institutions. The applicants will become the holders of such domain
names upon the completion of the registration procedure.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Regulations Relating
to Foreign Exchange</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>General Administration
of Foreign Exchange</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Foreign
currency exchange in China is primarily governed by the Foreign Exchange Control Regulations of the PRC, or the Foreign Exchange Administration
Rules, promulgated by the State Council on January 29, 1996 and last amended on August 5, 2008, and various regulations issued by the
State Administration of Foreign Exchange, or the SAFE and other relevant PRC government authorities. Under the Foreign Exchange Administration
Rules, the RMB is freely convertible into other currencies for routine current account items, including distribution of dividends, payment
of interest, trade and service related foreign exchange transactions. The conversion of RMB into other currencies for most capital account
items, such as direct equity investment, overseas loan, and repatriation of investment, however, is still regulated. Payments for transactions
that take place within the PRC must be made in RMB. Unless otherwise approved, PRC companies may repatriate foreign currency payments
received from abroad or retain the same abroad. Foreign-invested enterprises may retain foreign exchange in accounts with designated foreign
exchange banks under the current account items subject to a cap set by the SAFE or its local office. Foreign exchange proceeds under the
current accounts may be either retained or sold to a financial institution engaging in settlement and sale of foreign exchange pursuant
to relevant rules and regulations of the State. For foreign exchange proceeds under the capital accounts, approval from the SAFE is required
for its retention or sale to a financial institution engaging in settlement and sale of foreign exchange, except where such approval is
not required under the relevant rules and regulations of the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Pursuant
to the Notice of the SAFE on Further Improving and Adjusting Foreign Exchange Administration Policies for Direct Investment, or the SAFE
Notice No. 59, as promulgated by SAFE on November 19, 2012 and further amended on May 4, 2015 and October 10, 2018, approval is not required
for the opening of an account entry in foreign exchange accounts under direct investment, for domestic transfer of the foreign exchange
under direct investment. SAFE Notice No. 59 also simplified the capital verification and confirmation formalities for foreign-invested
entities and the foreign capital and foreign exchange registration formalities required for the foreign investors to acquire the equities
of a Chinese party, and further improve the administration on exchange settlement of foreign exchange capital of foreign-invested entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">On
February 13, 2015, SAFE promulgated the Notice on Simplifying and Improving the Foreign Currency Management Policy on Direct Investment,
effective June 1, 2015, which canceled the administrative approvals of foreign exchange registration of direct domestic investment and
direct overseas investment. In addition, it simplified the procedure of registration of foreign exchange and investors shall register
with banks for direct domestic investment and direct overseas investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Notice of the SAFE on Reforming the Management Approach regarding the Settlement of Foreign Capital of Foreign-invested Enterprise, or
the SAFE Notice No. 19, was promulgated on March 30, 2015 and became effective on June 1, 2015. According to the SAFE Notice No. 19, a
foreign-invested enterprise may, in response to its actual business needs, settles with a bank the portion of the foreign exchange capital
in its capital account for which the relevant foreign exchange bureau has confirmed monetary contribution rights and interests (or for
which the bank has registered the account crediting of monetary contribution). For the time being, foreign-invested enterprises are allowed
to settle 100% of their foreign exchange capitals on a discretionary basis; a foreign-invested enterprise shall truthfully use its capital
for its own operational purposes within the scope of business; where an ordinary foreign-invested enterprise makes domestic equity investment
with the amount of foreign exchanges settled, the invested enterprise shall first go through domestic re-investment registration and open
a corresponding account for foreign exchange settlement pending payment with the foreign exchange bureau (bank) at the place of registration.</P>

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

</DIV>

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

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    <!-- Field: /Page -->

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Notice of the SAFE on Reforming and Regulating Policies on the Control over Foreign Exchange Settlement of Capital Accounts, or the SAFE
Notice No. 16, was promulgated and became effective on June 9, 2016. According to the SAFE Notice No. 16, enterprises registered in PRC
may also convert their foreign debts from foreign currency into RMB on self-discretionary basis. The SAFE Notice No. 16 provides an integrated
standard for conversion of foreign exchange under capital account items (including but not limited to foreign currency capital and foreign
debts) on self-discretionary basis, which applies to all enterprises registered in the PRC. The SAFE Notice No. 16 reiterates the principle
that RMB converted from foreign currency-denominated capital of a company may not be directly or indirectly used for purposes beyond its
business scope and may not be used for investment in securities or other investment with the exception of bank financial products that
can guarantee the principal within PRC unless otherwise specifically provided. Besides, the converted RMB shall not be used to make loans
for related enterprises unless it is within the business scope or to build or to purchase any real estate that is not for the enterprise
own use with the exception for the real estate enterprises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">On
January 26, 2017, SAFE promulgated the Notice on Further Improving Reform of Foreign Exchange Administration and Optimizing Genuineness
and Compliance Verification, or the SAFE Notice No. 3, which stipulates several capital control measures with respect to the outbound
remittance of profits from domestic entities to offshore entities, including (i) under the principle of genuine transaction, banks shall
check board resolutions regarding profit distribution, the original version of tax filing records and audited financial statements; and
(ii) domestic entities shall cover losses in the previous years prior to remittance of profits. Moreover, pursuant to the SAFE Notice
No. 3, domestic entities shall make detailed explanations of the sources of capital and utilization arrangements, and provide board resolutions,
contracts and other proof when completing the registration procedures in connection with an outbound investment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Regulations on Offshore
Financing</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">On
July 4, 2014, the SAFE issued the Notice on Issues Relating to the Administration of Foreign Exchange for Overseas Investment and Financing
and Reverse Investment by Domestic Residents via Special Purpose Vehicles, or Circular 37, which became effective on the same date, and
Circular 37 shall prevail over any other inconsistency between itself and relevant regulations promulgated earlier. Pursuant to Circular
37, any PRC residents, including both PRC institutions and individual residents, are required to register with the local SAFE branch before
making contribution to a company set up or controlled by the PRC residents outside of the PRC for the purpose of overseas investment or
financing with their legally owned domestic or offshore assets or interests, referred to in this circular as a &ldquo;special purpose
vehicle&rdquo;. Under Circular 37, the term &ldquo;PRC institutions&rdquo; refers to entities with legal person status or other economic
organizations established within the territory of the PRC. The term &ldquo;PRC individual residents&rdquo; includes all PRC citizens (also
including PRC citizens abroad) and foreigners who habitually reside in the PRC for economic benefit. A registered special purpose vehicle
is required to amend its SAFE registration or file with respect to such vehicle in connection with any change of basic information including
PRC individual resident shareholder, name, term of operation, or PRC individual resident&rsquo;s increase or decrease of capital, transfer
or exchange of shares, merger, division or other material changes. In addition, if a non-listed special purpose vehicle grants any equity
incentives to directors, supervisors or employees of domestic companies under its direct or indirect control, the relevant PRC individual
residents could register with the local SAFE branch before exercising such options. The SAFE simultaneously issued a series of guidance
to its local branches with respect to the implementation of Circular 37. Under Circular 37, failure to comply with the foreign exchange
registration procedures may result in restrictions being imposed on the foreign exchange activities of the relevant onshore company, including
restrictions on the payment of dividends and other distributions to its offshore parent company and the capital inflow from the offshore
entity, and may also subject the relevant PRC residents and onshore company to penalties under the PRC foreign exchange administration
regulations.</P>

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

</DIV>

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

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    <!-- Field: /Page -->

<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">On
February 15, 2012, SAFE issued the Notice of the State Administration of Foreign Exchange on Issues concerning the Foreign Exchange Administration
of Domestic Individuals&rsquo; Participation in Equity Incentive Plans of Overseas Listed Companies, or the Circular 7, which replaced
the Application Procedures of Foreign Exchange Administration for Domestic Individuals Participating in Employee Stock Ownership Plans
or Stock Option Plans of Overseas Publicly-listed Companies issued by SAFE on March 28, 2007. Under the Circular 7, a PRC entity&rsquo;s
directors, supervisors, senior management officers, other staff or individuals who have an employment or labor relationship with a Chinese
entity and are granted stock options by an overseas publicly-listed company are required, through a qualified PRC domestic agent which
could be a PRC subsidiary of such overseas publicly-listed company, to register with SAFE and complete certain other procedures. Such
PRC resident participants must also retain an overseas entrusted institution to handle matters in connection with their exercise of stock
options, purchase and sale of corresponding stocks or interests, and fund transfer. The PRC agent shall, among other things, file on behalf
of such PRC resident participants an application with SAFE to conduct the SAFE registration with respect to such stock incentive plan
and obtain approval for an annual allowance with respect to the purchase of foreign exchange in connection with the exercise or sale of
stock options or stock such participants hold. In addition, the PRC agent is required to amend the SAFE registration with respect to the
stock incentive plan if there is any material change to the stock incentive plan, the PRC agent or the overseas entrusted institution
or other material aspects. Such participating PRC residents&rsquo; foreign exchange income received from the sale of stock and dividends
distributed by the overseas publicly-listed company must be fully remitted into a PRC collective foreign currency account opened and managed
by the PRC agent before distribution to such participants. We and our PRC resident employees who have been granted stock options or other
share-based incentives of our company are subject to the Circular 7 as our company is an overseas listed company. If we or our PRC resident
participants fail to comply with these regulations in the future, we and/or our PRC resident participants may be subject to fines and
legal sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Regulations Relating to Tax</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><I>Enterprise Income Tax</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">On
March 16, 2007, the NPC promulgated the Law of the PRC on Enterprise Income Tax which was amended on February 24, 2017 and December 29,
2018, and on December 6, 2007, the State Council enacted the Regulations for the Implementation of the Law on Enterprise Income Tax, or
collectively, the EIT Law. The EIT Law came into effect on January 1, 2008. According to the EIT Law, taxpayers consist of resident enterprises
and Non-Resident Enterprises. Resident enterprises are defined as enterprises that are established in China in accordance with PRC laws,
or that are established in accordance with the laws of foreign countries but whose actual or de facto control is administered from within
the PRC. Non-Resident Enterprises are defined as enterprises that are set up in accordance with the laws of foreign countries and whose
actual administration is conducted outside the PRC, but have established institutions or premises in the PRC, or have no such established
institutions or premises but have income generated from inside the PRC. Under the EIT Law and relevant implementing regulations, a uniform
corporate income tax rate of 25% is applicable. However, if non-resident enterprises have not formed permanent establishments or premises
in the PRC, or if they have formed permanent establishment institutions or premises in the PRC but there is no actual relationship between
the relevant income derived in the PRC and the established institutions or premises set up by them, the enterprise income tax is, in that
case, set at the rate of 10% for their income sourced from inside the PRC. Enterprises that are recognized as high and new technology
enterprises in accordance with the Notice of the Ministry of Science, the Ministry of Finance and the State Administration of Taxation
on Amending and Issuing the Administrative Measures for the Determination of High and New Tech Enterprises are entitled to enjoy the preferential
enterprise income tax rate of 15%. The validity period of the high and new technology enterprise qualification shall be three years from
the date of issuance of the certificate of high and new technology enterprise. The enterprise can reapply for such recognition as a high
and new technology enterprise before or after the previous certificate expires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Notice Regarding the Determination of Chinese-Controlled Offshore Incorporated Enterprises as PRC Tax Resident Enterprises on the Basis
of De Facto Management Bodies promulgated by the SAT on April 22, 2009 and amended on January 29, 2014 sets out the standards and procedures
for determining whether the &ldquo;de facto management body&rdquo; of an enterprise registered outside of the PRC and controlled by PRC
enterprises or PRC enterprise groups is located within the PRC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><I>Value-Added Tax</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Provisional Regulations of the PRC on Value-added tax (2017 Revision) were promulgated by the State Council on November 19, 2017. The
Detailed Rules for the Implementation of the Provisional Regulations of the PRC on Value-added tax (2011 Revision) were promulgated by
the Ministry of Finance and the SAT on December 15, 2008, which were subsequently amended on October 28, 2011 and came into effect on
November 1, 2011, or collectively, the VAT Law. According to the VAT Law, all enterprises and individuals engaged in the sale of goods,
the provision of processing, repair and replacement services, and the importation of goods within the territory of the PRC must pay value-added
tax. For general VAT taxpayers selling services or intangible assets other than those specifically listed in the VAT Law, the value-added
tax rate is 6%.</P>

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><I>Dividend Withholding Tax</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
EIT Law provides that since January 1, 2008, an income tax rate of 10% will normally be applicable to dividends declared to non-PRC resident
investors who do not have an establishment or place of business in the PRC, or which have such establishment or place of business, but
the relevant income is not effectively connected with the establishment or place of business, to the extent such dividends are derived
from sources within the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">In
addition, the EIT Law provides that an income tax rate of 10% will normally be applicable to dividends payable to investors that are &ldquo;Non-Resident
Enterprises&rdquo;, and gains derived by such investors, which (a) do not have an establishment or place of business in the PRC or (b)
have an establishment or place of business in the PRC, but the relevant income is not effectively connected with the establishment or
place of business to the extent such dividends and gains are derived from sources within the PRC. Such income tax on the dividends may
be reduced pursuant to a tax treaty between China and the jurisdictions in which the non-PRC shareholders reside. Pursuant to the Arrangement
Between the Mainland of China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation and the Prevention
of Fiscal Evasion With Respect to Tax on Income, or the Double Tax Avoidance Arrangement, and other applicable PRC laws, if a Hong Kong
resident enterprise has satisfied the relevant conditions and requirements under such Double Tax Avoidance Arrangement and other applicable
laws, the 10% withholding tax on the dividends the Hong Kong resident enterprise receives from a PRC resident enterprise may be reduced
to 5%. However, based on the Notice on Certain Issues with Respect to the Enforcement of Dividend Provisions in Tax Treaties, or Notice
No. 81, issued on February 20, 2009 by the SAT, if the relevant PRC tax authorities determine, in their discretion, that a company benefits
from such reduced income tax rate due to a structure or arrangement that is primarily tax driven, such PRC tax authorities may adjust
the preferential tax treatment. In August 2015, the State Administration of Taxation promulgated the Administrative Measures for Non-resident
Taxpayers to Enjoy Treatment under Tax Treaties, or SAT Circular 60, which became effective on November 1, 2015. SAT Circular 60 provides
that Non-Resident Enterprises are not required to obtain pre-approval from the relevant tax authority in order to enjoy the reduced withholding
tax. Instead, Non-Resident Enterprises and their withholding agents may, by self-assessment and on confirmation that the prescribed criteria
to enjoy the tax treaty benefits are met, directly apply the reduced withholding tax rate, and file the necessary forms and supporting
documents when performing tax filings, which will be subject to post tax filing examinations by the relevant tax authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">According
to the Circular on Several Questions regarding the &ldquo;Beneficial Owner&rdquo; in Tax Treaties, which was issued on February 3, 2018
by the SAT and took effect on April 1, 2018, when determining the applicant&rsquo;s status of the &ldquo;beneficial owner&rdquo; regarding
tax treatments in connection with dividends, interest or royalties in the tax treaties, several factors, including without limitation,
whether the applicant is obligated to pay more than 50% of his or her income in 12 months to residents in a third country or region, whether
the business operated by the applicant constitutes the actual business activities, and whether the counterparty country or region to the
tax treaties does not levy any tax or grants tax exemption on relevant incomes or levy tax at an extremely low rate, will be taken into
account, and it will be analyzed according to the actual circumstances of the specific cases. This circular further provides that applicants
who intend to prove his or her status as the &ldquo;beneficial owner&rdquo; shall submit the relevant documents to the relevant tax bureau
according to the Announcement on Issuing the Measures for the Administration of Non-resident Taxpayers&rsquo; Enjoyment of the Treatment
under Tax Agreements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Regulations Relating
to Dividend Distribution</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
principal regulations governing distribution of dividends of foreign-invested enterprises include (i) the Company Law, promulgated by
the SCNPC on December 29, 1993, and as amended on December 25, 1999, August 28, 2004, October 27, 2005, December 28, 2013 and October
26, 2018, respectively, (ii) the Foreign-invested Enterprise Law, promulgated by the SCNPC on April 12, 1986, and as amended on October
31, 2000 and September 3, 2016, respectively, and (iii) the Implementation Rules of the Foreign-invested Enterprise Law approved by the
State Council on October 28, 1990, and as amended on April 12, 2001, and February 19, 2014, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Under
these laws and regulations, foreign-invested enterprises in China may pay dividends only out of their accumulated profits, if any, determined
in accordance with PRC accounting standards and regulations. In addition, foreign-invested enterprises in China are required to allocate
at least 10% of their respective accumulated profits each year, if any, to fund certain reserve funds unless these reserves have reached
50% of the registered capital of the enterprises. These reserves are not distributable as cash dividends. A foreign-invested enterprise
has the discretion to allocate a portion of its after tax profits to staff welfare and bonus funds. A Chinese company (including the foreign-invested
enterprise) is not permitted to distribute any profits until any losses from prior fiscal years have been offset. Profits retained from
prior fiscal years may be distributed together with distributable profits from the current fiscal year.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><B><I>&nbsp;</I></B></P>

</DIV>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><B><I></I></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Regulations Relating to Merger and Acquisition
and Overseas Listing</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">On
August 8, 2006, six PRC regulatory agencies, namely the MOFCOM, the State Assets Supervision and Administration Commission, the State
Administration of Taxation, the State Administration of Industry and Commerce, or the SAIC, the China Securities Regulatory Commission,
or the CSRC, and the SAFE, jointly adopted the Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors, or
the New M&amp;A Rule, which became effective on September 8, 2006. This New M&amp;A Rule, as amended on June 22, 2009, purports, among
other things, to require offshore special purpose vehicles, or SPVs, formed for overseas listing purposes through acquisitions of PRC
domestic companies and controlled by PRC companies or individuals, to obtain the approval of the CSRC prior to publicly listing their
securities on an overseas stock exchange. On September 21, 2006, the CSRC published a notice on its official website specifying documents
and materials required to be submitted to it by SPVs seeking CSRC approval of their overseas listings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
New M&amp;A Rule also established additional procedures and requirements that could make merger and acquisition activities by foreign
investors more time-consuming and complex, including requirements in some instances that the MOFCOM be notified in advance of any change
of control transaction in which a foreign investor takes control of a PRC domestic enterprise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Regulation relating to Employment and
Social Welfare</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><I>Labor Protection</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
main PRC employment laws and regulations include the Labor Law of the PRC, as revised on December 29, 2018, the Labor Contract Law of
the PRC, or the Labor Contract Law and the Implementing Regulations of the Employment Contract Law of the PRC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Labor Contract Law was promulgated on June 29, 2007, revised on December 28, 2012, and came into force on July 1, 2013. This law governs
the establishment of employment relationships between employers and employees, and the execution, performance, termination of, and the
amendment to, employment contracts. The Labor Contract Law is primarily aimed at regulating employee/employer rights and obligations,
including matters with respect to the establishment, performance and termination of labor contracts. Pursuant to the Labor Contract Law,
labor contracts shall be concluded in writing if labor relationships are to be or have been established between enterprises or institutions
and the laborers. Enterprises and institutions are forbidden to force laborers to work beyond the time limit and employers shall pay laborers
for overtime work in accordance with national regulations. In addition, labor wages shall not be lower than local standards on minimum
wages and shall be paid to laborers in a timely manner. In addition, according to the Labor Contract Law: (i) employees must adhere to
regulations in the labor contracts concerning commercial confidentiality and non-competition; (ii) employees may terminate their employment
contracts with their employers if their employers fail to make social insurance contributions in accordance with the law; and (iii) enterprises
and institutions shall establish and improve their system of workplace safety and sanitation, strictly abide by state rules and standards
on workplace safety, educate laborers in labor safety and sanitation in the PRC.</P>

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Labor Contract Law imposes more stringent requirements on labor dispatch. According to the Labor Contract Law, (i) it is strongly emphasized
that dispatched contract workers shall be entitled to equal pay for equal work as an employee of an employer; (ii) dispatched contract
workers may only be engaged to perform temporary, auxiliary or substitute works; and (iii) an employer shall strictly control the number
of dispatched contract workers so that they do not exceed certain percentage of total number of employees and the specific percentage
shall be prescribed by the Ministry of Human Resources and Social Security. Under the law, &ldquo;temporary work&rdquo; means a position
with a term of less than six months; &ldquo;auxiliary work&rdquo; means a non-core business position that provides services for the core
business of the employer; and &ldquo;substitute work&rdquo; means a position that can be temporarily replaced with a dispatched contract
worker for the period that a regular employee is away from work for vacation, study or other reasons. According to the Interim Provisions
on Labor Dispatch promulgated by the Ministry of Human Resources and Social Security on January 24, 2014, which became effective on March
1, 2014, (i) the number of dispatched contract workers hired by an employer should not exceed 10% of the total number of its employees
(including both directly hired employees and dispatched contract workers); and (ii) in the case that the number of dispatched contract
workers exceeds 10% of the total number of its employees at the time when the Interim Provisions on Labor Dispatch became effective, the
employer must formulate a plan to reduce the number of its dispatched contract workers to comply with the aforesaid cap requirement prior
to March 1, 2016. In addition, such plan shall be filed with the local administrative authority of human resources and social security.
Nevertheless, the Interim Provisions on Labor Dispatch do not invalidate the labor contracts and dispatch agreements entered into prior
to December 28, 2012 and such labor contracts and dispatch agreements may continue to be performed until their respective dates of expiration.
The employer may also not hire any new dispatched contract worker before the number of its dispatched contract workers is reduced to below
10% of the total number of its employees. In case of violation, the labor administrative department shall order rectification within a
specified period of time; if the situation is not rectified within the specified period, a fine from RMB5,000 to RMB10,000 for each person
shall be imposed, and the staffing company&rsquo;s business license shall be revoked. If a placed worker suffers any harm or loss caused
by the receiving entity, the staffing company and the receiving entity shall be jointly and severally liable for damages.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><I>Social Insurance and Housing Fund</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">As
required under the Regulation of Insurance for Labor Injury implemented on January 1, 2004 and amended in 2010, the Provisional Measures
for Maternity Insurance of Employees of Corporations implemented on January 1, 1995, the Decisions on the Establishment of a Unified Program
for Basic Old Aged Pension Insurance of the State Council issued on July 16, 1997, the Decisions on the Establishment of the Medical Insurance
Program for Urban Workers of the State Council promulgated on December 14, 1998, the Unemployment Insurance Measures promulgated on January
22, 1999 and the Social Insurance Law of the PRC implemented on July 1, 2011 and revised on December 29, 2018, enterprises are obliged
to provide their employees in the PRC with welfare schemes covering pension insurance, unemployment insurance, maternity insurance, labor
injury insurance and medical insurance. These payments are made to local administrative authorities and any employer that fails to contribute
may be fined and ordered to make up within a prescribed time limit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">In
accordance with the Regulations on the Management of Housing Funds which was promulgated by the State Council in 1999 and amended in 2002,
enterprises must register at the competent managing center for housing funds and upon the examination by such managing centers of housing
funds, these enterprises shall complete procedures for opening an account at the relevant bank for the deposit of employees&rsquo; housing
funds. Enterprises are also required to pay and deposit housing funds on behalf of their employees in full and in a timely manner, and
any employer that fails to open such bank account or contribute any housing funds may be fined and ordered to make up within a prescribed
time limit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our Holding Company Structure and Contractual
Arrangement with the VIEs and Their Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">XChange TEC.INC is not a
Chinese operating company but a Cayman Islands holding company. Our operations are primarily conducted through our PRC subsidiaries, other
consolidated entities, and contractual arrangements with VIEs. We use a VIE structure to provide investors exposure to China-based operating
companies where direct foreign investment is, or could become, restricted or prohibited by PRC law. Investors in the ADSs thus are purchasing
securities representing contractual rights to equity interests in a Cayman Islands holding company and not in our Chinese operating entity.
As a holding company, XChange TEC.INC may rely on dividends from its subsidiaries for cash requirements, including any payment of dividends
to our shareholders. The ability of our subsidiaries to pay dividends to XChange TEC.INC may be restricted by laws and regulations applicable
to them or the debt they incur on their own behalf or the instruments governing their debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

</DIV>

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

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    <!-- Field: /Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">XChange TEC.INC conducts
insurance agency businesses in the PRC through Alpha Mind and its indirectly wholly-owned subsidiary, the WFOE and the VIEs. In April
2022, Alpha Mind, through the WFOE, entered into contractual arrangements with VIEs, respectively. Via such contractual arrangements (the
&ldquo;VIE Structure&rdquo;), we are regarded as the primary beneficiary of the VIEs and consolidate the financial results of the VIEs
under U.S. GAAP. The contractual arrangements consist of powers of attorney, exclusive business cooperation agreements, exclusive option
agreements, equity pledge agreements and spousal consent letters. Terms contained in each set of contractual arrangements with each of
the VIEs and its respective shareholders are substantially similar. In particular, (i) pledge agreements, entered into between the WFOE
and each of the VIEs and its shareholders, where each shareholder of the VIEs pledged his or her equity interest to the WFOE to ensure
performance of their obligations under other relevant contractual arrangements, and in case of breach, the WFOE has the right to dispose
of the pledged equity. VIEs&rsquo; shareholders are prohibited from disposing of the pledged equity or taking actions that could negatively
impact the pledgee&rsquo;s rights without the WFOE&rsquo;s written consent until all obligations are discharged; (ii) power of attorney,
entered into between the WFOE and the VIEs and their shareholders, where each shareholder of the VIEs authorizes WFOE&rsquo;s designated
individuals to act as his or her exclusive agents, exercising all associated rights regarding their equity interest in the VIEs, and the
power of attorney remains valid as long as the shareholder holds shares in the VIEs; (iii) exclusive business cooperation agreement, entered
into between the WFOE and each of the VIEs, granting the WFOE the exclusive right to provide services to the VIEs in exchange for a service
fee equal to 100% of the consolidated net income, and also including the exclusive right for the WFOE to purchase the VIEs&rsquo; business
or assets at the lowest permissible price under PRC law, with the agreement remaining in effect unless otherwise specified by the parties;
(iv) exclusive option agreements, entered into between the WFOE and the each of the VIEs and its shareholders, granting the exclusive
right to purchase the equity interests of the VIEs&rsquo; shareholders, while the WFOE is entitled to dividends and distributions, and
the exclusive option agreements remain in effect until the transfer of all equity interests to the WFOE or its designated party; and (v)
spousal consent letters, signed by each spouse of the relevant individual shareholders of the VIEs, stating that the disposition of the
equity interest held by their spouse will be governed by the above-mentioned agreements, and their spouse undertake not to make any assertions
to such equity interest. As a result of these contractual arrangements, we, through Alpha Mind and its subsidiaries (i) are able to consolidate
the financial results of the VIEs, and (ii) receive substantially all of the economic benefits from the VIEs. The VIE structure is not
equivalent of an investment in the equity interest of the VIEs. See &ldquo;Item 4. Information on the Company - C. Organizational Structure
- Contractual Arrangements&rdquo; for details.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">However, neither XChange
TEC.INC nor the WFOE owns any equity interests in the VIEs. Our contractual arrangements with the VIEs and their nominee shareholders
are not equivalent of an investment in the equity interest of the VIEs. Instead, as described above, we are regarded as the primary beneficiary
of the VIEs and consolidate the financial results of the VIEs under U.S. GAAP in light of the VIE structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The VIE structure involves
unique risks to investors in the ADSs. It may be less effective than direct ownership in providing us with operational control over the
VIEs and we may incur substantial costs to enforce the terms of the arrangements. For instance, the VIEs and their shareholders could
breach their contractual arrangements with us by, among other things, failing to conduct the operations of the VIEs in an acceptable manner
or taking other actions that are detrimental to our interests. If we had direct ownership of the VIEs in China, we would be able to exercise
our rights as a shareholder to effect changes in the board of directors of the VIEs, which in turn could implement changes, subject to
any applicable fiduciary obligations, at the management and operational level. However, under the current contractual arrangements, we
rely on the performance by the VIEs and their shareholders of their obligations under the contracts to direct the VIEs&rsquo; activities.
The shareholders of the VIEs may not act in the best interests of our company or may not perform their obligations under these contracts.
If any dispute relating to these contracts remains unresolved, we will have to enforce our rights under these contracts through the operations
of PRC law and arbitration, litigation and other legal proceedings and therefore will be subject to uncertainties in the PRC legal system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may face challenges in
enforcing the contractual arrangements due to jurisdictional and legal limitations. There are substantial uncertainties regarding the
interpretation and application of current and future PRC laws, regulations and rules regarding the status of the rights of our Cayman
Islands holding company with respect to its contractual arrangements with the VIEs and their nominee shareholders through our WFOE. As
of the date of this prospectus, the agreements under the contractual arrangements among our WFOE, the VIEs and their nominee shareholders
have not been tested in a court of law. It is uncertain whether any new PRC laws or regulations relating to Current VIE structure will
be adopted or, if adopted, what they would provide. If we or the VIEs are found to be in violation of any existing or future PRC laws
or regulations or fail to obtain or maintain any of the required licenses, permits, registrations or approvals, the relevant PRC regulatory
authorities would have broad discretion to take action in dealing with such violations or failures. The PRC regulatory authorities could
disallow the Current VIE structure at any time in the future. If the PRC government deems that our contractual arrangements with the VIEs
do not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation
of existing regulations change or are interpreted differently in the future, we could be subject to severe penalties and may incur substantial
costs to enforce the terms of the arrangements, or be forced to relinquish our interests in those operations. Our Cayman Islands holding
company, our subsidiaries, the VIEs, and investors in our securities (including our Class A Ordinary Shares represented by the ADS) face
uncertainty with respect to potential future actions by the PRC government that could affect the enforceability of the contractual arrangements
with the VIEs and, consequently, significantly affect the financial performance of our company and the VIEs as a whole. For details, see
&ldquo;Item 3. Key Information&mdash;D. Risk Factors - Risks Related to Our Corporate Structure&rdquo; in our Annual Report on Form 20-F
for the fiscal year ended September 30, 2025 incorporated herein by reference.</P>

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

</DIV>

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

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<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: 0.25in; background-color: white">The chart below sets
forth our current simplified corporate structure and identifies our principal subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><IMG SRC="ea028597101_img1.jpg" ALT=""></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="ea028597101_img2.jpg" ALT=""><FONT STYLE="font-size: 10pt">&nbsp;Equity Interest</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="ea028597101_img3.jpg" ALT=""><FONT STYLE="font-size: 10pt">VIE contractual arrangement</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cash and Asset Flows Through Our Organization</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Alpha Mind WFOE, the VIE
and its consolidated subsidiaries, or investors transfer funds through our organization under the applicable PRC laws and regulations.
To the extent our cash in the business is in the PRC or a PRC entity, the funds may not be available to distribute dividends to our investors,
or for other use outside of the PRC, due to interventions in or the imposition of restrictions and limitations on the ability of us, our
subsidiaries, or the VIE by the PRC government to transfer cash. As of the date of this prospectus, none of XHG, its subsidiaries, the
VIE or its subsidiaries has written cash management policies or procedures in place that dictate how funds are transferred. Rather, the
funds can be transferred in accordance with the applicable PRC laws and regulations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Transfers between the VIE and Alpha Mind WFOE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The VIE and its consolidated
subsidiaries are the main operating entities, which receive their revenues in RMB. Alpha Mind WFOE may receive payments from the VIE,
pursuant to the Contractual Arrangements. There may also be transfers via intercompany loans between Alpha Mind WFOE and the VIE.</P>


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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Transfer between XHG, Alpha Mind HK and Alpha
Mind WFOE</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">XHG and Alpha Mind HK are
holding companies and may rely on dividends from Alpha Mind WFOE to fund cash and financing requirements. Cash transfers may also be in
the form of capital injection from the holding companies to Alpha Mind WFOE or via intercompany loans between the holding companies and
Alpha Mind WFOE. Under existing PRC foreign exchange regulations, payments of current account items, such as profit distributions and
trade and service-related foreign exchange transactions, can be made in foreign currencies without prior approval from the State Administration
of Foreign Exchange, or SAFE, by complying with certain procedural requirements. Therefore, our PRC subsidiary, Alpha Mind WFOE, is able
to pay dividends in foreign currencies to us without prior approval from SAFE, subject to the condition that the remittance of such dividends
outside of the PRC complies with certain routine procedures under PRC foreign exchange regulations, such as the overseas investment registrations
by shareholders who are PRC residents. Approval from or registration with appropriate government authorities is, however, required where
the RMB is to be converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of loans denominated
in foreign currencies. The PRC government may also at its discretion restrict access in the future to foreign currencies for current account
transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">For our Hong Kong subsidiaries,
Alpha Mind HK and Topone Consultants Limited, and the holding company, XChange TEC.INC, or the Non-PRC Entities, there is no restriction
on foreign exchange for such entities and they are able to transfer cash among these entities, across borders and to U.S. investors. Also,
there are no restrictions or limitations on the abilities of the Non-PRC Entities to distribute earnings from the businesses, including
the subsidiaries and/or the consolidated VIE, to XChange TEC.INC or from XChange TEC.INC to U.S. investors, as well as the ability to
settle amounts owed under the Contractual Arrangements. There are also no restrictions or limitations on the ability of Alpha Mind WFOE
to settle amounts owed under the Contractual Arrangements as both Alpha Mind WFOE and the VIE are incorporated in China and the amount
to be settled will be in RMB without foreign exchange control. For more details, see &ldquo;Item 3 Key Information-D. Risk Factors-Risks
Related to Doing Business in China-PRC governmental control of currency conversion may limit our ability to utilize our net revenues effectively
and affect the value of your investment.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We, XChange TEC.INC, are
a Cayman Islands holding company, and we may rely principally on dividends and other distributions on equity paid by our subsidiaries
for cash and financing requirements we may have, including the funds necessary to pay dividends and other cash distributions to our shareholders
and service any debt we may incur. If any of our subsidiaries incur debt on their own behalf in the future, the instruments governing
the debt may restrict their ability to pay dividends or make other distributions to us. As we conduct our operations in China primarily
through our subsidiaries, the VIE and its subsidiaries, our ability to pay dividends to the shareholders and to service any debt we may
incur may depend upon dividends paid by our subsidiaries and license and service fees paid by the VIE. Current PRC regulations permit
Alpha Mind WFOE to pay dividends to the Company only out of its accumulated profits, if any, determined in accordance with Chinese accounting
standards and regulations. Remittance of dividends by a wholly foreign-owned enterprise out of China is also subject to examination by
the banks designated by SAFE. In addition, our subsidiaries, the VIE and its subsidiaries in China are required to set aside at least
10% of their after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of its registered capital.
For more details, see &ldquo;Item 3 Key Information-D. Risk Factors-Risks Related to Doing Business in China-We may rely on dividends
and other distributions on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation
on the ability of our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business.&rdquo;
Each such entity in China is also required to further set aside a portion of its after-tax profits to fund the employee welfare fund,
although the amount to be set aside, if any, is determined at the discretion of its board of directors. For more details about the employee
welfare fund, see &ldquo;Item 3 Key Information-D. Risk Factors-Risks Related to Doing Business in China-Failure to make adequate contributions
to various employee benefits plans as required by PRC regulations may subject us to penalties.&rdquo; Although the statutory reserves
can be used, among other ways, to increase the registered capital and eliminate future losses in excess of retained earnings of the respective
companies, the reserve funds are not distributable as cash dividends except in the event of liquidation. In addition, the Enterprise Income
Tax Law and its implementation rules provide that a withholding tax at a rate of 10% will be applicable to dividends payable by Chinese
companies to non-PRC-resident enterprises unless reduced under treaties or arrangements between the PRC central government and the governments
of other countries or regions where the non-PRC resident enterprises are tax resident. Pursuant to the tax agreement between mainland
China and the Hong Kong Special Administrative Region, the withholding tax rate in respect to the payment of dividends by a PRC company
to a Hong Kong resident enterprise may be reduced to 5% from a standard rate of 10%, if a Hong Kong resident enterprise owns more than
25% of the equity interest in the PRC company. Under the Notice of the State Taxation Administration on Issues regarding the Administration
of the Dividend Provision in Tax Treaties promulgated in 2009, the taxpayer needs to satisfy certain conditions to enjoy the benefits
under a tax treaty. These conditions include, but are not limited to: (i) the taxpayer must be the beneficial owner of the relevant dividends,
and (ii) the corporate shareholder to receive dividends from the PRC subsidiaries must have met the direct ownership thresholds during
the twelve consecutive months preceding the receipt of the dividends. Further, the State Taxation Administration, or the STA, promulgated
the Announcement of the Certain Issues with Respect to the &ldquo;Beneficial Owner&rdquo; in Tax Treaties in 2018, which sets forth certain
detailed factors in determining &ldquo;beneficial owner&rdquo; status, and specifically, if an applicant&rsquo;s business activities do
not constitute substantive business activities, the applicant will not qualify as a &ldquo;beneficial owner&rdquo;. Furthermore, the Administrative
Measures for Non-resident Taxpayers to Enjoy Treatment under Treaties, which became effective in January 2020, require non-resident enterprises
to determine whether they are qualified to enjoy the preferential tax treatment under the tax treaties and file relevant report with the
tax authorities. Therefore, if the relevant tax authorities determine that our transactions or arrangements are for the primary purpose
of enjoying a favorable tax treatment rather than substantive business activities, then we will not qualify as a &ldquo;beneficial owner&rdquo;,
and the relevant tax authorities may adjust the favorable withholding tax in the future. Accordingly, there is no assurance that the reduced
5% withholding rate will apply to dividends received by our Hong Kong subsidiary from our PRC subsidiaries. This withholding tax will
reduce the amount of dividends we may receive from our PRC subsidiaries. For more details, see &ldquo;Item 3 Key Information-D. Risk Factors-Risks
Related to Doing Business in China-We may rely on dividends and other distributions on equity paid by our PRC subsidiaries to fund any
cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries to make payments to us could have
a material and adverse effect on our ability to conduct our business.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

</DIV>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of the date of this prospectus
supplement, no dividends or distributions have been made to date between the holding company, XChange TEC.INC, its subsidiaries, and the
consolidated VIE, or to investors, including the U.S. investors (i.e., there have not been any dividends or distributions that a subsidiary
or consolidated VIE have made to the holding company, XChange TEC.INC, or to investors, including U.S. investors). The holding company,
XChange TEC.INC, its subsidiaries, and the consolidated VIE do not have any plans to distribute earnings or dividends or settle amounts
owed under the Contractual Arrangements in the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">To the extent cash and/or
assets in the business are in the PRC and/or Hong Kong or our PRC and/or Hong Kong entities, such funds and/or assets may not be available
to fund operations or for other use outside of the PRC and/or Hong Kong due to interventions in or the imposition of restrictions and
limitations on the ability of us or our subsidiaries by the PRC government to transfer cash and/or assets. The cash transfer among the
holding company, XChange TEC.INC, its subsidiaries and the consolidated VIE is typically transferred through payment for intercompany
services or intercompany borrowings between the holding company, XChange TEC.INC, its subsidiaries and the consolidated VIE. There are
no tax consequences for intercompany borrowings or the payment for intercompany services, except for the standard value added taxes and/or
income taxes for the revenues and/or profits generated from such services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">During the fiscal year ended
September 30, 2025, cash and other asset transfers between the holding company, XChange TEC.INC, its subsidiaries, and the consolidated
VIE were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&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 COLSPAN="9" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>During the Fiscal Year Ended September 30, 2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Transfer From</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Transfer To</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Approximate Value (RMB)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Type</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alpha Mind HK</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 24%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">XChange TEC.INC</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 22%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59,087,700</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 24%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paid notes payable on behalf of XChange TEC.INC</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other than disclosed above, there were no cash
or other asset transfers during the fiscal year ended September 30, 2025 between the holding company, XChange TEC.INC, its subsidiaries,
and the consolidated VIE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE OFFERING</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: top">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt; width: 25%">Class A Ordinary Shares represented by ADSs offered by us</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 74%">Up to $100,000,000 in aggregate gross proceeds of ADSs and 5,813,953
Commitment ADSs.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt">Class A Ordinary Shares outstanding prior to this offering (as of April
16, 2026)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">111,851,094,785 Class A Ordinary Shares, including Class A Ordinary Shares represented by ADSs.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt">Use of proceeds</TD>
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may receive up to $100,000,000 in aggregate
    gross proceeds from the Purchase Agreement from sales of Class A Ordinary Shares represented by ADSs that we may elect to make to VG,
    if any, from time to time in our sole discretion, from and after the Effective Date.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect to use the net proceeds that we receive
    from sales of the ADSs to VG, if any, under the Purchase Agreement for investment in growth and general corporate purposes. We have not
    yet determined the amount of net proceeds to be used specifically for any of the foregoing purposes. Accordingly, we retain broad discretion
    over the use of the net proceeds from the sale of the ADSs under the Purchase Agreement. The precise amount and timing of the application
    of such proceeds will depend upon our liquidity needs and the availability and cost of other capital over which we have little or no control.
    As of the date hereof, we cannot specify with certainty the particular uses for the net proceeds. See the section titled &ldquo;<I>Use
    of Proceeds.</I>&rdquo;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt">Risk factors</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Investing in our securities involves significant risks. Please read
the information contained in or incorporated by reference under the heading &ldquo;<I>Risk Factors</I>&rdquo; beginning on page S-30 of
this prospectus supplement, and under similar headings in other documents filed after the date hereof and incorporated by reference into
this prospectus supplement and the accompanying prospectus.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt">Nasdaq symbol for the ADSs</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&ldquo;XHG&rdquo;</TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="b_003"></A><B>THE COMMITTED EQUITY
FACILITY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">On
April 15, 2026, we entered into the Purchase Agreement with VG. Upon the terms and subject to the satisfaction of the conditions contained
in the Purchase Agreement, from and after the Execution Date, we will have the right, in our sole discretion, to require VG to purchase
up to $100,000,000 of ADSs representing our Class A Ordinary Shares, subject to certain limitations set forth in the Purchase Agreement,
from time to time after the date of this prospectus and during the term of the Purchase Agreement. Sales of ADSs by us to VG under the
Purchase Agreement, and the timing of any such sales, are solely at our option, and we are under no obligation to sell any securities
to VG under the Purchase Agreement. In accordance with our obligations under the Purchase Agreement, we have filed this prospectus supplement
with the SEC to register the offer and sale by the Company to VG of up to $100,000,000 in aggregate gross proceeds of ADSs that we may,
in our sole discretion, elect to sell to VG, from time to time pursuant to the Purchase Agreement.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">We
do not have the right to commence any sales of the ADSs to VG under the Purchase Agreement until the Effective Date, which is the date
on which all of the conditions to VG&rsquo;s purchase obligation set forth in the Purchase Agreement have initially been satisfied, none
of which are in VG&rsquo;s control, including that this prospectus supplement shall have been filed with the SEC. From and after the Effective
Date, we have the right, but not the obligation, from time to time at our sole discretion until the earlier of, (i) the date on which
VG has cumulatively purchased a number of ADSs equal to $100,000,000 or (ii) April 1, 2028, unless the Purchase Agreement is earlier terminated,
to direct VG to purchase up to a specified maximum amount of ADSs in one or more transactions as set forth in the Purchase Agreement,
by timely delivering a written Purchase Notice for each purchase to VG in accordance with the Purchase Agreement, so long as the Purchase
Amount is not less than $30,000 or the closing sale price of the ADSs on the trading day immediately prior to such Purchase Date is not
less than the Floor Price of $0.10, unless waived by VG. We may not deliver Purchase Notices to VG during the period commencing five (5)
Business Days prior to the filing of any post-effective amendment to the Registration Statement, any new registration statement, or any
annual, half-year or quarterly report, and ending on the Business Day immediately following such filing or effective date, as applicable
(the &ldquo;PEA Period&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">From
and after the Effective Date, the Company will control the timing and amount of any sales of ADSs to VG. Actual sales of ADSs to VG under
the Purchase Agreement will depend on a variety of factors to be determined by us from time to time, including, among other things, market
conditions, the trading price of the ADSs and determinations by us as to the appropriate sources of funding for our company and its operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">We
may not issue or sell any Class A Ordinary Shares, including Class A Ordinary Shares represented by ADSs to VG under the Purchase Agreement
which, when aggregated with all other Class A Ordinary Shares, including Class A Ordinary Shares represented by ADSs then beneficially
owned by VG and its affiliates (as calculated pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 thereunder), would result in
VG beneficially owning ADSs in excess of the 9.99% Beneficial Ownership Limitation, which is defined in the Purchase Agreement as 9.99%
of the outstanding Class A Ordinary Shares, including Class A Ordinary Shares represented by ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">In
addition, as consideration for VG&rsquo;s execution and delivery of, and performance under the Purchase Agreement, we are required to
cause the Depositary Bank to issue to VG a number of Commitment ADSs equal to 5% of $100,000,000 (such amount, the &ldquo;Commitment Amount&rdquo;)
divided by the closing price of the ADSs on the Business Day prior to the execution date of the Purchase Agreement (the &ldquo;Total Commitment
ADSs&rdquo;). The Commitment ADSs are being registered pursuant to the registration statement of which this prospectus supplement forms
a part. We shall cause the Depositary Bank to issue to VG (i) 80% of the Total Commitment ADSs after the issuance of the Purchase Notice
Shares pursuant to the first Purchase Notice; and (ii) 20% of the Total Commitment ADSs after the receipt by us of aggregate gross proceeds
of at least $1,000,000; provided, however, in the event that the aggregate gross proceeds received by us under the Purchase Agreement
are less than $1,000,000, the number of Commitment ADSs issuable to VG shall be adjusted proportionately based on the ratio the aggregate
gross proceeds received by us bears to the Commitment Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
net proceeds to us from sales that we elect to make to VG under the Purchase Agreement, if any, will depend on the frequency and prices
at which we sell ADSs to VG. The Investment Amount we receive for each Purchase Notice will equal the Purchase Notice Amount less Clearing
Costs (VG&rsquo;s broker costs for the deposit of Purchase Notice Shares, not to exceed $500 per Purchase Notice). We expect that any
proceeds received by us from such sales to VG will be used for working capital and general corporate purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Neither
we nor VG may assign or transfer our respective rights and obligations under the Purchase Agreement without the prior written consent
of the other party, and no provision of the Purchase Agreement may be modified or waived by us or VG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Purchase Agreement contains customary representations, warranties, conditions and indemnification obligations of the parties. Copies of
the agreements have been filed as exhibits to the registration statement that includes this prospectus supplement and are available electronically
on the SEC&rsquo;s website at <I>www.sec.gov</I><I>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Purchases of ADSs
Under the Purchase Agreement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">From
and after the Effective Date, we will have the right, but not the obligation, from time to time at our sole discretion until the earlier
of, (i) the date on which VG has cumulatively purchased a number of ADSs equal to $100,000,000 or (ii) April 1, 2028, unless the Purchase
Agreement is earlier terminated, beginning on the Effective Date, to direct VG to purchase a specified number of ADSs, not to exceed the
lesser of (a) 200% of the average daily trading volume of the ADSs over the most recent five business days prior to the Purchase Notice
Date, and (b) the Investment Limit (initially $100,000,000, subject to increase at VG&rsquo;s sole discretion) divided by the highest
closing price of the ADSs over the most recent five business days including the Purchase Notice Date.</P>

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Conditions Precedent to Commencement and
Each Purchase</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">VG&rsquo;s
obligation to accept Purchase Notices that are timely delivered by us under the Purchase Agreement and to purchase ADSs under the Purchase
Agreement, is subject to (i) the initial satisfaction, at the Effective Date, and (ii) the satisfaction, at the applicable purchase date
for each purchase, of the conditions precedent thereto set forth in the Purchase Agreement, all of which are entirely outside of VG&rsquo;s
control, which conditions include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">the accuracy in all material respects of the representations and warranties of the Company included in the Purchase Agreement;</TD></TR>
  </TABLE>
<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%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">the Company having performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by the Purchase Agreement to be performed, satisfied or complied with by the Company;</TD></TR>
  </TABLE>
<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%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">the registration statement that includes this prospectus supplement (and any one or more additional registration statements filed with the SEC that include Class A Ordinary Shares represented by ADSs that may be issued and sold by the Company to VG under the Purchase Agreement, including the Commitment ADSs) having been declared effective under the Securities Act by the SEC;</TD></TR>
  </TABLE>
<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%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">no statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or adopted by any court or governmental authority of competent jurisdiction that prohibits or directly and materially adversely affects any of the transactions contemplated by the Purchase Agreement, and no proceeding shall have been commenced that may have the effect of prohibiting or materially adversely affecting any of the transactions contemplated by the Purchase Agreement;</TD></TR>
  </TABLE>
<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%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">Since the date of filing of the Company&rsquo;s most recent annual report on Form 20-F, no event that had or is reasonably likely to have a Material Adverse Effect has occurred unless as otherwise announced by the Company in filing with the SEC;</TD></TR>
  </TABLE>
<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%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">The trading of the ADSs shall not have been suspended by the SEC or Nasdaq, or otherwise halted for any reason, and the ADSs shall not have been delisted; and</TD></TR>
  </TABLE>
<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%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">All reports, schedules, registrations, forms, statements, information and other documents required to have been filed by the Company with the SEC pursuant to the reporting requirements of the Exchange Act shall have been filed with the SEC within the applicable time periods prescribed for such filings under the Exchange Act.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Termination of the
Purchase Agreement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Unless
earlier terminated as provided in the Purchase Agreement, the Purchase Agreement will terminate automatically on the earliest to occur
of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify">&#9679;</TD>
    <TD STYLE="text-align: justify">April 1, 2028;</TD></TR>
  </TABLE>
<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%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">the date on which VG shall have purchased ADSs under the Purchase Agreement for an aggregate gross purchase price equal to $100,000,000; or</TD></TR>
  </TABLE>
<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%; background-color: white">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD>
    <TD STYLE="text-align: justify">the date on which a voluntary or involuntary bankruptcy proceeding involving our company has been commenced that is not discharged or dismissed prior to such trading day.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">We
have the right to terminate the Purchase Agreement at any time at no cost or penalty. We may also terminate the Purchase Agreement at
any time by giving written notice to VG.</P>

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>No Short-Selling or Hedging by VG</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">VG
has agreed that none of VG, its agents, representatives or affiliates will engage in or effect, directly or indirectly, for its own account
or for the account of any other of such persons or entities, any short sales of the ADSs or hedging transaction that establishes a net
short position in the ADSs during the term of the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Effect of Sales of
the ADSs under the Purchase Agreement on our Shareholders</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Class A Ordinary Shares to be represented by ADSs being registered in this offering may be issued and sold by us to VG from time to time
at our discretion until the earlier of, (i) the date on which VG has cumulatively purchased a number of ADSs equal to $100,000,000 or
(ii) April 1, 2028, unless the Purchase Agreement is earlier terminated, commencing on the Effective Date. In addition, 5,813,953 Commitment
ADSs will be issued to VG as consideration for VG&rsquo;s execution and delivery of, and performance under, the Purchase Agreement. The
resale by VG of a significant amount of the ADSs registered in this offering at any given time, or the perception that these sales may
occur, could cause the market price of the ADSs to decline and to be highly volatile. Sales of the ADSs, if any, to VG under the Purchase
Agreement will depend upon market conditions and other factors to be determined by us. We may ultimately decide to sell to VG all, some
or none of the Class A Ordinary Shares represented by the ADSs that may be available for us to sell to VG pursuant to the Purchase Agreement.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">If
and when we do elect to sell ADSs to VG pursuant to the Purchase Agreement, after VG has acquired such ADSs, VG may resell all, some or
none of such ADSs at any time or from time to time in its discretion and at different prices. As a result, investors who purchase Class
A Ordinary Shares represented by ADSs from VG in this offering at different times will likely pay different prices for those ADSs, and
so may experience different levels of dilution, and in some cases substantial dilution, and different outcomes in their investment results.
Investors may experience a decline in the value of the ADSs they purchase from VG in this offering as a result of future sales made by
us to VG at prices lower than the prices such investors paid for their ADSs in this offering. In addition, if we sell a substantial number
of ADSs to VG under the Purchase Agreement, or if investors expect that we will do so, the actual sales of ADSs or the mere existence
of our arrangement with VG may make it more difficult for us to sell equity or equity-related securities in the future at a time and at
a price that we might otherwise wish to effect such sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Because
the per ADSs purchase price that VG will pay for the ADSs will be determined by reference to the closing price of the ADSs during the
applicable valuation period on the applicable Purchase Date for such purchase, as of the date of this prospectus supplement, it is not
possible for us to predict the number of ADSs that we will sell to VG under the Purchase Agreement, the actual purchase price per ADS
to be paid by VG for those shares, or the actual gross proceeds to be raised by us from those sales, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">As
of April 16, 2026, there were 111,851,094,785 Class A Ordinary Shares outstanding, including Class A Ordinary Shares represented by ADSs.
The percentage of outstanding Class A Ordinary Shares that the ADSs sold under this prospectus will represent depends on the price at
which ADSs are sold to VG under the Purchase Agreement. See the table below for illustrative examples of potential dilution at various
assumed purchase prices.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
number of Class A Ordinary Shares to be represented by ADSs ultimately offered and sold by us to VG pursuant to this prospectus supplement
is dependent upon the number of ADSs, if any, we elect to sell to VG under the Purchase Agreement from and after the Effective Date, plus
the Commitment ADSs we are required to issue to VG under the Purchase Agreement. The issuance of the Class A Ordinary Shares represented
by ADSs to VG pursuant to the Purchase Agreement, including the Commitment ADSs, will not affect the rights or privileges of our existing
shareholders, except that the economic and voting interests of each of our existing shareholders will be diluted. Although the number
of Class A Ordinary Shares, including Class A Ordinary Shares represented by ADSs, that our existing shareholders own will not decrease,
the Class A Ordinary Shares, including Class A Ordinary Shares represented by ADSs, owned by our existing securityholders will represent
a smaller percentage of our total outstanding Class A Ordinary Shares, including Class A Ordinary Shares represented by ADSs, after any
such issuance.</P>

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

</DIV>

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

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<DIV STYLE="padding-right: 5.4pt; padding-left: 5.4pt; border: Black 1.5pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">The following table sets
forth the amount of gross proceeds we would receive from VG from our sale of ADSs to VG under the Purchase Agreement at varying purchase
prices:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&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 COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">Assumed Average Purchase Price Per ADS</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Registered<BR> ADS to be Issued<BR> if Full Purchase<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percentage of<BR> Outstanding Class A<BR> Ordinary Shares<BR> After Giving Effect to<BR> the Issuance to VG<SUP>(2)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Gross Proceeds from<BR> the Sale of ADS to<BR> VG<BR> Under the Purchase<BR> Agreement</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 23%; text-align: right">1.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 22%; text-align: right">4,655,802</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 22%; text-align: right">9.99</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 22%; text-align: right">4,655,802.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,655,802</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.99</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,586,962.40</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,655,802</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.99</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,518,122.80</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.46</TD><TD STYLE="text-align: left"><SUP>(3)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,655,802</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.99</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,797,470.92</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,655,802</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.99</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,449,283.20</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,655,802</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.69</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8,380,443.60</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">(1)</TD>
    <TD STYLE="text-align: justify">Although the Purchase Agreement provides that we may sell up to $100,000,000 of our Class A Ordinary Shares represented by ADSs to VG, this column reflects 9.99% Beneficial Ownership Limitation on the amount of Class A Ordinary Shares represented by ADSs that we may sell to VG under the Purchase Agreement.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">(2)</TD>
    <TD STYLE="text-align: justify">The denominator is based on 111,851,094,785 Class A Ordinary Shares,
including Class A Ordinary Shares represented by ADSs outstanding as of April 16, 2026, adjusted to include the issuance of the number
of ADSs set forth in the adjacent column that we would have sold to VG, assuming the average purchase price in the first column. The numerator
is based on the number of Class A Ordinary Shares represented by ADSs issuable under the Purchase Agreement (that are the subject of this
offering) at the corresponding assumed average purchase price set forth in the first column.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">(3)</TD>
    <TD STYLE="text-align: justify">The closing sale price of the ADSs on Nasdaq on April 15, 2026.</TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

</DIV>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_004"></A>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Investing in our securities
involves risk. You should carefully consider the risk factors and uncertainties described under the heading &ldquo;Item 3. Key Information&mdash;D.
Risk Factors&rdquo; in our most recent annual report on Form 20-F for FY 2025, which is incorporated herein by reference, as updated by
our subsequent filings under the Securities Exchange Act of 1934, or the Exchange Act, and any risk factors and other information described
in the applicable prospectus supplement before acquiring any of our securities. These risks and uncertainties could materially affect
our business, results of operations or financial condition and cause the value of our securities to decline.</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: justify"><B><I>We were not in compliance with NASDAQ&rsquo;s
continued listing requirements until recently, and if we fail to maintain compliance with NASDAQ&rsquo;s continued listing requirements
our shares may be delisted from the NASDAQ Capital Market.</I></B></P>

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

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ADSs are listed on the NASDAQ Capital Market
under the symbol &ldquo;XHG.&rdquo; To continue to be listed on NASDAQ, we need to satisfy a number of requirements, including a minimum
bid price for our ordinary shares of $1.00 per share for 30 consecutive business days and shareholders&rsquo; equity of at least $2.5
million, or&nbsp;$35 million&nbsp;market value&nbsp;of listed securities or $500,000 of net income from continuing operations for the
most recently completed fiscal year or two of the three most recently completed fiscal years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">On November 13, 2024, XChange TEC.INC (the &ldquo;Company&rdquo;)
received a letter from the Listing Qualifications Department of the Nasdaq Stock Market (&ldquo;Nasdaq&rdquo;) regarding the Company&rsquo;s
failure to comply with Nasdaq Continued Listing Rule 5550(b)(2) (the &ldquo;MVLS Rule&rdquo;), which requires the Company to maintain
a minimum Market Value of Listed Securities of $35 million. Therefore, in accordance with Listing Rule 5810(c)(3)(A), the Company was
provided 180 calendar days, or until May 12, 2025, to regain compliance with the Rule.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">Subsequently, on May 13, 2025, the Company received
a Determination Letter stating that the Company had not regained compliance with the MVLS Rule, and that the Company&rsquo;s ADSs would
be delisted from The Nasdaq Capital Market. as provided an additional 180 calendar day compliance period, or until January 21, 2025, to
demonstrate compliance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">To regain its Nasdaq listing, the Company formally
appealed the decision and submitted its hearing request on May 21, 2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">On June 11, 2025, the Company received a notice
from Nasdaq confirming that the Company has demonstrated compliance with the MVLS Rule for continued listing on The Nasdaq Capital Market.
Consequently, the Company&rsquo;s ADSs continue to be listed and traded on The Nasdaq Capital Market. We cannot guarantee that we will
maintain compliance with the MVLS Rule for continued listing on The Nasdaq Capital Market, and if we are delisted from NASDAQ, trading
in the ADSs would be conducted on a market where an investor would likely find it significantly more difficult to dispose of, or to obtain
accurate quotations as to the value of, the ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If the U.S. Public Company Accounting Oversight
Board, or the PCAOB, is unable to inspect our auditors as required under the Holding Foreign Companies Accountable Act, the SEC will prohibit
the trading of the ADSs. A trading prohibition for the ADSs, or the threat of a trading prohibition, may materially and adversely affect
the value of your investment. Additionally, the inability of the PCAOB to conduct inspections of our auditors would deprive our investors
of the benefits of such inspections. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">The U.S. Holding Foreign Companies Accountable
Act, or the HFCA Act, was enacted into law on December 18, 2020. Under the HFCA Act, if the SEC determines that we have filed audit reports
issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years, the SEC
will prohibit our securities, including the ADSs, from being traded on a U.S. national securities exchange, including NASDAQ, or in the
over-the-counter trading market in the U.S. The process for implementing trading prohibitions pursuant to the HFCA Acts will be based
on a list of registered public accounting firms that the PCAOB has been unable to inspect and investigate completely as a result of a
position taken by a non-U.S. government, or the Relevant Jurisdiction, and such identified auditors, the PCAOB Identified Firms. The first
list of PCAOB Identified Firms was included in a release by the PCAOB on December 16, 2021, or the PCAOB December 2021 Release. The SEC
will review annual reports filed with it for fiscal years beginning after December 18, 2020 to determine if the auditor used for such
reports was so identified by the PCAOB, and such issuers will be designated as &ldquo;Commission Identified Issuers&rdquo; on a list to
be published by the SEC. If an issuer is a Commission Identified Issuer for three consecutive years (which will be determined after the
third such annual report), the SEC will issue an order that will implement the trading prohibitions described above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">On August 26, 2022, the PCAOB signed the Protocol
with the CSRC and the Ministry of Finance of the PRC governing inspections and investigations of audit firms based in mainland China and
Hong Kong, which marks the first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms
headquartered in China without any limitations on scope. The Protocol sets forth, among other terms, that (i) the PCAOB has independent
discretion to select any issuer audits for inspection or investigation; (ii) the PCAOB has direct access to interview and take testimony
from all personnel of the audit firms whose issuer engagements are being inspected or investigated; (iii) the PCAOB has the unfettered
ability to transfer information to the SEC in accordance with the Sarbanes-Oxley Act; and (iv) the PCAOB inspectors can see complete audit
work papers without any redactions. However, uncertainties remain with respect to the implementation of this framework and there is no
assurance that the PCAOB will be able to execute, in a timely manner, its future inspections and investigations in a manner that satisfies
the Protocol.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">On December 15, 2022, the PCAOB board announced
that it has completed the inspections, determined that it had complete access to inspect or investigate completely registered public accounting
firms headquartered in mainland China and Hong Kong, and voted to vacate the Determination Report.</P>

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">If we are unable to retain a PCAOB-registered
auditor subject to PCAOB inspection and investigation, a trading prohibition for the ADSs could be issued shortly after our filing of
the third consecutive annual report on Form 20-F for which we have retained a PCAOB Identified Firm. Our current independent accounting
firm, Onestop Assurance PAC, whose audit report is included in our annual report on Form 20-F for FY 2025, which is incorporated herein
by reference, is headquartered in Singapore, and was not included in the list of PCAOB Identified Firms in the PCAOB December Release.
Recent developments with respect to audits of China-based companies create uncertainty about the ability of Onestop Assurance PAC to fully
cooperate with a PCAOB request for audit working papers without the approval of the Chinese authorities. Onestop Assurance PAC&rsquo;s
audit working papers related to us are located in China. The PCAOB has not requested Onestop Assurance PAC to provide the copies of these
audit working papers and as a result, Onestop Assurance PAC has not sought permission from the Chinese authorities to provide copies of
these materials to the PCAOB, but there is no assurance that they would be able to obtain such permission.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">In June 2021, the United States Senate passed
a bill that would amend the HFCA Act to accelerate the imposition of trading prohibitions once an issuer is identified from three years
to two years, and a companion bill was introduced in the U.S. House of Representatives on December 14, 2021. If this bill amending the
HFCA Act is approved by both houses of Congress and signed by the President, our securities could be subject to a trading prohibition
following our filing of a second consecutive annual report on Form 20-F in which our auditor for such reports is a PCAOB Identified Firm.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">If the ADSs are subject to a trading prohibition
under the HFCA Act, the price of the ADSs may be adversely affected, and the threat of such a trading prohibition would also adversely
affect their price. If we are unable to be listed on another securities exchange that provides sufficient liquidity, such a trading prohibition
may substantially impair your ability to sell or purchase the ADSs when you wish to do so. Furthermore, if we are able to maintain a listing
of our Class A ordinary shares on a non-U.S. exchange, investors owning the ADSs may have to take additional steps to engage in transactions
on that exchange, including converting ADSs into Class A ordinary shares and establishing non-U.S. brokerage accounts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">The HFCA Act also imposes additional certification
and disclosure requirements for Commission Identified Issuers, and these requirements apply to issuers in the year following their listing
as Commission Identified Issuers. The additional requirements include a certification that the issuer is not owned or controlled by a
governmental entity in the Relevant Jurisdiction, and the additional requirements for annual reports include disclosure that the issuer&rsquo;s
financials were audited by a firm not subject to PCAOB inspection, disclosure on governmental entities in the Relevant Jurisdiction&rsquo;s
ownership in and controlling financial interest in the issuer, the names of Chinese Communist Party, or CCP, members on the board of the
issuer or its operating entities, and whether the issuer&rsquo;s article&rsquo;s include a charter of the CCP, including the text of such
charter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: justify">In addition to the issues under the HFCA discussed
above, the PCAOB&rsquo;s inability to conduct inspections in China and Hong Kong prevents it from fully evaluating the audits and quality
control procedures of the independent registered public accounting firm. Our current independent registered public accounting firm, Onestop
Assurance PAC, is headquartered in Singapore, and has been inspected by the PCAOB on a regular basis with the last inspection in 2022.
However, as noted above, recent developments create uncertainty as to the PCAOB&rsquo;s continued ability to conduct inspections of our
independent accounting firm, Onestop Assurance PAC. The inability of the PCAOB to conduct inspections of auditors in China makes it more
difficult to evaluate the effectiveness of a China-based independent registered public accounting firm&rsquo;s audit procedures or quality
control procedures as compared to auditors outside of China that are subject to the PCAOB inspections, which could cause investors and
potential investors in the stock to lose confidence in the audit procedures and reported financial information and the quality of our
financial statements. &nbsp;&nbsp;</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: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_005"></A>SPECIAL NOTE ON FORWARD-LOOKING STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus supplement
and related free writing prospectus, and the information incorporated by reference herein and therein may contain forward-looking statements
that relate to our current expectations and views of future events. Known and unknown risks, uncertainties and other factors may cause
our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.
These statements are made under the &ldquo;safe harbor&rdquo; provisions of the U.S. Private Securities Litigations Reform Act of 1995.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">You can identify some of
these forward-looking statements by words or phrases such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo;
&ldquo;aim,&rdquo; &ldquo;estimate,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;believe,&rdquo; &ldquo;is/are likely to,&rdquo;
&ldquo;potential,&rdquo; &ldquo;continue&rdquo; or other similar expressions. We have based these forward-looking statements largely on
our current expectations and projections about future events that we believe may affect our financial condition, results of operations,
business strategy and financial needs. These forward-looking statements include, but are not limited to, statements relating to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">our mission and strategies;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">our ability to continue as a going concern;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">our ability to integrate strategic investments, acquisitions
and new business initiatives;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">our ability to continuously develop new technology, services
and products and keep up with changes in the industries in which we operate;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">our ability to achieve or maintain profitability;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">general economic and business condition in China and elsewhere,
particularly the insurance agency industry;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">our expectations regarding demand for and market acceptance
of the products and services provided on our platform;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">our ability to retain our customer base after the Acquisition,
build customer loyalty and increase recognition of the Alpha Mind brand;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">our relationship with financial institution partners and
third party product and service providers; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">competition in the insurance agency industry.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">These forward-looking statements
involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable,
our expectations may later be found to be incorrect. Our actual results could be materially different from our expectations. You should
thoroughly read this prospectus supplement, any accompanying prospectus supplement and the documents that we reference in this prospectus
supplement with the understanding that our actual future results may be materially different from and worse than what we expect. Factors
that could cause or contribute to the differences include, but are not limited to, those discussed in the &ldquo;Risk Factors&rdquo; section.
Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for
our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent
to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking
statements. We qualify all of our forward-looking statements by these cautionary statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This prospectus supplement
contains certain data and information that we obtained from various government and private publications. Statistical data in these publications
also include projections based on a number of assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Furthermore, if any one or
more of the assumptions underlying the market data are later found to be incorrect, actual results may differ from the projections based
on these assumptions. You should not place undue reliance on these forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The forward-looking statements
made in this prospectus supplement, any accompanying prospectus supplement and the documents that we reference in this prospectus supplement
relate only to events or information as of the date on which the statements are made in the respective documents. You should not rely
upon forward-looking statements as predictions of future events. Except as required by law, we undertake no obligation to update or revise
publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of unanticipated events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_006"></A>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may receive up to $100,000,000
aggregate gross proceeds under the Purchase Agreement from any sales we make to VG pursuant to the Purchase Agreement. The net proceeds
from sales, if any, under the Purchase Agreement, will depend on the frequency and prices at which we sell the ADSs to VG after the date
of this prospectus supplement. We will not receive any proceeds from the issuance of Commitment ADSs to VG, as such ADSs are issued as
consideration for VG&rsquo;s execution and delivery of, and performance under, the Purchase Agreement. See the section titled &ldquo;Plan
of Distribution&rdquo; in this prospectus supplement for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We expect to use any proceeds
that we receive under the Purchase Agreement for working capital and general corporate purposes. As of the date of this prospectus supplement,
we cannot specify with certainty all of the particular uses, and the respective amounts we may allocate to those uses, for any net proceeds
we receive. Accordingly, we will retain broad discretion over the use of these proceeds.</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"><A NAME="b_007"></A><B>DESCRIPTION OF SHARE CAPITAL</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are a Cayman Islands exempted
company with limited liability and our corporate affairs are governed by our amended and restated memorandum and articles of association,
as amended from time to time and the Companies Act (2025 Revision), as amended and revised of the Cayman Islands (the &ldquo;Companies
Act&rdquo;), and the common law of the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As of the date of this prospectus
supplement, our authorized share capital is US$500,000,000 divided into 5,000,000,000,000,000 shares with a par value of US$0.0000001
each, consisting of 4,374,500,000,000,000 Class A ordinary shares and 625,000,000,000,000 Class B ordinary shares, and 500,000,000,000
preferred shares. As of the date of this prospectus supplement, we have 111,851,094,785 Class A ordinary shares 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-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our Fourth Amended and Restated Memorandum
and Sixth Amended and Restated Articles of Association </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following are summaries
of material provisions of our fourth amended and restated memorandum and sixth amended and restated articles of association and the Companies
Act insofar as they relate to the material terms of our Class A ordinary shares and Class B ordinary shares. You should read the forms
of our current memorandum and articles of association filed with the SEC. For information on how to obtain copies of our current memorandum
and articles of association, see &ldquo;Where You Can Find More Information About Us.&rdquo;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our ordinary shares are divided
into Class A ordinary shares and Class B ordinary shares. Holders of our Class A ordinary shares and Class B ordinary shares have the
same rights except for voting and conversion rights. Our ordinary shares are issued in registered form and are issued when registered
in our register of members. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Each Class B ordinary share
is convertible into one Class A ordinary share at any time at the option of the holder thereof. Class A ordinary shares are not convertible
into Class B ordinary shares under any circumstances. Upon any transfer of Class B ordinary shares by a holder to any person or entity
which is not an affiliate of such holder, such Class B ordinary shares shall be automatically and immediately converted into the equivalent
number of Class A ordinary shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The holders of our ordinary
shares are entitled to such dividends as may be declared by our board of directors. Our existing articles of association provide that
dividends may be declared and paid out of our profits, realized or unrealized, or from any reserve set aside from profits which our board
of directors determine is no longer needed. Dividends may also be declared and paid out of share premium account or any other fund or
account which can be authorized for this purpose in accordance with the Companies Act (As Revised), as amended and revised of the Cayman
Islands.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Holders of our ordinary shares
have the right to receive notice of, attend, speak and vote at general meetings of our company. Except as required by applicable law and
subject to the existing articles of association, holders of Class A ordinary shares and Class B ordinary shares shall at all times vote
together as one class on all matters submitted to a vote of the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">At any general meeting on
a poll, every shareholder holding Class A ordinary shares present in person or by proxy or, in the case of a shareholder being a corporation,
by its duly authorized representative shall have one (1) vote for every fully paid Class A ordinary share of which he is the holder; and
every shareholder holding Class B ordinary shares present in person or by proxy or, in the case of a shareholder being a corporation,
by its duly authorized representative shall have ten (10) votes for every fully paid Class B ordinary share of which he is the holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A resolution put to the vote
of a meeting shall be decided by way of a poll save that the chairman of the meeting may in good faith, allow a resolution which relates
purely to a procedural or administrative matter to be voted on by a show of hands in which case (i) every shareholder holding Class A
ordinary shares present in person (or being a corporation, is present by a duly authorized representative), or by proxy(ies) shall have
one (1) vote, and (ii) every shareholder holding Class B ordinary shares present in person (or being a corporation, is present by a duly
authorized representative), or by proxy(ies) shall have ten (10) votes, provided that, notwithstanding anything contained in our existing
articles of association, where more than one proxy is appointed by a shareholder which is a clearing house or a central depository house
(or its nominee(s)), each such proxy shall have one vote on a show of hands. For the purposes of our existing articles of association,
procedural and administrative matters are those that (i) are not on the agenda of the general meeting or in any supplementary circular
that may be issued by us to the shareholders; and (ii) relate to the chairman&rsquo;s duties to maintain the orderly conduct of the meeting
and/or allow the business of the meeting to be properly and effectively dealt with, whilst allowing all shareholders a reasonable opportunity
to express their views.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">An ordinary resolution to
be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the shares cast
at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes attaching to the shares
cast at a meeting. A special resolution will be required for important matters such as a change of name or making changes to our existing
memorandum of association and our articles of association.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subject to the restrictions
contained in our existing articles of association, any of our shareholders may transfer all or any of his or her ordinary shares by an
instrument of transfer in the usual or common form or any other form approved by our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our board of directors may,
in its absolute discretion, and without giving any reason therefor, refuse to register a transfer of any share that is not a fully paid
up share to a person of whom it does not approve, or any share issued under any share incentive scheme for employees upon which a restriction
on transfer imposed thereby still subsists, and it may also, without prejudice to the foregoing generality, refuse to register a transfer
of any share to more than four joint holders or a transfer of any share that is not a fully paid up share on which we have a lien. Our
board of directors may also decline to register any transfer of any ordinary share unless:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the instrument of transfer is lodged with us, accompanied
by the certificate for the ordinary shares to which it relates and such other evidence as our board of directors may reasonably require
to show the right of the transferor to make the transfer;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the instrument of transfer is in respect of only one class
of ordinary shares;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the instrument of transfer is properly stamped, if required;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">a fee of such maximum sum as the Nasdaq may determine to
be payable or such lesser sum as our directors may from time to time require is paid to us in respect thereof.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If our directors refuse to
register a transfer, they shall, within three months after the date on which the instrument of transfer was lodged, send to each of the
transferor and the transferee notice of such refusal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The registration of transfers
may, after compliance with any notice required of the Nasdaq, be suspended and the register of members closed at such times and for such
periods as our board of directors may from time to time determine, provided, however, that the registration of transfers shall not be
suspended nor the register of members closed for more than 30 days in any year as our board may determine.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">On a return of capital on
winding up or otherwise (other than on conversion, redemption or purchase of ordinary shares), assets available for distribution among
the holders of ordinary shares shall be distributed among the holders of the ordinary shares on a pro rata basis. If our assets available
for distribution are insufficient to repay all of the paid-up ordinary share capital, the assets will be distributed so that the losses
are borne by our holders of ordinary shares proportionately.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Calls on Ordinary Shares and Forfeiture of
Ordinary Shares </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our board of directors may
from time to time make calls upon shareholders for any amounts unpaid on their ordinary shares in a notice served to such shareholders
at least 14 clear days prior to the specified time of payment. The ordinary shares that have been called upon and remain unpaid are subject
to forfeiture.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Companies Act and our
existing articles of association permit us to purchase our own shares. In accordance with our existing articles of association and provided
the necessary shareholders or board approval have been obtained, we may issue shares on terms that are subject to redemption, at our option
or at the option of the holders of these shares, on such terms and in such manner, including out of capital, as may be determined by our
board of directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">All or any of the special
rights attached to any class of shares may, subject to the provisions of the Companies Act, be varied with the sanction of a special resolution
passed at a general meeting of the holders of the shares of that class. Separate general meetings of the holders of a class or series
of shares may be called only by (i) the chairman of our board of directors, or (ii) a majority of our board of directors (unless otherwise
specifically provided by the terms of issue of the shares of such class or series), and nothing in the existing articles of association
shall give any shareholder or shareholders the right to call a class or series meeting. The rights conferred upon the holders of the shares
of any class issued shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be
varied by the creation or issue of further shares ranking pari passu with such existing class of shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>General Meetings of Shareholders </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A quorum required for a meeting
of shareholders consists of one or more shareholders present in person or by proxy representing not less than one-third of all voting
power of the company&rsquo;s share capital in issue. (i) A majority of our board of directors, or (ii) the chairman of our board of directors,
or (iii) any director, where required to give effect to a requisition received under the existing articles of association, may call extraordinary
general meetings, which extraordinary general meetings shall be held at such times and locations (as permitted hereby) as such person
or persons shall determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Any one or more shareholders
holding at the date of deposit of the requisition not less than two-thirds of the voting power of our share capital in issue carrying
the right of voting at general meetings of our company shall at all times have the right, by written requisition to our board of directors
or our secretary, to require an extraordinary general meeting to be called by our board of directors for the transaction of any business
permitted by the Companies Act or the existing articles of association (subject to the below) as specified in such requisition; and such
meeting shall be held within two (2) months after the deposit of such requisition. If within twenty-one (21) days of such deposit our
board of directors fails to proceed to convene such meeting, the requisitionist(s) himself or herself (themselves) may do so in the same
manner, and all reasonable expenses incurred by the requisitionist(s) as a result of the failure of our board of directors shall be reimbursed
to the requisitionist(s) by us. A meeting requisitioned under the existing articles of association shall not be permitted to consider
or vote upon (A) any resolutions with respect to the election, appointment or removal of directors or with respect to the size of our
board of directors, unless such proposal is first approved by our nominating and corporate governance committee; or (B) other than a special
resolution in respect of the appointment or removal of any director, any special resolution or any matters required to be passed by way
of special resolution pursuant to the existing articles of association or the Companies Act. Written notice shall be given not less than
ten clear days before the date of any general meeting.</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: justify"><B><I>Inspection of Books and Records </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Holders of our ordinary shares
will have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records.
However, in our existing articles of association we provide our shareholders with the right to inspect our list of shareholders and to
receive annual audited financial statements.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may from time to time by ordinary resolution:</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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px">&#9679;</TD>
    <TD STYLE="text-align: justify">increase the share capital by such sum, to be divided into shares of such classes and amount, as the resolution shall prescribe;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px">&#9679;</TD>
    <TD STYLE="text-align: justify">consolidate and divide all or any of our share capital into shares of a larger amount than our existing shares;</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px">&#9679;</TD>
    <TD STYLE="text-align: justify">sub-divide our existing shares, or any of them into shares of a smaller amount; or</TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px">&#9679;</TD>
    <TD STYLE="text-align: justify">cancel any shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person and diminish the amount of our share capital by the amount of the shares so canceled.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may by special resolution,
subject to any confirmation or consent required by the Companies Act, reduce our share capital or any capital redemption reserve in any
manner permitted by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Proceedings of the Directors </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our board of directors may
meet for the dispatch of business, adjourn and otherwise regulate its meetings as it considers appropriate. The quorum necessary for the
transaction of the business of our board of directors shall be not less than half of the number of the directors then in office and shall
always include the chairman of our board of directors. Questions arising at any meeting shall be determined by a majority of votes, other
than (i) any removal of any person as a director, or (ii) any appointment or removal of any person as the chairman of our board of directors,
or (iii) any removal of any person as chairman or other member of any committee of our board of directors which, in each case, shall be
determined by a resolution passed by a majority of not less than two-thirds of votes cast by such directors as, being entitled so to do,
vote at a meeting of our board of directors. In the case of any equality of votes, the chairman of the meeting shall have an additional
or casting vote. A meeting of our board of directors may be convened by (i) the chairman of our board of directors, or (ii) a majority
of the directors. Our secretary shall convene a meeting of our board of directors whenever so required to do by the chairman of our board
of directors or a majority of the directors by notice in writing to each director. A meeting of our board of directors may be called by
not less than two (2) clear days&rsquo; notice. A meeting of our board of directors may be called by shorter notice if it is so agreed
by all the directors entitled to attend and vote at such a meeting. Any notice of a meeting of our board of directors shall (i) specify
the time and place of the meeting, and (ii) set out in reasonable detail the nature of the business to be discussed at the meeting. Notice
may be given in writing or by telephone or in such other manner as our board of directors may from time to time determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A resolution in writing signed
by all the directors (other than in the circumstances set out in article 85 in our amended and restated memorandum and articles of association)
except such as are temporarily unable to act due to ill-health or disability shall (provided that (i) the circulation of such resolutions
has the prior approval of, and is initiated by, the chairman of our board of directors, (ii) such number of signatories includes the chairman
of our board of directors and is sufficient to constitute a quorum, and (iii) further provided that a copy of such resolution has been
given or the contents thereof communicated to all the directors for the time being entitled to receive notices of board meetings in the
same manner as notices of meetings are required to be given by our amended and restated memorandum and articles of association) be as
valid and effectual as if a resolution had been passed at a meeting of our board of directors duly convened and held.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We are an exempted company
with limited liability incorporated under the Companies Act. The Companies Act in the Cayman Islands distinguishes between ordinary resident
companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman
Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an
ordinary company except for the exemptions and privileges listed below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">an exempted company does not have to file an annual return
of its shareholders with the Registrar of Companies;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">an exempted company&rsquo;s register of members is not open
to inspection;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">an exempted company does not have to hold an annual general
meeting;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">an exempted company may issue no par value shares;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">an exempted company may obtain an undertaking against the
imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">an exempted company may register by way of continuation in
another jurisdiction and be deregistered in the Cayman Islands;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">an exempted company may register as a limited duration company;
and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">an exempted company may register as a segregated portfolio
company.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&ldquo;Limited liability&rdquo;
means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company. We are subject
to reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers. We currently intend to
comply with the Nasdaq rules in lieu of following home country practice. The Nasdaq rules require that every company listed on the Nasdaq
hold an annual general meeting of shareholders. In addition, our amended and restated articles of association allow directors to call
special meeting of shareholders pursuant to the procedures set forth in our articles.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Differences in Corporate Law </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Companies Act is modeled
after that of England and Wales but does not follow recent statutory enactments in England. In addition, the Companies Act differs from
laws applicable to United States corporations and their shareholders. Set forth below is a summary of the significant differences between
the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated in the State of Delaware.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A merger of two or more constituent
companies under Cayman Islands law requires a plan of merger or consolidation to be approved by the directors of each constituent company
and authorization by a special resolution of the members of each constituent company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">A merger between a Cayman
parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders. For this purpose,
a company is a &ldquo;parent&rdquo; of a subsidiary if it holds issued shares that together represent at least ninety percent (90%) of
the votes of a general meeting of the subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The consent of each holder
of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman
Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Save in certain circumstances,
a dissentient shareholder of a Cayman constituent company is entitled to payment of the fair value of his shares upon dissenting to a
merger or consolidation. The exercise of appraisal rights will preclude the exercise of any other rights save for the right to seek relief
on the grounds that the merger or consolidation is void or unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, there are statutory
provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement
is approved by (i) in the case of a members&rsquo; scheme of arrangement, seventy-five percent in value of the members or class of members,
as the case may be, with whom the arrangement is to be made and/or (ii) in the case of a creditors scheme of arrangement, a majority in
number of each class of creditors with whom the arrangement is to be made, and who must, in addition, represent seventy-five percent in
value of each such class of creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings,
convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the
Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved,
the court can be expected to approve the arrangement if it determines that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the statutory provisions as to the required majority vote
have been met;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the shareholders have been fairly represented at the meeting
in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of
the class;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the arrangement is such that may be reasonably approved by
an intelligent and honest man of that class acting in respect of his interest; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the arrangement is not one that would more properly be sanctioned
under some other provision of the Companies Act.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">When a takeover offer is
made and accepted by holders of 90% of the shares affected within four months, the offeror may, within a two-month period commencing on
the expiration of such four month period, require the holders of the remaining shares to transfer such shares on the terms of the offer.
An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been
so approved unless there is evidence of fraud, bad faith or collusion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If an arrangement and reconstruction
is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be
available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined
value of the shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Companies Act also contains
statutory provisions which provide that a company may present a petition to the Grand Court of the Cayman Islands for the appointment
of a restructuring officer on the grounds that the company (a) is or is likely to become unable to pay its debts within the meaning of
section 93 of the Companies Act; and (b) intends to present a compromise or arrangement to its creditors (or classes thereof) either,
pursuant to the Companies Act, the law of a foreign country or by way of a consensual restructuring. The petition may be presented by
a company acting by its directors, without a resolution of its members or an express power in its articles of association. On hearing
such a petition, the Cayman Islands court may, among other things, make an order appointing a restructuring officer or make any other
order as the court thinks fit.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In principle, we will normally
be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English
authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, there are exceptions to the foregoing principle,
including when:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">a company acts or proposes to act illegally or ultra vires;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the act complained of, although not ultra vires, could only
be effected duly if authorized by more than a simple majority vote that has not been obtained; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">those who control the company are perpetrating a &ldquo;fraud
on the minority.&rdquo;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Indemnification of Directors and Executive
Officers and Limitation of Liability </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Cayman Islands law does not
limit the extent to which a company&rsquo;s memorandum and articles of association may provide for indemnification of officers and directors,
except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification
against civil fraud or the consequences of committing a crime. Our existing memorandum and articles of association permit indemnification
of officers and directors for losses, damages, costs and expenses incurred in their capacities as such unless such losses or damages arise
from dishonesty or fraud which may attach to such directors or officers. This standard of conduct is generally the same as permitted under
the Delaware General Corporation Law for a Delaware corporation. In addition, we have entered into indemnification agreements with our
directors and senior executive officers that provide such persons with additional indemnification beyond that provided in our existing
memorandum and articles of association. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to
our directors, officers or persons controlling us under the foregoing provisions, we have been informed that, in the opinion of the SEC,
such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Anti-Takeover Provisions in the Memorandum
and Articles of Association </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Some provisions of our existing
articles of association may discourage, delay or prevent a change in control of our company or management that shareholders may consider
favorable, including provisions that authorize our board of directors to issue preferred shares in one or more series and to designate
the price, rights, preferences, privileges and restrictions of such preferred shares without any further vote or action by our shareholders.
However, under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our existing articles of
association, as amended and restated from time to time, for what they believe in good faith to be in the best interests of our company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Directors&rsquo; Fiduciary Duties </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under Delaware corporate
law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components:
the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily
prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders,
all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in
a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use his or her corporate position
for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation
and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the
shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the
honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence
of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must
prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As a matter of Cayman Islands
law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered
that he owes the following duties to the company&mdash;a duty to act in good faith in the best interests of the company, a duty not to
make a profit based on his or her position as director (unless the company permits him to do so) and a duty not to put himself in a position
where the interests of the company conflict with his or her personal interest or his or her duty to a third party and a duty to exercise
powers for the purpose for which such powers were intended. A director of a Cayman Islands company owes to the company a duty to act with
skill and care. It was previously considered that a director need not exhibit in the performance of his or her duties a greater degree
of skill than may reasonably be expected from a person of his or her knowledge and experience. However, English and Commonwealth courts
have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in
the Cayman Islands.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Shareholder Action by Written Consent </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the Delaware General
Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation.
Our existing articles of association provide that shareholders may not approve corporate matters by way of a unanimous written resolution
signed by or on behalf of each shareholder who would have been entitled to vote on such matter at a general meeting without a meeting
being held.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the Delaware General
Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with
the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized
to do so in the governing documents, but shareholders may be precluded from calling special meetings. Our existing articles of association
allow our shareholders to requisition a shareholders&rsquo; meeting (see above). As an exempted Cayman Islands company, we are not obliged
by law to call shareholders&rsquo; annual general meetings though we may do so.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the Delaware General
Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation&rsquo;s certificate of incorporation
specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors
since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases
the shareholder&rsquo;s voting power with respect to electing such director. As permitted under Cayman Islands law, our existing articles
of association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on
this issue than shareholders of a Delaware corporation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the Delaware General
Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of
the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our existing articles of association,
no person may be nominated for, appointed as, or removed from appointment as a director unless such nomination, appointment or removal
has been approved by our nomination committee prior to such nomination, appointment or removal. Subject to this requirement and any other
provision to the contrary in our existing articles of association, a director may, at any time before the expiration of his or her period
of office (notwithstanding anything in our existing articles of association or in any agreement between our company and such director
(but without prejudice to any claim for damages under any such agreement)) be removed by way of either (a) a special resolution of the
shareholders; or (b) the affirmative vote of two-thirds of the remaining directors present and voting at a board meeting; or (c) a resolution
in writing (which complies with the requirements of the provisos contained in article 119 of our existing articles of association) signed
by all the directors other than the director being removed.</P>

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

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

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    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Delaware General Corporation
Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected
not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business
combinations with an &ldquo;interested shareholder&rdquo; for three years following the date that such person becomes an interested shareholder.
An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target&rsquo;s outstanding voting
stock within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the
target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on
which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction
which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate
the terms of any acquisition transaction with the target&rsquo;s board of directors. Cayman Islands law has no comparable statute. As
a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although
Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions
must be entered into bona fide in the best interests of the company and for a proper corporate purpose and not with the effect of constituting
a fraud on the minority shareholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the Delaware General
Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding
100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by
a simple majority of the corporation&rsquo;s outstanding shares. Delaware law allows a Delaware corporation to include in its certificate
of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board. Under Cayman Islands law,
a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the
company is unable to pay its debts, by an ordinary resolution of its members. The court has authority to order winding up in a number
of specified circumstances including where it is, in the opinion of the court, just and equitable to do so. Under the Companies Act and
our existing articles of association, our company may be dissolved, liquidated or wound up by a special resolution of shareholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the Delaware General
Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such
class, unless the certificate of incorporation provides otherwise. Under Cayman Islands law and our existing articles of association,
if our share capital is divided into more than one class of shares, we may vary the rights attached to any class only with the sanction
of a special resolution passed at a general meeting of the holders of the shares of that class.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Under the Delaware General
Corporation Law, a corporation&rsquo;s governing documents may be amended with the approval of a majority of the outstanding shares entitled
to vote, unless the certificate of incorporation provides otherwise. As permitted by Cayman Islands law, our existing memorandum of association
and articles of association may only be amended by a special resolution of shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Rights of Non-Resident or Foreign Shareholders
</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">There are no limitations
imposed by our existing articles of association on the rights of non-resident or foreign shareholders to hold or exercise voting rights
on our shares. In addition, there are no provisions in our existing memorandum and articles of association governing the ownership threshold
above which shareholder ownership must be disclosed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Directors&rsquo; Power to Issue Shares </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Subject to applicable law,
our board of directors is empowered to issue or allot shares or grant options and warrants with or without preferred, deferred, qualified
or other special rights or restrictions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have a dual-class voting
structure such that our ordinary shares consist of Class A ordinary shares and Class B ordinary shares. Holders of Class A ordinary shares
are entitled to one vote per share in respect of matters requiring the votes of shareholders, while holders of Class B ordinary shares
are entitled to ten (10) votes per share, subject to certain exceptions. Due to the super voting power of Class B ordinary share holder,
the voting power of the Class A ordinary shares may be materially limited.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Our shareholders do not have
preemptive rights.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_008"></A>DESCRIPTION OF AMERICAN DEPOSITARY SHARES </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Bank of New York Mellon,
as depositary, registers and delivers ADSs. Each ADS represents 2,400 Class A ordinary shares (or a right to receive 2,400 Class A ordinary
shares) deposited with The Hongkong and Shanghai Banking Corporation Limited, as custodian for the depositary in Hong Kong. Each ADS also
represents any other securities, cash or other property which may be held by the depositary. The deposited shares together with any other
securities, cash or other property held by the depositary are referred to as the deposited securities. The depositary&rsquo;s office at
which the ADSs are administered and its principal executive office are located at 240 Greenwich Street, New York, New York 10286.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">You may hold ADSs either
(A) directly (i) by having an American depositary receipt, also referred to as an ADR, which is a certificate evidencing a specific number
of ADSs, registered in your name, or (ii) by having uncertificated ADSs registered in your name, or (B) indirectly by holding a security
entitlement in ADSs through your broker or other financial institution that is a direct or indirect participant in The Depository Trust
Company, also called DTC. If you hold ADSs directly, you are a registered ADS holder, also referred to as an ADS holder. This description
assumes you are an ADS holder. If you hold the ADSs indirectly, you must rely on the procedures of your broker or other financial institution
to assert the rights of ADS holders described in this section. You should consult with your broker or financial institution to find out
what those procedures are.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Registered holders of uncertificated
ADSs receive statements from the depositary confirming their holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">As an ADS holder, we do not
treat you as one of our shareholders and you do not have shareholder rights. Cayman Islands law governs shareholder rights. The depositary
is the holder of the shares underlying your ADSs. As a registered holder of ADSs, you have ADS holder rights. A deposit agreement among
us, the depositary, ADS holders and all other persons indirectly or beneficially holding ADSs sets out ADS holder rights as well as the
rights and obligations of the depositary. New York law governs the deposit agreement and the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The following is a summary
of the material provisions of the deposit agreement. For more complete information, you should read the entire deposit agreement and the
form of ADR.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Dividends and Other Distributions </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>How will you receive dividends and other distributions
on the shares? </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The depositary has agreed
to pay or distribute to ADS holders the cash dividends or other distributions it or the custodian receives on shares or other deposited
securities, upon payment or deduction of its fees and expenses. You will receive these distributions in proportion to the number of shares
your ADSs represent.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><I>Cash</I>. The depositary will convert any cash dividend
or other cash distribution we pay on the shares into U.S. dollars, if it can do so on a reasonable basis and can transfer the U.S. dollars
to the United States. If that is not possible or if any government approval is needed and cannot be obtained, the deposit agreement allows
the depositary to distribute the foreign currency only to those ADS holders to whom it is possible to do so. It will hold the foreign
currency it cannot convert for the account of the ADS holders who have not been paid. It will not invest the foreign currency and it
will not be liable for any interest. Before making a distribution, any withholding taxes, or other governmental charges that must be
paid will be deducted. The depositary will distribute only whole U.S. dollars and cents and will round fractional cents to the nearest
whole cent. If the exchange rates fluctuate during a time when the depositary cannot convert the foreign currency, you may lose some
of the value of the distribution.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Shares</I>. The depositary
may distribute additional ADSs representing any shares we distribute as a dividend or free distribution. The depositary will only distribute
whole ADSs. It will sell shares which would require it to deliver a fraction of an ADS (or ADSs representing those shares) and distribute
the net proceeds in the same way as it does with cash. If the depositary does not distribute additional ADSs, the outstanding ADSs will
also represent the new shares. The depositary may sell a portion of the distributed shares (or ADSs representing those shares) sufficient
to pay its fees and expenses in connection with that distribution.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><I>Rights to purchase additional shares</I>. If we offer
holders of our securities any rights to subscribe for additional shares or any other rights, the depositary may (i) exercise those rights
on behalf of ADS holders, (ii) distribute those rights to ADS holders or (iii) sell those rights and distribute the net proceeds to ADS
holders, in each case after deduction or upon payment of its fees and expenses. To the extent the depositary does not do any of those
things, it will allow the rights to lapse. In that case, you will receive no value for them. The depositary will exercise or distribute
rights only if we ask it to and provide satisfactory assurances to the depositary that it is legal to do so. If the depositary will exercise
rights, it will purchase the securities to which the rights relate and distribute those securities or, in the case of shares, new ADSs
representing the new shares, to subscribing ADS holders, but only if ADS holders have paid the exercise price to the depositary. U.S.
securities laws may restrict the ability of the depositary to distribute rights or ADSs or other securities issued on exercise of rights
to all or certain ADS holders, and the securities distributed may be subject to restrictions on transfer.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify"><I>Other Distributions</I>. The depositary will send to ADS
holders anything else we distribute on deposited securities by any means it thinks is legal, fair and practical. If it cannot make the
distribution in that way, the depositary has a choice. It may decide to sell what we distributed and distribute the net proceeds, in
the same way as it does with cash. Or, it may decide to hold what we distributed, in which case ADSs will also represent the newly distributed
property. However, the depositary is not required to distribute any securities (other than ADSs) to ADS holders unless it receives satisfactory
evidence from us that it is legal to make that distribution. The depositary may sell a portion of the distributed securities or property
sufficient to pay its fees and expenses in connection with that distribution. U.S. securities laws may restrict the ability of the depositary
to distribute securities to all or certain ADS holders, and the securities distributed may be subject to restrictions on transfer.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The depositary is not responsible
if it decides that it is unlawful or impractical to make a distribution available to any ADS holders. We have no obligation to register
ADSs, shares, rights or other securities under the Securities Act. We also have no obligation to take any other action to permit the distribution
of ADSs, shares, rights or anything else to ADS holders. This means that you may not receive the distributions we make on our shares or
any value for them if it is illegal or impractical for us to make them available to you.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Deposit, Withdrawal and Cancellation </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>How are ADSs issued? </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The depositary will deliver
ADSs if you or your broker deposits shares or evidence of rights to receive shares with the custodian. Upon payment of its fees and expenses
and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will register the appropriate number
of ADSs in the names you request and will deliver the ADSs to or upon the order of the person or persons that made the deposit.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>How can ADS holders withdraw the deposited
securities? </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">You may surrender your ADSs
to the depositary for the purpose of withdrawal. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes
or stock transfer taxes or fees, the depositary will deliver the shares and any other deposited securities underlying the ADSs to the
ADS holder or a person the ADS holder designates at the office of the custodian. Or, at your request, risk and expense, the depositary
will deliver the deposited securities at its office, if feasible. However, the depositary is not required to accept surrender of ADSs
to the extent it would require delivery of a fraction of a deposited share or other security. The depositary may charge you a fee and
its expenses for instructing the custodian regarding delivery of deposited securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>How do ADS holders interchange between certificated
ADSs and uncertificated ADSs? </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">You may surrender your ADR
to the depositary for the purpose of exchanging your ADR for uncertificated ADSs. The depositary will cancel that ADR and will send to
the ADS holder a statement confirming that the ADS holder is the registered holder of uncertificated ADSs. Upon receipt by the depositary
of a proper instruction from a registered holder of uncertificated ADSs requesting the exchange of uncertificated ADSs for certificated
ADSs, the depositary will execute and deliver to the ADS holder an ADR evidencing those ADSs.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>How do you vote? </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">ADS holders may instruct
the depositary how to vote the number of deposited shares their ADSs represent. If we request the depositary to solicit your voting instructions
(and we are not required to do so), the depositary will notify you of a shareholders&rsquo; meeting and send or make voting materials
available to you. Those materials will describe the matters to be voted on and explain how ADS holders may instruct the depositary how
to vote. For instructions to be valid, they must reach the depositary by a date set by the depositary. The depositary will try, as far
as practical, subject to the laws of the Cayman Islands and the provisions of our existing memorandum and articles of association or similar
documents, to vote or to have its agents vote the shares or other deposited securities as instructed by ADS holders. If we do not request
the depositary to solicit your voting instructions, you can still send voting instructions, and, in that case, the depositary may try
to vote as you instruct, but it is not required to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Except by instructing the
depositary as described above, you won&rsquo;t be able to exercise voting rights unless you surrender your ADSs and withdraw the shares.
However, you may not know about the meeting enough in advance to withdraw the shares. In any event, the depositary will not exercise any
discretion in voting deposited securities and it will only vote or attempt to vote as instructed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We cannot assure you that
you will receive the voting materials in time to ensure that you can instruct the depositary to vote your shares. In addition, the depositary
and its agents are not responsible for failing to carry out voting instructions or for the manner of carrying out voting instructions.
This means that you may not be able to exercise voting rights and there may be nothing you can do if your shares are not voted as you
requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In order to give you a reasonable
opportunity to instruct the depositary as to the exercise of voting rights relating to deposited securities, if we request the Depositary
to act, we agree to give the depositary notice of any such meeting and details concerning the matters to be voted upon at least 45 days
in advance of the meeting date.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">An ADS holder will be required
to pay the following fees under the terms of the deposit agreement:</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%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 56%; border-bottom: black 1.5pt solid; text-align: justify"><B><I>Persons depositing or withdrawing shares or ADS holders must pay:</I></B></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 43%; border-bottom: black 1.5pt solid; text-align: justify"><B><I>For:</I></B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">US$5.00 (or less) per 100 ADSs (or portion of 100 ADSs)</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property<BR>
  <BR>
Cancelation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">US$.05 (or
less) per ADS</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Any cash distribution to ADS holders</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Distribution of securities distributed to holders of deposited securities (including rights) that are distributed by the depositary to ADS holders</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">US$.05 (or less) per ADS per calendar year</TD>


    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Depositary services</TD></TR>
  </TABLE>

<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%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 56%; border-bottom: black 1.5pt solid; text-align: justify"><B><I>Persons depositing or withdrawing shares or ADS holders must pay:</I></B></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 43%; border-bottom: black 1.5pt solid; text-align: justify"><B><I>For:</I></B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">Registration or transfer fees</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">Transfer and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">Expenses of the depositary</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cable (including SWIFT) and facsimile transmissions
    (when expressly provided in the deposit agreement)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Converting foreign currency to U.S. dollars</P></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">Taxes and other governmental charges the depositary or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer taxes, stamp duty or withholding taxes</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">As necessary</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">Any charges incurred by the depositary or its agents for servicing the deposited securities</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">As necessary</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The depositary collects its
fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal or
from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the
amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect its annual fee for depositary
services by deduction from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants
acting for them. The depositary may collect any of its fees by deduction from any cash distribution payable (or by selling a portion of
securities or other property distributable) to ADS holders that are obligated to pay those fees. The depositary may generally refuse to
provide fee-attracting services until its fees for those services are paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">From time to time, the depositary
may make payments to us to reimburse us for costs and expenses generally arising out of establishment and maintenance of the ADS program,
waive fees and expenses for services provided to us by the depositary or share revenue from the fees collected from ADS holders. In performing
its duties under the deposit agreement, the depositary may use brokers, dealers, foreign currency dealers or other service providers that
are owned by or affiliated with the depositary and that may earn or share fees, spreads or commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The depositary may convert
currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and not as agent, advisor,
broker or fiduciary on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it will
retain for its own account. The revenue is based on, among other things, the difference between the exchange rate assigned to the currency
conversion made under the deposit agreement and the rate that the depositary or its affiliate receives when buying or selling foreign
currency for its own account. The depositary makes no representation that the exchange rate used or obtained in any currency conversion
under the deposit agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will
be determined will be the most favorable to ADS holders, subject to the depositary&rsquo;s obligations under the deposit agreement. The
methodology used to determine exchange rates used in currency conversions is available upon request.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">You will be responsible for
any taxes or other governmental charges payable on your ADSs or on the deposited securities represented by any of your ADSs. The depositary
may refuse to register any transfer of your ADSs or allow you to withdraw the deposited securities represented by your ADSs until those
taxes or other charges are paid. It may apply payments owed to you or sell deposited securities represented by your ADSs to pay any taxes
owed and you will remain liable for any deficiency. If the depositary sells deposited securities, it will, if appropriate, reduce the
number of ADSs to reflect the sale and pay to ADS holders any proceeds, or send to ADS holders any property, remaining after it has paid
the taxes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Tender and Exchange Offers; Redemption,
Replacement or Cancellation of Deposited Securities </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The depositary will not tender
deposited securities in any voluntary tender or exchange offer unless instructed to do so by an ADS holder surrendering ADSs and subject
to any conditions or procedures the depositary may establish.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If deposited securities are
redeemed for cash in a transaction that is mandatory for the depositary as a holder of deposited securities, the depositary will call
for surrender of a corresponding number of ADSs and distribute the net redemption money to the holders of called ADSs upon surrender of
those ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If there is any change in
the deposited securities such as a sub-division, combination or other reclassification, or any merger, consolidation, recapitalization
or reorganization affecting the issuer of deposited securities in which the depositary receives new securities in exchange for or in lieu
of the old deposited securities, the depositary will hold those replacement securities as deposited securities under the deposit agreement.
However, if the depositary decides it would not be lawful and practical to hold the replacement securities because those securities could
not be distributed to ADS holders or for any other reason, the depositary may instead sell the replacement securities and distribute the
net proceeds upon surrender of the ADSs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If there is a replacement
of the deposited securities and the depositary will continue to hold the replacement securities, the depositary may distribute new ADSs
representing the new deposited securities or ask you to surrender your outstanding ADRs in exchange for new ADRs identifying the new deposited
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If there are no deposited
securities underlying ADSs, including if the deposited securities are cancelled, or if the deposited securities underlying ADSs have become
apparently worthless, the depositary may call for surrender of those ADSs or cancel those ADSs upon notice to the ADS holders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>How may the deposit agreement be amended? </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We may agree with the depositary
to amend the deposit agreement and the ADRs without your consent for any reason. If an amendment adds or increases fees or charges, except
for taxes and other governmental charges or expenses of the depositary for registration fees, facsimile costs, delivery charges or similar
items, or prejudices a substantial right of ADS holders, it will not become effective for outstanding ADSs until 30 days after the depositary
notifies ADS holders of the amendment. At the time an amendment becomes effective, you are considered, by continuing to hold your ADSs,
to agree to the amendment and to be bound by the ADRs and the deposit agreement as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>How may the deposit agreement be terminated?
</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The depositary will initiate
termination of the deposit agreement if we instruct it to do so. The depositary may initiate termination of the deposit agreement if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">60 days have passed since the depositary told us it wants
to resign but a successor depositary has not been appointed and accepted its appointment;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">we delist the ADSs from an exchange in the United States
on which they were listed and do not list the ADSs on another exchange in the United States or make arrangements for trading of ADSs
on the U.S. over-the-counter market;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">we delist our shares from an exchange outside the United
States on which they were listed and do not list the shares on another exchange outside the United States;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the depositary has reason to believe the ADSs have become,
or will become, ineligible for registration on Form F-6 under the Securities Act of 1933;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">we appear to be insolvent or enter insolvency proceedings;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">all or substantially all the value of the deposited securities
has been distributed either in cash or in the form of securities;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">there are no deposited securities underlying the ADSs or
the underlying deposited securities have become apparently worthless; or</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">there has been a replacement of deposited securities.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">If the deposit agreement
will terminate, the depositary will notify ADS holders at least 90 days before the termination date. At any time after the termination
date, the depositary may sell the deposited securities. After that, the depositary will hold the money it received on the sale, as well
as any other cash it is holding under the deposit agreement, unsegregated and without liability for interest, for the pro rata benefit
of the ADS holders that have not surrendered their ADSs. Normally, the depositary will sell as soon as practicable after the termination
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">After the termination date
and before the depositary sells, ADS holders can still surrender their ADSs and receive delivery of deposited securities, except that
the depositary may refuse to accept a surrender for the purpose of withdrawing deposited securities or reverse previously accepted surrenders
of that kind that have not settled if it would interfere with the selling process. The depositary may refuse to accept a surrender for
the purpose of withdrawing sale proceeds until all the deposited securities have been sold. The depositary will continue to collect distributions
on deposited securities, but, after the termination date, the depositary is not required to register any transfer of ADSs or distribute
any dividends or other distributions on deposited securities to the ADSs holder (until they surrender their ADSs) or give any notices
or perform any other duties under the deposit agreement except as described in this paragraph.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Limitations on Obligations and Liability
</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Limits on our Obligations and the Obligations
of the Depositary; Limits on Liability to Holders of ADSs </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The deposit agreement expressly
limits our obligations and the obligations of the depositary. It also limits our liability and the liability of the depositary. We and
the depositary:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">are only obligated to take the actions specifically set forth
in the deposit agreement without negligence or bad faith, and the depositary will not be a fiduciary or have any fiduciary duty to holders
of ADSs;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">are not liable if we are or it is prevented or delayed by
law or by events or circumstances beyond our or its control from performing our or its obligations under the deposit agreement;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">are not liable if we or it exercises discretion permitted
under the deposit agreement;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">are not liable for the inability of any holder of ADSs to
benefit from any distribution on deposited securities that is not made available to holders of ADSs under the terms of the deposit agreement,
or for any special, consequential or punitive damages for any breach of the terms of the deposit agreement;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">have no obligation to become involved in a lawsuit or other
proceeding related to the ADSs or the deposit agreement on your behalf or on behalf of any other person;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">may rely upon any documents we believe or it believes in
good faith to be genuine and to have been signed or presented by the proper person;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">are not liable for the acts or omissions of any securities
depository, clearing agency or settlement system; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the depositary has no duty to make any determination or provide
any information as to our tax status. Neither the depositary nor we have any liability for any tax consequences that may be incurred
by ADS holders as a result of owning or holding ADSs or be liable for the inability or failure of an ADS holder to obtain the benefit
of a foreign tax credit, reduced rate of withholding or refund of amounts withheld in respect of tax or any other tax benefit.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the deposit agreement,
we and the depositary agree to indemnify each other under certain circumstances.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Requirements for Depositary Actions </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Before the depositary will
deliver or register a transfer of ADSs, make a distribution on ADSs, or permit withdrawal of shares, the depositary may require:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">payment of stock transfer or other taxes or other governmental
charges and transfer or registration fees charged by third parties for the transfer of any shares or other deposited securities;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">satisfactory proof of the identity and genuineness of any
signature or other information it deems necessary; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">compliance with regulations it may establish, from time to
time, consistent with the deposit agreement, including presentation of transfer documents.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The depositary may refuse
to deliver ADSs or register transfers of ADSs when the transfer books of the depositary or our transfer books are closed or at any time
if the depositary or we think it advisable to do so.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Your Right to Receive the Shares Underlying
Your ADSs </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">ADS holders have the right
to cancel their ADSs and withdraw the underlying shares at any time except:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">when temporary delays arise because: (i) the depositary has
closed its transfer books or we have closed our transfer books; (ii) the transfer of shares is blocked to permit voting at a shareholders&rsquo;
meeting; or (iii) we are paying a dividend on our shares;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">when you owe money to pay fees, taxes and similar charges;
or</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">when it is necessary to prohibit withdrawals in order to
comply with any laws or governmental regulations that apply to ADSs or to the withdrawal of shares or other deposited securities.</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">This right of withdrawal
may not be limited by any other provision of the deposit agreement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In the deposit agreement,
all parties to the deposit agreement acknowledge that the Direct Registration System, also referred to as DRS, and Profile Modification
System, also referred to as Profile, will apply to the ADSs. DRS is a system administered by DTC that facilitates interchange between
registered holding of uncertificated ADSs and holding of security entitlements in ADSs through DTC and a DTC participant. Profile is a
feature of DRS that allows a DTC participant, claiming to act on behalf of a registered holder of uncertificated ADSs, to direct the depositary
to register a transfer of those ADSs to DTC or its nominee and to deliver those ADSs to the DTC account of that DTC participant without
receipt by the depositary of prior authorization from the ADS holder to register that transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In connection with and in
accordance with the arrangements and procedures relating to DRS/Profile, the parties to the deposit agreement understand that the depositary
will not determine whether the DTC participant that is claiming to be acting on behalf of an ADS holder in requesting registration of
transfer and delivery as described in the paragraph above has the actual authority to act on behalf of the ADS holder (notwithstanding
any requirements under the Uniform Commercial Code). In the deposit agreement, the parties agree that the depositary&rsquo;s reliance
on and compliance with instructions received by the depositary through the DRS/Profile system and in accordance with the deposit agreement
will not constitute negligence or bad faith on the part of the depositary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Shareholder Communications; Inspection of
Register of Holders of ADSs </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The depositary will make
available for your inspection at its office all communications that it receives from us as a holder of deposited securities that we make
generally available to holders of deposited securities. The depositary will send you copies of those communications or otherwise make
those communications available to you if we ask it to. You have a right to inspect the register of holders of ADSs, but only for the purpose
of communicating with those holders regarding our business or a matter related to the deposit agreement or the ADSs.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The deposit agreement provides
that, to the extent permitted by law, ADS holders waive the right to a jury trial of any claim they may have against us or the depositary
arising out of or relating to our shares, the ADSs or the deposit agreement, including any claim under the U.S. federal securities laws.
If we or the depositary opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable
in the facts and circumstances of that case in accordance with applicable case law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">You will not, by agreeing
to the terms of the deposit agreement, be deemed to have waived our or the depositary&rsquo;s compliance with U.S. federal securities
laws or the rules and regulations promulgated thereunder.</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: justify"><B><I>Arbitration</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The deposit agreement governing
the ADSs representing our Class A ordinary shares provides that ADS holders, including purchasers of ADSs in secondary market transactions
and the depositary have the right to elect to have any claim they may have against us arising out of or relating to our Class A ordinary
shares or ADSs or the deposit agreement settled by arbitration in New York, New York rather than in a court of law, and to have any judgment
rendered by the arbitrators entered in any court having jurisdiction. An arbitral tribunal in any such arbitration would not have the
authority to award any consequential, special, or punitive damages and its award would have to conform to the provisions of the deposit
agreement. The deposit agreement does not give us the right to require that any claim, whether brought by us or against us, be arbitrated.
We believe that an optional contractual arbitration provision is generally enforceable, including under the laws of the State of New York,
which govern the deposit agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">No condition or provision
of the deposit agreement or ADSs serves as a waiver by any owner or holder of ADSs, including purchasers of ADSs in secondary market transactions,
or by us or the depositary of compliance with any substantive provision of the U.S. federal securities laws and the rules and regulations
promulgated thereunder. Therefore, in the event that there are claims brought under federal securities laws against us or the depositary
brought by any holder or owner of ADSs, including purchasers of ADSs in secondary market transactions, such claims may be submitted to
arbitration pursuant to the arbitration provision in the deposit agreement, or may be brought in a court of competent jurisdiction, at
the election of the claimant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">By agreeing to such optional
arbitration provision, you will not be deemed to have waived our or the depositary&rsquo;s compliance with U.S. federal securities laws
and the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><A NAME="b_009"></A>DETERMINATION OF OFFERING
PRICE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We cannot currently determine the price or prices
at which the ADSs may be sold by VG under this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><A NAME="b_010"></A>PLAN OF DISTRIBUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We have entered into a Securities
Purchase Agreement with VG Master Fund SPC under which we may issue and sell our Class A Ordinary Shares represented by ADSs having an
aggregate gross sales price of up to $100,000,000 from time to time at our discretion. In addition, we are required to cause the Depositary
Bank to issue Commitment ADSs to VG as consideration for VG&rsquo;s execution and delivery of, and performance under, the Purchase Agreement.
Sales of the ADSs, if any, under this prospectus supplement may be made in sales deemed to be &ldquo;at the market offerings&rdquo; as
defined in Rule 415 promulgated under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">We
do not have the right to commence any sales of the ADSs to VG under the Purchase Agreement until the Effective Date, which is the date
on which all of the conditions to VG&rsquo;s purchase obligation set forth in the Purchase Agreement have initially been satisfied, none
of which are in VG&rsquo;s control, including that this prospectus supplement shall have been filed with the SEC. From and after the Effective
Date, we have the right, but not the obligation, from time to time at our sole discretion until the earlier of, (i) the date on which
VG has cumulatively purchased a number of ADSs equal to $100,000,000 or (ii) April 1, 2028, unless the Purchase Agreement is earlier terminated,
to direct VG to purchase up to a specified maximum amount ADSs in one or more transactions as set forth in the Purchase Agreement, by
timely delivering a written Purchase Notice for each purchase to VG in accordance with the Purchase Agreement, so long as the Purchase
Amount is not less than $30,000 or the closing sale price of the ADSs on the trading day immediately prior to such Purchase Date is not
less than the Floor Price of $0.10, unless waived by VG. We may not deliver Purchase Notices to VG during the period commencing five (5)
Business Days prior to the filing of any post-effective amendment to the Registration Statement, any new registration statement, or any
annual, half-year or quarterly report, and ending on the Business Day immediately following such filing or effective date, as applicable
(the &ldquo;PEA Period&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">From
and after the Effective Date, we will control the timing and amount of any sales of ADSs to VG. Actual sales of ADSs to VG under the Purchase
Agreement will depend on a variety of factors to be determined by us from time to time, including, among other things, market conditions,
the trading price of the ADSs and determinations by us as to the appropriate sources of funding for our company and its operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
offering of the ADSs representing our Class A Ordinary Shares pursuant to this prospectus will terminate upon the earlier of (i) the issuance
and sale of all shares of the Class A Ordinary Shares represented by ADSs subject to this prospectus supplement, or (ii) the termination
of the Purchase Agreement as permitted therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
ADSs are currently listed on Nasdaq under the symbol &ldquo;XHG&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_011"></A>TAXATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">You
should carefully consider the tax consequences of an investment in our Class A Ordinary Shares represented by ADSs. Please refer to the
summary of the material Cayman Islands, PRC and U.S. federal income tax consequences of an investment in the ADSs described under the
heading &ldquo;Item 9. The Offer and Listing&mdash;E. Taxation&rdquo; in our most recent annual report on Form 20-F for FY 2025 (the &ldquo;2025
Annual Report&rdquo;), which is incorporated herein by reference, as updated by our subsequent filings under the Securities Exchange Act
of 1934, or the Exchange Act. The 2025 Annual Report indicates that there is a significant risk that we will be a PFIC for our 2026 taxable
year and in the foreseeable future. We have not made a determination whether we are expected to be treated as a PFIC for our 2026 taxable
year.</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"><A NAME="b_012"></A><B>LEGAL MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Except
as otherwise set forth in the applicable prospectus supplement, certain legal matters in connection with the securities offered pursuant
to this prospectus will be passed upon for us by ArentFox Schiff LLP (Washington, D.C.), our United States counsel, to the extent governed
by the laws of the State of New York, and by Conyers Dill &amp; Pearman, our special legal counsel as to Cayman Islands law, to the extent
governed by the laws of the Cayman Islands. Legal matters as to PRC law will be passed upon for us by Beijing Kingdom Law Firm, our counsel
as to PRC law. If legal matters in connection with offerings made pursuant to this prospectus are passed upon by counsel to underwriters,
dealers or agents, such counsel will be named in the applicable prospectus supplement relating to any such offering.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="b_013"></A><B>EXPERTS </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: justify; text-indent: 0.25in; background-color: white">The
consolidated financial statements as of September 30, 2025 and 2024 and for the years ended September 30, 2025 and 2024 incorporated in
this prospectus supplement by reference to our annual report on Form 20-F for the year ended September 30, 2025 have been so incorporated
in reliance on the reports of Onestop Assurance PAC, Singapore, an independent registered public accounting firm, given on the authority
of said firm as experts in auditing and accounting.</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"><A NAME="b_014"></A><B>WHERE YOU CAN FIND MORE INFORMATION ABOUT US
</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: justify; text-indent: 0.25in; background-color: white">We
are currently subject to periodic reporting and other informational requirements of the Exchange Act as applicable to foreign private
issuers. Accordingly, we are required to file with or furnish to the SEC reports, including annual reports on Form 20-F and other information.
All information filed with or furnished to the SEC can be inspected and copied at the public reference facilities maintained by the SEC
at 100 F Street, N.E., Washington, D.C. 20549. You can request copies of these documents upon payment of a duplicating fee, by writing
to the SEC. You can call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms. Additional
information may also be obtained over the Internet at the SEC&rsquo;s website at www.sec.gov. We also maintain a website at http://ir.qk365.com,
but information contained on our website is not incorporated by reference in this prospectus or any prospectus supplement. You should
not regard any information on our website as a part of this prospectus or any prospectus supplement.</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: justify; text-indent: 0.25in; background-color: white">As
a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content
of proxy statements, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit
recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic
reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the
Exchange Act. However, we intend to furnish the depositary with our annual reports, which will include a review of operations and annual
audited consolidated financial statements prepared in conformity with U.S. GAAP, and all notices of shareholders&rsquo; meetings and other
reports and communications that are made generally available to our shareholders. The depositary will make such notices, reports and communications
available to holders of ADSs upon request and, if we so request, will mail to all record holders of ADSs the information contained in
any notice of a shareholders&rsquo; meeting received by the depositary from us.</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: justify; text-indent: 0.25in; background-color: white">We
have filed with the SEC a registration statement on Form F-3 relating to the securities covered by this prospectus. This prospectus and
any accompanying prospectus supplement are part of the registration statement and do not contain all the information in the registration
statement. You will find additional information about us in the registration statement. Any statement made in this prospectus concerning
a contract or other document of ours is not necessarily complete, and you should read the documents that are filed as exhibits to the
registration statement or otherwise filed with the SEC for a more complete understanding of the document or matter. Each such statement
is qualified in all respects by reference to the document to which it refers. You may inspect a copy of the registration statement at
the SEC&rsquo;s Public Reference Room in Washington, D.C., as well as through the SEC&rsquo;s website.</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></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_015"></A>INCORPORATION OF DOCUMENTS BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
SEC allows us to incorporate by reference the information we file with them. This means that we can disclose important information to
you by referring you to those documents. Each document incorporated by reference is current only as of the date of such document, and
the incorporation by reference of such documents should not create any implication that there has been no change in our affairs since
such date. The information incorporated by reference is considered to be a part of this prospectus and should be read with the same care.
When we update the information contained in documents that have been incorporated by reference by making future filings with the SEC,
the information incorporated by reference in this prospectus is considered to be automatically updated and superseded. In other words,
in the case of a conflict or inconsistency between information contained in this prospectus and information incorporated by reference
into this prospectus, you should rely on the information contained in the document that was filed later.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">We incorporate by reference the documents listed below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">our annual report on <U STYLE="text-decoration: none"><A HREF="https://www.sec.gov/Archives/edgar/data/1769256/000121390026004379/ea0270582-20f_xchange.htm">Form 20-F</A></U> for FY 2025 filed with
the SEC on January 14, 2026;</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">our reports on <A HREF="https://www.sec.gov/Archives/edgar/data/1769256/000121390026041069/ea0285106-6k_xchange.htm">Form 6-K</A> furnished to the SEC on April 7,
2026; and</TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">with respect to each offering of securities under this prospectus,
all our subsequent annual reports on Form 20-F and any report on Form 6-K that indicates that it is being incorporated by reference,
in each case, that we file with the SEC on or after the date of this prospectus and until the termination or completion of the offering
under this prospectus.</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; text-align: justify; text-indent: 0.25in; background-color: white">Our
annual report on Form 20-F for FY 2025 contains a description of our business and audited consolidated financial statements with reports
by our independent auditors. These financial statements are prepared in accordance with accounting principles generally accepted in the
United States, or U.S. GAAP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">Unless
expressly incorporated by reference, nothing in this prospectus shall be deemed to incorporate by reference information furnished to,
but not filed with, the SEC. We will provide to you, upon your written or oral request, without charge, a copy of any or all of the documents
we refer to above which we have incorporated in this prospectus by reference, other than exhibits to those documents unless such exhibits
are specifically incorporated by reference in the documents. You should direct your requests to our principal executive office located
at Room 613, No.259, Guoxia Road, Yangpu District, Shanghai, 200433, People&rsquo;s Republic of China. Our telephone number at this address
is +86-21-6422-8532.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">You
should rely only on the information that we incorporate by reference or provide in this prospectus. We have not authorized anyone to provide
you with different information. We will not make any offer of these securities in any jurisdiction where the offer is not permitted. You
should not assume that the information in this prospectus or any prospectus supplement is accurate as of any date other than the date
on the front of those documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">SEC maintains an internet
site (http://www.sec.gov), which contains reports, proxy and information statements, and other information regarding us that file electronically
with the SEC.</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>

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

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

<P STYLE="font: 18pt 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"><B>US$300,000,000</B></P>

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

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may offer and sell from time to time up to
a total amount of US$300,000,000, consisting of (i) American Depositary Shares (&ldquo;ADSs&rdquo;), each representing two thousand four
hundred (2,400) Class A ordinary shares par value US$0.0000001 per share (&ldquo;Class A ordinary shares&rdquo;), (ii) Class A ordinary
shares, , (iii) preferred shares, (iv) warrants, (v) units, and (vi) debt securities, or any combination thereof, in one or more offerings
under this prospectus at prices and on terms described in one or more supplements to this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We refer to our Class A ordinary shares, ADSs,
preferred shares, warrants, units and debt securities collectively as &ldquo;securities&rdquo; in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each time we sell securities, we will provide
a supplement to this prospectus that contains specific information about the offering and the terms of the securities. The supplement
may also add, update or change information contained in this prospectus. We may also authorize one or more free writing prospectuses
to be provided in connection with a specific offering. You should read this prospectus, any prospectus supplement and any free writing
prospectus carefully before you invest in any of our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may sell the securities registered hereunder
to or through one or more underwriters, dealers and agents, or directly to purchasers, or through a combination of these methods, on
a continuous or delayed basis. See &ldquo;Plan of Distribution.&rdquo; If any underwriters, dealers or agents are involved in the sale
of any of the securities, their names, and any applicable purchase price, fee, commission or discount arrangements between or among them,
will be set forth, or will be calculable from the information set forth, in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ADSs are listed on the NASDAQ Capital Market
and are traded under the symbol &ldquo;XHG.&rdquo; On October 21, 2025, the closing price of our ADSs on the NASDAQ Capital Market was
US$0.97 per ADS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt"><B></B></FONT><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in our securities involves risks.
You should read the &ldquo;<U>Risk Factors</U>&rdquo; section in this prospectus, any applicable prospectus supplement, any related free
writing prospectus and the documents we incorporate by reference in this prospectus before investing in our securities. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus may not be used to offer or sell
any securities unless accompanied by a prospectus supplement. XChange TEC.INC (formerly known as FLJ Group Limited) is not a Chinese
operating company but rather a Cayman Islands holding company with operations conducted by our subsidiaries in China. On October 26,
2021 and December 17, 2021, we transferred all of our equity interest in the Shanghai Qingke Investment Consulting Co., Ltd. (&ldquo;Q&amp;K
Investment Consulting&rdquo;) and Qingke (China) Limited (&ldquo;Q&amp;K HK&rdquo;), respectively, to Wangxiancai Limited, which was
a related party of the Group and is beneficially owned by the legal representative and executive director of one of the Group&rsquo;s
subsidiaries (the &ldquo;First Equity Transfer&rdquo;). As of September 30, 2022, the Group did not account for the transfer of equity
interest in Q&amp;K HK, Q&amp;K Investment Consulting and Q&amp;K E-commerce as a discontinued operation, as XChange TEC.INC was the
primary beneficiary of Q&amp;K HK, Q&amp;K Investment Consulting and Q&amp;K E-commerce as XChange TEC.INC had the power to direct the
activities of these companies that most significantly impact their economic performance and XChange TEC.INC had the obligation to absorb
losses of these companies that could potentially be significant to these companies since their inception. On October 31, 2023, the Group
transferred all of its equity interest in Haoju (Shanghai) Artificial Intelligence Technology Co., Ltd. (&ldquo;Haoju&rdquo;), to Wangxiancai
Limited, at nominal consideration (the &ldquo;Second Equity Transfer&rdquo;). Upon the completion of the Second Equity Transfer, the
Group no longer conducts long-term apartment rental business in China. The disposals of Q&amp;K Investment Consulting, Q&amp;K HK and
Haoju are accounted as discontinued operations (&ldquo;Discontinued Operations&rdquo;).&nbsp; The remaining ongoing business operations
of our Group (excluding these disposed entities) are accounted as continuing operations (&ldquo;Continuing Operations&rdquo;).&nbsp;
On November 22, 2023, we entered into an equity acquisition agreement with Alpha Mind, an insurance agency and insurance technology business
in the PRC, and Alpha Mind&rsquo;s shareholders to acquire all of the issued and outstanding shares in Alpha Mind (the &ldquo;Acquisition&rdquo;).
The Acquisition of Alpha Mind was consummated on December 28, 2023. Alpha Mind conducts its insurance agency and insurance technology
businesses in the PRC through its indirectly wholly-owned subsidiary, Jiachuang Yingan (Beijing) Information &amp; Technology Co., Ltd.
(the &ldquo;Current WFOE&rdquo;) and the Current WFOE&rsquo;s consolidated variable interest entities. In April 2022, Alpha Mind, through
the Current WFOE, entered into contractual arrangements with Huaming Insurance Agency Co., Ltd. (&ldquo;Huaming Insurance&rdquo;) and
Huaming Yunbao (Tianjin) Technology Co., Ltd. (&ldquo;Huaming Yunbao, together with Huaming Insurance, the &ldquo;Current VIEs&rdquo;),
respectively. Via such contractual arrangements (the &ldquo;VIE Structure&rdquo;), we are regarded as the primary beneficiary of the
Current VIEs and consolidate the financial results of the Current VIEs under U.S. GAAP. The VIE structure is not equivalent of an investment
in the equity interest of the Current VIEs. For more detailed discussion of how cash is transferred between our subsidiaries, WFOE and
the VIEs, see &ldquo;Our Company&mdash; Cash and Asset Flows Through Our Organization&rdquo; in this prospectus. <I>As used in this prospectus,
unless the context otherwise requires, &ldquo;we,&rdquo;&nbsp;&ldquo;us,&rdquo;&nbsp;&ldquo;our company&rdquo; and &ldquo;our&rdquo;
refer to XChange TEC.INC and its subsidiaries, except in the context of describing the consolidated financial information, also include
the VIEs.</I>&nbsp;</P>

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

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>INVESTORS PURCHASING SECURITIES IN THIS OFFERING
ARE PURCHASING SECURITIES OF XCHANGE TEC, THE CAYMAN ISLANDS HOLDING COMPANY RATHER THAN SECURITIES OF XCHANGE TEC&rsquo;S SUBSIDIARIES
THAT HAVE SUBSTANTIVE BUSINESS OPERATIONS IN CHINA.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>XChange TEC.INC is not a Chinese operating
company but rather a holding company incorporated in the Cayman Islands. Because XChange TEC has no business operations of its own, we
conduct our business through our operating subsidiaries, primarily in China. This structure involves unique risks to investors and you
may never directly hold equity interests in XChange TEC&rsquo;s operating entities. You are specifically cautioned that there are significant
legal and operational risks associated with being based in or having the&nbsp;majority&nbsp;of&nbsp;operations&nbsp;in&nbsp;China, including
that changes in the legal, political and economic policies of the Chinese government, the relations between China and the United States,
or Chinese or United States regulations may materially and adversely affect our business, financial condition, results of operations
and the market price of XChange TEC&rsquo;s securities. Moreover, the Chinese government may exercise significant oversight and discretion
over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change
in our operations and/or the value of the securities being registered for sale or could significantly limit or completely hinder XChange
TEC&rsquo;s ability to offer or continue to offer securities to investors and cause the value of such securities to significantly decline
or be worthless.</B>&nbsp;For a detailed description of risks related to the holding corporate structure, &ldquo;Item 3. Key Information&mdash;D.
Risk Factors&mdash;Risks Related to Doing Business in China&mdash;Substantial uncertainties exist with respect to the interpretation
and implementation of the PRC Foreign Investment Law and how it may impact the viability of our current corporate structure, corporate
governance and business operations&rdquo; beginning on page 24 of our Form 20-F for FY 2025, which is incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Specifically, the government of China (which
is also referred to as &ldquo;PRC&rdquo;) recently initiated a series of regulatory actions and made a number of public statements on
the regulation of business operations in China, including cracking down on illegal activities in the securities market, enhancing supervision
over China-based companies listed overseas using a variable interest entity structure, adopting new measures to extend the scope of cybersecurity
reviews, and expanding efforts in anti-monopoly enforcement. We do not believe that our subsidiaries in Hong Kong or mainland China are
directly subject to these regulatory actions or statements, as we have not carried out any monopolistic behavior and our business does
not involve the collection of personal information or implicate national security. However, since these statements and regulatory actions
by the PRC government are newly published and detailed official guidance and related implementation rules have not been issued or taken
effect, uncertainties exist as to how soon the regulatory bodies in China will finalize implementation measures, and the impacts the
modified or new laws and regulations will have on our daily business operation, the ability to accept foreign investments and list securities
on an U.S. or other foreign exchange.&nbsp;</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are exposed to legal and operational risks
associated with our operations in China. The PRC government has significant authority to exert influence on the ability of a company
with operations in China, including us, to conduct its business. Changes in China&rsquo;s economic, political or social conditions or
government policies could materially and adversely affect our business and results of operations. We are subject to risks due to the
uncertainty of the interpretation and the application of the PRC laws and regulations, including but not limited to the risks of uncertainty
about any future actions of the PRC government on U.S. listed companies. We may also be subject to sanctions imposed by PRC regulatory
agencies, including CSRC, if we fail to comply with their rules and regulations. Any actions by the PRC government to exert more oversight
and control over offerings that are conducted overseas and/or foreign investment in companies having operations in China, including us,
could significantly limit or completely hinder our ability to offer or continue to offer securities to investors, and cause the value
of our securities to significantly decline or become worthless. These China-related risks could result in a material change in our operations
and/or the value of our securities, or could significantly limit or completely hinder our ability to offer securities to investors in
the future and cause the value of such securities to significantly decline or become worthless. See &ldquo;Our Company&mdash;Recent PRC
Regulatory Development&rdquo; in this prospectus and &ldquo;Item 3. Key Information&mdash;D. Risk Factors &ndash; Risks Related to Doing
Business in China&rdquo; in our Form 20-F for our fiscal year ended September 30, 2024, or FY 2025, which is incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our current Singapore-based auditor, Onestop Assurance
PAC, is not among the PCAOB-registered public accounting firms headquartered in the PRC or Hong Kong that are subject to PCAOB&rsquo;s
determination on December 16, 2021 of having been unable to inspect or investigate completely. However, we could still face the risk of
delisting and cessation of trading of our securities from a stock exchange or an over-the-counter market in the United States under the
Holding Foreign Companies Accountable Act and the securities regulations promulgated thereunder if the PCAOB determines in the future
that it is unable to completely inspect or investigate the audit working papers of our auditor which are located in China. On August 26,
2022, the PCAOB signed a Statement of Protocol with the China Securities Regulatory Commission (the &ldquo;CSRC&rdquo;) and the Ministry
of Finance of the People&rsquo;s Republic of China, or the Protocol, taking the first step toward opening access for the PCAOB to inspect
and investigate registered public accounting firms headquartered in China. Furthermore, the PCAOB will need to reassess by the end of
2022 whether China remains jurisdictions where the PCAOB is not able to inspect and investigate completely auditors registered with the
PCAOB. On December 15, 2022, the PCAOB board announced that it has completed the inspections, determined that it had complete access to
inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong, and voted to vacate
the Determination Report. See &ldquo;Risk Factors&mdash;Risks Related to Doing Business in the PRC&mdash;If the U.S. Public Company Accounting
Oversight Board, or the PCAOB, is unable to inspect our auditors as required under the Holding Foreign Companies Accountable Act, the
SEC will prohibit the trading of our ADSs. A trading prohibition for our ADSs, or the threat of a trading prohibition, may materially
and adversely affect the value of your investment. Additionally, the inability of the PCAOB to conduct inspections of our auditors would
deprive our investors of the benefits of such inspections&rdquo; in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our historical corporate structure is subject
to risks associated with our contractual arrangements with the VIE entities. Our historical contractual arrangements might not be as
effective as direct ownership in providing us with control over the VIE entities and the termination of these agreements may incur additional
costs. If the PRC government deems that our historical contractual arrangements with the VIE entities do not comply with PRC regulatory
restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations
change or are interpreted differently in the future, we could be subject to severe penalties or be forced to relinquish our interests
in those operations. Our Cayman Islands holding company, our PRC subsidiaries and VIE entities, and investors of our company face uncertainty
about potential future actions by the PRC government that could affect the enforceability of the historical contractual arrangements
with the VIE entities and, consequently, significantly affect the historical financial performance of the VIE entities and our Company
as a whole. See &ldquo;Risk Factors&mdash;Risks Related to Our Corporate Structure&mdash;If the PRC government determines that the contractual
arrangements with the VIE entities did not comply with PRC regulations, or if these regulations change or are interpreted differently
in the future, our shares and/or ADSs may decline in value if we are deemed to be unable to assert our contractual control rights over
the assets of the VIE entities&rdquo; in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or completeness of this
prospectus, including any prospectus supplement, free writing prospectus and documents incorporated by reference. Any representation
to the contrary is a criminal offense. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this prospectus is March 11, 2026.</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"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
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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>TABLE OF CONTENTS</B></P>

<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%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt; width: 90%"><A HREF="#a_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT
    THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INCORPORATION
    OF DOCUMENTS BY REFERENCE</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SPECIAL
    NOTE ON FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_004">PROSPECTUS
    SUMMARY</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RISK
    FACTORS</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_006">USE
    OF PROCEEDS</A></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CAPITALIZATION
    AND INDEBTEDNESS</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF SHARE CAPITAL</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">30</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF AMERICAN DEPOSITARY SHARES</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF PREFERRED SHARES</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF WARRANTS</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF UNITS</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION
    OF DEBT SECURITIES</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PLAN
    OF DISTRIBUTION</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">51</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TAXATION</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ENFORCEABILITY
    OF CIVIL LIABILITIES</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">53</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LEGAL
    MATTERS</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</FONT></TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EXPERTS</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">55</TD>
    </TR>
  <TR STYLE="background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><A HREF="#a_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHERE
    YOU CAN FIND MORE INFORMATION ABOUT US</FONT></A></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55</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"></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><A NAME="a_001"></A>ABOUT THIS PROSPECTUS </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Before you invest in any of our securities, you
should carefully read this prospectus and any prospectus supplement, together with the additional information described in the sections
entitled &ldquo;Where You Can Find More Information About Us&rdquo; and &ldquo;Incorporation of Documents by Reference&rdquo; in this
prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this prospectus, unless otherwise indicated
or unless the context otherwise requires:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;ADSs&rdquo;
                                            refers to our American depositary shares, each of which represents 2,400 Class A ordinary
                                            shares;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;China&rdquo;
                                            or the &ldquo;PRC&rdquo; refers to the People&rsquo;s Republic of China;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Current
                                            VIE&rdquo; or &ldquo;VIEs&rdquo; refers to Huaming Insurance Agency Co., Ltd. and Huaming
                                            Yunbao (Tianjin) Technology Co., Ltd.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;WFOE&rdquo;
                                            or &ldquo;Alpha Mind WFOE&rdquo; refer to Jiachuang Yingan (Beijing) Information &amp; Technology
                                            Co., Ltd.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;Alpha
                                            Mind&rdquo; refers to Alpha Mind Technology Limited, a company incorporated under the laws
                                            of the British Virgin Islands, and, if applicable, its consolidated entities;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;ordinary
                                            shares&rdquo; refers to our Class A ordinary shares and Class B ordinary shares, par value
                                            US$0.0000001 per share;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;other
                                            consolidated subsidiaries&rdquo; refer to our subsidiaries, excluding WFOE and VIE entities.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;RMB&rdquo;
                                            and &ldquo;Renminbi&rdquo; refer to the legal currency of China;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;US$,&rdquo;
                                            &ldquo;U.S. dollars,&rdquo; &ldquo;$,&rdquo; and &ldquo;dollars&rdquo; refer to the legal
                                            currency of the United States; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;we,&rdquo;
                                            &ldquo;us,&rdquo; &ldquo;our company&rdquo; and &ldquo;our&rdquo; refer to XChange TEC.INC
                                            (formerly known as FLJ Group Limited) and its subsidiaries, except in the context of describing
                                            the consolidated financial information, also include the VIEs.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated, the number of our
tenants, average lease term of our tenants, and our other operating data in this prospectus, any accompanying prospectus supplement and
related free writing prospectus, and the documents incorporated by reference herein and therein do not take into account tenants who
choose not to stay in our apartments after the first week of their leases. To encourage prospective tenants to try out our apartments,
we have put in place a policy to allow a new tenant to cancel a lease within three days from the move-in date, and we will return all
rental, deposits and fees penalty free. If a new tenant cancels the lease on the fourth to the seventh day, we will return all unused
rental, deposit and fees penalty free.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our fiscal year end is September 30. &ldquo;FY
2023&rdquo; refers to our fiscal year ended September 30, 2023, &ldquo;FY 2024&rdquo; refers to our fiscal year ended September 30, 2024,
and &ldquo;FY 2025&rdquo; refers to our fiscal year ended September 30, 2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus is part of a registration statement
on Form F-3 that we filed with the United States Securities and Exchange Commission, or SEC, utilizing a shelf registration process permitted
under the Securities Act of 1933, as amended, or the Securities Act. By using a shelf registration statement, we may sell any of the
securities to the extent permitted in this prospectus and the applicable prospectus supplement, from time to time in one or more offerings
on a continuous or delayed basis. Each time we sell securities, we may provide a supplement to this prospectus that contains specific
information about the securities being offered and the terms of that offering. The supplement may also add, update or change information
contained in this prospectus. If there is any inconsistency between the information in this prospectus and any prospectus supplement,
you should rely on the prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information contained
or incorporated by reference in this prospectus, any applicable prospectus supplement or any related free writing prospectus that we
may authorize to be delivered to you. We have not authorized any other person to provide you with different information. If anyone provides
you with different or inconsistent information, you should not rely on it. We will not make an offer to sell these securities in any
jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus, the applicable
supplement to this prospectus or in any related free writing prospectus is accurate as of its respective date, and that any information
incorporated by reference is accurate only as of the date of the document incorporated by reference, unless we indicate otherwise. Our
business, financial condition, results of operations and prospects may have changed since those dates.</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; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_002"></A>INCORPORATION OF DOCUMENTS
BY REFERENCE </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEC allows us to incorporate by reference
the information we file with them. This means that we can disclose important information to you by referring you to those documents.
Each document incorporated by reference is current only as of the date of such document, and the incorporation by reference of such documents
should not create any implication that there has been no change in our affairs since such date. The information incorporated by reference
is considered to be a part of this prospectus and should be read with the same care. When we update the information contained in documents
that have been incorporated by reference by making future filings with the SEC, the information incorporated by reference in this prospectus
is considered to be automatically updated and superseded. In other words, in the case of a conflict or inconsistency between information
contained in this prospectus and information incorporated by reference into this prospectus, you should rely on the information contained
in the document that was filed later.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We incorporate by reference the documents listed
below:</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 STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our annual
    report on <FONT STYLE="text-decoration: none"><A HREF="http://www.sec.gov/Archives/edgar/data/1769256/000121390026004379/ea0270582-20f_xchange.htm">Form
    20-F</A></FONT> for FY 2025 filed with the SEC on January 14, 2026;</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">with
                                            respect to each offering of securities under this prospectus, all our subsequent annual reports
                                            on Form 20-F and any report on Form 6-K that indicates that it is being incorporated by reference,
                                            in each case, that we file with the SEC on or after the date of this prospectus and until
                                            the termination or completion of the offering under this prospectus.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our annual report on Form 20-F for FY 2025 contains
a description of our business and audited consolidated financial statements with reports by our independent auditors. These financial
statements are prepared in accordance with accounting principles generally accepted in the United States, or U.S. GAAP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless expressly incorporated by reference, nothing
in this prospectus shall be deemed to incorporate by reference information furnished to, but not filed with, the SEC. We will provide
to you, upon your written or oral request, without charge, a copy of any or all of the documents we refer to above which we have incorporated
in this prospectus by reference, other than exhibits to those documents unless such exhibits are specifically incorporated by reference
in the documents. You should direct your requests to our principal executive office located at Room 613, No.259, Guoxia Road, Yangpu
District, Shanghai, 200433, People&rsquo;s Republic of China. Our telephone number at this address is +86-21-6422-8532.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information that
we incorporate by reference or provide in this prospectus. We have not authorized anyone to provide you with different information. We
will not make any offer of these securities in any jurisdiction where the offer is not permitted. You should not assume that the information
in this prospectus or any prospectus supplement is accurate as of any date other than the date on the front of those documents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SEC maintains an internet site (http://www.sec.gov),
which contains reports, proxy and information statements, and other information regarding us that file electronically with the SEC.</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; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_003"></A>SPECIAL NOTE ON FORWARD-LOOKING
STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus, any accompanying prospectus
supplement and related free writing prospectus, and the information incorporated by reference herein and therein may contain forward-looking
statements that relate to our current expectations and views of future events. Known and unknown risks, uncertainties and other factors
may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking
statements. These statements are made under the &ldquo;safe harbor&rdquo; provisions of the U.S. Private Securities Litigations Reform
Act of 1995.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You can identify some of these forward-looking
statements by words or phrases such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;aim,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;believe,&rdquo; &ldquo;is/are likely to,&rdquo; &ldquo;potential,&rdquo;
&ldquo;continue&rdquo; or other similar expressions. We have based these forward-looking statements largely on our current expectations
and projections about future events that we believe may affect our financial condition, results of operations, business strategy and
financial needs. These forward-looking statements include, but are not limited to, statements relating to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our
                                            mission and strategies;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our
                                            ability to continue as a going concern;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our
                                            ability to achieve or maintain profitability;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">general
                                            economic and business condition in China and elsewhere, particularly the long-term apartment
                                            rental market and government measures aimed at China&rsquo;s real estate industry and apartment
                                            rental industry;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">health
                                            epidemics, pandemics and similar outbreaks, including COVID-19;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">competition
                                            in the apartment rental industry;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our
                                            future business development, financial condition and results of operations;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our
                                            expectations regarding demand for and market acceptance of our apartments and services;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our
                                            ability to attract and retain tenants and landlords, including tenants and landlords from
                                            our acquired lease contracts;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our
                                            ability to control the quality of operations, including the operation of our rental apartments
                                            managed by our own apartment managers or by third-party contractors;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our
                                            ability to integrate strategic investments, acquisitions and new business initiatives; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">our
                                            relationship with financial institution partners and third-party product and service providers.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These forward-looking statements involve various
risks and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable, our
expectations may later be found to be incorrect. Our actual results could be materially different from our expectations. You should thoroughly
read this prospectus, any accompanying prospectus supplement and the documents that we reference in this prospectus with the understanding
that our actual future results may be materially different from and worse than what we expect. Factors that could cause or contribute
to the differences include, but are not limited to, those discussed in the &ldquo;Risk Factors&rdquo; section. Moreover, we operate in
an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict
all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or
combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify
all of our forward-looking statements by these cautionary statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus contains certain data and information
that we obtained from various government and private publications. Statistical data in these publications also include projections based
on a number of assumptions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our industry may not grow at the rate projected
by market data, or at all. Failure of this market to grow at the projected rate may have material and adverse effect on our business and
the market price of our ADSs. In addition, the rapidly changing nature of China&rsquo;s branded long-term apartment rental industry results
in significant uncertainties for any projections or estimates relating to the growth prospects or future condition of our market. Furthermore,
if any one or more of the assumptions underlying the market data are later found to be incorrect, actual results may differ from the projections
based on these assumptions. You should not place undue reliance on these forward-looking statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The forward-looking statements made in this prospectus,
any accompanying prospectus supplement and the documents that we reference in this prospectus relate only to events or information as
of the date on which the statements are made in the respective documents. You should not rely upon forward-looking statements as predictions
of future events. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the
occurrence of unanticipated events.</P>

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


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<DIV STYLE="border: Black 1.5pt solid; padding: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_004"></A>PROSPECTUS SUMMARY</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; text-align: justify; margin: 0pt 0"><I>The following summary highlights information
contained elsewhere in this prospectus and does not contain all of the information you should consider before investing in our securities.
You should read the entire prospectus carefully and the documents incorporated by reference herein, including sections titled &ldquo;Risk
Factors&rdquo; in this prospectus, &ldquo;Item 3. Key Information,&rdquo; Item 5. &ldquo;Operating and Financial Review and Prospects&rdquo;,
Item 7. Major Shareholders and&nbsp;Related Party Transactions, and Item 8. &ldquo;Financial Information&rdquo; in our Annual Report
on Form 20-F, as filed on January 22, 2025 (the &ldquo;Annual Report&rdquo;), incorporated by reference in this prospectus. Unless the
context otherwise requires, all references to &ldquo;XChange TEC,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; the &ldquo;Company,&rdquo;
and similar designations refer to XChange TEC.INC, an exempted Cayman Islands company and its wholly owned subsidiaries.</I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We acquired Alpha Mind, an insurance agency and
insurance technology business in the PRC, on December 28, 2023, and conduct insurance agency and insurance technology businesses in the
PRC through the Current WFOE and Current VIEs which provides a wide variety of insurance products underwritten by major insurance companies,
including industry leading and/or state-owned property and casualty insurance companies as well as certain regional property and casualty
insurance companies in China. Through the Current VIEs, we hold the insurance agent operating license which is required under applicable
PRC laws to conduct insurance agency business in China.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As an insurance agency, we are not involved in
underwriting insurance policies. We are committed to providing insurance purchasers with comprehensive services, spanning from application
to claim settlement, through our professional and dedicated approach. We have accumulated substantial expertise and successfully expanded
our insurance product portfolio to encompass a wide range of offerings. These include life, health, group accident, and various other
property-related insurances. Leveraging the growing ubiquity of mobile internet, we introduced the SaaS platform in 2023. The SaaS platform
functions as an internal operational management system designed to enhance the efficiency and scalability of insurance operations. While
it does not directly generate revenue, it provides a foundational infrastructure that enables insurance institutions and individual insurance
brokers to onboard smoothly through a one-click process. This facilitates the rapid configuration of organizational structures, user
accounts, client profiles, and access permissions. The platform integrates in real-time with external insurance databases, appointment
scheduling systems, policy records, and performance tracking data. This integration creates a fully closed-loop sales process, enhancing
data consistency and operational continuity across all stages. To support business growth and adaptability, the platform offers reserved
expansion interfaces (an application programming interface used to connect with insurance providers). These allow for the quick integration
of multiple insurance companies and their products, enabling a broader service offering and partnership ecosystem. Insurance brokers
can also use the front-end interface of the SaaS platform to show the products detail to consumers, which can improve the efficiency
of insurance selling process. By leveraging data-driven insights and standardized operational workflows, the system helps reduce the
administrative overhead and costs associated with insurance operations. Ultimately, it makes insurance sales more straightforward, management
more transparent, and customer service more professional. This technological advancement has streamlined and popularized our insurance
agency business, enhancing accessibility and convenience for our customers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our role as an insurance agent is mainly to facilitate
insurance companies to promote market penetration of their products through our extensive nationwide sales network. Insurance companies
may leverage our marketing network to promote their products with cost efficiency rather than having to build a marketing network of
their own. With respect to end customers, or insurance purchasers, our sales representatives are able to leverage their professional
knowledge and experience to advise and recommend the most suitable insurance products and efficiently complete the contract signing process
as well as assist them with claim applications.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With our solid foundation and unwavering commitment
to excellence, we are confident in our ability to capitalize thriving Chinese insurance agency market. In 2024, we were ranked 40 among
the top 100 insurance intermediaries in China and were ranked third in Tianjin region, in terms of insurance premium facilitated. We,
through the Current VIEs, are principally engaged in the insurance agency business primarily through a &ldquo;Business to Business to
Consumer,&rdquo; or B2B2C, model. We offer a wide variety of insurance products underwritten by major insurance companies in China, including
industry leading and/or state-owned property and casualty insurance companies as well as certain regional property and casualty insurance
companies in China, to insurance purchasers and generate revenue from commissions from these insurance companies, typically based on
a percentage of the premium paid by insurance purchasers. In 2023 and 2024, we sold more than 13,687,786 and 22,765,794 insurance policies
with an aggregate premium of approximately RMB2,139.0 million and RMB2,219.116 million, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We sell insurance policies primarily through
a network of external referral sources, which comprised more than 740 external registered sales representatives and 102 strategic channel
partners as of December 31, 2024, as well as through the in-house sales force. As of December 31, 2024, we had branch coverage in 16
cities in 10 provinces, autonomous regions and municipalities in China and had established collaborative relationships with 56 insurance
companies and approximately 195 of their branches in China.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We specialize in distributing automobile insurance
policies at the earlier stage of our business and subsequently expanded our insurance product portfolio to include other types of insurance
including life, health, group accident and other property related insurances. In 2024, insurance premium from property related insurance
accounted for approximately 84.2% of the total insurance premium from insurance policies sold.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We typically do not collect, hold or refer any
insurance premiums to or on behalf of the insurance companies. The insurance premium typically will be paid directly by the insurance
purchasers to the insurance companies, and the insurance companies will pay us the commission within a specified period after their receipt
of the insurance premium. After an insurance policy takes effect, we communicate and coordinate with insurance purchasers and insurance
companies to serve their respective needs. As we do not underwrite insurance policies, the insurance purchasers or policy holders do
not have any direct recourse with us for insurance claims as the insurance contract is entered into directly between the policy holders
and the insurance companies, we only play the role of facilitating the claim process.</P>

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

</DIV>

<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; text-align: justify">We generate revenue from our insurance agency
business primarily through collecting commissions from insurance companies for successful sales of their insurance products, which are
typically based on a percentage of the premium paid by insurance policy purchasers. The commission rates are typically set by insurance
companies and vary for different product types, different insurance companies and different geographic regions in which the insurance
products are sold. The commission rates are also subject to adjustments by insurance companies from time to time based on their expectation
on profits, consumer demand for insurance products in the market, the availability and pricing of comparable products from other insurance
companies, regulatory requirements and governmental policies, and other factors that affect insurance companies at the relevant time.
In this connection, the average commission rates also varied between different cities in which we operate our insurance agency business,
and in 2023 and 2024, our by-city average commission rates ranged from 9% to 33% and 4% to 35%, respectively, while its overall average
commission rate was 14% and 10%, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 26, 2021, December 17, 2021, and October
31, 2023, we transferred all of our equity interests in Q&amp;K Investment Consulting (the &ldquo;Former WFOE&rdquo;), Qingke (China)
Limited (&ldquo;Q&amp;K HK&rdquo;), and Haoju (Shanghai) Artificial Intelligence Technology Co., Ltd. (&ldquo;Haoju,&rdquo; and together
with the Former WFOE and Q&amp;K HK, the &ldquo;Disposed Entities&rdquo;), respectively, to Wangxiancai Limited for nominal consideration
(collectively, the &ldquo;Equity Transfers&rdquo;). At the time of the Equity Transfers, Wangxiancai Limited was beneficially owned by
the legal representative and executive director of one of our subsidiaries and was therefore a related party; Wangxiancai Limited ceased
to be a related party in October 2023. The consideration for each transfer was nominal because the Disposed Entities were loss-making,
had net liabilities, and the likelihood of generating future cash flows was minimal given (i) decreasing demand for long-term rental
apartments in the areas of operation due to population outflows and (ii) increasing operating costs as a percentage of revenue resulting
from fixed cost burdens amid declining revenue streams. The Former WFOE was a wholly owned subsidiary of Q&amp;K HK and, prior to its
transfer, maintained a series of contractual arrangements with our former variable interest entity, Shanghai Qingke E-commerce Co., Ltd.,
through which we carried out certain rental apartment operations. Haoju, a limited company organized under the laws of the PRC and our
indirect wholly owned subsidiary prior to the disposal, together with its subsidiaries held substantially all of the equity interests
of our PRC subsidiaries through which we conducted our long-term apartment rental business (the &ldquo;Disposed Business&rdquo;). The
Disposed Business contributed substantially all of our revenue and held substantially all of our assets prior to the October 31, 2023
disposal of Haoju, which was consummated on that date. The Disposed Business had been incurring losses from operations. Our accumulated
deficits amounted to RMB 4,605,215,000 and RMB 3,856,801,000 as of September 30, 2025 and 2024 respectively. Net cash used in operating
activities from continuing operations were RMB 11,698,000, RMB 8,955,000 and 22,178,000 for the years ended September 30, 2025, 2024
and 2023, respectively. As of September 30, 2025 and 2024, current liabilities exceeded current assets by RMB 909,308,000 and RMB 1,271,179,000,
respectively.&nbsp;These factors raise substantial doubt about our ability to continue as a going concern. The Equity Transfers were
effected to enable us to allocate resources to higher-quality rental apartment operations through our remaining subsidiaries in China.
Haoju holds substantially all of the equity interest of our subsidiaries in the PRC, through which we carried out long-term apartment
rental business (the &ldquo;Disposed Business&rdquo;). The Disposed Business contributed substantially all revenue and held substantially
all of our assets prior to the Disposal. The Disposal was consummated on October 31, 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In 2022, we entered into a loan agreement with
Key Space (S) Pte. Ltd (&ldquo;Key Space&rdquo;), which was a subsidiary owned by one of our then shareholders, with a total principal
amount of RMB4.1 million, in connection with our business operation. In FY 2022, FY 2023, and FY2024, amounts due to Key Space were RMB4.1
million, RMB4.5 million and RMB4.3 million, respectively. The balance due to related parties represented borrowings from Key Space which
were due within 12 months from borrowing, which subsequently extended and are due by June 2026. Key Space ceased to be a related party
of the Company in December 2024.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 22, 2023, we entered into an equity
acquisition agreement with Alpha Mind, an insurance agency and insurance technology business in the PRC, and Alpha Mind&rsquo;s then
shareholders to acquire all of the issued and outstanding shares in Alpha Mind for an aggregate purchase price of US$180,000,000 (the
&ldquo;Acquisition&rdquo;). The purchase price is payable in the form of a promissory note (collectively, the &ldquo;Notes&rdquo;). The
Notes have a maturity of 90 days from the closing date, which was subsequently extended to June 30, 2025, an interest rate at an annual
rate to 3% per annum and will be secured by all of the issued and outstanding equity of the Alpha Mind and all of the assets of the Alpha
Mind, including its consolidated entities. As of January 14, 2026, the Company had paid off a total principal amount of US$77,000,000
by issuing Class A ordinary shares of the Company to the noteholders. The Company intends to pay the rest of the promissory notes by
either using the cash flow generated by the Company&rsquo;s operation or through debt or equity offerings or loans; however, depending
on market conditions, the Company may also choose to pay a portion of the promissory notes through issuance of Class A ordinary shares.
We have been also exploring financing opportunities with certain Asia-based investors who are not U.S. persons and who are not affiliated
to us or the Current VIEs. The financing may involve equity-based instruments, including convertible debt. However, the terms and conditions
are still under negotiation and there are uncertainties whether we can close the financing on favorable terms and in a timely manner
or at all. In the event that we fail to repay the promissory notes within the extended maturity date, the noteholders may exercise their
collateral rights in which case we will lose control and will no longer be able to consolidate the results of operation of Alpha Mind.
For more details, see &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Related to our Business and Industry&mdash; If
we are unable to repay or refinance the Notes, we will lose control and will no longer be able to consolidate the results of operation
of Alpha Mind. In addition, our level of indebtedness could adversely affect our business, financial condition, results of operations
and prospects&rdquo; in the Company&rsquo;s annual report on Form 20-F for FY 2025. The Acquisition was completed on December 28, 2023,
upon which Alpha Mind become our wholly-owned subsidiary and we assumed and began conducting the principal business of Alpha Mind.</P>

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

</DIV>

<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; text-align: justify">Effective on December 7, 2023, we adjusted the
ratio of ADS from one (1) ADS representing fifteen thousand (15,000) Class A ordinary shares to one (1) ADS representing six hundred
thousand (600,000) Class A ordinary shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 20, 2024, our authorized share capital
was changed to US$48,000,000 divided into 480,000,000,000,000 shares of a nominal or par value of US$0.0000001 each, of which 419,500,000,000,000
were designated as Class A Ordinary Shares of a nominal or par value of US$0.0000001 each, 60,000,000,000,000 were designated as Class
B Ordinary Shares of a nominal or par value of US$0.0000001 each, and 500,000,000,000 were designated as Preferred Shares of a nominal
or par value of US$0.0000001 each.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 20, 2024, we changed our company name from
&ldquo;FLJ Group Limited&rdquo; to &ldquo;XChange TEC.INC,&rdquo; effective on May 21, 2024. Our ADSs began trading under the new ticker
symbol &ldquo;XHG&rdquo; on the NASDAQ effective on June 3, 2024.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 6, 2024, the Company and Burgeon Capital
Inc (&ldquo;Burgeon Capital&rdquo;) entered into certain share conversion documents (the &ldquo;Conversion Documents&rdquo;), pursuant
to which, the Company agreed to issue to Burgeon Capital and Burgeon Capital agreed to subscribe from the Company, the Converted Shares,
as the repayment by the Company to Burgeon Capital of all outstanding principal amount and accrued interest under the promissory note
issued to Burgeon Capital on December 28, 2023, with a total amount of US$27,342,000.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 26, 2024, the Company&rsquo;s board
of directors, after careful deliberations with the Company&rsquo;s management team, decided it would be in the best interest of the Company
to dispose of its apartment rental business segment because it failed to meet performance expectations, was operating at a financial
loss, and faced unfavorable market conditions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 12, 2024, we sold all of the equity
interest in QK365, FENGLINJU PROPERTY (CHINA) LIMITED and Shanghai Meileju Intelligent Technology Co., Ltd to Wangxiancai Limited, a
limited company incorporated under the laws of Hong Kong for nominal consideration. As a result of the Disposal, we have no longer conducted
the long-term apartment rental business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 24, 2024, Mr. Yong Zhang purchased
from Mr. Chengcai Qu, the then sole shareholder and sole director of Golden Stream, all issued and outstanding ordinary shares held by
Mr. Qu in Golden Stream, and became the sole shareholder and sole director of Golden Stream.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective on November 8, 2024, we adjusted the
ratio of ADS from one (1) ADS representing six hundred thousand (600,000) Class A ordinary shares to one (1) ADS representing twelve
million (12,000,000) Class A ordinary shares.</P>

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

<P STYLE="margin: 0pt 0; text-align: justify">On December 12, 2024 and December 20, 2024, the Company issued 82,800,000,000,000 and 84,000,000,000,000
Class A Ordinary shares respectively in accordance with a Securities Purchase Agreement with VG Master Fund SPC (&ldquo;VG&rdquo;) dated
September 24, 2024.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 24, 2025, we closed the acquisition
of a Hong Kong-based insurance brokerage firm licensed by the Hong Kong Insurance Authority. It grants us direct access to Hong Kong&rsquo;s
dynamic insurance market and paves the way for the Company to launch tailored insurance solutions for clients across China and international
markets. Hong Kong&rsquo;s insurance sector has demonstrated robust growth driven by rising demand from mainland Chinese clients and
expatriates seeking international-standard wealth preservation tools. As a gateway linking global capital flows, Hong Kong offers unparalleled
opportunities to serve high-net-worth individuals, multinational corporations, and cross-border investors. Our entry into Hong Kong market
aligns with the vision to become a one-stop hub for clients seeking sophisticated risk management and wealth enhancement solutions. The
local regulatory capabilities allow our business team to deliver innovative insurance products that meet the evolving needs of Asia&rsquo;s
affluent population.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 23, 2025, the Company, MMTEC, Inc. (&ldquo;MMTEC&rdquo;),
who was the then holder of the Note in the original principal amount of US$153,000,000, and Infinity Asset Solutions Ltd. (&ldquo;Infinity
Asset&rdquo;), entered into a Note Purchase Agreement, pursuant to which Infinity Asset purchased from MMTEC, a portion of the Note (the
&ldquo;Infinity Note&rdquo;) representing US$51,988,242 of the total US$153,738,529 of the unpaid principal and accrued and unpaid interest
under the Note.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 6, 2025 the Company changed the ratio
of the ADSs representing its Class A ordinary shares from one (1) ADS representing one hundred and twenty (120) Class A ordinary share
to one (1) ADS representing two thousand four hundred (2,400) Class A ordinary shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 9, 2025, the Company and Infinity Asset
entered into a share subscription agreement and a payoff letter, pursuant to which, the Company issued 108,027,515,844 Class A Ordinary
Shares to Infinity Asset, as the repayment by the Company to Infinity Asset of all outstanding principal amount and accrued interest
under the Infinity Note with a total amount of US$51,988,242.</P>

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

<P STYLE="margin: 0pt 0; text-align: justify">On June 30, 2025, the Company and MMTEC agreed to extend the maturity date of the Note
held by MMTEC and accrued interest to date to December 31, 2025 and if the Notes have an outstanding balance on the maturity date, the
maturity date will be automatically extended to the end of following year.</P>

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

</DIV>



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

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<DIV STYLE="border: Black 1.5pt solid; padding: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Holding Foreign Companies Accountable Act
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The U.S. Holding Foreign Companies Accountable
Act, or the HFCA Act, was enacted into law on December 18, 2020. Under the HFCA Act, if the SEC determines that we have filed audit reports
issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years, the SEC
will prohibit our securities, including our ADSs, from being traded on a U.S. national securities exchange, including NASDAQ, or in the
over-the-counter trading market in the U.S. The process for implementing trading prohibitions pursuant to the HFCA Acts will be based
on a list of registered public accounting firms that the PCAOB has been unable to inspect and investigate completely as a result of a
position taken by a non-U.S. government, or the Relevant Jurisdiction, and such identified auditors, the PCAOB Identified Firms. The first
list of PCAOB Identified Firms was included in a release by the PCAOB on December 16, 2021, or the PCAOB December 2021 Release. The SEC
will review annual reports filed with it for fiscal years beginning after December 18, 2020 to determine if the auditor used for such
reports was so identified by the PCAOB, and such issuers will be designated as &ldquo;Commission Identified Issuers&rdquo; on a list to
be published by the SEC. If an issuer is a Commission Identified Issuer for three consecutive years (which will be determined after the
third such annual report), the SEC will issue an order that will implement the trading prohibitions described above. On August 26, 2022,
the PCAOB announced that it had signed a Protocol with the CSRC and the MOF of the People&rsquo;s Republic of China, governing inspections
and investigations of audit firms based in mainland China and Hong Kong. Pursuant to the Protocol, the PCAOB conducted inspections on
select registered public accounting firms subject to the Determination Report in Hong Kong between September and November 2022. On December
15, 2022, the PCAOB board announced that it has completed the inspections, determined that it had complete access to inspect or investigate
completely registered public accounting firms headquartered in mainland China and Hong Kong, and voted to vacate the Determination Report.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding the foregoing, the Company&rsquo;s
ability to retain an auditor subject to the PCAOB inspection and investigation, including but not limited to inspection of the audit working
papers related to us, may depend on the relevant positions of U.S. and Chinese regulators.&nbsp;If we are unable to retain a PCAOB-registered
auditor subject to PCAOB inspection and investigation, a trading prohibition for our ADSs could be issued shortly after our filing of
the third consecutive annual report on Form 20-F for which we have retained a PCAOB Identified Firm. Our current independent accounting
firm, Onestop Assurance PAC whose audit report is included in the annual report on Form 20-F for FY 2025, which is incorporated herein
by reference, is headquartered in Singapore, Republic of Singapore, and was not included in the list of PCAOB Identified Firms in the
PCAOB December Release. Recent developments with respect to audits of China-based companies create uncertainty about the ability of Onestop
Assurance PAC to fully cooperate with a PCAOB request for audit working papers without the approval of the Chinese authorities. Onestop
Assurance PAC&rsquo;s audit working papers related to us are located in China. The PCAOB has not requested Onestop Assurance PAC to provide
the copies of these audit working papers and as a result, Onestop Assurance PAC has not sought permission from the Chinese authorities
to provide copies of these materials to the PCAOB, but there is no assurance that they would be able to obtain such permission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If our ADSs are subject to a trading prohibition
under the HFCA Act, the price of our ADSs may be adversely affected, and the threat of such a trading prohibition would also adversely
affect their price. If we are unable to be listed on another securities exchange that provides sufficient liquidity, such a trading prohibition
may substantially impair your ability to sell or purchase our ADSs when you wish to do so. Furthermore, if we are able to maintain a listing
of our Class A ordinary shares on a non-U.S. exchange, investors owning our ADSs may have to take additional steps to engage in transactions
on that exchange, including converting ADSs into Class A ordinary shares and establishing non-U.S. brokerage accounts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The HFCA Act also imposes additional certification
and disclosure requirements for Commission Identified Issuers, and these requirements apply to issuers in the year following their listing
as Commission Identified Issuers. The additional requirements include a certification that the issuer is not owned or controlled by a
governmental entity in the Relevant Jurisdiction, and the additional requirements for annual reports include disclosure that the issuer&rsquo;s
financials were audited by a firm not subject to PCAOB inspection, disclosure on governmental entities in the Relevant Jurisdiction&rsquo;s
ownership in and controlling financial interest in the issuer, the names of Chinese Communist Party, or CCP, members on the board of
the issuer or its operating entities, and whether the issuer&rsquo;s articles include a charter of the CCP, including the text of such
charter.</P>

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

</DIV>

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

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<DIV STYLE="border: Black 1.5pt solid; padding: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In addition to
the issues under the HFCA discussed above, the PCAOB&rsquo;s inability to conduct inspections in China and Hong Kong prevents it from
fully evaluating the audits and quality control procedures of the independent registered public accounting firm. Our current independent
registered public accounting firm, Onestop Assurance PAC, is headquartered in Singapore, Republic of Singapore, and has been inspected
by the PCAOB on a regular basis with the last inspection in 2022. However, as noted above, recent developments create uncertainty as
to the PCAOB&rsquo;s continued ability to conduct inspections of our independent accounting firm, Onestop Assurance PAC. The inability
of the PCAOB to conduct inspections of auditors in China makes it more difficult to evaluate the effectiveness of a China-based independent
registered public accounting firm&rsquo;s audit procedures or quality control procedures as compared to auditors outside of China that
are subject to the PCAOB inspections, which could cause investors and potential investors in the stock to lose confidence in the audit
procedures and reported financial information and the quality of our financial statements. </FONT>&nbsp;<FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conduct our business in China through our
subsidiaries and the VIEs. We are required to obtain certain permissions from the PRC authorities to operate, issue securities to foreign
investors, and transfer certain data. The PRC government has exercised, and may continue to exercise, substantial influence or control
over virtually every sector of the Chinese economy through regulation and state ownership. Our ability to operate in China may be undermined
if our subsidiaries or the VIEs are not able to obtain or maintain approvals to operate in China. The central or local governments could
impose new, stricter regulations or interpretations of existing regulations that could require additional expenditures, and efforts on
our part to ensure our compliance with such regulations or interpretations. To operate our general business activities currently conducted
in mainland China, each of the VIEs is required to obtain a business license from the local counterpart of the State Administration for
Market Regulation, or SAMR. Each of the VIEs has obtained a valid business license from the local SAMR, and no application for any such
license has been denied. In addition, the VIEs are also required to obtain insurance agency operating licenses pursuant to the PRC laws.
As of the date of this annual report, as advised by our PRC legal counsel, Beijing Kingdom Law Firm, we and the VIEs have received all
requisite permits, approvals and certificates from the PRC government authorities to conduct our business operations in China. To our
knowledge, no permission or approval has been denied or revoked. However, given the uncertainties of interpretation and implementation
of relevant laws and regulations and the enforcement practice by government authorities, we cannot be certain that relevant policies
in this regard will not change in the future, which may require us or our subsidiaries or VIEs to obtain additional licenses, permits,
filings or approvals for conducting our business in the PRC. If we or our subsidiaries or VIEs do not receive or maintain required permissions
or approvals, or inadvertently conclude that such permissions or approvals are not required, we may be subject to governmental investigations
or enforcement actions, fines, penalties, suspension of operations, or be prohibited from engaging in relevant business or conducting
securities offering, and these risks could result in a material adverse change in our operations, significantly limit or completely hinder
our ability to offer or continue to offer securities to investors, or cause such securities to significantly decline in value or become
worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 28, 2021, CAC released the revised
Cybersecurity Review Measures (the &ldquo;Revised CAC Measures&rdquo;) and became effective on February 15, 2022, which iterates that
any &ldquo;online platform operators&rdquo; controlling personal information of more than one million users which seeks to list on a
foreign stock exchange should also be subject to cybersecurity review. The Measures for Cybersecurity Review (2021 version) further elaborates
the factors to be considered when assessing the national security risks of the relevant activities, including, among others, (i) the
risk of core data, important data or a large amount of personal information being stolen, leaked, destroyed, and illegally used or exited
the country; and (ii) the risk of critical information infrastructure, core data, important data or a large amount of personal information
being affected, controlled, or maliciously used by foreign governments after listing abroad. Our PRC counsel, Beijing Kingdom Law Firm,
is of the view that because: (i) we are already listed on the Nasdaq Capital Market and do not &ldquo;seek to list on any other foreign
stock exchange&rdquo;; (ii) we and the VIEs do not hold personal information on more than one million users; and (iii) data processed
in our business does not have a bearing on national security and thus may not be classified as core or important data by the authorities,
we are not required to apply for a cybersecurity review under the Revised CAC Measures.</P>

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

</DIV>

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

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<DIV STYLE="border: Black 1.5pt solid; padding: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 17, 2023, the CSRC issued the Trial
Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises and five supporting guidelines,
which became effective on March 31, 2023 (the &ldquo;Overseas Listing Regulations&rdquo;). The Overseas Listing Regulations are applicable
to overseas securities offerings and/or listings conducted by issuers who are (i) companies incorporated in the PRC and (ii) companies
incorporated overseas with substantial operations in the PRC. The Overseas Listing Regulations stipulate that such issuer shall fulfill
the filing procedures within three working days after it makes an application for initial public offering and listing in an overseas
stock market. Among other things, if an overseas listed issuer intends to effect any follow-on offering in an overseas stock market,
it should, through its major operating entity incorporated in the PRC, submit filing materials to the CSRC within three working days
after the completion of the offering. The required filing materials shall include, but not be limited to, (1) filing report and relevant
commitment letter and (2) domestic legal opinions. Any failure of us to fully comply with new regulatory requirements may significantly
limit or completely hinder our ability to offer or continue to offer our securities, cause significant disruption to our business operations,
and severely damage our reputation, which would materially and adversely affect our financial condition and results of operations and
cause our securities to significantly decline in value or become worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As advised by our PRC legal counsel, Beijing
Kingdom Law Firm, we and the VIEs, (i) are not required to make the filing with the CSRC in connection with the Acquisition since the
Acquisition does not involve any issuance or listing of shares or other equity-based securities of the Company on a stock exchange, which
would trigger the filing requirement with the CSRC, (ii) are not required to go through cybersecurity review by the CAC since (a) we
are already listed on the Nasdaq Capital Market and do not seek to list on any other foreign stock exchange; (b) we and the VIEs do not
hold personal information of more than one million users; and (c) data processed in our business does not have a bearing on national
security and thus may not be classified as core or important data by the authorities, and (iii) have not received or were denied such
requisite permissions by any PRC authority in connection with the Acquisition.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Uncertainties exist as to the interpretation
of these laws, regulations and policies and due to the possibility that laws, regulations, or policies in the PRC could change in the
future. Any action by the PRC government expanding the categories of industries and companies whose foreign securities offerings are
subject to review by the CSRC or the CAC or different or changing interpretation of these laws or regulations could significantly limit
or completely hinder our ability to engage in capital markets transactions offer or continue to offer securities to investors and could
cause the value of such securities to significantly decline or be worthless. For more detailed information, see &ldquo;Item 3. Key Information-D.
Risk Factors-Risks Relating to Doing Business in China&rdquo; in our Form 20-F for FY 2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the risks related to the HFCA Act, see &ldquo;&mdash;Risks
Related to the Holding Foreign Companies Accountable Act&rdquo; as set forth at the outset of Part I and &ldquo;&mdash;Risk Factors&mdash;Risks
Related to Doing Business in China&mdash;If the U.S. Public Company Accounting Oversight Board, or the PCAOB, is unable to inspect our
auditors as required under the Holding Foreign Companies Accountable Act, the SEC will prohibit the trading of our ADSs. A trading prohibition
for our ADSs, or the threat of a trading prohibition, may materially and adversely affect the value of your investment. Additionally,
the inability of the PCAOB to conduct inspections of our auditors would deprive our investors of the benefits of such inspections&rdquo;
of our Form 20-F for FY 2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As there are still uncertainties regarding these
new laws and regulations as well as the amendment, interpretation and implementation of the existing laws and regulations related to
cybersecurity and data protection, we cannot assure you that we will be able to comply with these laws and regulations in all respects.
The regulatory authorities may deem our activities or services non-compliant and therefore require us to suspend or terminate our business.
We may also be subject to fines, legal or administrative sanctions and other adverse consequences, and may not be able to become in compliance
with relevant laws and regulations in a timely manner, or at all. These may materially and adversely affect our business, financial condition,
results of operations and reputation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our Holding Company Structure and Contractual
Arrangement with the VIEs and Their Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">XChange TEC.INC is not a Chinese operating company
but a Cayman Islands holding company. Our operations are primarily conducted through our PRC subsidiaries, other consolidated entities,
and contractual arrangements with VIEs. We use a VIE structure to provide investors exposure to China-based operating companies where
direct foreign investment is, or could become, restricted or prohibited by PRC law. Investors in our ADSs thus are purchasing equity interest
in a Cayman Islands holding company and not in our Chinese operating entity. As a holding company, XChange TEC.INC may rely on dividends
from its subsidiaries for cash requirements, including any payment of dividends to our shareholders. The ability of our subsidiaries to
pay dividends to XChange TEC.INC may be restricted by laws and regulations applicable to them or the debt they incur on their own behalf
or the instruments governing their debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

</DIV>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">XChange TEC.INC conducts insurance agency businesses
in the PRC through Alpha Mind and its indirectly wholly-owned subsidiary, the WFOE and the VIEs. In April 2022, Alpha Mind, through the
WFOE, entered into contractual arrangements with VIEs, respectively. Via such contractual arrangements (the &ldquo;VIE Structure&rdquo;),
we are regarded as the primary beneficiary of the VIEs and consolidate the financial results of the VIEs under U.S. GAAP. The contractual
arrangements consist of powers of attorney, exclusive business cooperation agreements, exclusive option agreements, equity pledge agreements
and spousal consent letters. Terms contained in each set of contractual arrangements with each of the VIEs and its respective shareholders
are substantially similar. In particular, (i) pledge agreements, entered into between the WFOE and each of the VIEs and its shareholders,
where each shareholder of the VIEs pledged his or her equity interest to the WFOE to ensure performance of their obligations under other
relevant contractual arrangements, and in case of breach, the WFOE has the right to dispose of the pledged equity. VIEs&rsquo; shareholders
are prohibited from disposing of the pledged equity or taking actions that could negatively impact the pledgee&rsquo;s rights without
the WFOE&rsquo;s written consent until all obligations are discharged; (ii) power of attorney, entered into between the WFOE and the
VIEs and their shareholders, where each shareholder of the VIEs authorizes WFOE&rsquo;s designated individuals to act as his or her exclusive
agents, exercising all associated rights regarding their equity interest in the VIEs, and the power of attorney remains valid as long
as the shareholder holds shares in the VIEs; (iii) exclusive business cooperation agreement, entered into between the WFOE and each of
the VIEs, granting the WFOE the exclusive right to provide services to the VIEs in exchange for a service fee equal to 100% of the consolidated
net income, and also including the exclusive right for the WFOE to purchase the VIEs&rsquo; business or assets at the lowest permissible
price under PRC law, with the agreement remaining in effect unless otherwise specified by the parties; (iv) exclusive option agreements,
entered into between the WFOE and the each of the VIEs and its shareholders, granting the exclusive right to purchase the equity interests
of the VIEs&rsquo; shareholders, while the WFOE is entitled to dividends and distributions, and the exclusive option agreements remain
in effect until the transfer of all equity interests to the WFOE or its designated party; and (v) spousal consent letters, signed by
each spouse of the relevant individual shareholders of the VIEs, stating that the disposition of the equity interest held by their spouse
will be governed by the above-mentioned agreements, and their spouse undertake not to make any assertions to such equity interest. As
a result of these contractual arrangements, we, through Alpha Mind and its subsidiaries (i) are able to consolidate the financial results
of the VIEs, and (ii) receive substantially all of the economic benefits from the VIEs. The VIE structure is not equivalent of an investment
in the equity interest of the VIEs. See &ldquo;Item 4. Information on the Company - C. Organizational Structure - Contractual Arrangements&rdquo;
for details.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, neither XChange TEC.INC nor the WFOE
owns any equity interests in the VIEs. Our contractual arrangements with the VIEs and their nominee shareholders are not equivalent of
an investment in the equity interest of the VIEs. Instead, as described above, we are regarded as the primary beneficiary of the VIEs
and consolidate the financial results of the VIEs under U.S. GAAP in light of the VIE structure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The VIE structure involves unique risks to investors
in the ADSs. It may be less effective than direct ownership in providing us with operational control over the VIEs and we may incur substantial
costs to enforce the terms of the arrangements. For instance, the VIEs and their shareholders could breach their contractual arrangements
with us by, among other things, failing to conduct the operations of the VIEs in an acceptable manner or taking other actions that are
detrimental to our interests. If we had direct ownership of the VIEs in China, we would be able to exercise our rights as a shareholder
to effect changes in the board of directors of the VIEs, which in turn could implement changes, subject to any applicable fiduciary obligations,
at the management and operational level. However, under the current contractual arrangements, we rely on the performance by the VIEs
and their shareholders of their obligations under the contracts to direct the VIEs&rsquo; activities. The shareholders of the VIEs may
not act in the best interests of our company or may not perform their obligations under these contracts. If any dispute relating to these
contracts remains unresolved, we will have to enforce our rights under these contracts through the operations of PRC law and arbitration,
litigation and other legal proceedings and therefore will be subject to uncertainties in the PRC legal system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may face challenges in enforcing the contractual
arrangements due to jurisdictional and legal limitations. There are substantial uncertainties regarding the interpretation and application
of current and future PRC laws, regulations and rules regarding the status of the rights of our Cayman Islands holding company with respect
to its contractual arrangements with the VIEs and their nominee shareholders through our WFOE. As of the date of this prospectus, the
agreements under the contractual arrangements among our WFOE, the VIEs and their nominee shareholders have not been tested in a court
of law. It is uncertain whether any new PRC laws or regulations relating to Current VIE structure will be adopted or, if adopted, what
they would provide. If we or the VIEs are found to be in violation of any existing or future PRC laws or regulations or fail to obtain
or maintain any of the required licenses, permits, registrations or approvals, the relevant PRC regulatory authorities would have broad
discretion to take action in dealing with such violations or failures. The PRC regulatory authorities could disallow the Current VIE
structure at any time in the future. If the PRC government deems that our contractual arrangements with the VIEs do not comply with PRC
regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation of existing regulations
change or are interpreted differently in the future, we could be subject to severe penalties and may incur substantial costs to enforce
the terms of the arrangements, or be forced to relinquish our interests in those operations. Our Cayman Islands holding company, our
subsidiaries, the VIEs, and investors in our securities (including the ADS) face uncertainty with respect to potential future actions
by the PRC government that could affect the enforceability of the contractual arrangements with the VIEs and, consequently, significantly
affect the financial performance of our company and the VIEs as a whole. For details, see &ldquo;Item 3. Key Information-D. Risk Factors
- Risks Related to Our Corporate Structure.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

</DIV>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following diagram illustrates our corporate
structure, including our principal subsidiaries as of the date of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="ea028597101_img4.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Sans-Serif; font-size: 9pt; color: Red"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="ea028597101_img5.jpg" ALT="">Equity Interest</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="ea028597101_img6.jpg" ALT=""><FONT STYLE="font-size: 10pt">VIE
contractual arrangement</FONT></P>

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

</DIV>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Permissions Required from the PRC Authorities </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conduct our business in China through our
subsidiaries and the VIEs. We are required to obtain certain permissions from the PRC authorities to operate, issue securities to foreign
investors, and transfer certain data. The PRC government has exercised, and may continue to exercise, substantial influence or control
over virtually every sector of the Chinese economy through regulation and state ownership. Our ability to operate in China may be undermined
if our subsidiaries or the VIEs are not able to obtain or maintain approvals to operate in China. The central or local governments could
impose new, stricter regulations or interpretations of existing regulations that could require additional expenditures, and efforts on
our part to ensure our compliance with such regulations or interpretations. To operate our general business activities currently conducted
in mainland China, each of the VIEs is required to obtain a business license from the local counterpart of the State Administration for
Market Regulation, or SAMR. Each of the VIEs has obtained a valid business license from the local SAMR, and no application for any such
license has been denied. In addition, the VIEs are also required to obtain insurance agency operating licenses pursuant to the PRC laws.
As of the date of this prospectus, as advised by our PRC legal counsel, Beijing Kingdom Law Firm, we and the VIEs have received all requisite
permits, approvals and certificates from the PRC government authorities to conduct our business operations in China. To our knowledge,
no permission or approval has been denied or revoked. However, given the uncertainties of interpretation and implementation of relevant
laws and regulations and the enforcement practice by government authorities, we cannot be certain that relevant policies in this regard
will not change in the future, which may require us or our subsidiaries or VIEs to obtain additional licenses, permits, filings or approvals
for conducting our business in the PRC. If we or our subsidiaries or VIEs do not receive or maintain required permissions or approvals,
or inadvertently conclude that such permissions or approvals are not required, we may be subject to governmental investigations or enforcement
actions, fines, penalties, suspension of operations, or be prohibited from engaging in relevant business or conducting securities offering,
and these risks could result in a material adverse change in our operations, significantly limit or completely hinder our ability to
offer or continue to offer securities to investors, or cause such securities to significantly decline in value or become worthless.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 28, 2021, CAC released the revised
Cybersecurity Review Measures (the &ldquo;Revised CAC Measures&rdquo;) and became effective on February 15, 2022, which iterates that
any &ldquo;online platform operators&rdquo; controlling personal information of more than one million users which seeks to list on a
foreign stock exchange should also be subject to cybersecurity review. The Measures for Cybersecurity Review (2021 version) further elaborates
the factors to be considered when assessing the national security risks of the relevant activities, including, among others, (i) the
risk of core data, important data or a large amount of personal information being stolen, leaked, destroyed, and illegally used or exited
the country; and (ii) the risk of critical information infrastructure, core data, important data or a large amount of personal information
being affected, controlled, or maliciously used by foreign governments after listing abroad. Our PRC counsel, Beijing Kingdom Law Firm,
is of the view that because: (i) we are already listed on the Nasdaq Capital Market and do not &ldquo;seek to list on any other foreign
stock exchange&rdquo;; (ii) we and the VIEs do not hold personal information on more than one million users; and (iii) data processed
in our business does not have a bearing on national security and thus may not be classified as core or important data by the authorities,
we are not required to apply for a cybersecurity review under the Revised CAC Measures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 17, 2023, the CSRC issued the Trial
Measures for the Administration of Overseas Issuance and Listing of Securities by Domestic Enterprises and five supporting guidelines,
which became effective on March 31, 2023 (the &ldquo;Overseas Listing Regulations&rdquo;). The Overseas Listing Regulations are applicable
to overseas securities offerings and/or listings conducted by issuers who are (i) companies incorporated in the PRC and (ii) companies
incorporated overseas with substantial operations in the PRC. The Overseas Listing Regulations stipulate that such issuer shall fulfill
the filing procedures within three working days after it makes an application for initial public offering and listing in an overseas
stock market. Among other things, if an overseas listed issuer intends to effect any follow-on offering in an overseas stock market,
it should, through its major operating entity incorporated in the PRC, submit filing materials to the CSRC within three working days
after the completion of the offering. The required filing materials shall include, but not be limited to, (1) filing report and relevant
commitment letter and (2) domestic legal opinions. Any failure of us to fully comply with new regulatory requirements may significantly
limit or completely hinder our ability to offer or continue to offer our securities, cause significant disruption to our business operations,
and severely damage our reputation, which would materially and adversely affect our financial condition and results of operations and
cause our securities to significantly decline in value or become worthless.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">&nbsp;</P>

</DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As advised by our PRC legal counsel, Beijing
Kingdom Law Firm, we and the VIEs, (i) are not required to make the filing with the CSRC in connection with the Acquisition since the
Acquisition does not involve any issuance or listing of shares or other equity-based securities of the Company on a stock exchange, which
would trigger the filing requirement with the CSRC, (ii) are not required to go through cybersecurity review by the CAC since (a) we
are already listed on the Nasdaq Capital Market and do not seek to list on any other foreign stock exchange; (b) we and the VIEs do not
hold personal information of more than one million users; and (c) data processed in our business does not have a bearing on national
security and thus may not be classified as core or important data by the authorities, and (iii) have not received or were denied such
requisite permissions by any PRC authority in connection with the Acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Uncertainties exist as to the interpretation
of these laws, regulations and policies and due to the possibility that laws, regulations, or policies in the PRC could change in the
future. Any action by the PRC government expanding the categories of industries and companies whose foreign securities offerings are
subject to review by the CSRC or the CAC or different or changing interpretation of these laws or regulations could significantly limit
or completely hinder our ability to engage in capital markets transactions offer or continue to offer securities to investors and could
cause the value of such securities to significantly decline or be worthless. For more detailed information, see &ldquo;Item 3. Key Information-D.
Risk Factors-Risks Relating to Doing Business in China.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the risks related to the HFCA Act, see &ldquo;-Risks
Related to the Holding Foreign Companies Accountable Act&rdquo; as set forth at the outset of Part I and &ldquo;-Risk Factors-Risks Related
to Doing Business in China-If the U.S. Public Company Accounting Oversight Board, or the PCAOB, is unable to inspect our auditors as required
under the Holding Foreign Companies Accountable Act, the SEC will prohibit the trading of our ADSs. A trading prohibition for our ADSs,
or the threat of a trading prohibition, may materially and adversely affect the value of your investment. Additionally, the inability
of the PCAOB to conduct inspections of our auditors would deprive our investors of the benefits of such inspections.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cash and Asset Flows Through Our Organization</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Alpha Mind WFOE, the VIE and its consolidated
subsidiaries, or investors transfer funds through our organization under the applicable PRC laws and regulations. To the extent our cash
in the business is in the PRC or a PRC entity, the funds may not be available to distribute dividends to our investors, or for other
use outside of the PRC, due to interventions in or the imposition of restrictions and limitations on the ability of us, our subsidiaries,
or the VIE by the PRC government to transfer cash. As of the date of this prospectus, none of XHG, its subsidiaries, the VIE or its subsidiaries
has written cash management policies or procedures in place that dictate how funds are transferred. Rather, the funds can be transferred
in accordance with the applicable PRC laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Transfers between
the VIE and Alpha Mind WFOE</B></FONT>&nbsp;<FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The VIE and its consolidated subsidiaries are
the main operating entities, which receive their revenues in RMB. Alpha Mind WFOE may receive payments from the VIE, pursuant to the
Contractual Arrangements. There may also be transfers via intercompany loans between Alpha Mind WFOE and the VIE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Transfer between XHG, Alpha Mind HK and Alpha
Mind WFOE</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">XHG and Alpha Mind HK are holding companies and
may rely on dividends from Alpha Mind WFOE to fund cash and financing requirements. Cash transfers may also be in the form of capital
injection from the holding companies to Alpha Mind WFOE or via intercompany loans between the holding companies and Alpha Mind WFOE.
Under existing PRC foreign exchange regulations, payments of current account items, such as profit distributions and trade and service-related
foreign exchange transactions, can be made in foreign currencies without prior approval from the State Administration of Foreign Exchange,
or SAFE, by complying with certain procedural requirements. Therefore, our PRC subsidiary, Alpha Mind WFOE, is able to pay dividends
in foreign currencies to us without prior approval from SAFE, subject to the condition that the remittance of such dividends outside
of the PRC complies with certain routine procedures under PRC foreign exchange regulations, such as the overseas investment registrations
by shareholders who are PRC residents. Approval from or registration with appropriate government authorities is, however, required where
the RMB is to be converted into foreign currency and remitted out of China to pay capital expenses such as the repayment of loans denominated
in foreign currencies. The PRC government may also at its discretion restrict access in the future to foreign currencies for current
account transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

</DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For our Hong Kong subsidiaries, Alpha Mind HK
and Topone Consultants Limited, and the holding company, XChange TEC.INC, or the Non-PRC Entities, there is no restriction on foreign
exchange for such entities and they are able to transfer cash among these entities, across borders and to U.S. investors. Also, there
are no restrictions or limitations on the abilities of the Non-PRC Entities to distribute earnings from the businesses, including the
subsidiaries and/or the consolidated VIE, to XChange TEC.INC or from XChange TEC.INC to U.S. investors, as well as the ability to settle
amounts owed under the Contractual Arrangements. There are also no restrictions or limitations on the ability of Alpha Mind WFOE to settle
amounts owed under the Contractual Arrangements as both Alpha Mind WFOE and the VIE are incorporated in China and the amount to be settled
will be in RMB without foreign exchange control. For more details, see &ldquo;Item 3 Key Information-D. Risk Factors-Risks Related to
Doing Business in China-PRC governmental control of currency conversion may limit our ability to utilize our net revenues effectively
and affect the value of your investment.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We, XChange TEC.INC, are a Cayman Islands holding
company, and we may rely principally on dividends and other distributions on equity paid by our subsidiaries for cash and financing requirements
we may have, including the funds necessary to pay dividends and other cash distributions to our shareholders and service any debt we
may incur. If any of our subsidiaries incur debt on their own behalf in the future, the instruments governing the debt may restrict their
ability to pay dividends or make other distributions to us. As we conduct our operations in China primarily through our subsidiaries,
the VIE and its subsidiaries, our ability to pay dividends to the shareholders and to service any debt we may incur may depend upon dividends
paid by our subsidiaries and license and service fees paid by the VIE. Current PRC regulations permit Alpha Mind WFOE to pay dividends
to the Company only out of its accumulated profits, if any, determined in accordance with Chinese accounting standards and regulations.
Remittance of dividends by a wholly foreign-owned enterprise out of China is also subject to examination by the banks designated by SAFE.
In addition, our subsidiaries, the VIE and its subsidiaries in China are required to set aside at least 10% of their after-tax profits
each year, if any, to fund a statutory reserve until such reserve reaches 50% of its registered capital. For more details, see &ldquo;Item
3 Key Information-D. Risk Factors-Risks Related to Doing Business in China-We may rely on dividends and other distributions on equity
paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our PRC subsidiaries
to make payments to us could have a material and adverse effect on our ability to conduct our business.&rdquo; Each such entity in China
is also required to further set aside a portion of its after-tax profits to fund the employee welfare fund, although the amount to be
set aside, if any, is determined at the discretion of its board of directors. For more details about the employee welfare fund, see &ldquo;Item
3 Key Information-D. Risk Factors-Risks Related to Doing Business in China-Failure to make adequate contributions to various employee
benefits plans as required by PRC regulations may subject us to penalties.&rdquo; Although the statutory reserves can be used, among
other ways, to increase the registered capital and eliminate future losses in excess of retained earnings of the respective companies,
the reserve funds are not distributable as cash dividends except in the event of liquidation. In addition, the Enterprise Income Tax
Law and its implementation rules provide that a withholding tax at a rate of 10% will be applicable to dividends payable by Chinese companies
to non-PRC-resident enterprises unless reduced under treaties or arrangements between the PRC central government and the governments
of other countries or regions where the non-PRC resident enterprises are tax resident. Pursuant to the tax agreement between mainland
China and the Hong Kong Special Administrative Region, the withholding tax rate in respect to the payment of dividends by a PRC company
to a Hong Kong resident enterprise may be reduced to 5% from a standard rate of 10%, if a Hong Kong resident enterprise owns more than
25% of the equity interest in the PRC company. Under the Notice of the State Taxation Administration on Issues regarding the Administration
of the Dividend Provision in Tax Treaties promulgated in 2009, the taxpayer needs to satisfy certain conditions to enjoy the benefits
under a tax treaty. These conditions include, but are not limited to: (i) the taxpayer must be the beneficial owner of the relevant dividends,
and (ii) the corporate shareholder to receive dividends from the PRC subsidiaries must have met the direct ownership thresholds during
the twelve consecutive months preceding the receipt of the dividends. Further, the State Taxation Administration, or the STA, promulgated
the Announcement of the Certain Issues with Respect to the &ldquo;Beneficial Owner&rdquo; in Tax Treaties in 2018, which sets forth certain
detailed factors in determining &ldquo;beneficial owner&rdquo; status, and specifically, if an applicant&rsquo;s business activities
do not constitute substantive business activities, the applicant will not qualify as a &ldquo;beneficial owner&rdquo;. Furthermore, the
Administrative Measures for Non-resident Taxpayers to Enjoy Treatment under Treaties, which became effective in January 2020, require
non-resident enterprises to determine whether they are qualified to enjoy the preferential tax treatment under the tax treaties and file
relevant report with the tax authorities. Therefore, if the relevant tax authorities determine that our transactions or arrangements
are for the primary purpose of enjoying a favorable tax treatment rather than substantive business activities, then we will not qualify
as a &ldquo;beneficial owner&rdquo;, and the relevant tax authorities may adjust the favorable withholding tax in the future. Accordingly,
there is no assurance that the reduced 5% withholding rate will apply to dividends received by our Hong Kong subsidiary from our PRC
subsidiaries. This withholding tax will reduce the amount of dividends we may receive from our PRC subsidiaries. For more details, see
&ldquo;Item 3 Key Information-D. Risk Factors-Risks Related to Doing Business in China-We may rely on dividends and other distributions
on equity paid by our PRC subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of
our PRC subsidiaries to make payments to us could have a material and adverse effect on our ability to conduct our business.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

</DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this prospectus, no dividends
or distributions have been made to date between the holding company, XChange TEC.INC, its subsidiaries, and the consolidated VIE, or
to investors, including the U.S. investors (i.e., there have not been any dividends or distributions that a subsidiary or consolidated
VIE have made to the holding company, XChange TEC.INC, or to investors, including U.S. investors). The holding company, XChange TEC.INC,
its subsidiaries, and the consolidated VIE do not have any plans to distribute earnings or dividends or settle amounts owed under the
Contractual Arrangements in the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent cash and/or assets in the business
are in the PRC and/or Hong Kong or our PRC and/or Hong Kong entities, such funds and/or assets may not be available to fund operations
or for other use outside of the PRC and/or Hong Kong due to interventions in or the imposition of restrictions and limitations on the
ability of us or our subsidiaries by the PRC government to transfer cash and/or assets. The cash transfer among the holding company,
XChange TEC.INC, its subsidiaries and the consolidated VIE is typically transferred through payment for intercompany services or intercompany
borrowings between the holding company, XChange TEC.INC, its subsidiaries and the consolidated VIE. There are no tax consequences for
intercompany borrowings or the payment for intercompany services, except for the standard value added taxes and/or income taxes for the
revenues and/or profits generated from such services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the fiscal year ended September 30, 2025,
cash and other asset transfers between the holding company, XChange TEC.INC, its subsidiaries, and the consolidated VIE were as follows:</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: bottom">
    <TD COLSPAN="9" STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>During the Fiscal Year Ended September 30, 2025</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Transfer<BR>
From</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Transfer To</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Approximate<BR>
Value (RMB)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Type</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alpha Mind HK</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">XChange TEC.INC</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59,087,700</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Paid notes payable on behalf of XChange TEC.INC</FONT></TD></TR>
  </TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other than disclosed above, there were no cash or other asset transfers
during the fiscal year ended September 30, 2025 between the holding company, XChange TEC.INC, its subsidiaries, and the consolidated VIE.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>Selected
Financial Data</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Financial
Information Related to the VIE</I></B></FONT><I>&nbsp;<FONT STYLE="font-size: 10pt">&nbsp;</FONT></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following tables present the disaggregated
condensed consolidating schedules of financial position as of September 30, 2025 and the disaggregated condensed consolidating schedules
of cash flows and results of operations for the year ended September 30, 2025 of all of the entities that are consolidated in the consolidated
financial statements included elsewhere in prospectus, which are the following entities: XChange TEC.INC, Subsidiaries (other than WFOE),
WFOE, and the VIE and their subsidiaries which is the primary beneficiary of the VIE for accounting purposes.</P>

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

</DIV>

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

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<DIV STYLE="border: Black 1.5pt solid; padding: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="22" STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For the Fiscal Year Ended September 30, 2025</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Condensed Consolidating Schedule of Financial Position</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>XChange<BR>
TEC.INC</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Subsidiaries </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(other than </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WFOE)</B></P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WFOE</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VIE and <BR>
their<BR>
subsidiaries</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Elimination</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidating</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="22" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(RMB in thousands)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,445</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,399</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,879</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term investment</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,891</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,891</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts receivable, net</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,455</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,455</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advances to suppliers</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,516</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,593</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other current assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,107</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">73,185</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,372</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">948</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(70,612</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,042</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Current Assets</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1,107</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>77,630</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1,260</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>35,209</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(70,612</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>39,860</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NON-CURRENT ASSETS:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted Cash, non-current</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,000</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property and equipment, net</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease right-of-use asset</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">551</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">551</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intangible assets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">678</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">678</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,283</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,283</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Non-current Assets</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>23,961</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&mdash;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5,557</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&mdash;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>29,518</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Assets</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22,854</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>77,630</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(1,260</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>40,766</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(70,612</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>69,378</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Current Liabilities:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts payable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29,480</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29,480</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes payable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,552</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,553</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount due to related parties</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,060</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,060</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued expenses and other current liabilities</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41,435</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">744</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">646</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,825</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(506</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51,144</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term debt</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(56,919</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">94,293</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,841</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32,533</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Advance from customer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease liabilities, current</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">199</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">199</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contingent liabilities for payable for asset acquisition</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">165,161</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">165,161</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes payable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">733,257</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(65,236</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">668,021</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Current Liabilities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>882,934</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>95,037</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1,707</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>40,073</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(70,583</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>949,168</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NON-CURRENT LIABILITIES:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating lease liabilities, noncurrent</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">353</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">353</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Non-current Liabilities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&mdash;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&mdash;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&mdash;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>353</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&mdash;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>353</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Liabilities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>882,934</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>95,037</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1,707</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>40,426</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(70,583</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>949,521</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHAREHOLDERS&rsquo; DEFICIT:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary shares</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">178,715</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">858</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">179,573</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional paid-in capital</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,412,202</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53,220</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,465,510</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated deficit</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,530,946</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(18,334</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,055</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(52,880</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,605,215</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated other comprehensive loss</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79,949</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(29</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79,989</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total shareholders&rsquo; deficit</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(860,080</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(17,407</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2,967</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>340</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(29</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(880,143</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)</B></FONT></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"></P>

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<DIV STYLE="border: Black 1.5pt solid; padding: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="22" STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For the Year Ended September 30, 2025</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Condensed Consolidating Schedule of Results of Operations</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>XChange <BR>
TEC.INC</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Subsidiaries </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(other than </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WFOE)</B></P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WFOE</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VIE and <BR>
their<BR>
subsidiaries</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Elimination</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidating</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="22" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(RMB in thousands)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 28%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating revenues</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,342</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">359,925</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">365,267</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenue</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,279</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(351,987</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(357,266</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross profit</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,938</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,001</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(693,390</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,488</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,142</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(19,324</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(728,344</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Income from operations</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(693,390</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(13,425</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(2,142</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(11,386</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&mdash;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(720,343</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Income (Expense)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(27,524</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(787</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(42</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">328</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(28,025</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income tax expense</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(46</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(46</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss from VIEs</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11,104</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,104</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Loss in subsidiaries</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(27,500</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,288</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,788</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Net loss from continuing operations to XHG</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(748,414</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(27,500</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(13,288</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(11,104</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>51,892</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(748,414</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)</B></FONT></TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="22" STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For the Year Ended September 30, 2025</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Condensed Consolidating Schedule of Cash Flows</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>XChange<BR>
TEC.INC</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Subsidiaries </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(other than </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WFOE)</B></P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WFOE</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VIE and <BR>
their<BR>
subsidiaries</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Elimination</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidating</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="22" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(RMB in thousands)</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 28%; padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net cash provided by (used in) operating activities</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">66,839</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(74,752</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,552</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,233</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11,698</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net cash (used in) provided by investing activities</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(630</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">140</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(490</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net cash (used in) provided by financing activities</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(61,945</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78,239</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,495</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,789</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect of exchange rate</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,264</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">457</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,807</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net increase (decrease) in cash and cash equivalents</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,944</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(57</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,093</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,794</FONT></TD>
    <TD></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CASH AND CASH EQUIVALENTS, beginning of year</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">501</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">92</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,492</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,085</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 9.25pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CASH AND CASH EQUIVALENTS, end of year</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,445</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,399</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: black 4.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,879</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

</DIV>

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

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<DIV STYLE="border: Black 1.5pt solid; padding: 5.4pt"><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>Recent Developments</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Acquisition of Alpha Mind</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 28, 2023, the Group closed equity
acquisition of Alpha Mind Technology Limited (&ldquo;Alpha Mind&rdquo;), which conducts insurance agency and insurance technology businesses
in the PRC. The Group acquired all the issued and outstanding shares in Alpha Mind for an aggregate all-cash purchase price of US$180,000,000,
paid in the form of the Notes delivered to each of the Sellers of Alpha Mind in an aggregate amount equal to the purchase price. The
Notes have a maturity of 90 days from the closing date, bear an interest rate of three percent (3%) per annum and are secured by all
of the issued and outstanding equity of Alpha Mind and all of the assets of Alpha Mind and its subsidiaries. For the year ended September
30, 2024, the Company repaid the notes payable of RMB 6,060 to MMTEC, Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 6, 2024, the Company and Burgeon Capital
Inc (&ldquo;Burgeon Capital&rdquo;), one of the two prior shareholders of Alpha Mind, entered into a share subscription agreement and
a payoff letter, pursuant to which, the Company agreed to issue to Burgeon Capital and Burgeon Capital agreed to subscribe from the Company,
58,590,000,000,000 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 Burgeon Capital of all outstanding principal amount and accrued interest under the Note with a total
amount of US$27,342. On the same date, the Company consummated the issuance of the Class A ordinary shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On&nbsp;December 31, 2024, the Company and the
sellers of Alpha Mind agreed to extend the maturity date of the remaining Note and accrued but unpaid interest to date to June 30, 2025.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 24, 2025, the Company&rsquo;s shareholders
approved a share capital reorganization consisting of: (i) a 100,000-to-1 consolidation of issued and unissued shares into US$0.01 par
value shares; and (ii) an increase in authorized share capital. In addition, shareholders approved: (i) a reduction in the par value
of each issued Consolidated Share to US$0.0000001 and application of the resulting credit to offset accumulated losses with any balance
transferred to a distributable reserve; (ii) a corresponding subdivision of authorized but unissued shares; and (iii) a diminution of
authorized share capital.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the Company&rsquo;s share consolidation,
capital reduction, and share subdivision, the 58,590,000,000,000 Class A ordinary shares issued to Burgeon Capital were reduced to 585,900,000
Class A ordinary shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Note Purchase Agreement with MMTEC and Infinity Asset Solutions</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 23, 2025, the Company, MMTEC, Inc. (the
&ldquo;Seller&rdquo;), a holder of the certain Secured Promissory Note dated December 28, 2023 issued by the Company in the original
principal amount of US$153,000,000 (the &ldquo;Note&rdquo;), and Infinity Asset Solutions Ltd., (the &ldquo;Buyer&rdquo;), entered into
a Note Purchase Agreement (the &ldquo;Agreement&rdquo;), pursuant to which the Seller agreed to sell, transfer and assign to the Buyer,
and the Buyer agreed to purchase from the Seller, a portion of the Note representing US$51,988,242.00 of the Outstanding Amount, of which
the unpaid principal is US$50,000,000.00 and the unpaid interest is US$1,988,242.00 as of the date of the Agreement.</P>

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

</DIV>

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

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<DIV STYLE="border: Black 1.5pt solid; padding: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has not issued any securities to
MMTEC, Inc. (&ldquo;MMTEC&rdquo;), the other prior shareholder of Alpha Mind.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To date, the Company has paid off a total principal
amount of US$77,000,000 by issuing Class A ordinary shares of the Company to the noteholders. The Company intends to pay the rest of
the promissory notes by either using the cash flow generated by the Company&rsquo;s operations or through debt or equity offerings or
loans; however, depending on market conditions, the Company may also choose to pay a portion of the promissory notes through issuance
of Class A ordinary shares.</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><I>Nasdaq Trading Suspension, Appeal and Reinstation</I></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-align: justify">On November 13, 2024, XChange TEC.INC (the &ldquo;Company&rdquo;)
received a letter from the Listing Qualifications Department of the Nasdaq Stock Market (&ldquo;Nasdaq&rdquo;) regarding the Company&rsquo;s
failure to comply with Nasdaq Continued Listing Rule 5550(b)(2) (the &ldquo;MVLS Rule&rdquo;), which requires the Company to maintain
a minimum Market Value of Listed Securities of $35 million. Therefore, in accordance with Listing Rule 5810(c)(3)(A), the Company was
provided 180 calendar days, or until May 12, 2025, to regain compliance with the Rule.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequently, on May 13, 2025, the Company received
a Determination Letter stating that the Company had not regained compliance with the MVLS Rule, and that the Company&rsquo;s ADSs would
be delisted from The Nasdaq Capital Market. as provided an additional 180 calendar day compliance period, or until January 21, 2025,
to demonstrate compliance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To regain its Nasdaq listing, the Company formally
appealed the decision and submitted its hearing request on May 21, 2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 11, 2025, the Company received a notice
from Nasdaq confirming that the Company has demonstrated compliance with the MVLS Rule for continued listing on The Nasdaq Capital Market.
Consequently, the Company&rsquo;s ADSs continue to be listed and traded on The Nasdaq Capital Market.</P>

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

</DIV>

<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"></P>

<DIV STYLE="border: Black 1.5pt solid; padding: 5pt"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Summary of Risk Factors </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An investment in our ADSs involves significant
risks. You should carefully consider all of the information in this prospectus, including the risks and uncertainties described below,
before making an investment in our ADSs. Any of the following risks could have a material adverse effect on our business, financial condition
and results of operations. In any such case, the market price of our ADSs could decline, and you may lose all or part of your investment.
Below please find a summary of the principal risks we and the VIE entities face, organized under relevant headings. For detailed discussions,
see &ldquo;Risk Factors&rdquo; in this prospectus and &ldquo;Item 3. Key Information&mdash;D. Risk Factors&rdquo; in our Form 20-F for
FY 2025, which is incorporated by reference in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For a detailed discussion of the foregoing risks,
see &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Related to Our Business and Industry&rdquo; beginning on page 15
of our Form 20-F for FY 2021, which is incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Risks Related to Our Corporate Structure
</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We and the VIE entities face risks and uncertainties
related to the former corporate structure, including, but not limited to, the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If
                                            the PRC government determines that the contractual arrangements with the VIE entities did
                                            not comply with PRC regulations, or if these regulations change or are interpreted differently
                                            in the future, our shares and/or ADSs may decline in value if we are deemed to be unable
                                            to assert our contractual control rights over the assets of the VIE entities. For more details,
                                            see &ldquo;Risk Factors&mdash;Risks Related to Our Corporate Structure&mdash;If the PRC government
                                            determines that the contractual arrangements with the VIE entities did not comply with PRC
                                            regulations, or if these regulations change or are interpreted differently in the future,
                                            our shares and/or ADSs may decline in value if we are deemed to be unable to assert our contractual
                                            control rights over the assets of the VIE entities&rdquo; beginning on page 23 of this prospectus.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Risks Related to Doing Business in the
PRC </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are not a Chinese operating company but a
Cayman Islands holding company with operations conducted by our subsidiaries in China. Investors in our securities have purchased securities
of a holding company incorporated in the Cayman Islands. We face risks and uncertainties related to doing business in China in general,
including, but not limited to, the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Changes
                                            in China&rsquo;s economic, political or social conditions or government policies could have
                                            a material adverse effect on our business and results of operations. For more details, see
                                            &ldquo;Item 3. Key Information&mdash;D. Risk Factors&mdash;Risks Related to Doing Business
                                            in China&mdash;Changes in China&rsquo;s economic, political or social conditions or government
                                            policies could have a material adverse effect on our business and results of operations&rdquo;
                                            beginning on page 24 of our Form 20-F for FY 2025, which is incorporated herein by reference.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            PRC government may exert, at any time, substantial intervention and influence over the manner
                                            of our operations, and the rules and regulations to which we are subject, including the ways
                                            they are enforced, may change rapidly and with little advance notice to us or our shareholders.
                                            Any such actions by the Chinese government, including any decision to intervene or influence
                                            the operations of our subsidiaries in China or to exert control over any offering of securities
                                            conducted overseas and/or foreign investment in China-based issuers, may cause us to make
                                            material changes to our operations in China, may limit or completely hinder our ability to
                                            offer or continue to offer securities to investors, and may cause the value of such securities
                                            to significantly decline or be worthless. For more details, see &ldquo;Risk Factors&mdash;Risks
                                            Related to Doing Business in the PRC&mdash;The PRC government may exert, at any time, substantial
                                            intervention and influence over the manner of our operations, and the rules and regulations
                                            to which we are subject, including the ways they are enforced, may change rapidly and with
                                            little advance notice to us or our shareholders. Any such actions by the Chinese government,
                                            including any decision to intervene or influence the operations of our subsidiaries in China
                                            or to exert control over any offering of securities conducted overseas and/or foreign investment
                                            in China-based issuers, may cause us to make material changes to our operations in China,
                                            may limit or completely hinder our ability to offer or continue to offer securities to investors,
                                            and may cause the value of such securities to significantly decline or be worthless&rdquo;
                                            beginning on page 24 of this prospectus.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

</DIV>

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

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<DIV STYLE="border: Black 1.5pt solid; padding: 5pt"><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%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; padding-bottom: 8pt; font-size: 10pt">&#9679;</TD>
    <TD STYLE="font-size: 10pt">Uncertainties in the interpretation and enforcement of PRC laws and regulations could limit the legal
    protections available to us. For more details, see &ldquo;Risk Factors&mdash;Risks Related to Doing Business in the PRC&mdash;Uncertainties
    in the interpretation and enforcement of PRC laws and regulations could limit the legal protections available to us&rdquo; beginning
    on page 27 of this prospectus.</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Substantial
                                            uncertainties exist with respect to the interpretation and implementation of the PRC Foreign
                                            Investment Law and how it may impact the viability of our current corporate structure, corporate
                                            governance and business operations. For more details, see &ldquo;Item 3. Key Information&mdash;D.
                                            Risk Factors&mdash;Risks Related to Doing Business in China&mdash;Substantial uncertainties
                                            exist with respect to the interpretation and implementation of the PRC Foreign Investment
                                            Law and how it may impact the viability of our current corporate structure, corporate governance
                                            and business operations&rdquo; beginning on page 24 of our Form 20-F for FY 2025, which is
                                            incorporated herein by reference.</FONT></TD>
</TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">We
                                            may be adversely affected by the complexity, uncertainties and changes in PRC regulation
                                            of internet-related businesses and companies, and any lack of requisite approvals, licenses
                                            or permits applicable to our business may have a material adverse effect on our business
                                            and results of operations. For more details, see &ldquo;Item 3. Key Information&mdash;D.
                                            Risk Factors&mdash;Risks Related to Doing Business in China&mdash;We may be adversely affected
                                            by the complexity, uncertainties and changes in PRC regulation of internet-related businesses
                                            and companies, and any lack of requisite approvals, licenses or permits applicable to our
                                            business may have a material adverse effect on our business and results of operations&rdquo;
                                            beginning on page 44 of our Form 20-F for FY 2021, which is incorporated herein by reference.</FONT></TD>
</TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">PRC
                                            regulation of loans to and direct investment in PRC entities by offshore holding companies
                                            and governmental control of currency conversion may delay or prevent us from using the proceeds
                                            we receive from our offshore financing activities to make loans to or make additional capital
                                            contributions to our PRC subsidiaries, which could materially and adversely affect our liquidity
                                            and our ability to fund and expand our business. For more details, see &ldquo;Item 3. Key
                                            Information&mdash;D. Risk Factors&mdash; Risks Related to Doing Business in China&mdash;PRC
                                            regulation of loans to and direct investment in PRC entities by offshore holding companies
                                            and governmental control of currency conversion may delay or prevent us from using the proceeds
                                            we receive from our offshore financing activities to make loans to or make additional capital
                                            contributions to our PRC subsidiary, which could materially and adversely affect our liquidity
                                            and our ability to fund and expand our business&rdquo; beginning on page 45 of our Form 20-F
                                            for FY 2021, which is incorporated herein by reference.</FONT></TD>
</TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt">If the U.S. Public Company Accounting Oversight Board, or the PCAOB,
is unable to inspect our auditors as required under the Holding Foreign Companies Accountable Act, the SEC will prohibit the trading of
our ADSs. A trading prohibition for our ADSs, or the threat of a trading prohibition, may materially and adversely affect the value of
your investment. Additionally, the inability of the PCAOB to conduct inspections of our auditors would deprive our investors of the benefits
of such inspections. For more details, see &ldquo;Risk Factors&mdash;Risks Related to Doing Business in the PRC&mdash;If the U.S. Public
Company Accounting Oversight Board, or the PCAOB, is unable to inspect our auditors as required under the Holding Foreign Companies Accountable
Act, the SEC will prohibit the trading of our ADSs. A trading prohibition for our ADSs, or the threat of a trading prohibition, may materially
and adversely affect the value of your investment. Additionally, the inability of the PCAOB to conduct inspections of our auditors would
deprive our investors of the benefits of such inspections&rdquo; beginning on page 28 of this prospectus.</TD></TR>
  </TABLE>



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

</DIV>


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<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><A NAME="a_005"></A>RISK FACTORS </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investing in our securities involves risk. You
should carefully consider the risk factors and uncertainties described under the heading &ldquo;Item 3. Key Information&mdash;D. Risk
Factors&rdquo; in our most recent annual report on Form 20-F for FY 2025, which is incorporated herein by reference, as updated by our
subsequent filings under the Securities Exchange Act of 1934, or the Exchange Act, and any risk factors and other information described
in the applicable prospectus supplement before acquiring any of our securities. These risks and uncertainties could materially affect
our business, results of operations or financial condition and cause the value of our securities to decline.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to Our Securities </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We were not in compliance with NASDAQ&rsquo;s
continued listing requirements until recently, and if we fail to maintain compliance with NASDAQ&rsquo;s continued listing requirements
our shares may be delisted from the NASDAQ Capital Market.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ADSs are listed on the NASDAQ Capital Market
under the symbol &ldquo;XHG.&rdquo; To continue to be listed on NASDAQ, we need to satisfy a number of requirements, including a minimum
bid price for our ordinary shares of $1.00 per share for 30 consecutive business days and shareholders&rsquo; equity of at least $2.5
million, or&nbsp;$35 million&nbsp;market value&nbsp;of listed securities or $500,000 of net income from continuing operations for the
most recently completed fiscal year or two of the three most recently completed fiscal years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On November 13, 2024, XChange TEC.INC (the &ldquo;Company&rdquo;)
received a letter from the Listing Qualifications Department of the Nasdaq Stock Market (&ldquo;Nasdaq&rdquo;) regarding the Company&rsquo;s
failure to comply with Nasdaq Continued Listing Rule 5550(b)(2) (the &ldquo;MVLS Rule&rdquo;), which requires the Company to maintain
a minimum Market Value of Listed Securities of $35 million. Therefore, in accordance with Listing Rule 5810(c)(3)(A), the Company was
provided 180 calendar days, or until May 12, 2025, to regain compliance with the Rule.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subsequently, on May 13, 2025, the Company received
a Determination Letter stating that the Company had not regained compliance with the MVLS Rule, and that the Company&rsquo;s ADSs would
be delisted from The Nasdaq Capital Market. as provided an additional 180 calendar day compliance period, or until January 21, 2025,
to demonstrate compliance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To regain its Nasdaq listing, the Company formally
appealed the decision and submitted its hearing request on May 21, 2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 11, 2025, the Company received a notice
from Nasdaq confirming that the Company has demonstrated compliance with the MVLS Rule for continued listing on The Nasdaq Capital Market.
Consequently, the Company&rsquo;s ADSs continue to be listed and traded on The Nasdaq Capital Market. We cannot guarantee that we will
maintain compliance with the MVLS Rule for continued listing on The Nasdaq Capital Market, and if we are delisted from NASDAQ, trading
in our ADSs would be conducted on a market where an investor would likely find it significantly more difficult to dispose of, or to obtain
accurate quotations as to the value of, our ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Your rights to pursue claims against us
and the depositary as a holder of ADSs are limited by the terms of the deposit agreement.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The deposit agreement governing the ADSs representing
our Class A ordinary shares provides that ADS holders, including purchasers of ADSs in secondary market transactions and the depositary
have the right to elect to have any claim they may have against us arising out of or relating to our Class A ordinary shares or ADSs
or the deposit agreement settled by arbitration in New York, New York rather than in a court of law, and to have any judgment rendered
by the arbitrators entered in any court having jurisdiction. An arbitral tribunal in any such arbitration would not have the authority
to award any consequential, special, or punitive damages and its award would have to conform to the provisions of the deposit agreement.
The deposit agreement does not give us the right to require that any claim, whether brought by us or against us, be arbitrated. We believe
that an optional contractual arbitration provision is generally enforceable, including under the laws of the State of New York, which
govern the deposit agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No condition or provision of the deposit agreement
or ADSs serves as a waiver by any owner or holder of ADSs, including purchasers of ADSs in secondary market transactions, or by us or
the depositary of compliance with any substantive provision of the U.S. federal securities laws and the rules and regulations promulgated
thereunder. Therefore, in the event that there are claims brought under federal securities laws against us or the depositary brought
by any holder or owner of ADSs, including purchasers of ADSs in secondary market transactions, such claims may be submitted to arbitration
pursuant to the arbitration provision in the deposit agreement, or may be brought in a court of competent jurisdiction, at the election
of the claimant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By agreeing to such optional arbitration provision,
you will not be deemed to have waived our or the depositary&rsquo;s compliance with U.S. federal securities laws and the rules and regulations
promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to Our Corporate Structure </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If the PRC government determines that the
contractual arrangements with the VIE entities did not comply with PRC regulations, or if these regulations change or are interpreted
differently in the future, our shares and/or ADSs may decline in value if we are deemed to be unable to assert our contractual control
rights over the assets of the VIE entities. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Regulations for the Administration of Foreign-Invested
Telecommunications Enterprises, promulgated by the State Council on December 11, 2001 and last amended with immediate effect on February
6, 2016, requires foreign-invested value-added telecommunications enterprises in the PRC to be established as Sino-foreign joint ventures,
and foreign investors shall not acquire more than 50% of the equity interest of such an enterprise. In addition, the main foreign investor
who invests in such an enterprise shall demonstrate a good track record and experience in such industry. Moreover, the joint ventures
must obtain approvals from the MIIT and the Ministry of Commerce of the PRC (&ldquo;MOFCOM&rdquo;), or their authorized local counterparts,
before launching the value-added telecommunications business in the PRC. On March 29, 2022, the Decision of the State Council on Revising
and Repealing Certain Administrative Regulations, which took effect on May 1, 2022, was promulgated to amend certain provisions of regulations
including the Provisions on the Regulations for the Administration of Foreign-Invested Telecommunications Enterprises (2016 Revision),
the requirement for major foreign investor to demonstrate a good track record and experience in operating value-added telecommunications
businesses is deleted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Special Administrative Measures (Negative
List) for Access of Foreign Investment (2021 version) (the &ldquo;Negative List&rdquo;) was jointly promulgated by the National Development
and Reform Commission of the PRC (&ldquo;NDRC&rdquo;) and MOFCOM on December 27, 2021 and came into effect on January 1, 2022. According
to the Negative List, the proportion of foreign investments in an entity engages in value-added telecommunications business (except for
e-commerce, domestic multi-party communications, storage-forwarding and call centers) shall not exceed 50%.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accordingly, none of our subsidiaries is eligible
to provide commercial internet content or other value-added telecommunication service, which foreign-owned companies are or restricted
from conducting in Mainland China. To comply with PRC laws and regulations, we have conducted such business activities to offer internet
access services through the VIEs in China. WFOE has entered into contractual arrangements with the VIE entities and their respective
shareholders, and such contractual arrangements enable us to exercise effective control over, receive substantially all of the economic
benefits of, and have an exclusive option to purchase all or part of the equity interest and assets in the VIE entities when and to the
extent permitted by PRC law. Because of these contractual arrangements, we are the primary beneficiary of the VIE entities in China for
accounting purposes for the effective period of these contractual arrangements. Accordingly, under U.S. GAAP, the financial statements
of the VIE entities are consolidated as part of our financial statements for the years ended September 31, 2022, 2023 and 2024 in this
prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As we continued to evaluate our business plan,
we have decided to adjust our business model in China. On October 26, 2021, we transferred all of our equity interest in the WFOE, to
Wangxiancai Limited, which is beneficially owned by the legal representative and executive director of one of our subsidiaries, a related
party (the &ldquo;Equity Transfer&rdquo;). As a result of the Equity Transfer, we no longer conduct any operation through the variable
interest entity. See &ldquo;Item 4. Information on the Company&mdash;A. History and Development of the Company&rdquo; in our Form 20-F
for FY 2025, which is incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we no longer conduct any operation through
the variable interest entity, there are uncertainties regarding the interpretation and application of current and future PRC laws, regulations,
and rules relating to the agreements that established the VIE structure for our operations in China, including potential future actions
by the PRC government, which may retroactively affect the enforceability and legality of our historical contractual arrangements with
the VIE entities and, consequently, significantly affect the historical financial condition and results of operations of the VIE entities,
and our ability to consolidate the results of the VIE entities into our consolidated financial statements for the periods prior to the
completion of the Equity Transfer. If the PRC government finds such agreements non-compliant with relevant PRC laws, regulations, and
rules, or if these laws, regulations, and rules or the interpretation thereof change in the future, and such changes may be retroactively
applied to our historical contractual arrangements, we could be subject to severe penalties and our control over the VIE entities may
be rendered ineffective, which could result in potential restatement of our historical financial statements. As a result, our shares
and/or ADSs may decline in value or become worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to Doing Business in the PRC
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The PRC government may exert, at any time,
substantial intervention and influence over the manner of our operations, and the rules and regulations to which we are subject, including
the ways they are enforced, may change rapidly and with little advance notice to us or our shareholders. Any such actions by the Chinese
government, including any decision to intervene or influence the operations of our subsidiaries in China or to exert control over any
offering of securities conducted overseas and/or foreign investment in China-based issuers, may cause us to make material changes to
our operations in China, may limit or completely hinder our ability to offer or continue to offer securities to investors, and may cause
the value of such securities to significantly decline or be worthless. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are exposed to legal and operational risks
associated with our operations in China. The PRC government has significant authority to exert influence on the ability of a company
with operations in China, including us, to conduct its business. Changes in China&rsquo;s economic, political or social conditions or
government policies could materially and adversely affect our business and results of operations. We are subject to risks due to the
uncertainty of the interpretation and the application of the PRC laws and regulations, including but not limited to the risks of uncertainty
about any future actions of the PRC government on U.S. listed companies. We may also be subject to sanctions imposed by PRC regulatory
agencies, including CSRC, if we fail to comply with their rules and regulations. Any actions by the PRC government to exert more oversight
and control over offerings that are conducted overseas and/or foreign investment in companies having operations in China, including us,
could significantly limit or completely hinder our ability to offer or continue to offer securities to investors, and cause the value
of our securities to significantly decline or become worthless. These China-related risks could result in a material change in our operations
and/or the value of our securities, or could significantly limit or completely hinder our ability to offer securities to investors in
the future and cause the value of such securities to significantly decline or become worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The PRC government may exert, at any time, substantial
intervention and influence over the manner of our operations. Recently, the PRC government initiated a series of regulatory actions and
statements to regulate business operations in China with little advance notice, including cracking down on illegal activities in the
securities market, enhancing supervision over China-based companies listed overseas, adopting new measures to extend the scope of cybersecurity
reviews and new laws and regulations related to data security, and expanding the efforts in anti-monopoly enforcement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The regulatory framework for the collection,
use, safeguarding, sharing, transfer and other processing of personal information and important data worldwide is rapidly evolving in
PRC and is likely to remain uncertain for the foreseeable future. Regulatory authorities in China have implemented and are considering
a number of legislative and regulatory proposals concerning data protection. For example, the PRC Cybersecurity Law, which became effective
in June 2017, established China&rsquo;s first national-level data protection for &ldquo;network operators,&rdquo; which may include all
organizations in China that connect to or provide services over the internet or other information network. The PRC Data Security Law,
which was promulgated by the Standing Committee of PRC National People&rsquo;s Congress, or the SCNPC, on June 10, 2021 and became effective
on September 1, 2021, outlines the main system framework of data security protection.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In December 2021, the Cyberspace Administration
of China (the &ldquo;CAC&rdquo;) promulgated the amended Measures of Cybersecurity Review which require cyberspace operators with personal
information of more than one million users to file for cybersecurity review with the Cybersecurity Review Office (&ldquo;CRO&rdquo;),
in the event such operators plan for an overseas listing. The amended Measures of Cybersecurity Review provide that, among others, an
application for cybersecurity review must be made by an issuer that is a &ldquo;critical information infrastructure operator&rdquo; or
a &ldquo;data processing operator&rdquo; as defined therein before such issuer&rsquo;s securities become listed in a foreign country,
if the issuer possesses personal information of more than one million users, and that the relevant governmental authorities in the PRC
may initiate cybersecurity review if such governmental authorities determine an operator&rsquo;s cyber products or services, data processing
or potential listing in a foreign country affect or may affect China&rsquo;s national security. The amended Measures of Cybersecurity
Review took effect on February 15, 2022. In August 2021, the Standing Committee of the National People&rsquo;s Congress of China promulgated
the Personal Information Protection Law which became effective on November 1, 2021. The Personal Information Protection Law provides
a comprehensive set of data privacy and protection requirements that apply to the processing of personal information and expands data
protection compliance obligations to cover the processing of personal information of persons by organizations and individuals in China,
and the processing of personal information of persons outside of China if such processing is for purposes of providing products and services
to, or analyzing and evaluating the behavior of, persons in China. The Personal Information Protection Law also provides that critical
information infrastructure operators and personal information processing entities who process personal information meeting a volume threshold
to be set by Chinese cyberspace regulators are also required to store in China the personal information generated or collected in China,
and to pass a security assessment administered by Chinese cyberspace regulators for any export of such personal information. Moreover,
pursuant to the Personal Information Protection Law, persons who seriously violate this law may be fined for up to RMB50 million or 5%
of annual revenues generated in the prior year and may also be ordered to suspend any related activity by competent authorities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2021, the CAC released the Regulations
on Network Data Security (draft for public comments) and accepted public comments until December 13, 2021. The draft Regulations on Network
Data Security provide more detailed guidance on how to implement the general legal requirements under laws such as the Cybersecurity
Law, Data Security Law and the Personal Information Protection Law. The draft Regulations on Network Data Security follow the principle
that the state will regulate based on a data classification and multi-level protection scheme, under which data is largely classified
into three categories: general data, important data and core data. Under the current PRC cybersecurity laws in China, critical information
infrastructure operators that intend to purchase internet products and services that may affect national security must be subject to
the cybersecurity review. On July 30, 2021, the State Council of the PRC promulgated the Regulations on the Protection of the Security
of Critical Information Infrastructure, which took effect on September 1, 2021. The regulations require, among others, that certain competent
authorities shall identify critical information infrastructures. If any critical information infrastructure is identified, they shall
promptly notify the relevant operators and the Ministry of Public Security.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently, the cybersecurity laws and regulations
have not directly affected our business and operations, but in anticipation of the strengthened implementation of cybersecurity laws
and regulations and the expansion of our business, we face potential risks if we are deemed as a critical information infrastructure
operator under the</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cybersecurity Law. In such case, we must fulfill
certain obligations as required under the Cybersecurity Law and other applicable laws, including, among others, storing personal information
and important data collected and produced within the PRC territory during our operations in China, which we are already doing in our
business, and we may be subject to review when purchasing internet products and services. When the amended Measures of Cybersecurity
Review take effect in February 2022, we may be subject to review when conducting data processing activities, and may face challenges
in addressing its requirements and make necessary changes to our internal policies and practices in data processing. As of the date of
this prospectus, we have not been involved in any investigations on cybersecurity review made by the CAC on such basis, and we have not
received any inquiry, notice, warning, or sanctions in such respect. Based on the foregoing, we and our PRC legal counsel, Beijing Kingdom
Law Firm, do not expect that, as of the date of this prospectus, the current applicable PRC laws on cybersecurity would have a material
adverse impact on our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 1, 2021, the PRC Data Security Law
became effective, which imposes data security and privacy obligations on entities and individuals conducting data-related activities,
and introduces a data classification and hierarchical protection system based on the importance of data in economic and social development,
as well as the degree of harm it will cause to national security, public interests, or legitimate rights and interests of individuals
or organizations when such data is tampered with, destroyed, leaked, or illegally acquired or used. As of the date of this prospectus,
we have not been involved in any investigations on data security compliance made in connection with the PRC Data Security Law, and we
have not received any inquiry, notice, warning, or sanctions in such respect. Based on the foregoing, we do not expect that, as of the
date of this prospectus, the PRC Data Security Law would have a material adverse impact on our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 6, 2021, the relevant PRC governmental
authorities publicated the Opinions on Strictly Cracking Down Illegal Securities Activities in Accordance with the Law. These opinions
require the relevant regulators to coordinate and accelerate amendments of legislation on the confidentiality and archive management
related to overseas issuance and listing of securities, and to improve the legislation on data security, cross-border data flow and management
of confidential information. These opinions emphasized the need to strengthen the administration over illegal securities activities and
the supervision on overseas listings by China-based companies and proposed to take effective measures, such as promoting the construction
of relevant regulatory systems to deal with the risks and incidents faced by China-based overseas-listed companies. As these opinions
were recently issued, official guidance and related implementation rules have not been issued yet and the interpretation of these opinions
remains unclear at this stage. As of the date of this prospectus, we have not received any inquiry, notice, warning, or sanctions from
the CSRC or any other PRC government authorities. Based on the foregoing and the currently effective PRC laws, we and our PRC legal counsel,
Beijing Kingdom Law Firm, are of the view that, as of the date of this prospectus, these opinions do not have a material adverse impact
on our business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 24, 2021, the CSRC published the
Provisions of the State Council on the Administration of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments),
and Administrative Measures for the Filing of Overseas Securities Offering and Listing by Domestic Companies (Draft for Comments), or,
collectively, the Draft Overseas Listing Regulations, which set out the new regulatory requirements and filing procedures for Chinese
companies seeking direct or indirect listing in overseas markets. The Draft Overseas Listing Regulations, among others, stipulate that
Chinese companies that seek to offer and list securities in overseas markets shall fulfill the filing procedures with and report relevant
information to the CSRC, and that an initial filing shall be submitted within three working days after the application for an initial
public offering is submitted, and a second filing shall be submitted within three working days after the listing is completed. Moreover,
an overseas offering and listing is prohibited under circumstances if (i) it is prohibited by PRC laws, (ii) it may constitute a threat
to or endanger national security as reviewed and determined by competent PRC authorities, (iii) it has material ownership disputes over
equity, major assets, and core technology, (iv) in recent three years, the Chinese operating entities and their controlling shareholders
and actual controllers have committed relevant prescribed criminal offenses or are currently under investigations for suspicion of criminal
offenses or major violations, (v) the directors, supervisors, or senior executives have been subject to administrative punishment for
severe violations, or are currently under investigations for suspicion of criminal offenses or major violations, or (vi) it has other
circumstances as prescribed by the State Council. The Draft Overseas Listing Regulations, among others, stipulate that when determining
whether an offering and listing shall be deemed as &ldquo;an indirect overseas offering and listing by a Chinese company&rdquo;, the
principle of &ldquo;substance over form&rdquo; shall be followed, and if the issuer meets the following conditions, its offering and
listing shall be determined as an &ldquo;indirect overseas offering and listing by a Chinese company&rdquo; and is therefore subject
to the filing requirement: (i) the revenues, profits, total assets or net assets of the Chinese operating entities in the most recent
financial year accounts for more than 50% of the corresponding data in the issuer&rsquo;s audited consolidated financial statements for
the same period; and (ii) the majority of senior management in charge of business operation are Chinese citizens or have domicile in
PRC, and its principal place of business is located in PRC or main business activities are conducted in PRC. As advised by our PRC legal
counsel, the Draft Overseas Listing Regulations were released only for soliciting public comment at this stage and their provisions and
anticipated adoption or effective date are subject to changes, and thus their interpretation and implementation remain substantially
uncertain. It is uncertain whether the Draft Overseas Listing Regulations apply to the follow-on offerings or other offerings of the
Chinese companies that have been listed overseas. We cannot predict the impact of the Draft Overseas Listing Regulations on us at this
stage.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 2, 2022, the CSRC published the Provisions
on Strengthening the Confidentiality and Archives Administration Related to the Overseas Securities Offering and Listing by Domestic
Enterprises (Draft for Comments), or the Draft Provisions on Confidentiality and Archives Administration, which was open for public comments
until April 17, 2022. The Draft Provisions on Confidentiality and Archives Administration requires that, in the process of overseas issuance
and listing of securities by domestic entities, the domestic entities, and securities companies and securities service institutions that
provide relevant securities service shall strictly implement the provisions of relevant laws and regulations and the requirements of
these provisions, establish and improve rules on confidentiality and archives administration. Where the domestic entities provide with
or publicly disclose documents, materials or other items related to the state secrets and government work secrets to the relevant securities
companies, securities service institutions, overseas regulatory authorities, or other entities or individuals, the companies shall apply
for approval of competent departments with the authority of examination and approval in accordance with law and report the matter to
the secrecy administrative departments at the same level for record filing. Where there is unclear or controversial whether or not the
concerned materials are related to state secrets, the materials shall be reported to the relevant secrecy administrative departments
for determination. However, the Draft Provisions on Confidentiality and Archives Administration have not yet been settled or become effective,
and there remain uncertainties regarding the further interpretation and implementation of the Draft Provisions on Confidentiality and
Archives Administration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, the CAC issued the Measures for the
Security Assessment of Outbound Data Transfer (the &ldquo;Measures&rdquo;) on July 7, 2022, which will take effect on September 1, 2022.
The Measures shall apply to the security assessment of data processors&rsquo; provision of important data and personal information collected
and generated in their operations within the territory of the PRC to overseas recipients. The Measures require relevant data processors
to submit a data security assessment to the CAC for review prior to the outbound data transfer activities in order to prevent illegal
data transfer activities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As there are still uncertainties regarding these
new laws and regulations as well as the amendment, interpretation and implementation of the existing laws and regulations related to
cybersecurity and data protection, We cannot assure you that we will be able to comply with these laws and regulations in all respects.
The regulatory authorities may deem our activities or services non-compliant and therefore require us to suspend or terminate its business.
We may also be subject to fines, legal or administrative sanctions and other adverse consequences, and may not be able to become in compliance
with relevant laws and regulations in a timely manner, or at all. These may materially and adversely affect its business, financial condition,
results of operations and reputation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since these statements and regulatory actions
are new, it is highly uncertain how soon legislative or administrative regulation making bodies will respond and what existing or new
laws or regulations or detailed implementations and interpretations will be modified or promulgated, if any, and the potential impact
such modified or new laws and regulations will have on our daily business operation, our ability to accept foreign investments and conduct
follow-on offerings, and listing or continuing listing on a U.S. or other foreign exchanges. In addition, the PRC government has recently
published new policies that significantly affected certain industries such as the education and internet industries, and we cannot rule
out the possibility that it will in the future release regulations or policies regarding any other industry including the industry in
which we operate, which could adversely affect our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Uncertainties in the interpretation and
enforcement of PRC laws and regulations could limit the legal protections available to us. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The PRC legal system is based on written statutes
and prior court decisions or legal cases have limited value as precedents. Since these laws, regulations and rules are relatively new
and the PRC legal system continues to rapidly evolve, the application and interpretations of these laws, regulations and rules are not
always uniform, are ambiguous and may be interpreted and applied inconsistently between different government authorities, and enforcement
of these laws, regulations and rules involves uncertainties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Developments in the apartment rental industry
may lead to changes in PRC laws, regulations and policies or in the interpretation and application of existing laws, regulations and
policies that may limit or restrict us, which could materially and adversely affect our business and operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, we may have to resort to administrative
and court proceedings to enforce our legal rights. However, since PRC administrative and court authorities have significant discretion
in interpreting and implementing statutory and contractual terms, it may be more difficult to evaluate the outcome of administrative
and court proceedings and the level of legal protection we enjoy than in more developed legal systems. Furthermore, the PRC legal system
is based in part on government policies and internal rules (some of which are not published in a timely manner or at all) that may have
retroactive effect. As a result, we may not be aware of our violation of these policies and rules in a timely manner until sometime after
the violation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Such uncertainties, including uncertainty over
the scope and effect of our contractual, property (including intellectual property) and procedural rights, could materially and adversely
affect our business and impede our ability to continue our operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If the U.S. Public Company Accounting Oversight
Board, or the PCAOB, is unable to inspect our auditors as required under the Holding Foreign Companies Accountable Act, the SEC will prohibit
the trading of our ADSs. A trading prohibition for our ADSs, or the threat of a trading prohibition, may materially and adversely affect
the value of your investment. Additionally, the inability of the PCAOB to conduct inspections of our auditors would deprive our investors
of the benefits of such inspections. </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The U.S. Holding Foreign Companies Accountable
Act, or the HFCA Act, was enacted into law on December 18, 2020. Under the HFCA Act, if the SEC determines that we have filed audit reports
issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years, the SEC
will prohibit our securities, including our ADSs, from being traded on a U.S. national securities exchange, including NASDAQ, or in the
over-the-counter trading market in the U.S. The process for implementing trading prohibitions pursuant to the HFCA Acts will be based
on a list of registered public accounting firms that the PCAOB has been unable to inspect and investigate completely as a result of a
position taken by a non-U.S. government, or the Relevant Jurisdiction, and such identified auditors, the PCAOB Identified Firms. The first
list of PCAOB Identified Firms was included in a release by the PCAOB on December 16, 2021, or the PCAOB December 2021 Release. The SEC
will review annual reports filed with it for fiscal years beginning after December 18, 2020 to determine if the auditor used for such
reports was so identified by the PCAOB, and such issuers will be designated as &ldquo;Commission Identified Issuers&rdquo; on a list to
be published by the SEC. If an issuer is a Commission Identified Issuer for three consecutive years (which will be determined after the
third such annual report), the SEC will issue an order that will implement the trading prohibitions described above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 26, 2022, the PCAOB signed the Protocol
with the CSRC and the Ministry of Finance of the PRC governing inspections and investigations of audit firms based in mainland China
and Hong Kong, which marks the first step toward opening access for the PCAOB to inspect and investigate registered public accounting
firms headquartered in China without any limitations on scope. The Protocol sets forth, among other terms, that (i) the PCAOB has independent
discretion to select any issuer audits for inspection or investigation; (ii) the PCAOB has direct access to interview and take testimony
from all personnel of the audit firms whose issuer engagements are being inspected or investigated; (iii) the PCAOB has the unfettered
ability to transfer information to the SEC in accordance with the Sarbanes-Oxley Act; and (iv) the PCAOB inspectors can see complete
audit work papers without any redactions. However, uncertainties remain with respect to the implementation of this framework and there
is no assurance that the PCAOB will be able to execute, in a timely manner, its future inspections and investigations in a manner that
satisfies the Protocol.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 15, 2022, the PCAOB board announced
that it has completed the inspections, determined that it had complete access to inspect or investigate completely registered public
accounting firms headquartered in mainland China and Hong Kong, and voted to vacate the Determination Report.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are unable to retain a PCAOB-registered
auditor subject to PCAOB inspection and investigation, a trading prohibition for our ADSs could be issued shortly after our filing of
the third consecutive annual report on Form 20-F for which we have retained a PCAOB Identified Firm. Our current independent accounting
firm, Onestop Assurance PAC, whose audit report is included in our annual report on Form 20-F for FY 2025, which is incorporated herein
by reference, is headquartered in Singapore, and was not included in the list of PCAOB Identified Firms in the PCAOB December Release.
Recent developments with respect to audits of China-based companies create uncertainty about the ability of Onestop Assurance PAC to fully
cooperate with a PCAOB request for audit working papers without the approval of the Chinese authorities. Onestop Assurance PAC&rsquo;s
audit working papers related to us are located in China. The PCAOB has not requested Onestop Assurance PAC to provide the copies of these
audit working papers and as a result, Onestop Assurance PAC has not sought permission from the Chinese authorities to provide copies of
these materials to the PCAOB, but there is no assurance that they would be able to obtain such permission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In June 2021, the United States Senate passed
a bill that would amend the HFCA Act to accelerate the imposition of trading prohibitions once an issuer is identified from three years
to two years, and a companion bill was introduced in the U.S. House of Representatives on December 14, 2021. If this bill amending the
HFCA Act is approved by both houses of Congress and signed by the President, our securities could be subject to a trading prohibition
following our filing of a second consecutive annual report on Form 20-F in which our auditor for such reports is a PCAOB Identified Firm.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If our ADSs are subject to a trading prohibition
under the HFCA Act, the price of our ADSs may be adversely affected, and the threat of such a trading prohibition would also adversely
affect their price. If we are unable to be listed on another securities exchange that provides sufficient liquidity, such a trading prohibition
may substantially impair your ability to sell or purchase our ADSs when you wish to do so. Furthermore, if we are able to maintain a listing
of our Class A ordinary shares on a non-U.S. exchange, investors owning our ADSs may have to take additional steps to engage in transactions
on that exchange, including converting ADSs into Class A ordinary shares and establishing non-U.S. brokerage accounts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The HFCA Act also imposes additional certification
and disclosure requirements for Commission Identified Issuers, and these requirements apply to issuers in the year following their listing
as Commission Identified Issuers. The additional requirements include a certification that the issuer is not owned or controlled by a
governmental entity in the Relevant Jurisdiction, and the additional requirements for annual reports include disclosure that the issuer&rsquo;s
financials were audited by a firm not subject to PCAOB inspection, disclosure on governmental entities in the Relevant Jurisdiction&rsquo;s
ownership in and controlling financial interest in the issuer, the names of Chinese Communist Party, or CCP, members on the board of
the issuer or its operating entities, and whether the issuer&rsquo;s article&rsquo;s include a charter of the CCP, including the text
of such charter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In addition to
the issues under the HFCA discussed above, the PCAOB&rsquo;s inability to conduct inspections in China and Hong Kong prevents it from
fully evaluating the audits and quality control procedures of the independent registered public accounting firm. Our current independent
registered public accounting firm, Onestop Assurance PAC, is headquartered in Singapore, and has been inspected by the PCAOB on a regular
basis with the last inspection in 2022. However, as noted above, recent developments create uncertainty as to the PCAOB&rsquo;s continued
ability to conduct inspections of our independent accounting firm, Onestop Assurance PAC. The inability of the PCAOB to conduct inspections
of auditors in China makes it more difficult to evaluate the effectiveness of a China-based independent registered public accounting
firm&rsquo;s audit procedures or quality control procedures as compared to auditors outside of China that are subject to the PCAOB inspections,
which could cause investors and potential investors in the stock to lose confidence in the audit procedures and reported financial information
and the quality of our financial statements. </FONT>&nbsp;<FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: justify"><B><I>We are exposed to significant geographic
concentration risk, and adverse developments in the regions where we generate a substantial portion of our revenue could materially and
adversely affect our business, financial condition, results of operations, and cash flows.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A significant amount of our commission revenue
received from policies sold is concentrated in three provinces in Northern China, which collectively accounted for over 50% of our total
commission revenue in 2023, 2024 and 2025. The breakdown of revenue contribution from these provinces is set forth below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Percentage of Revenue<BR> Contribution</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Province</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">FY 2023</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">FY 2024</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">FY 2025</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%">Tianjin</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">27.66</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">23.50</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">21.88</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Shandong</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.13</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20.06</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21.28</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Anhui</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.21</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.16</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21.04</TD><TD STYLE="text-align: left">%</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because our business is geographically concentrated,
our performance is particularly sensitive to regional conditions. Localized economic downturns, tightening credit conditions, changes
in consumer confidence or spending patterns, or reductions in insurance demand in any of these provinces could reduce our sales volume
and commission revenue. In addition, new or amended regulations or guidance by local authorities could limit our ability to conduct business
or increase our compliance costs. Adverse events unique to these regions, including but not limited to public health emergencies, natural
disasters, or social or political instability, could also disrupt our operations or sales activities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">If we experience adverse developments in any
of these provinces, we may be unable to offset lost revenue with growth in other regions, and our results could be more volatile than
those of companies with more diversified geographic exposure. Any of the foregoing could materially and adversely affect our business,
financial condition, results of operations, and cash flows.</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; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_006"></A>USE OF PROCEEDS </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to use the net proceeds from the sale
of the securities as set forth in the applicable prospectus supplement.</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><A NAME="a_007"></A>CAPITALIZATION AND INDEBTEDNESS
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our capitalization and indebtedness will be set
forth in a prospectus supplement to this prospectus or in a report subsequently furnished to the SEC and specifically incorporated herein
by reference.</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><A NAME="a_008"></A>DESCRIPTION OF SHARE CAPITAL
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a Cayman Islands exempted company with
limited liability and our corporate affairs are governed by our amended and restated memorandum and articles of association, as amended
from time to time and the Companies Act (2023 Revision), as amended and revised of the Cayman Islands (the &ldquo;Companies Act&rdquo;),
and the common law of the Cayman Islands.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this prospectus, our authorized share capital is US$500,000,000 divided into 5,000,000,000,000,000 ordinary shares with
a par value of US$0.0000001 each, consisting of 4,374,500,000,000,000 Class A ordinary shares represented by 1,822,708,333,333 ADSs and
625,000,000,000,000 Class B ordinary shares., and 500,000,000,000 preferred shares, of which 123,715,022,675 ordinary shares are issued
and outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Our Fourth Amended and Restated Memorandum
and Sixth Amended and Restated Articles of Association </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following are summaries of material provisions
of our fourth amended and restated memorandum and sixth amended and restated articles of association and the Companies Act insofar as
they relate to the material terms of our Class A ordinary shares and Class B ordinary shares. You should read the forms of our current
memorandum and articles of association filed with the SEC. For information on how to obtain copies of our current memorandum and articles
of association, see &ldquo;Where You Can Find More Information About Us.&rdquo;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ordinary shares are divided into Class A
ordinary shares and Class B ordinary shares. Holders of our Class A ordinary shares and Class B ordinary shares have the same rights
except for voting and conversion rights. Our ordinary shares are issued in registered form and are issued when registered in our register
of members. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each Class B ordinary share is convertible into
one Class A ordinary share at any time at the option of the holder thereof. Class A ordinary shares are not convertible into Class B
ordinary shares under any circumstances. Upon any transfer of Class B ordinary shares by a holder to any person or entity which is not
an affiliate of such holder, such Class B ordinary shares shall be automatically and immediately converted into the equivalent number
of Class A ordinary shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of our ordinary shares are entitled
to such dividends as may be declared by our board of directors. Our existing articles of association provide that dividends may be declared
and paid out of our profits, realized or unrealized, or from any reserve set aside from profits which our board of directors determine
is no longer needed. Dividends may also be declared and paid out of share premium account or any other fund or account which can be authorized
for this purpose in accordance with the Companies Act (As Revised), as amended and revised of the Cayman Islands.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of our ordinary shares have the right
to receive notice of, attend, speak and vote at general meetings of our company. Except as required by applicable law and subject to
the existing articles of association, holders of Class A ordinary shares and Class B ordinary shares shall at all times vote together
as one class on all matters submitted to a vote of the shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At any general meeting on a poll, every shareholder
holding Class A ordinary shares present in person or by proxy or, in the case of a shareholder being a corporation, by its duly authorized
representative shall have one (1) vote for every fully paid Class A ordinary share of which he is the holder; and every shareholder holding
Class B ordinary shares present in person or by proxy or, in the case of a shareholder being a corporation, by its duly authorized representative
shall have ten (10) votes for every fully paid Class B ordinary share of which he is the holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A resolution put to the vote of a meeting shall
be decided by way of a poll save that the chairman of the meeting may in good faith, allow a resolution which relates purely to a procedural
or administrative matter to be voted on by a show of hands in which case (i) every shareholder holding Class A ordinary shares present
in person (or being a corporation, is present by a duly authorized representative), or by proxy(ies) shall have one (1) vote, and (ii)
every shareholder holding Class B ordinary shares present in person (or being a corporation, is present by a duly authorized representative),
or by proxy(ies) shall have ten (10) votes, provided that, notwithstanding anything contained in our existing articles of association,
where more than one proxy is appointed by a shareholder which is a clearing house or a central depository house (or its nominee(s)),
each such proxy shall have one vote on a show of hands. For the purposes of our existing articles of association, procedural and administrative
matters are those that (i) are not on the agenda of the general meeting or in any supplementary circular that may be issued by us to
the shareholders; and (ii) relate to the chairman&rsquo;s duties to maintain the orderly conduct of the meeting and/or allow the business
of the meeting to be properly and effectively dealt with, whilst allowing all shareholders a reasonable opportunity to express their
views.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An ordinary resolution to be passed at a meeting
by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the shares cast at a meeting, while
a special resolution requires the affirmative vote of no less than two-thirds of the votes attaching to the shares cast at a meeting.
A special resolution will be required for important matters such as a change of name or making changes to our existing memorandum of
association and our articles of association.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the restrictions contained in our
existing articles of association, any of our shareholders may transfer all or any of his or her ordinary shares by an instrument of transfer
in the usual or common form or any other form approved by our board of directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors may, in its absolute discretion,
and without giving any reason therefor, refuse to register a transfer of any share that is not a fully paid up share to a person of whom
it does not approve, or any share issued under any share incentive scheme for employees upon which a restriction on transfer imposed
thereby still subsists, and it may also, without prejudice to the foregoing generality, refuse to register a transfer of any share to
more than four joint holders or a transfer of any share that is not a fully paid up share on which we have a lien. Our board of directors
may also decline to register any transfer of any ordinary share unless:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            instrument of transfer is lodged with us, accompanied by the certificate for the ordinary
                                            shares to which it relates and such other evidence as our board of directors may reasonably
                                            require to show the right of the transferor to make the transfer;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            instrument of transfer is in respect of only one class of ordinary shares;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            instrument of transfer is properly stamped, if required;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a
                                            fee of such maximum sum as the Nasdaq may determine to be payable or such lesser sum as our
                                            directors may from time to time require is paid to us in respect thereof.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If our directors refuse to register a transfer,
they shall, within three months after the date on which the instrument of transfer was lodged, send to each of the transferor and the
transferee notice of such refusal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registration of transfers may, after compliance
with any notice required of the Nasdaq, be suspended and the register of members closed at such times and for such periods as our board
of directors may from time to time determine, provided, however, that the registration of transfers shall not be suspended nor the register
of members closed for more than 30 days in any year as our board may determine.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On a return of capital on winding up or otherwise
(other than on conversion, redemption or purchase of ordinary shares), assets available for distribution among the holders of ordinary
shares shall be distributed among the holders of the ordinary shares on a pro rata basis. If our assets available for distribution are
insufficient to repay all of the paid-up ordinary share capital, the assets will be distributed so that the losses are borne by our holders
of ordinary shares proportionately.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Calls on Ordinary Shares and Forfeiture of
Ordinary Shares </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors may from time to time
make calls upon shareholders for any amounts unpaid on their ordinary shares in a notice served to such shareholders at least 14 clear
days prior to the specified time of payment. The ordinary shares that have been called upon and remain unpaid are subject to forfeiture.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Companies Act and our existing articles of
association permit us to purchase our own shares. In accordance with our existing articles of association and provided the necessary
shareholders or board approval have been obtained, we may issue shares on terms that are subject to redemption, at our option or at the
option of the holders of these shares, on such terms and in such manner, including out of capital, as may be determined by our board
of directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All or any of the special rights attached to
any class of shares may, subject to the provisions of the Companies Act, be varied with the sanction of a special resolution passed at
a general meeting of the holders of the shares of that class. Separate general meetings of the holders of a class or series of shares
may be called only by (i) the chairman of our board of directors, or (ii) a majority of our board of directors (unless otherwise specifically
provided by the terms of issue of the shares of such class or series), and nothing in the existing articles of association shall give
any shareholder or shareholders the right to call a class or series meeting. The rights conferred upon the holders of the shares of any
class issued shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied
by the creation or issue of further shares ranking pari passu with such existing class of shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>General Meetings of Shareholders </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A quorum required for a meeting of shareholders
consists of one or more shareholders present in person or by proxy representing not less than one-third of all voting power of the company&rsquo;s
share capital in issue. (i) A majority of our board of directors, or (ii) the chairman of our board of directors, or (iii) any director,
where required to give effect to a requisition received under the existing articles of association, may call extraordinary general meetings,
which extraordinary general meetings shall be held at such times and locations (as permitted hereby) as such person or persons shall
determine.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any one or more shareholders holding at the date
of deposit of the requisition not less than two-thirds of the voting power of our share capital in issue carrying the right of voting
at general meetings of our company shall at all times have the right, by written requisition to our board of directors or our secretary,
to require an extraordinary general meeting to be called by our board of directors for the transaction of any business permitted by the
Companies Act or the existing articles of association (subject to the below) as specified in such requisition; and such meeting shall
be held within two (2) months after the deposit of such requisition. If within twenty-one (21) days of such deposit our board of directors
fails to proceed to convene such meeting, the requisitionist(s) himself or herself (themselves) may do so in the same manner, and all
reasonable expenses incurred by the requisitionist(s) as a result of the failure of our board of directors shall be reimbursed to the
requisitionist(s) by us. A meeting requisitioned under the existing articles of association shall not be permitted to consider or vote
upon (A) any resolutions with respect to the election, appointment or removal of directors or with respect to the size of our board of
directors, unless such proposal is first approved by our nominating and corporate governance committee; or (B) other than a special resolution
in respect of the appointment or removal of any director, any special resolution or any matters required to be passed by way of special
resolution pursuant to the existing articles of association or the Companies Act. Written notice shall be given not less than ten clear
days before the date of any general meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Inspection of Books and Records </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of our ordinary shares will have no general
right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records. However, in our existing
articles of association we provide our shareholders with the right to inspect our list of shareholders and to receive annual audited
financial statements.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may from time to time by ordinary resolution:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">increase
                                            the share capital by such sum, to be divided into shares of such classes and amount, as the
                                            resolution shall prescribe;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">consolidate
                                            and divide all or any of our share capital into shares of a larger amount than our existing
                                            shares;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">sub-divide
                                            our existing shares, or any of them into shares of a smaller amount; or</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">cancel
                                            any shares which, at the date of the passing of the resolution, have not been taken or agreed
                                            to be taken by any person and diminish the amount of our share capital by the amount of the
                                            shares so canceled.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may by special resolution, subject to any
confirmation or consent required by the Companies Act, reduce our share capital or any capital redemption reserve in any manner permitted
by law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Proceedings of the Directors </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors may meet for the dispatch
of business, adjourn and otherwise regulate its meetings as it considers appropriate. Questions arising at any meeting shall be determined
by a majority of votes, other than (i) any removal of any person as a director, or (ii) any appointment or removal of any person as the
chairman of our board of directors, or (iii) any removal of any person as chairman or other member of any committee of our board of directors
which, in each case, shall be determined by a resolution passed by a majority of not less than two-thirds of votes cast by such directors
as, being entitled so to do, vote at a meeting of our board of directors. In the case of any equality of votes, the chairman of the meeting
shall have an additional or casting vote. A meeting of our board of directors may be convened by (i) the chairman of our board of directors,
or (ii) a majority of the directors. Our secretary shall convene a meeting of our board of directors whenever so required to do by the
chairman of our board of directors or a majority of the directors by notice in writing to each director. A meeting of our board of directors
may be called by not less than two (2) clear days&rsquo; notice. A meeting of our board of directors may be called by shorter notice
if it is so agreed by all the directors entitled to attend and vote at such a meeting. Any notice of a meeting of our board of directors
shall (i) specify the time and place of the meeting, and (ii) set out in reasonable detail the nature of the business to be discussed
at the meeting. Notice may be given in writing or by telephone or in such other manner as our board of directors may from time to time
determine.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A resolution in writing signed by all the directors
(other than in the circumstances set out in article 85 in our amended and restated memorandum and articles of association) except such
as are temporarily unable to act due to ill-health or disability shall (provided that (i) the circulation of such resolutions has the
prior approval of, and is initiated by, the chairman of our board of directors, (ii) such number of signatories includes the chairman
of our board of directors and is sufficient to constitute a quorum, and (iii) further provided that a copy of such resolution has been
given or the contents thereof communicated to all the directors for the time being entitled to receive notices of board meetings in the
same manner as notices of meetings are required to be given by our amended and restated memorandum and articles of association) be as
valid and effectual as if a resolution had been passed at a meeting of our board of directors duly convened and held.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an exempted company with limited liability
incorporated under the Companies Act. The Companies Act in the Cayman Islands distinguishes between ordinary resident companies and exempted
companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply
to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company
except for the exemptions and privileges listed below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an
                                            exempted company does not have to file an annual return of its shareholders with the Registrar
                                            of Companies;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an
                                            exempted company&rsquo;s register of members is not open to inspection;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an
                                            exempted company does not have to hold an annual general meeting;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an
                                            exempted company may issue no par value shares;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an
                                            exempted company may obtain an undertaking against the imposition of any future taxation
                                            (such undertakings are usually given for 20 years in the first instance);</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an
                                            exempted company may register by way of continuation in another jurisdiction and be deregistered
                                            in the Cayman Islands;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an
                                            exempted company may register as a limited duration company; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an
                                            exempted company may register as a segregated portfolio company.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Limited liability&rdquo; means that the
liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company. We are subject to reporting
and other informational requirements of the Exchange Act, as applicable to foreign private issuers. We currently intend to comply with
the Nasdaq rules in lieu of following home country practice. The Nasdaq rules require that every company listed on the Nasdaq hold an
annual general meeting of shareholders. In addition, our amended and restated articles of association allow directors to call special
meeting of shareholders pursuant to the procedures set forth in our articles.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Differences in Corporate Law </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Companies Act is modeled after that of England
and Wales but does not follow recent statutory enactments in England. In addition, the Companies Act differs from laws applicable to
United States corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions
of the Companies Act applicable to us and the laws applicable to companies incorporated in the State of Delaware.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A merger of two or more constituent companies
under Cayman Islands law requires a plan of merger or consolidation to be approved by the directors of each constituent company and authorization
by a special resolution of the members of each constituent company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A merger between a Cayman parent company and
its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders. For this purpose, a company is
a &ldquo;parent&rdquo; of a subsidiary if it holds issued shares that together represent at least ninety percent (90%) of the votes of
a general meeting of the subsidiary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consent of each holder of a fixed or floating
security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Save in certain circumstances, a dissentient
shareholder of a Cayman constituent company is entitled to payment of the fair value of his shares upon dissenting to a merger or consolidation.
The exercise of appraisal rights will preclude the exercise of any other rights save for the right to seek relief on the grounds that
the merger or consolidation is void or unlawful.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, there are statutory provisions that
facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, provided that the arrangement is approved
by (i) in the case of a members&rsquo; scheme of arrangement, seventy-five percent in value of the members or class of members, as the
case may be, with whom the arrangement is to be made and/or (ii) in the case of a creditors scheme of arrangement, a majority in number
of each class of creditors with whom the arrangement is to be made, and who must, in addition, represent seventy-five percent in value
of each such class of creditors, as the case may be, that are present and voting either in person or by proxy at a meeting, or meetings,
convened for that purpose. The convening of the meetings and subsequently the arrangement must be sanctioned by the Grand Court of the
Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved,
the court can be expected to approve the arrangement if it determines that:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            statutory provisions as to the required majority vote have been met;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            shareholders have been fairly represented at the meeting in question and the statutory majority
                                            are acting bona fide without coercion of the minority to promote interests adverse to those
                                            of the class;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            arrangement is such that may be reasonably approved by an intelligent and honest man of that
                                            class acting in respect of his interest; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            arrangement is not one that would more properly be sanctioned under some other provision
                                            of the Companies Act.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When a takeover offer is made and accepted by
holders of 90% of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of
such four month period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can
be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless
there is evidence of fraud, bad faith or collusion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an arrangement and reconstruction is thus
approved, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available
to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value
of the shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Companies Act also contains statutory provisions
which provide that a company may present a petition to the Grand Court of the Cayman Islands for the appointment of a restructuring officer
on the grounds that the company (a) is or is likely to become unable to pay its debts within the meaning of section 93 of the Companies
Act; and (b) intends to present a compromise or arrangement to its creditors (or classes thereof) either, pursuant to the Companies Act,
the law of a foreign country or by way of a consensual restructuring. The petition may be presented by a company acting by its directors,
without a resolution of its members or an express power in its articles of association. On hearing such a petition, the Cayman Islands
court may, among other things, make an order appointing a restructuring officer or make any other order as the court thinks fit.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In principle, we will normally be the proper
plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities,
which would in all likelihood be of persuasive authority in the Cayman Islands, there are exceptions to the foregoing principle, including
when:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a
                                            company acts or proposes to act illegally or ultra vires;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            act complained of, although not ultra vires, could only be effected duly if authorized by
                                            more than a simple majority vote that has not been obtained; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">those
                                            who control the company are perpetrating a &ldquo;fraud on the minority.&rdquo;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></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; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Indemnification of Directors and Executive
Officers and Limitation of Liability </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cayman Islands law does not limit the extent
to which a company&rsquo;s memorandum and articles of association may provide for indemnification of officers and directors, except to
the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification
against civil fraud or the consequences of committing a crime. Our existing memorandum and articles of association permit indemnification
of officers and directors for losses, damages, costs and expenses incurred in their capacities as such unless such losses or damages
arise from dishonesty or fraud which may attach to such directors or officers. This standard of conduct is generally the same as permitted
under the Delaware General Corporation Law for a Delaware corporation. In addition, we have entered into indemnification agreements with
our directors and senior executive officers that provide such persons with additional indemnification beyond that provided in our existing
memorandum and articles of association. Insofar as indemnification for liabilities arising under the Securities Act may be permitted
to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that, in the opinion of the
SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Anti-Takeover Provisions in the Memorandum
and Articles of Association </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some provisions of our existing articles of association
may discourage, delay or prevent a change in control of our company or management that shareholders may consider favorable, including
provisions that authorize our board of directors to issue preferred shares in one or more series and to designate the price, rights,
preferences, privileges and restrictions of such preferred shares without any further vote or action by our shareholders. However, under
Cayman Islands law, our directors may only exercise the rights and powers granted to them under our existing articles of association,
as amended and restated from time to time, for what they believe in good faith to be in the best interests of our company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Directors&rsquo; Fiduciary Duties </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Delaware corporate law, a director of a
Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and
the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would
exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material
information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he
or she reasonably believes to be in the best interests of the corporation. He or she must not use his or her corporate position for personal
gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders
take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally.
In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the
action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of
the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural
fairness of the transaction, and that the transaction was of fair value to the corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a matter of Cayman Islands law, a director
of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes
the following duties to the company&mdash;a duty to act in good faith in the best interests of the company, a duty not to make a profit
based on his or her position as director (unless the company permits him to do so) and a duty not to put himself in a position where
the interests of the company conflict with his or her personal interest or his or her duty to a third party and a duty to exercise powers
for the purpose for which such powers were intended. A director of a Cayman Islands company owes to the company a duty to act with skill
and care. It was previously considered that a director need not exhibit in the performance of his or her duties a greater degree of skill
than may reasonably be expected from a person of his or her knowledge and experience. However, English and Commonwealth courts have moved
towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman
Islands.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Shareholder Action by Written Consent </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Delaware General Corporation Law, a
corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Our existing
articles of association provide that shareholders may not approve corporate matters by way of a unanimous written resolution signed by
or on behalf of each shareholder who would have been entitled to vote on such matter at a general meeting without a meeting being held.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Delaware General Corporation Law, a
shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions
in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the
governing documents, but shareholders may be precluded from calling special meetings. Our existing articles of association allow our
shareholders to requisition a shareholders&rsquo; meeting (see above). As an exempted Cayman Islands company, we are not obliged by law
to call shareholders&rsquo; annual general meetings though we may do so.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Delaware General Corporation Law, cumulative
voting for elections of directors is not permitted unless the corporation&rsquo;s certificate of incorporation specifically provides
for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits
the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder&rsquo;s
voting power with respect to electing such director. As permitted under Cayman Islands law, our existing articles of association do not
provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders
of a Delaware corporation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Delaware General Corporation Law, a
director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares
entitled to vote, unless the certificate of incorporation provides otherwise. Subject to any provision to the contrary in our existing
articles of association, a director may, at any time before the expiration of his or her period of office (notwithstanding anything in
our existing articles of association or in any agreement between our company and such director (but without prejudice to any claim for
damages under any such agreement)) be removed by way of either (a) a special resolution of the shareholders; or (b) the affirmative vote
of a majority of the remaining directors present and voting at a board meeting; or (c) a resolution in writing (which complies with the
requirements of the provisos contained in article 119 of our existing articles of association) signed by all the directors other than
the director being removed.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Delaware General Corporation Law contains
a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be
governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations
with an &ldquo;interested shareholder&rdquo; for three years following the date that such person becomes an interested shareholder. An
interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target&rsquo;s outstanding voting
stock within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the
target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on
which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction
which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to
negotiate the terms of any acquisition transaction with the target&rsquo;s board of directors. Cayman Islands law has no comparable statute.
As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although
Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions
must be entered into bona fide in the best interests of the company and for a proper corporate purpose and not with the effect of constituting
a fraud on the minority shareholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Delaware General Corporation Law, unless
the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting
power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the
corporation&rsquo;s outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority
voting requirement in connection with dissolutions initiated by the board. Under Cayman Islands law, a company may be wound up by either
an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts,
by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including
where it is, in the opinion of the court, just and equitable to do so. Under the Companies Act and our existing articles of association,
our company may be dissolved, liquidated or wound up by a special resolution of shareholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Delaware General Corporation Law, a
corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless
the certificate of incorporation provides otherwise. Under Cayman Islands law and our existing articles of association, if our share
capital is divided into more than one class of shares, we may vary the rights attached to any class only with the sanction of a special
resolution passed at a general meeting of the holders of the shares of that class.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Delaware General Corporation Law, a
corporation&rsquo;s governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless
the certificate of incorporation provides otherwise. As permitted by Cayman Islands law, our existing memorandum of association and articles
of association may only be amended by a special resolution of shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Rights of Non-Resident or Foreign Shareholders
</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are no limitations imposed by our existing
articles of association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition,
there are no provisions in our existing memorandum and articles of association governing the ownership threshold above which shareholder
ownership must be disclosed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Directors&rsquo; Power to Issue Shares </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to applicable law, our board of directors
is empowered to issue or allot shares or grant options and warrants with or without preferred, deferred, qualified or other special rights
or restrictions.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have a dual-class voting structure such that
our ordinary shares consist of Class A ordinary shares and Class B ordinary shares. Holders of Class A ordinary shares are entitled to
one vote per share in respect of matters requiring the votes of shareholders, while holders of Class B ordinary shares are entitled to
ten (10) votes per share, subject to certain exceptions. Due to the super voting power of Class B ordinary share holder, the voting power
of the Class A ordinary shares may be materially limited.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our shareholders do not have preemptive rights.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_009"></A>DESCRIPTION OF AMERICAN
DEPOSITARY SHARES </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Bank of New York Mellon, as depositary, registers
and delivers ADSs. Each ADS represents 2,400 Class A ordinary shares (or a right to receive 2,400 Class A ordinary shares) deposited
with The Hongkong and Shanghai Banking Corporation Limited, as custodian for the depositary in Hong Kong. Each ADS also represents any
other securities, cash or other property which may be held by the depositary. The deposited shares together with any other securities,
cash or other property held by the depositary are referred to as the deposited securities. The depositary&rsquo;s office at which the
ADSs are administered and its principal executive office are located at 240 Greenwich Street, New York, New York 10286.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may hold ADSs either (A) directly (i) by
having an American depositary receipt, also referred to as an ADR, which is a certificate evidencing a specific number of ADSs, registered
in your name, or (ii) by having uncertificated ADSs registered in your name, or (B) indirectly by holding a security entitlement in ADSs
through your broker or other financial institution that is a direct or indirect participant in The Depository Trust Company, also called
DTC. If you hold ADSs directly, you are a registered ADS holder, also referred to as an ADS holder. This description assumes you are
an ADS holder. If you hold the ADSs indirectly, you must rely on the procedures of your broker or other financial institution to assert
the rights of ADS holders described in this section. You should consult with your broker or financial institution to find out what those
procedures are.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Registered holders of uncertificated ADSs receive
statements from the depositary confirming their holdings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As an ADS holder, we do not treat you as one
of our shareholders and you do not have shareholder rights. Cayman Islands law governs shareholder rights. The depositary is the holder
of the shares underlying your ADSs. As a registered holder of ADSs, you have ADS holder rights. A deposit agreement among us, the depositary,
ADS holders and all other persons indirectly or beneficially holding ADSs sets out ADS holder rights as well as the rights and obligations
of the depositary. New York law governs the deposit agreement and the ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of the material provisions
of the deposit agreement. For more complete information, you should read the entire deposit agreement and the form of ADR.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Dividends and Other Distributions </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>How will you receive dividends and other distributions
on the shares? </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The depositary has agreed to pay or distribute
to ADS holders the cash dividends or other distributions it or the custodian receives on shares or other deposited securities, upon payment
or deduction of its fees and expenses. You will receive these distributions in proportion to the number of shares your ADSs represent.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Cash</I>.
                                            The depositary will convert any cash dividend or other cash distribution we pay on the shares
                                            into U.S. dollars, if it can do so on a reasonable basis and can transfer the U.S. dollars
                                            to the United States. If that is not possible or if any government approval is needed and
                                            cannot be obtained, the deposit agreement allows the depositary to distribute the foreign
                                            currency only to those ADS holders to whom it is possible to do so. It will hold the foreign
                                            currency it cannot convert for the account of the ADS holders who have not been paid. It
                                            will not invest the foreign currency and it will not be liable for any interest. Before making
                                            a distribution, any withholding taxes, or other governmental charges that must be paid will
                                            be deducted. The depositary will distribute only whole U.S. dollars and cents and will round
                                            fractional cents to the nearest whole cent. If the exchange rates fluctuate during a time
                                            when the depositary cannot convert the foreign currency, you may lose some of the value of
                                            the distribution.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Shares</I>.
                                            The depositary may distribute additional ADSs representing any shares we distribute as a
                                            dividend or free distribution. The depositary will only distribute whole ADSs. It will sell
                                            shares which would require it to deliver a fraction of an ADS (or ADSs representing those
                                            shares) and distribute the net proceeds in the same way as it does with cash. If the depositary
                                            does not distribute additional</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">ADSs,
the outstanding ADSs will also represent the new shares. The depositary may sell a portion of the distributed shares (or ADSs representing
those shares) sufficient to pay its fees and expenses in connection with that distribution. </FONT></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Rights
                                            to purchase additional shares</I>. If we offer holders of our securities any rights to subscribe
                                            for additional shares or any other rights, the depositary may (i) exercise those rights on
                                            behalf of ADS holders, (ii) distribute those rights to ADS holders or (iii) sell those rights
                                            and distribute the net proceeds to ADS holders, in each case after deduction or upon payment
                                            of its fees and expenses. To the extent the depositary does not do any of those things, it
                                            will allow the rights to lapse. In that case, you will receive no value for them. The depositary
                                            will exercise or distribute rights only if we ask it to and provide satisfactory assurances
                                            to the depositary that it is legal to do so. If the depositary will exercise rights, it will
                                            purchase the securities to which the rights relate and distribute those securities or, in
                                            the case of shares, new ADSs representing the new shares, to subscribing ADS holders, but
                                            only if ADS holders have paid the exercise price to the depositary. U.S. securities laws
                                            may restrict the ability of the depositary to distribute rights or ADSs or other securities
                                            issued on exercise of rights to all or certain ADS holders, and the securities distributed
                                            may be subject to restrictions on transfer.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><I>Other
                                            Distributions</I>. The depositary will send to ADS holders anything else we distribute on
                                            deposited securities by any means it thinks is legal, fair and practical. If it cannot make
                                            the distribution in that way, the depositary has a choice. It may decide to sell what we
                                            distributed and distribute the net proceeds, in the same way as it does with cash. Or, it
                                            may decide to hold what we distributed, in which case ADSs will also represent the newly
                                            distributed property. However, the depositary is not required to distribute any securities
                                            (other than ADSs) to ADS holders unless it receives satisfactory evidence from us that it
                                            is legal to make that distribution. The depositary may sell a portion of the distributed
                                            securities or property sufficient to pay its fees and expenses in connection with that distribution.
                                            U.S. securities laws may restrict the ability of the depositary to distribute securities
                                            to all or certain ADS holders, and the securities distributed may be subject to restrictions
                                            on transfer.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The depositary is not responsible if it decides
that it is unlawful or impractical to make a distribution available to any ADS holders. We have no obligation to register ADSs, shares,
rights or other securities under the Securities Act. We also have no obligation to take any other action to permit the distribution of
ADSs, shares, rights or anything else to ADS holders. This means that you may not receive the distributions we make on our shares or
any value for them if it is illegal or impractical for us to make them available to you.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Deposit, Withdrawal and Cancellation </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>How are ADSs issued? </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The depositary will deliver ADSs if you or your
broker deposits shares or evidence of rights to receive shares with the custodian. Upon payment of its fees and expenses and of any taxes
or charges, such as stamp taxes or stock transfer taxes or fees, the depositary will register the appropriate number of ADSs in the names
you request and will deliver the ADSs to or upon the order of the person or persons that made the deposit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>How can ADS holders withdraw the deposited
securities? </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may surrender your ADSs to the depositary
for the purpose of withdrawal. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer
taxes or fees, the depositary will deliver the shares and any other deposited securities underlying the ADSs to the ADS holder or a person
the ADS holder designates at the office of the custodian. Or, at your request, risk and expense, the depositary will deliver the deposited
securities at its office, if feasible. However, the depositary is not required to accept surrender of ADSs to the extent it would require
delivery of a fraction of a deposited share or other security. The depositary may charge you a fee and its expenses for instructing the
custodian regarding delivery of deposited securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>How do ADS holders interchange between certificated
ADSs and uncertificated ADSs? </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may surrender your ADR to the depositary
for the purpose of exchanging your ADR for uncertificated ADSs. The depositary will cancel that ADR and will send to the ADS holder a
statement confirming that the ADS holder is the registered holder of uncertificated ADSs. Upon receipt by the depositary of a proper
instruction from a registered holder of uncertificated ADSs requesting the exchange of uncertificated ADSs for certificated ADSs, the
depositary will execute and deliver to the ADS holder an ADR evidencing those ADSs.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>How do you vote? </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADS holders may instruct the depositary how to
vote the number of deposited shares their ADSs represent. If we request the depositary to solicit your voting instructions (and we are
not required to do so), the depositary will notify you of a shareholders&rsquo; meeting and send or make voting materials available to
you. Those materials will describe the matters to be voted on and explain how ADS holders may instruct the depositary how to vote. For
instructions to be valid, they must reach the depositary by a date set by the depositary. The depositary will try, as far as practical,
subject to the laws of the Cayman Islands and the provisions of our existing memorandum and articles of association or similar documents,
to vote or to have its agents vote the shares or other deposited securities as instructed by ADS holders. If we do not request the depositary
to solicit your voting instructions, you can still send voting instructions, and, in that case, the depositary may try to vote as you
instruct, but it is not required to do so.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except by instructing the depositary as described
above, you won&rsquo;t be able to exercise voting rights unless you surrender your ADSs and withdraw the shares. However, you may not
know about the meeting enough in advance to withdraw the shares. In any event, the depositary will not exercise any discretion in voting
deposited securities and it will only vote or attempt to vote as instructed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cannot assure you that you will receive the
voting materials in time to ensure that you can instruct the depositary to vote your shares. In addition, the depositary and its agents
are not responsible for failing to carry out voting instructions or for the manner of carrying out voting instructions. This means that
you may not be able to exercise voting rights and there may be nothing you can do if your shares are not voted as you requested.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to give you a reasonable opportunity
to instruct the depositary as to the exercise of voting rights relating to deposited securities, if we request the Depositary to act,
we agree to give the depositary notice of any such meeting and details concerning the matters to be voted upon at least 45 days in advance
of the meeting date.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An ADS holder will be required to pay the following
fees under the terms of the deposit agreement:</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%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: justify; width: 55%"><FONT STYLE="font-size: 10pt"><B><I>Persons
    depositing or withdrawing shares or ADS holders must pay:</I></B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt"><B><I>For:</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">US$5.00 (or less) per 100 ADSs (or portion of
    100 ADSs)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Issuance
                                    of ADSs, including issuances resulting from a distribution of shares or rights or other property</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cancelation of ADSs for the purpose of withdrawal,
    including if the deposit agreement terminates</P></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">US$.01 (or less) per ADS</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Any cash distribution to ADS holders</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">A fee equivalent to the fee that would be payable
    if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Distribution of securities distributed to holders
    of deposited securities (including rights) that are distributed by the depositary to ADS holders</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">US$.01 (or less) per ADS per calendar year</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Depositary services</FONT></TD></TR>
  </TABLE>
<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%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; white-space: nowrap; text-align: justify; width: 55%"><FONT STYLE="font-size: 10pt"><B><I>Persons
    depositing or withdrawing shares or ADS holders must pay:</I></B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 44%"><FONT STYLE="font-size: 10pt"><B><I>For:</I></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Registration or transfer fees</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Transfer and registration of shares on our share
    register to or from the name of the depositary or its agent when you deposit or withdraw shares</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Expenses of the depositary</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cable (including
                                    SWIFT) and facsimile transmissions (when expressly provided in the deposit agreement)</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Converting foreign currency to U.S. dollars</P></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Taxes and other governmental charges the depositary
    or the custodian has to pay on any ADSs or shares underlying ADSs, such as stock transfer taxes, stamp duty or withholding taxes</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">As necessary</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Any charges incurred by the depositary or its
    agents for servicing the deposited securities</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">As necessary</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The depositary collects its fees for delivery
and surrender of ADSs directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal or from intermediaries
acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed
or by selling a portion of distributable property to pay the fees. The depositary may collect its annual fee for depositary services
by deduction from cash distributions or by directly billing investors or by charging the book-entry system accounts of participants acting
for them. The depositary may collect any of its fees by deduction from any cash distribution payable (or by selling a portion of securities
or other property distributable) to ADS holders that are obligated to pay those fees. The depositary may generally refuse to provide
fee-attracting services until its fees for those services are paid.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, the depositary may make payments
to us to reimburse us for costs and expenses generally arising out of establishment and maintenance of the ADS program, waive fees and
expenses for services provided to us by the depositary or share revenue from the fees collected from ADS holders. In performing its duties
under the deposit agreement, the depositary may use brokers, dealers, foreign currency dealers or other service providers that are owned
by or affiliated with the depositary and that may earn or share fees, spreads or commissions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The depositary may convert currency itself or
through any of its affiliates and, in those cases, acts as principal for its own account and not as agent, advisor, broker or fiduciary
on behalf of any other person and earns revenue, including, without limitation, transaction spreads, that it will retain for its own
account. The revenue is based on, among other things, the difference between the exchange rate assigned to the currency conversion made
under the deposit agreement and the rate that the depositary or its affiliate receives when buying or selling foreign currency for its
own account. The depositary makes no representation that the exchange rate used or obtained in any currency conversion under the deposit
agreement will be the most favorable rate that could be obtained at the time or that the method by which that rate will be determined
will be the most favorable to ADS holders, subject to the depositary&rsquo;s obligations under the deposit agreement. The methodology
used to determine exchange rates used in currency conversions is available upon request.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You will be responsible for any taxes or other
governmental charges payable on your ADSs or on the deposited securities represented by any of your ADSs. The depositary may refuse to
register any transfer of your ADSs or allow you to withdraw the deposited securities represented by your ADSs until those taxes or other
charges are paid. It may apply payments owed to you or sell deposited securities represented by your ADSs to pay any taxes owed and you
will remain liable for any deficiency. If the depositary sells deposited securities, it will, if appropriate, reduce the number of ADSs
to reflect the sale and pay to ADS holders any proceeds, or send to ADS holders any property, remaining after it has paid the taxes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Tender and Exchange Offers; Redemption,
Replacement or Cancellation of Deposited Securities </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The depositary will not tender deposited securities
in any voluntary tender or exchange offer unless instructed to do so by an ADS holder surrendering ADSs and subject to any conditions
or procedures the depositary may establish.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If deposited securities are redeemed for cash
in a transaction that is mandatory for the depositary as a holder of deposited securities, the depositary will call for surrender of
a corresponding number of ADSs and distribute the net redemption money to the holders of called ADSs upon surrender of those ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is any change in the deposited securities
such as a sub-division, combination or other reclassification, or any merger, consolidation, recapitalization or reorganization affecting
the issuer of deposited securities in which the depositary receives new securities in exchange for or in lieu of the old deposited securities,
the depositary will hold those replacement securities as deposited securities under the deposit agreement. However, if the depositary
decides it would not be lawful and practical to hold the replacement securities because those securities could not be distributed to
ADS holders or for any other reason, the depositary may instead sell the replacement securities and distribute the net proceeds upon
surrender of the ADSs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is a replacement of the deposited securities
and the depositary will continue to hold the replacement securities, the depositary may distribute new ADSs representing the new deposited
securities or ask you to surrender your outstanding ADRs in exchange for new ADRs identifying the new deposited securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there are no deposited securities underlying
ADSs, including if the deposited securities are cancelled, or if the deposited securities underlying ADSs have become apparently worthless,
the depositary may call for surrender of those ADSs or cancel those ADSs upon notice to the ADS holders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>How may the deposit agreement be amended?
</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may agree with the depositary to amend the
deposit agreement and the ADRs without your consent for any reason. If an amendment adds or increases fees or charges, except for taxes
and other governmental charges or expenses of the depositary for registration fees, facsimile costs, delivery charges or similar items,
or prejudices a substantial right of ADS holders, it will not become effective for outstanding ADSs until 30 days after the depositary
notifies ADS holders of the amendment. At the time an amendment becomes effective, you are considered, by continuing to hold your ADSs,
to agree to the amendment and to be bound by the ADRs and the deposit agreement as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>How may the deposit agreement be terminated?
</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The depositary will initiate termination of the
deposit agreement if we instruct it to do so. The depositary may initiate termination of the deposit agreement if:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">60
                                            days have passed since the depositary told us it wants to resign but a successor depositary
                                            has not been appointed and accepted its appointment;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we
                                            delist the ADSs from an exchange in the United States on which they were listed and do not
                                            list the ADSs on another exchange in the United States or make arrangements for trading of
                                            ADSs on the U.S. over-the-counter market;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we
                                            delist our shares from an exchange outside the United States on which they were listed and
                                            do not list the shares on another exchange outside the United States;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            depositary has reason to believe the ADSs have become, or will become, ineligible for registration
                                            on Form F-6 under the Securities Act of 1933;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">we
                                            appear to be insolvent or enter insolvency proceedings;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">all
                                            or substantially all the value of the deposited securities has been distributed either in
                                            cash or in the form of securities;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">there
                                            are no deposited securities underlying the ADSs or the underlying deposited securities have
                                            become apparently worthless; or</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">there
                                            has been a replacement of deposited securities.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the deposit agreement will terminate, the
depositary will notify ADS holders at least 90 days before the termination date. At any time after the termination date, the depositary
may sell the deposited securities. After that, the depositary will hold the money it received on the sale, as well as any other cash
it is holding under the deposit agreement, unsegregated and without liability for interest, for the pro rata benefit of the ADS holders
that have not surrendered their ADSs. Normally, the depositary will sell as soon as practicable after the termination date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After the termination date and before the depositary
sells, ADS holders can still surrender their ADSs and receive delivery of deposited securities, except that the depositary may refuse
to accept a surrender for the purpose of withdrawing deposited securities or reverse previously accepted surrenders of that kind that
have not settled if it would interfere with the selling process. The depositary may refuse to accept a surrender for the purpose of withdrawing
sale proceeds until all the deposited securities have been sold. The depositary will continue to collect distributions on deposited securities,
but, after the termination date, the depositary is not required to register any transfer of ADSs or distribute any dividends or other
distributions on deposited securities to the ADSs holder (until they surrender their ADSs) or give any notices or perform any other duties
under the deposit agreement except as described in this paragraph.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Limitations on Obligations and Liability
</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Limits on our Obligations and the Obligations
of the Depositary; Limits on Liability to Holders of ADSs </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The deposit agreement expressly limits our obligations
and the obligations of the depositary. It also limits our liability and the liability of the depositary. We and the depositary:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">are
                                            only obligated to take the actions specifically set forth in the deposit agreement without
                                            negligence or bad faith, and the depositary will not be a fiduciary or have any fiduciary
                                            duty to holders of ADSs;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">are
                                            not liable if we are or it is prevented or delayed by law or by events or circumstances beyond
                                            our or its control from performing our or its obligations under the deposit agreement;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">are
                                            not liable if we or it exercises discretion permitted under the deposit agreement;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">are
                                            not liable for the inability of any holder of ADSs to benefit from any distribution on deposited
                                            securities that is not made available to holders of ADSs under the terms of the deposit agreement,
                                            or for any special, consequential or punitive damages for any breach of the terms of the
                                            deposit agreement;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">have
                                            no obligation to become involved in a lawsuit or other proceeding related to the ADSs or
                                            the deposit agreement on your behalf or on behalf of any other person;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">may
                                            rely upon any documents we believe or it believes in good faith to be genuine and to have
                                            been signed or presented by the proper person;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">are
                                            not liable for the acts or omissions of any securities depository, clearing agency or settlement
                                            system; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            depositary has no duty to make any determination or provide any information as to our tax
                                            status. Neither the depositary nor we have any liability for any tax consequences that may
                                            be incurred by ADS holders as a result of owning or holding ADSs or be liable for the inability
                                            or failure of an ADS holder to obtain the benefit of a foreign tax credit, reduced rate of
                                            withholding or refund of amounts withheld in respect of tax or any other tax benefit.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the deposit agreement, we and the depositary
agree to indemnify each other under certain circumstances.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Requirements for Depositary Actions </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Before the depositary will deliver or register
a transfer of ADSs, make a distribution on ADSs, or permit withdrawal of shares, the depositary may require:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">payment
                                            of stock transfer or other taxes or other governmental charges and transfer or registration
                                            fees charged by third parties for the transfer of any shares or other deposited securities;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">satisfactory
                                            proof of the identity and genuineness of any signature or other information it deems necessary;
                                            and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">compliance
                                            with regulations it may establish, from time to time, consistent with the deposit agreement,
                                            including presentation of transfer documents.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The depositary may refuse to deliver ADSs or
register transfers of ADSs when the transfer books of the depositary or our transfer books are closed or at any time if the depositary
or we think it advisable to do so.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Your Right to Receive the Shares Underlying
Your ADSs </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ADS holders have the right to cancel their ADSs
and withdraw the underlying shares at any time except:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">when
                                            temporary delays arise because: (i) the depositary has closed its transfer books or we have
                                            closed our transfer books; (ii) the transfer of shares is blocked to permit voting at a shareholders&rsquo;
                                            meeting; or (iii) we are paying a dividend on our shares;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">when
                                            you owe money to pay fees, taxes and similar charges; or</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">when
                                            it is necessary to prohibit withdrawals in order to comply with any laws or governmental
                                            regulations that apply to ADSs or to the withdrawal of shares or other deposited securities.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This right of withdrawal may not be limited by
any other provision of the deposit agreement.</P>



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

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the deposit agreement, all parties to the
deposit agreement acknowledge that the Direct Registration System, also referred to as DRS, and Profile Modification System, also referred
to as Profile, will apply to the ADSs. DRS is a system administered by DTC that facilitates interchange between registered holding of
uncertificated ADSs and holding of security entitlements in ADSs through DTC and a DTC participant. Profile is a feature of DRS that
allows a DTC participant, claiming to act on behalf of a registered holder of uncertificated ADSs, to direct the depositary to register
a transfer of those ADSs to DTC or its nominee and to deliver those ADSs to the DTC account of that DTC participant without receipt by
the depositary of prior authorization from the ADS holder to register that transfer.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with and in accordance with the
arrangements and procedures relating to DRS/Profile, the parties to the deposit agreement understand that the depositary will not determine
whether the DTC participant that is claiming to be acting on behalf of an ADS holder in requesting registration of transfer and delivery
as described in the paragraph above has the actual authority to act on behalf of the ADS holder (notwithstanding any requirements under
the Uniform Commercial Code). In the deposit agreement, the parties agree that the depositary&rsquo;s reliance on and compliance with
instructions received by the depositary through the DRS/Profile system and in accordance with the deposit agreement will not constitute
negligence or bad faith on the part of the depositary.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Shareholder Communications; Inspection
of Register of Holders of ADSs </I></B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The depositary will make available for your inspection
at its office all communications that it receives from us as a holder of deposited securities that we make generally available to holders
of deposited securities. The depositary will send you copies of those communications or otherwise make those communications available
to you if we ask it to. You have a right to inspect the register of holders of ADSs, but only for the purpose of communicating with those
holders regarding our business or a matter related to the deposit agreement or the ADSs.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The deposit agreement provides that, to the extent
permitted by law, ADS holders waive the right to a jury trial of any claim they may have against us or the depositary arising out of
or relating to our shares, the ADSs or the deposit agreement, including any claim under the U.S. federal securities laws. If we or the
depositary opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable in the facts
and circumstances of that case in accordance with applicable case law.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You will not, by agreeing to the terms of the
deposit agreement, be deemed to have waived our or the depositary&rsquo;s compliance with U.S. federal securities laws or the rules and
regulations promulgated thereunder.</P>

<P STYLE="font: 8pt 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"><B><I>Arbitration</I></B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The deposit agreement governing the ADSs representing
our Class A ordinary shares provides that ADS holders, including purchasers of ADSs in secondary market transactions and the depositary
have the right to elect to have any claim they may have against us arising out of or relating to our Class A ordinary shares or ADSs
or the deposit agreement settled by arbitration in New York, New York rather than in a court of law, and to have any judgment rendered
by the arbitrators entered in any court having jurisdiction. An arbitral tribunal in any such arbitration would not have the authority
to award any consequential, special, or punitive damages and its award would have to conform to the provisions of the deposit agreement.
The deposit agreement does not give us the right to require that any claim, whether brought by us or against us, be arbitrated. We believe
that an optional contractual arbitration provision is generally enforceable, including under the laws of the State of New York, which
govern the deposit agreement.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No condition or provision of the deposit agreement
or ADSs serves as a waiver by any owner or holder of ADSs, including purchasers of ADSs in secondary market transactions, or by us or
the depositary of compliance with any substantive provision of the U.S. federal securities laws and the rules and regulations promulgated
thereunder. Therefore, in the event that there are claims brought under federal securities laws against us or the depositary brought
by any holder or owner of ADSs, including purchasers of ADSs in secondary market transactions, such claims may be submitted to arbitration
pursuant to the arbitration provision in the deposit agreement, or may be brought in a court of competent jurisdiction, at the election
of the claimant.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By agreeing to such optional arbitration provision,
you will not be deemed to have waived our or the depositary&rsquo;s compliance with U.S. federal securities laws and the rules and regulations
promulgated thereunder.</P>

<P STYLE="font: 8pt 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><A NAME="a_010"></A>DESCRIPTION OF PREFERRED
SHARES </B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the provisions of the Companies Act
and in our existing memorandum and articles of association, our board of directors has the authority, without further action by our shareholders,
to issue preferred shares in one or more classes or series and to fix their designations, powers, preferences, privileges, and relative,
participating, optional and other rights and the qualifications, limitations or restrictions, including dividend rights, conversion rights,
voting power, redemption privileges, and liquidation preferences, any or all of which may be greater than the rights associated with
our ordinary shares. Preferred shares could be issued quickly with terms calculated to delay or prevent a change in control of our company
or make removal of management more difficult. Although we do not currently intend to issue any preferred shares, we cannot assure you
that we will not do so in the future.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The material terms of any series of preferred
shares that we offer, together with any material U.S. federal income tax considerations relating to such preferred shares, will be described
in the applicable prospectus supplement.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of our preferred shares are entitled
to certain rights and subject to certain conditions as set forth in our currently effective memorandum and articles of association and
the Companies Act. See &ldquo;Description of Share Capital.&rdquo;</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_011"></A>DESCRIPTION OF WARRANTS
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue and offer warrants under the material
terms and conditions described in this prospectus and any accompanying prospectus supplement. The accompanying prospectus supplement
may add, update or change the terms and conditions of the warrants as described in this prospectus.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue warrants to purchase our ADSs, Class
A ordinary shares, preferred shares or debt securities. Warrants may be issued independently or together with any securities and may be
attached to or separate from those securities. The warrants will be issued under warrant agreements to be entered into between us and
a bank or trust company, as warrant agent, all of which will be described in the prospectus supplement relating to the warrants we are
offering. The warrant agent will act solely as our agent in connection with the warrants and will not have any obligation or relationship
of agency or trust for or with any holders or beneficial owners of warrants.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each equity warrant issued by us will entitle
its holder to purchase the equity securities designated at an exercise price set forth in, or to be determinable as set forth in, the
related prospectus supplement. Equity warrants may be issued separately or together with equity securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The equity warrants are to be issued under equity
warrant agreements to be entered into between us and one or more banks or trust companies, as equity warrant agent, as will be set forth
in the applicable prospectus supplement and this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The particular terms of the equity warrants,
the equity warrant agreements relating to the equity warrants and the equity warrant certificates representing the equity warrants will
be described in the applicable prospectus supplement, including, as applicable:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            title of the equity warrants;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            offering price;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            aggregate amount of equity warrants and the aggregate amount of equity securities purchasable
                                            upon exercise of the equity warrants;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            currency or currency units in which the offering price, if any, and the exercise price are
                                            payable;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if
                                            applicable, the designation and terms of the equity securities with which the equity warrants
                                            are issued, and the amount of equity warrants issued with each equity security;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            date, if any, on and after which the equity warrants and the related equity security will
                                            be separately transferable;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if
                                            applicable, the minimum or maximum amount of the equity warrants that may be exercised at
                                            any one time;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            date on which the right to exercise the equity warrants will commence and the date on which
                                            the right will expire;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if
                                            applicable, a discussion of United States federal income tax, accounting or other considerations
                                            applicable to the equity warrants;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">anti-dilution
                                            provisions of the equity warrants, if any;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">redemption
                                            or call provisions, if any, applicable to the equity warrants; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            additional terms of the equity warrants, including terms, procedures and limitations relating
                                            to the exchange and exercise of the equity warrants.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of equity warrants will not be entitled,
solely by virtue of being holders, to vote, to consent, to receive dividends, to receive notice as shareholders with respect to any meeting
of shareholders for the election of directors or any other matters, or to exercise any rights whatsoever as a holder of the equity securities
purchasable upon exercise of the equity warrants.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each debt warrant issued by us will entitle its
holder to purchase the debt securities designated at an exercise price set forth in, or to be determinable as set forth in, the related
prospectus supplement. Debt warrants may be issued separately or together with debt securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The debt warrants are to be issued under debt
warrant agreements to be entered into between us, and one or more banks or trust companies, as debt warrant agent, as will be set forth
in the applicable prospectus supplement and this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The particular terms of each issue of debt warrants,
the debt warrant agreement relating to the debt warrants and the debt warrant certificates representing debt warrants will be described
in the applicable prospectus supplement, including, as applicable:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            title of the debt warrants;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            offering price;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            title, aggregate principal amount and terms of the debt securities purchasable upon exercise
                                            of the debt warrants;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            currency or currency units in which the offering price, if any, and the exercise price are
                                            payable;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            title and terms of any related debt securities with which the debt warrants are issued and
                                            the amount of the debt warrants issued with each debt security;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            date, if any, on and after which the debt warrants and the related debt securities will be
                                            separately transferable;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            principal amount of debt securities purchasable upon exercise of each debt warrant and the
                                            price at which that principal amount of debt securities may be purchased upon exercise of
                                            each debt warrant;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if
                                            applicable, the minimum or maximum amount of warrants that may be exercised at any one time;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            date on which the right to exercise the debt warrants will commence and the date on which
                                            the right will expire;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if
                                            applicable, a discussion of United States federal income tax, accounting or other considerations
                                            applicable to the debt warrants;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">whether
                                            the debt warrants represented by the debt warrant certificates will be issued in registered
                                            or bearer form, and, if registered, where they may be transferred and registered;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">anti-dilution
                                            provisions of the debt warrants, if any;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">redemption
                                            or call provisions, if any, applicable to the debt warrants; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            additional terms of the debt warrants, including terms, procedures and limitations relating
                                            to the exchange and exercise of the debt warrants.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Debt warrant certificates will be exchangeable
for new debt warrant certificates of different denominations and, if in registered form, may be presented for registration of transfer,
and debt warrants may be exercised at the corporate trust office of the debt warrant agent or any other office indicated in the related
prospectus supplement. Before the exercise of debt warrants, holders of debt warrants will not be entitled to payments of principal of,
premium, if any, or interest, if any, on the debt securities purchasable upon exercise of the debt warrants, or to enforce any of the
covenants in the indentures governing such debt securities.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_012"></A>DESCRIPTION OF UNITS </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue units composed of any combination
of our Class A ordinary shares, ADSs, preferred shares, debt securities or warrants. We will issue each unit so that the holder of the
unit is also the holder of each security included in the unit. As a result, the holder of a unit will have the rights and obligations
of a holder of each included security. The unit agreement under which a unit is issued may provide that the securities included in the
unit may not be held or transferred separately, at any time or at any time before a specified date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following description is a summary of selected
provisions relating to units that we may offer. The summary is not complete. When units are offered in the future, a prospectus supplement,
information incorporated by reference or a free writing prospectus, as applicable, will explain the particular terms of those securities
and the extent to which these general provisions may apply. The specific terms of the units as described in a prospectus supplement,
information incorporated by reference, or free writing prospectus will supplement and, if applicable, may modify or replace the general
terms described in this section.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary and any description of units in
the supplement, information incorporated by reference or free writing prospectus is subject to and is qualified in its entirety by reference
to the unit agreement, collateral arrangements and depositary arrangements, if applicable. We will file each of these documents, as applicable,
with the SEC and incorporate them by reference as an exhibit to the registration statement of which this prospectus is a part on or before
we issue a series of units. See &ldquo;Where You Can Find More Information About Us&rdquo; and &ldquo;Incorporation of Certain Information
by Reference&rdquo; for information on how to obtain a copy of a document when it is filed.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The applicable prospectus supplement, information
incorporated by reference or free writing prospectus may describe:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            designation and terms of the units and of the securities comprising the units, including
                                            whether and under what circumstances those securities may be held or transferred separately;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            provisions for the issuance, payment, settlement, transfer, or exchange of the units or of
                                            the securities composing the units;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">whether
                                            the units will be issued in fully registered or global form; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            other terms of the units.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The applicable provisions described in this section,
as well as those described under &ldquo;Description of Share Capital,&rdquo; &ldquo;Description of American Depositary Shares,&rdquo;
&ldquo;Description of Preferred Shares,&rdquo; &ldquo;Description of Debt Securities&rdquo; and &ldquo;Description of Warrants&rdquo;
above, will apply to each unit and to each security included in each unit, respectively.</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><A NAME="a_013"></A>DESCRIPTION OF DEBT SECURITIES
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue series of debt securities, which
may include debt securities exchangeable for or convertible into Class A ordinary shares or preferred shares. When we offer to sell a
particular series of debt securities, we will describe the specific terms of that series in a supplement to this prospectus. The following
description of debt securities will apply to the debt securities offered by this prospectus unless we provide otherwise in the applicable
prospectus supplement. The applicable prospectus supplement for a particular series of debt securities may specify different or additional
terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The debt securities offered by this prospectus
may be secured or unsecured, and may be senior debt securities, senior subordinated debt securities or subordinated debt securities.
The debt securities offered by this prospectus may be issued under an indenture between us and the trustee under the indenture. The indenture
may be qualified under, subject to, and governed by, the Trust Indenture Act of 1939, as amended. We have summarized selected portions
of the indenture below. The summary is not complete. The form of the indenture has been filed as an exhibit to the registration statement
on Form F-3, of which this prospectus is a part, and you should read the indenture for provisions that may be important to you.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The terms of each series of debt securities will
be established by or pursuant to a resolution of our board of directors and detailed or determined in the manner provided in a board
of directors&rsquo; resolution, an officers&rsquo; certificate and by a supplemental indenture. The particular terms of each series of
debt securities will be described in a prospectus supplement relating to the series, including any pricing supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue any amount of debt securities under
the indenture, which may be in one or more series with the same or different maturities, at par, at a premium or at a discount. We will
set forth in a prospectus supplement, including any related pricing supplement, relating to any series of debt securities being offered,
the offering price, the aggregate principal amount offered and the terms of the debt securities, including, among other things, the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            title of the debt securities;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            price or prices (expressed as a percentage of the aggregate principal amount) at which we
                                            will sell the debt securities;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            limit on the aggregate principal amount of the debt securities;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            date or dates on which we will repay the principal on the debt securities and the right,
                                            if any, to extend the maturity of the debt securities;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            rate or rates (which may be fixed or variable) per annum or the method used to determine
                                            the rate or rates (including any commodity, commodity index, stock exchange index or financial
                                            index) at which the debt securities will bear interest, the date or dates from which interest
                                            will accrue, the date or dates on which interest will be payable and any regular record date
                                            for any interest payment date;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            place or places where the principal of, premium, and interest on the debt securities will
                                            be payable, and where the debt securities of the series that are convertible or exchangeable
                                            may be surrendered for conversion or exchange;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            obligation or right we have to redeem the debt securities pursuant to any sinking fund or
                                            analogous provisions or at the option of holders of the debt securities or at our option,
                                            and the terms and conditions upon which we are obligated to or may redeem the debt securities;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            obligation we have to repurchase the debt securities at the option of the holders of debt
                                            securities, the dates on which and the price or prices at which we will repurchase the debt
                                            securities and other detailed terms and provisions of these repurchase obligations;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            denominations in which the debt securities will be issued;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">whether
                                            the debt securities will be issued in the form of certificated debt securities or global
                                            debt securities;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            portion of principal amount of the debt securities payable upon declaration of acceleration
                                            of the maturity date, if other than the principal amount;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            currency of denomination of the debt securities;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            designation of the currency, currencies or currency units in which payment of principal of,
                                            premium and interest on the debt securities will be made;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if
                                            payments of principal of, premium or interest on, the debt securities will be made in one
                                            or more currencies or currency units other than that or those in which the debt securities
                                            are denominated, the manner in which the exchange rate with respect to these payments will
                                            be determined;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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; text-align: justify">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            manner in which the amounts of payment of principal of, premium or interest on, the debt
                                            securities will be determined, if these amounts may be determined by reference to an index
                                            based on a currency or currencies other than that in which the debt securities are denominated
                                            or designated to be payable or by reference to a commodity, commodity index, stock exchange
                                            index or financial index;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            provisions relating to any security provided for the debt securities;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            addition to or change in the events of default described in the indenture with respect to
                                            the debt securities and any change in the acceleration provisions described in the indenture
                                            with respect to the debt securities;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            addition to or change in the covenants described in the indenture with respect to the debt
                                            securities;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">whether
                                            the debt securities will be senior or subordinated and any applicable subordination provisions;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a
                                            discussion of material income tax considerations applicable to the debt securities;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            other terms of the debt securities, which may modify any provisions of the indenture as it
                                            applies to that series; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            depositaries, interest rate calculation agents, exchange rate calculation agents or other
                                            agents with respect to the debt securities.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue debt securities that are exchangeable
for and/or convertible into Class A ordinary shares or preferred shares. The terms, if any, on which the debt securities may be exchanged
and/or converted will be set forth in the applicable prospectus supplement. Such terms may include provisions for exchange or conversion,
which can be mandatory, at the option of the holder or at our option, and the manner in which the number of Class A ordinary shares,
preferred shares or other securities to be received by the holders of debt securities would be calculated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue debt securities that provide for
an amount less than their stated principal amount to be due and payable upon declaration of acceleration of their maturity pursuant to
the terms of the indenture. We will provide you with information on the U.S. federal income tax considerations, and other special considerations
applicable to any of these debt securities in the applicable prospectus supplement. If we denominate the purchase price of any of the
debt securities in a foreign currency or currencies or a foreign currency unit or units, or if the principal of and any premium and interest
on any series of debt securities is payable in a foreign currency or currencies or a foreign currency unit or units, we will provide
you with information on the restrictions, elections, specific terms and other information with respect to that issue of debt securities
and such foreign currency or currencies or foreign currency unit or units in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue debt securities of a series in whole
or in part in the form of one or more global securities that will be deposited with, or on behalf of, a depositary identified in the
prospectus supplement. Global securities will be issued in registered form and in either temporary or definitive form. Unless and until
it is exchanged in whole or in part for the individual debt securities, a global security may not be transferred except as a whole by
the depositary for such global security to a nominee of such depositary or by a nominee of such depositary to such depositary or another
nominee of such depositary or by such depositary or any such nominee to a successor of such depositary or a nominee of such successor.
The specific terms of the depositary arrangement with respect to any debt securities of a series and the rights of and limitations upon
owners of beneficial interests in a global security will be described in the applicable prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The indenture and the debt securities will be
governed by, and construed in accordance with, the internal laws of the State of New York, unless we otherwise specify in the applicable
prospectus supplement.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_014"></A>PLAN OF DISTRIBUTION </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may sell or distribute the securities offered
by this prospectus, from time to time, in one or more offerings, as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">through
                                            agents;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">to
                                            dealers or underwriters for resale;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">directly
                                            to purchasers; or</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">through
                                            a combination of any of these methods of sale.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, we may issue the securities as a
dividend or distribution or in a subscription rights offering to our existing security holders. In some cases, we or any dealers acting
for us may also repurchase the securities and reoffer them to the public by one or more of the methods described above. This prospectus
may be used in connection with any offering of our securities through any of these methods or other methods described in the applicable
prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our securities distributed by any of these methods
may be sold to the public, in one or more transactions, either:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">at
                                            a fixed price or prices, which may be changed;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">at
                                            market prices prevailing at the time of sale;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">at
                                            prices related to prevailing market prices; or</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">at
                                            negotiated prices.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The prospectus supplement relating to any offering
will identify or describe:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            underwriter, dealers or agents;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">their
                                            compensation;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            net proceeds to us;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            purchase price of the securities;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            over-allotment options under which underwriters may purchase additional securities from us;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            public offering price of the securities; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                            exchange on which the securities will be listed.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Sale through Underwriters or Dealers </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we use underwriters for a sale of securities,
the underwriters will acquire the securities for their own account, including through underwriting, purchase, security lending or repurchase
agreements with us. The underwriters may resell the securities from time to time in one or more transactions, including negotiated transactions.
Underwriters may sell the securities in order to facilitate transactions in any of our other securities (described in this prospectus
or otherwise), including other public or private transactions and short sales. Underwriters may offer the securities to the public either
through underwriting syndicates represented by one or more managing underwriters or directly by one or more firms acting as underwriters.
Unless otherwise indicated in the applicable prospectus supplement, the obligations of the underwriters to purchase the securities will
be subject to certain conditions, and the underwriters will be obligated to purchase all the offered securities if they purchase any
of them. The underwriters may change from time to time any public offering price and any discounts or concessions allowed or reallowed
or paid to dealers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If dealers are used in the sale of the securities
offered through this prospectus, we will sell the securities to them as principals, unless we otherwise indicate in the prospectus supplement.
The dealers may then resell those securities to the public at varying prices determined by the dealers at the time of resale. The applicable
prospectus supplement will include the names of the dealers and the terms of the transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Direct Sales and Sales through Agents </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may sell the securities offered through this
prospectus directly. In this case, no underwriters or agents would be involved. Such securities may also be sold through agents designated
from time to time. The applicable prospectus supplement will name any agent involved in the offer or sale of the offered securities and
will describe any commissions payable to the agent. Unless otherwise indicated in the applicable prospectus supplement, any agent is
acting on a best efforts basis for the period of its appointment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may sell the securities directly to institutional
investors or others who may be deemed to be underwriters within the meaning of the Securities Act with respect to any sale of those securities.
The terms of any such sales will be described in the applicable prospectus supplement.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If indicated in the prospectus supplement, we
will authorize underwriters, dealers or agents to solicit offers from various institutional investors to purchase securities. In this
case, then payment and delivery will be made on a future date that the prospectus supplement specifies. The underwriters, dealers or
agents may impose limitations on the minimum amount that the institutional investor can purchase. They may also impose limitations on
the portion of the aggregate amount of the securities that they may sell. These institutional investors include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">commercial
                                            and savings banks;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">insurance
                                            companies;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">pension
                                            funds;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">investment
                                            companies;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">educational
                                            and charitable institutions; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">other
                                            similar institutions as we may approve.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The obligations of any of these purchasers pursuant
to delayed delivery and payment arrangements will not be subject to any conditions. However, one exception applies. An institution&rsquo;s
purchase of the particular securities cannot at the time of delivery be prohibited under the laws of any jurisdiction that governs:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            validity of the arrangements; or</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            performance by us or the institutional investor.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Market Making, Stabilization and Other Transactions
</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless the applicable prospectus supplement states
otherwise, each series of offered securities will be a new issue and will have no established trading market. We may elect to list any
series of offered securities on an exchange. Any underwriters that we use in the sale of offered securities may make a market in such
securities, but may discontinue such market making at any time without notice. Therefore, we cannot assure you that the securities will
have a liquid trading market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any underwriter may also engage in stabilizing
transactions, syndicate covering transactions and penalty bids in accordance with Rule 104 under the Exchange Act. Stabilizing transactions
involve bids to purchase the underlying security in the open market for the purpose of pegging, fixing or maintaining the price of the
securities. Syndicate covering transactions involve purchases of the securities in the open market after the distribution has been completed
in order to cover syndicate short positions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Penalty bids permit the underwriters to reclaim
a selling concession from a syndicate member when the securities originally sold by the syndicate member are purchased in a syndicate
covering transaction to cover syndicate short positions. Stabilizing transactions, syndicate covering transactions and penalty bids may
cause the price of the securities to be higher than it would be in the absence of the transactions. The underwriters may, if they commence
these transactions, discontinue them at any time.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The underwriters and us may engage in derivative
transactions involving the securities. These derivatives may consist of short sale transactions and other hedging activities. The underwriters
may acquire a long or short position in the securities, hold or resell securities acquired and purchase options or futures on the securities
and other derivative instruments with returns linked to or related to changes in the price of the securities. In order to facilitate
these derivative transactions, we may enter into security lending or repurchase agreements with the underwriters. The underwriters may
effect the derivative transactions through sales of the securities to the public, including short sales, or by lending the securities
in order to facilitate short sale transactions by others. The underwriters may also use the securities purchased or borrowed from us
or others (or, in the case of derivatives, securities received from us in settlement of those derivatives) to directly or indirectly
settle sales of the securities or close out any related open borrowings of the securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may loan or pledge securities to a financial
institution or other third party that in turn may sell the securities using this prospectus and an applicable prospectus supplement.
Such financial institution or third party may transfer its economic short position to investors in our securities or in connection with
a concurrent offering of other securities offered by this prospectus or otherwise.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Agents, underwriters, and dealers may be entitled,
under agreements entered into with us, to indemnification by us, against certain liabilities, including liabilities under the Securities
Act. Our agents, underwriters, and dealers, or their affiliates, may be customers of, engage in transactions with or perform services
for us or our affiliates, in the ordinary course of business for which they may receive customary compensation.</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><A NAME="a_015"></A>TAXATION </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Material income tax consequences relating to
the purchase, ownership and disposition of any of the securities offered by this prospectus will be set forth in the applicable prospectus
supplement relating to the offering of those securities.</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><A NAME="a_016"></A>ENFORCEABILITY OF CIVIL
LIABILITIES </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are incorporated in the Cayman Islands to
take advantage of certain benefits associated with being a Cayman Islands exempted company, such as:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">political
                                            and economic stability;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an
                                            effective judicial system;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a
                                            favorable tax system;</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            absence of exchange control or currency restrictions; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            availability of professional and support services.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, certain disadvantages accompany incorporation
in the Cayman Islands. These disadvantages include, but are not limited to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">the
                                            Cayman Islands has a less developed body of securities laws as compared to the United States;
                                            and these securities laws provide significantly less protection to investors as compared
                                            to the United States; and</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Cayman
                                            Islands companies may not have standing to sue before the federal courts of the United States.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our constituent documents do not contain provisions
requiring that disputes, including those arising under the securities laws of the United States, between us, our officers, directors
and shareholders, be arbitrated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Substantially all of our operations are conducted
in China, and substantially all of our assets are located in China. All of our directors and executive officers are nationals or residents
of jurisdictions other than the United States, and most of their assets are located outside the United States. As a result, it may be
difficult for a shareholder to effect service of process within the United States upon these individuals, or to bring an action against
us or against these individuals in the United States, in the event that you believe that your rights have been infringed under the securities
laws of the United States or any state in the United States.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have appointed Cogency Global Inc., located
at 122 East 42nd Street, 18th Floor, New York, NY 10168, as our agent to receive service of process with respect to any action brought
against us in the U.S. District Court for the Southern District of New York in connection with any offering we may make under this prospectus
and any applicable prospectus supplement under the federal securities laws of the United States or the securities laws of any State in
the United States or any action brought against us in the Supreme Court of the State of New York in the County of New York in connection
with any offering we may make under this prospectus and any applicable prospectus supplement under the securities laws of the State of
New York.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Conyers Dill &amp; Pearman, our counsel as to
Cayman Islands law, and Beijing Kingdom Law Firm, our counsel as to PRC law, have advised us, respectively, that there is uncertainty
as to whether the courts of the Cayman Islands and China, respectively, would:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">recognize
                                            or enforce judgments of U.S. courts obtained against us or our directors or officers predicated
                                            upon the civil liability provisions of the securities laws of the United States or any state
                                            in the United States; or</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">entertain
                                            original actions brought in each respective jurisdiction against us or our directors or officers
                                            predicated upon the securities laws of the United States or any state in the United States.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have been advised by our Cayman Islands legal
counsel, Conyers Dill &amp; Pearman, that the courts of the Cayman Islands are unlikely (i) to recognize or enforce against us judgments
of courts of the United States predicated upon the civil liability provisions of the securities laws of the United States or any state
in the United States; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against us predicated upon the
civil liability provisions of the securities laws of the United States or any state in the United States, so far as the liabilities imposed
by those provisions are penal in nature. The courts of the Cayman Islands would recognize as a valid judgment, a final and conclusive
judgment in personam obtained in the United States Courts against our company under which a sum of money is payable (other than a sum
of money payable in respect of multiple damages, taxes or other charges of a like nature or in respect of a fine or other penalty) or,
in certain circumstances, an in personam judgment for non-monetary relief, and would give a judgment based thereon provided that (a)
such courts had proper jurisdiction over the parties subject to such judgment, (b) such courts did not contravene the rules of natural
justice of the Cayman Islands, (c) such judgment was not obtained by fraud, (d) the enforcement of the judgment would not be contrary
to the public policy of the Cayman Islands, (e) no new admissible evidence relevant to the action is submitted prior to the rendering
of the judgment by the courts of the Cayman Islands, and (f) there is due compliance with the correct procedures under the laws of the
Cayman Islands. A Cayman Islands Court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beijing Kingdom Law Firm has further advised
us that the recognition and enforcement of foreign judgments are provided for under the PRC Civil Procedures Law. PRC courts may recognize
and enforce foreign judgments in accordance with the requirements, public policy considerations and conditions set forth in applicable
provisions of PRC laws relating to the enforcement of civil liability, including the PRC Civil Procedures Law, based either on treaties
between China and the country where the judgment is made or on principles of reciprocity between jurisdictions. In addition, according
to the PRC Civil Procedures Law, courts in the PRC will not enforce a foreign judgment against us or our directors and officers if they
decide that the judgment violates the basic principles of PRC law or national sovereignty, security or public interest. As a result,
it is uncertain whether and on what basis a PRC court would enforce a judgment rendered by a court in the U.S. or the Cayman Islands.</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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_017"></A>LEGAL MATTERS </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise set forth in the applicable
prospectus supplement, certain legal matters in connection with the securities offered pursuant to this prospectus will be passed upon
for us by ArentFox Schiff LLP our special United States counsel, to the extent governed by the laws of the State of New York, and by
Conyers Dill &amp; Pearman, our special legal counsel as to Cayman Islands law, to the extent governed by the laws of the Cayman Islands.
Legal matters as to PRC law will be passed upon for us by Beijing Kingdom Law Firm, our counsel as to PRC law. If legal matters in connection
with offerings made pursuant to this prospectus are passed upon by counsel to underwriters, dealers or agents, such counsel will be named
in the applicable prospectus supplement relating to any such offering.</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"><FONT STYLE="font-size: 10pt"><B><A NAME="a_018"></A>EXPERTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements as of September
30, 2024 and 2023 and for the years ended September 30, 2024 and 2023 incorporated in this prospectus by reference to our annual report
on Form 20-F for the year ended September 30, 2024 have been so incorporated in reliance on the report of Onestop Assurance PAC, an independent
registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. Such consolidated financial
statements have been so incorporated in reliance upon the report of such firm given upon their authority as experts in accounting and
auditing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The office of Onestop Assurance PAC is located
at 10 Anson Road, #06-15 International Plaza, Singapore 079903.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_019"></A>WHERE YOU CAN FIND MORE
INFORMATION ABOUT US </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are currently subject to periodic reporting
and other informational requirements of the Exchange Act as applicable to foreign private issuers. Accordingly, we are required to file
with or furnish to the SEC reports, including annual reports on Form 20-F and other information. All information filed with or furnished
to the SEC can be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C.
20549. You can request copies of these documents upon payment of a duplicating fee, by writing to the SEC. You can call the SEC at 1-800-SEC-0330
for further information on the operation of the public reference rooms. Additional information may also be obtained over the Internet
at the SEC&rsquo;s website at www.sec.gov. We also maintain a website at https://ir.xhghk.com, but information contained on our website
is not incorporated by reference in this prospectus or any prospectus supplement. You should not regard any information on our website
as a part of this prospectus or any prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a foreign private issuer, we are exempt under
the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers,
directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16
of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with
the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. However, we intend to
furnish the depositary with our annual reports, which will include a review of operations and annual audited consolidated financial statements
prepared in conformity with U.S. GAAP, and all notices of shareholders&rsquo; meetings and other reports and communications that are
made generally available to our shareholders. The depositary will make such notices, reports and communications available to holders
of ADSs and, if we so request, will mail to all record holders of ADSs the information contained in any notice of a shareholders&rsquo;
meeting received by the depositary from us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have filed with the SEC a registration statement
on Form F-3 relating to the securities covered by this prospectus. This prospectus and any accompanying prospectus supplement are part
of the registration statement and do not contain all the information in the registration statement. You will find additional information
about us in the registration statement. Any statement made in this prospectus concerning a contract or other document of ours is not
necessarily complete, and you should read the documents that are filed as exhibits to the registration statement or otherwise filed with
the SEC for a more complete understanding of the document or matter. Each such statement is qualified in all respects by reference to
the document to which it refers. You may inspect a copy of the registration statement at the SEC&rsquo;s Public Reference Room in Washington,
D.C., as well as through the SEC&rsquo;s website.</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>
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