- XChange TEC.INC reported a **129% increase** in revenues to **RMB 175.7 million (US$24.2 million)** for the six months ended March 31, 2025, primarily due to the full consolidation of Alpha Mind Technology Limited.  **[1769256_0001213900-25-084064_ea0252651-6k_xchange.htm:4]**  However, the company recorded a significant net loss of **RMB 677.7 million (US$93.4 million)** for the same period, largely driven by a **RMB 644.9 million (US$93.4 million)** goodwill impairment loss.  **[1769256_0001213900-25-084064_ea0252651-6k_xchange.htm:2]** **[1769256_0001213900-25-084064_ea0252651-6k_xchange.htm:4]** 
- The company's financial statements indicate **substantial doubt about its ability to continue as a going concern** due to accumulated deficits of **RMB 4,534,513** as of March 31, 2025, net cash used in operating activities of **RMB 7,948** for the six months ended March 31, 2025, and current liabilities exceeding current assets by **RMB 1,285,045**.  **[1769256_0001213900-25-084064_ea0252651-6k_xchange.htm:19]** 
- XChange TEC.INC extended the maturity date of its promissory notes with MMTEC, Inc. to **December 31, 2025**.  **[1769256_0001213900-25-084064_ea025265101ex10-1_xchange.htm:0]** **[1769256_0001213900-25-084064_ea0252651-6k_xchange.htm:9]**  The company also converted **US$51,988,242** of a promissory note held by Infinity Asset Solutions Ltd. into **108,027,515,844 Class A ordinary shares** on May 9, 2025.  **[1769256_0001213900-25-084064_ea0252651-6k_xchange.htm:9]** **[1769256_0001213900-25-084064_ea0252651-6k_xchange.htm:39]** 
- The company underwent a **share consolidation** effective January 24, 2025, at a ratio of **100,000:1**.  **[1769256_0001213900-25-084064_ea0252651-6k_xchange.htm:2]** **[1769256_0001213900-25-084064_ea0252651-6k_xchange.htm:8]**  XChange TEC.INC also faced and subsequently regained compliance with Nasdaq's minimum bid price rule in November 2024 and the Market Value of Listed Securities (MVLS) rule in June 2025.  **[1769256_0001213900-25-084064_ea0252651-6k_xchange.htm:8]**

XChange TEC.INC (XHG)