XHG News & Events

XChange TEC.INC announced the acquisition of a Hong Kong-based insurance brokerage firm licensed by the Hong Kong Insurance Authority. This transaction grants the company direct access to Hong Kong's dynamic insurance market and paves the way for the company to launch tailored insurance solutions for clients across China and international markets.

XChange TEC.INC announced that it has received a notice from The Nasdaq Stock Market dated November 26 stating that the company has regained compliance with the requirement to maintain a minimum bid price of $1 per share as set forth under Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market.

XChange TEC.INC announced that it has received a notice from The Nasdaq Stock Market LLC dated November 13, 2024 stating that the company is not in compliance with the requirement to maintain a minimum Market Value of Listed Securities of $35M as set forth under Nasdaq Listing Rule for continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(2) requires companies to maintain a minimum MVLS of $35M, and Nasdaq Listing Rule 5810(c)(3)(C) specifies that a deficiency occurs if the MVLS falls below this threshold for 30 consecutive business days. Based on the company's MVLS for the 30 consecutive business days from October 2, 2024, to November 12, 2024, the company no longer meets this requirement. The Notice further states that the company also does not meet the alternative requirements under Nasdaq Listing Rules 5550(b)(1) and 5550(b)(3). Pursuant to Nasdaq Listing Rule 5810(c)(3)(C), the Company has a 180-calendar-day compliance period, which expires on May 12, 2025. If, during this period, the company's MVLS closes at or above $35M for at least 10 consecutive business days, Nasdaq will notify the company of its compliance, and the matter will be closed.

XChange TEC.INC announced that it has received a notice from The Nasdaq Stock Market LLC dated November 8, 2024 stating that the company is not in compliance with the requirement to maintain a minimum bid price of $1 per share as set forth under Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based upon the closing bid price of the Company's American Depositary Shares for the last 30 consecutive business days, the Company no longer meets this requirement. Normally, a company would be afforded a 180-calendar day period to demonstrate compliance with the Bid Price Rule. However, pursuant to Nasdaq Listing Rule 5810(c)(3)(A)(iv), the Company is not eligible for any compliance period specified in Rule 5810(c)(3)(A) due to the fact that the Company effected one or more reverse stock splits over the prior two-year period with a cumulative ratio of 250 shares or more to one. Accordingly, unless the Company requests a hearing before a Hearings Panel, trading of the Company's ADSs will be suspended. Accordingly, the Company intends to timely request a hearing before the Panel and such request will automatically stay any suspension or delisting action pending the Panel's decision of the hearing. There can be no assurance as to the decision of the Panel.