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XHG on Nasdaq

XChange TEC.INC

XChange TEC.INC is an insurance agents company, listed on Nasdaq (XHG).1 It is headquartered in Shanghai, China.1

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Last updated Oct 21, 2026.

Overview

$51.3MRevenue, fiscal 20252
-$105.1MNet income, fiscal 20252

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  • TickerXHG on Nasdaq1
  • IndustryInsurance Agents, Brokers & Service1
  • HeadquartersShanghai, China1
  • Business addressRoom 1607, Building A, No. 596 Middle Longhua Road, Xuhui, Shanghai, F4 2000323
  • Filer categoryNon-accelerated filer3

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Q&K International Group Limited in the Cayman Islands as our offshore holding company in August 2014.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

2.2%Gross margin2
-197.2%Operating margin2
-204.9%Net margin2
24.9%Revenue growth, 20252

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue98¢$50.2M
  • Other costs2¢$1.1M
  • Income tax0¢$6.0K

Out of $51.3M in revenue.2 The company lost money this year.

Financial statements

Revenue567892$51.3M in 2025−70% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $172.6M$172.6M20192020: $177.9M$177.9M2020+3%2021: $160.8M$160.8M2021−10%2022: $91.7M$91.7M2022−43%2024: $41.1M$41.1M2024−55%2025: $51.3M$51.3M2025+25%
Gross profit92$1.1M in 2025−41% since 2024
0$500.0K$1.0M$1.5M$2.0M2024: $1.9M$1.9M20242025: $1.1M$1.1M2025−41%
Operating income56781092-$101.2M in 2025+61% since 2019
-$300.0M-$200.0M-$100.0M02019: -$62.7M-$62.7M20192020: -$221.0M-$221.0M2020+252%2021: -$62.0M-$62.0M2021−72%2022: -$34.3M-$34.3M2022−45%2023: -$3.5M-$3.5M2023−90%2024: -$83.9M-$83.9M2024+2279%2025: -$101.2M-$101.2M2025+21%
Net income56781092-$105.1M in 2025+51% since 2019
-$300.0M-$200.0M-$100.0M0$100.0M$200.0M2019: -$69.7M-$69.7M20192020: -$225.9M-$225.9M2020+224%2021: -$88.3M-$88.3M2021−61%2022: $115.3M$115.3M20222023: -$9.8M-$9.8M20232024: -$32.3M-$32.3M2024+231%2025: -$105.1M-$105.1M2025+225%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-09-302024-09-302023-09-30
Revenue365.3M CNY288.4M CNY
Cost of revenue-357.3M CNY-274.9M CNY
Gross profit8.0M CNY13.5M CNY
Selling and marketing expenses-9.9M CNY-11.2M CNY-24.0K CNY
General and administrative expenses-32.5M CNY-16.1M CNY-23.5M CNY
Research and development expenses-24.0K CNY-46.0K CNY
Goodwill impairment loss-686.0M CNY-575.0M CNY
Total operating expenses-728.3M CNY-602.3M CNY-23.5M CNY
Loss from continuing operations-720.3M CNY-588.8M CNY-23.5M CNY
Interest expense, net-27.5M CNY-26.1M CNY-1.6M CNY
Other income (expense), net-500.0K CNY2.3M CNY
Total Other Expense-28.0M CNY-23.8M CNY-1.6M CNY
Loss from continuing operations before income taxes-748.4M CNY-612.6M CNY-25.1M CNY
Income tax expense-46.0K CNY-548.0K CNY
Net loss from continuing operations-748.4M CNY-613.2M CNY-25.1M CNY
Gain from discontinued operations, net of applicable income taxes388.5M CNY
Loss from discontinued operations-2.1M CNY-46.2M CNY
Net (loss) income from discontinuing operations386.3M CNY-46.2M CNY
Net loss attributable to XChange TEC.INCs ordinary shareholders-748.4M CNY-226.8M CNY-71.3M CNY
Net loss from continuing operations attributable to XChange TEC.INCs ordinary shareholders-748.4M CNY-613.2M CNY-25.1M CNY
Net loss (income) from discontinued operations attributable to XChange TEC.INCs ordinary shareholders386.3M CNY-46.2M CNY
Weighted average number of ordinary shares used in computing net loss per shareBasic (in Shares)50.3B shares238.2M shares28.1M shares
Weighted average number of ordinary shares used in computing net loss per share Diluted (in Shares)50.3B shares238.2M shares28.1M shares
Net losses per share attributable to ordinary shareholders of XChange TEC.INC Basic (in Dollars per share and Yuan Renminbi per share)0.00 CNY0.00 CNY0.00 CNY
Net losses per share attributable to ordinary shareholders of XChange TEC.INC Diluted (in Dollars per share and Yuan Renminbi per share)0.00 CNY0.00 CNY0.00 CNY
Net losses per share from continuing operations attributable to ordinary shareholders of XChange TEC.INC Basic (in Dollars per share and Yuan Renminbi per share)0 CNY0 CNY0 CNY
Net losses per share from continuing operations attributable to ordinary shareholders of XChange TEC.INC Diluted (in Dollars per share and Yuan Renminbi per share)0 CNY0 CNY0 CNY
Net losses (earning) from per share discontinued operations attributable to ordinary shareholders of XChange TEC.INC Basic (in Dollars per share and Yuan Renminbi per share)0 CNY0 CNY
Net earnings (loss) from per share discontinued operations attributable to ordinary shareholders of XChange TEC.INC Diluted (in Dollars per share and Yuan Renminbi per share)0 CNY0 CNY
Net loss-748.4M CNY-226.8M CNY-71.3M CNY
Foreign currency translation adjustments-22.1M CNY99.7M CNY-4.0M CNY
Comprehensive loss attributable to XChange TEC.INCs ordinary shareholders-770.5M CNY-127.1M CNY-75.3M CNY

Compare XChange TEC.INC with another company

Corporate structure

XChange TEC.INC sits at the top of its group. 1 entity on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of XChange TEC.INC

  • XChange TEC.INC Shanghai, China

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What XChange TEC.INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$1.0K2 Sep 30, 2025$1.0K9 Sep 30, 20240%
Operating-lease assets (leased space)$77.0K2 Sep 30, 2025$135.0K9 Sep 30, 2024−43.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$1.5M2 Sep 30, 2025$1.2M9 Sep 30, 2024+32.6%
Marketable securities, current$266.0K2 Sep 30, 2025$290.0K9 Sep 30, 2024−8.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$3.3M2 Sep 30, 2025$101.1M9 Sep 30, 2024−96.8%
Intangible assets, net (excluding goodwill)$95.0K2 Sep 30, 2025$1.9M8 Sep 30, 2022−95.0%

Leadership

Who has led XChange TEC.INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Zhichen Sun2026–now

Chief financial officer

  1. Jiaxing Chang2026–now
Board members and other officers (4)

Former names

  • FLJ Group LtdAug 19, 2021 to May 24, 20243
  • Q&K INTERNATIONAL GROUP LtdJun 28, 2019 to Sep 14, 20223

Timeline

  1. Mar 17, 2026New chief executive Zhichen Sun becomes CEO11

Filings

109 filings to the SEC since October 2021: 5 annual reports, 8 insider forms, 13 large holders, 83 other. The latest 20:

  1. Jul 16, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  2. Apr 17, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  3. Apr 16, 2026424B5 PROSPECTUS SUPPLEMENT EDGAR
  4. Apr 7, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  5. Apr 1, 2026EFFECT EDGAR
  6. Mar 30, 2026CORRESP EDGAR
  7. Mar 23, 2026UPLOAD EDGAR
  8. Mar 17, 20263 EDGAR
  9. Mar 17, 20263 EDGAR
  10. Mar 17, 20263 EDGAR
  11. Mar 17, 20263 EDGAR
  12. Mar 11, 2026F-3/A AMENDMENT NO. 2 TO FORM F-3 EDGAR
  13. Mar 11, 2026CORRESP EDGAR
  14. Mar 11, 2026CORRESP EDGAR
  15. Mar 2, 2026UPLOAD EDGAR
  16. Feb 4, 2026UPLOAD EDGAR
  17. Jan 14, 202620-F ANNUAL REPORT EDGAR
  18. Oct 29, 2025CORRESP EDGAR
  19. Oct 29, 2025F-3/A AMENDMENT NO. 1 TO FORM F-3 EDGAR
  20. Sep 26, 2025CORRESP EDGAR

The 109 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

4 open-market trades by officers, directors and large owners since October 2021: 3 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jan 17, 2025HRT FINANCIAL LP10% ownerBuy78,275$1.20$93.9KForm 4
Jan 16, 2025HRT FINANCIAL LP10% ownerBuy10,654$0.92$9.8KForm 4
Dec 30, 2024HRT FINANCIAL LP10% ownerSale20,385$0.90$18.3KForm 4
Dec 27, 2024HRT FINANCIAL LP10% ownerBuy12,027$0.89$10.7KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Susquehanna International Group, Llp12,432$11.2K0.0%New
UBS Group AG728$6700.0%New
Morgan Stanley15$140.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How XChange TEC.INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARXChange TEC.INC1
  • CIK0001769256
  • Filer statusNon-accelerated filer not an emerging growth company; not a shell company4
  • Incorporated inCayman Islands4
  • Industry code (SIC)6411 Insurance Agents, Brokers & Service1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business addressRoom 1607, Building A, No. 596 Middle Longhua Road, Xuhui, Shanghai, F4 2000321
  • Phone86-21-6417-96251
  • Shares outstanding111,851,094,785 Common Class A shares; 11,863,927,890 Common Class B shares as of Sep 30, 20254
  • AuditorOnestop Assurance PAC, Singapore PCAOB ID 6732; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceJun 28, 20191
  • Filings167 in all: 6-K (63), CORRESP (20), UPLOAD (16), 20-F (7), SC 13G (7), 3 (6), SC 13D (5), SC 13D/A (5)1
    All 27 form types

    SC 13G/A (5), F-3/A (4), NT 20-F (4), DRSLTR (3), EFFECT (3), 4 (2), 424B5 (2), DRS/A (2), F-1/A (2), F-3 (2), 20-F/A (1), 20FR12B (1), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), F-1 (1), FWP (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (20-F) Jan 14, 2026

Securities registered for trading

ClassSymbolExchange
American depositary shares (one American depositary share representing two thousand four hundred (2,400) Class A ordinary sharesXHGNASDAQ
Class A ordinary shares, par value US$0.0000001 per share

From the cover page of the 20-F filed Jan 14, 2026 (Section 12(b) of the Exchange Act).4

Sources

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