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6-K: Report of foreign private issuer (related to financial reporting)

SEC ·  Aug 21 21:05
Summary by Futu AI
On December 28, 2023, XChange TEC.INC, formerly known as FLJ Group, completed the acquisition of Alpha Mind Technology Limited, marking a strategic shift from its previous long-term apartment rental platform operations to focusing on insurance agency and insurance technology businesses in China. The acquisition, valued at $180,000, was paid through promissory notes. Subsequently, XChange TEC.INC changed its name and began trading under the new ticker symbol 'XHG' on NASDAQ on June 3, 2024. The company's financial report for the six months ended March 31, 2024, showed revenues generated from insurance agency services amounting to RMB 76.7 million (US$10.6 million). Despite this, the company reported a net loss from continuing operations of RMB 15.9 million (US$2.2 million) for the same period. The company's ability to continue as a going concern is uncertain, with management planning to meet cash requirements through the issuance of ordinary shares. XChange TEC.INC's financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business.
On December 28, 2023, XChange TEC.INC, formerly known as FLJ Group, completed the acquisition of Alpha Mind Technology Limited, marking a strategic shift from its previous long-term apartment rental platform operations to focusing on insurance agency and insurance technology businesses in China. The acquisition, valued at $180,000, was paid through promissory notes. Subsequently, XChange TEC.INC changed its name and began trading under the new ticker symbol 'XHG' on NASDAQ on June 3, 2024. The company's financial report for the six months ended March 31, 2024, showed revenues generated from insurance agency services amounting to RMB 76.7 million (US$10.6 million). Despite this, the company reported a net loss from continuing operations of RMB 15.9 million (US$2.2 million) for the same period. The company's ability to continue as a going concern is uncertain, with management planning to meet cash requirements through the issuance of ordinary shares. XChange TEC.INC's financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business.
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