XChange TEC (ADR) (XHG)
Distributes insurance products and develops technology for consumer connections and underwriting support.
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Distributes insurance products through PRC insurance-agency operations and develops insurance technology, including a SaaS platform for consumer connections and underwriting support. The Cayman holding company consolidates PRC businesses through subsidiaries and contractual VIE arrangements.
Distributes insurance products through PRC insurance-agency operations, primarily products from major and regional property-and-casualty insurers. Insurance technology includes a SaaS platform that connects consumers and supports underwriting. Operations run nationwide in the PRC, with the acquired Topone brokerage extending the platform into Hong Kong.
The listed issuer is a Cayman Islands holding company, while operating activities are conducted through PRC subsidiaries and consolidated VIEs. It does not own equity in those VIEs, relying instead on contractual arrangements to consolidate the insurance-agency and technology businesses. The current platform was established through Alpha Mind's acquisition after former long-term-rental entities were transferred out.
Company facts
No analyst consensus on record.
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Mar 31, 2026Cash & short-term investments $1.0M · Total debt $101.4M · Total assets $9.7M · Shareholders' equity −$129.6M
- Revenue
- $29.0M
- Operating income
- −$1.2M
- Net income
- −$2.6M
Reported in CNY, converted at the latest exchange rate
No dividends on record.
| Institutions | 0.03% | 13.2K ADS | |
|---|---|---|---|
| 3 holders · as of Jun 30, 2026 | |||
| Other | 99.97% | 51.53M ADS | |
| remainder | |||
51.55M ADS (1 ADS = 25 ordinary shares) as of Aug 21, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Susquehanna International Group, LLPInstitution | 0.02% | 12,432 ADS | as of Jun 30, 2026 |
UBS Group AGInstitution | 0.00% | 728 ADS | as of Jun 30, 2026 |
Morgan StanleyInstitution | 0.00% | 15 ADS | as of Jun 30, 2026 |
Azure Investments Ltd.Strategic | —4.90% of class, as filed | — | filed Jun 3, 2022 |
Crescent GP Ltd.Strategic | —6.10% of class, as filed | — | filed May 26, 2022 |
Insider tradesForm 4
Nothing filed in the last 12 months.
- AIFU
Nationwide insurance-agency and brokerage distribution network
- Huize (ADR)
Digital insurance platform linking consumers, carriers, and partners
- Waterdrop (ADR)
Online insurance brokerage matching PRC users with insurer products
- Zhibao Technology
Digital insurance brokerage built on a proprietary PaaS platform
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| XChange TEC (ADR) | $2.35 | −1.26% | $122.7M | — | — | 2.1 | −140.7% |
| AIFU | $8.52 | −22.33% | $65.0M | — | 0.3 | — | — |
| Huize (ADR) | $1.43 | +1.42% | $711.5K | 0.2 | — | 0.0 | +91.4% |
| Waterdrop (ADR) | $1.07 | +0.47% | $383.4M | 0.7 | — | 0.5 | +82.4% |
| Zhibao Technology | $0.1086 | −10.25% | $4.0M | — | — | — | +887.5% |
| Median | 0.4 | 0.3 | 0.3 | +91.4% |