olivLaw · US equity research
XChange TEC.INC XHG
Insurance Agents, Brokers & Service · SIC 6411 · Vertical: Insurance Agents, Brokers & Service (SIC 6411)
XChange TEC.INC, listed on Nasdaq under XHG, has exited apartment rental and now operates as an insurance agent in China through Alpha Mind, and since 2025 through Topone in Hong Kong. The company remains under financial strain, with a net loss from continuing operations of RMB 748.4 million in fiscal 2025 and substantial doubt about its ability to continue as a going concern.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, XChange TEC.INC (XHG) stock was 3.32 USD (+2.95% on the day), with market capitalisation 85.9 bn USD, beta 0.98, 52-week range 0.78–4.62 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 54.3
- neutral
- Bollinger (20, 2)
- 1.46 – 4.63
- in the upper half of the band · %B 0.59 · band width 104.1%
- SMA 50 / 200
- 2.88 / 1.56
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.29 / 0.29
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +74.7% | −1.1% | +75.8 pp | — |
| 3 months | +248.7% | −0.5% | +249.2 pp | — |
| 6 months | +208.6% | +4.4% | +204.2 pp | — |
| Year to date | +289.7% | +12.3% | +277.4 pp | — |
| 1 year | +290.6% | +13.5% | +277.0 pp | −3.9% |
| 3 years | −99.9% | +76.4% | −176.3 pp | +4.3% |
| 5 years | −100.0% | +63.7% | −163.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 172.6 m | 177.9 m | 160.8 m | 91.7 m | unavailable | 41.1 m | 51.3 m |
| Revenue YoY | unavailable | +3.1% | −9.6% | −43.0% | unavailable | unavailable | +24.9% |
| Net income | -69.7 m | -225.9 m | -88.3 m | 115.3 m | -9.8 m | -32.3 m | -105.1 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | −108.5% | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | 0.01 | 0.00 | 0.00 | 0.00 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | −100.0% | unavailable | unavailable |
| net % | -40.4% | -127.0% | -54.9% | 125.7% | unavailable | -78.7% | -204.9% |
| Free cash flow | -60.1 m | -6.5 m | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 1.5 m USD
- Financial debt
- 4.6 m USD
- Net debt
- 3.0 m USD
- Equity
- -123.6 m USD
- Total assets
- 9.7 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.04x
- ROE
- unavailable
- ROA
- -173.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 177.9 m | 160.8 m | 91.7 m | — | 41.1 m | 51.3 m | SEC (XBRL)· 14 Jan 2026verified |
| Cost of revenue | 177.2 m | 147.4 m | 100.0 m | — | 39.2 m | 50.2 m | SEC (XBRL)· 14 Jan 2026verified |
| Gross profit | 668.0 k ≈ | 13.4 m ≈ | -8.2 m ≈ | — | 1.9 m | 1.1 m | SEC (XBRL)· 14 Jan 2026verified |
| Research & development | 3.7 m | 1.2 m | 393.0 k | — | 3.0 k | — | SEC (XBRL)· 22 Jan 2025verified |
| Operating income | -221.0 m | -62.0 m | -34.3 m | -3.5 m | -83.9 m | -101.2 m | SEC (XBRL)· 14 Jan 2026verified |
| Depreciation & amortisation | 38.7 m | 12.3 m | 3.9 m | — | 8.0 k | — | SEC (XBRL)· 22 Jan 2025verified |
| EBITDA | -182.3 m ≈ | -49.7 m ≈ | -30.4 m ≈ | — | -83.9 m ≈ | — | SEC (XBRL)· 22 Jan 2025derived |
| Interest expense | — | — | — | 215.0 k | 3.7 m | 3.9 m | SEC (XBRL)· 14 Jan 2026verified |
| Pre-tax income | -225.9 m | -88.3 m | 115.3 m | -3.7 m | -87.3 m | -105.1 m | SEC (XBRL)· 14 Jan 2026verified |
| Income tax | 2.0 k | 5.0 k | 3.0 k | — | 78.0 k | 6.0 k | SEC (XBRL)· 14 Jan 2026verified |
| Net income | -225.9 m | -88.3 m | 115.3 m | -9.8 m | -32.3 m | -105.1 m | SEC (XBRL)· 14 Jan 2026verified |
| Diluted EPS | — | — | 0.01 | 0.00 | 0.00 | 0.00 | SEC (XBRL)· 14 Jan 2026verified |
| Weighted average diluted shares | 1.4 bn | 146.1 bn | 1,025.8 bn | 28.1 m | 238.2 m | 50.3 bn | SEC (XBRL)· 14 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.4 m | 2.5 m | 390.0 k | 49.0 k | 1.2 m | 1.5 m | SEC (XBRL)· 14 Jan 2026verified |
| Receivables | 286.0 k | 57.0 k | 106.0 k | — | 5.2 m | 3.3 m | SEC (XBRL)· 14 Jan 2026verified |
| Current assets | 29.9 m | 27.4 m | 10.0 m | 11.7 m | 9.6 m | 5.6 m | SEC (XBRL)· 14 Jan 2026verified |
| Property, plant & equipment, net | 52.7 m | 6.0 m | 70.0 k | — | 1.0 k | 1.0 k | SEC (XBRL)· 14 Jan 2026verified |
| Goodwill | — | — | — | — | 101.1 m | 3.3 m | SEC (XBRL)· 14 Jan 2026verified |
| Intangibles (excl. goodwill) | 32.7 m | 23.7 m | 1.9 m | — | — | 95.0 k | SEC (XBRL)· 14 Jan 2026verified |
| Total assets | 125.3 m | 58.6 m | 13.4 m | 11.7 m | 111.6 m | 9.7 m | SEC (XBRL)· 14 Jan 2026verified |
| Accounts payable | 43.4 m | 49.7 m | 17.2 m | 25.0 k | 5.3 m | 4.1 m | SEC (XBRL)· 14 Jan 2026verified |
| Short-term debt | 112.3 m | 86.7 m | 15.5 m | 6.1 m | 4.6 m | 4.6 m | SEC (XBRL)· 14 Jan 2026verified |
| Long-term debt | 68.5 m | 31.2 m | — | — | — | — | SEC (XBRL)· 15 Feb 2022verified |
| Current liabilities | 288.9 m | 364.3 m | 94.0 m | — | 190.8 m | 133.3 m | SEC (XBRL)· 14 Jan 2026verified |
| Total liabilities | 419.1 m | 444.3 m | 94.0 m | 99.9 m | 190.9 m | 133.4 m | SEC (XBRL)· 14 Jan 2026verified |
| Equity | -293.8 m | -385.7 m | -80.5 m | -88.2 m † | -79.3 m † | -123.6 m † | SEC (XBRL)· 14 Jan 2026verified |
| Shares outstanding at year end | 1.4 bn | 1.6 bn | 25.9 bn | — | — | — | SEC (XBRL)· 23 Jan 2023verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 8.1 m | -17.0 m | -5.6 m | -5.5 m | -1.4 m | -1.6 m | SEC (XBRL)· 14 Jan 2026verified |
| Capex | 14.6 m | — | — | — | — | — | SEC (XBRL)· 16 Feb 2021verified |
| Free cash flow | -6.5 m ≈ | — | — | — | — | — | SEC (XBRL)· 16 Feb 2021derived |
| Investing cash flow | -20.4 m | -1.0 m | -1.6 m | — | 1.4 m | -69.0 k | SEC (XBRL)· 14 Jan 2026verified |
| Financing cash flow | -18.0 m | 15.8 m | 4.1 m | 5.2 m | 1.2 m | 2.6 m | SEC (XBRL)· 14 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 85.9 bn USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -204.9% | 3 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -17.6% | 0 (on a fixed band) | 33% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -26.2x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 0.0x | 0 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial3/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
XChange TEC.INC (XHG). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 51.3 m USD in 2025; YoY growth 24.9%; net margin -204.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Net margin: -204.9%
- Revenue CAGR 3Y: -17.6%
- Interest coverage: -26.2x
- Current ratio: 0.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Insurance Agents, Brokers & Service (SIC 6411) · same industry (4-digit SIC) · compared with 29 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MRSHMarsh & Mclennan Companies, Inc. | 100.0 bn | 25.2 | 26.7% | 14.2% | +10.3% | +15% / +5% |
| XHGXChange TEC.INC | 85.9 bn | — | — | -204.9% | +24.9% | +291% / −100% |
| AJGArthur J. Gallagher & Co. | 73.9 bn | 47.1 | 6.7% | 10.0% | +20.7% | +16% / +16% |
| AONAon plc | 73.1 bn | 18.9 | 43.6% | 22.2% | +9.4% | −3% / +5% |
| WTWWillis Towers Watson PLC | 31.1 bn | 20.5 | 20.2% | 15.2% | −2.2% | +5% / +37% |
| BROBrown & Brown, Inc. | 24.5 bn | 22.1 | 9.7% | 17.6% | +22.8% | −8% / −1% |
| EQHEquitable Holdings, Inc. | 15.3 bn | — | -508.8% | -8.7% | −6.1% | +20% / +83% |
| AIFUAIFU Inc. | 10.5 bn | — | -155.9% | -408.8% | −67.9% | −84% / −100% |
| ACTEnact Holdings, Inc. | 6.6 bn | 10.7 | 12.7% | 53.8% | +2.8% | +25% / +74% |
| HGTYHagerty, Inc. | 6.5 bn | 108.0 | 25.6% | 4.4% | +17.3% | +40% / +121% |
| RYANRyan Specialty Holdings, Inc. | 5.2 bn | 49.9 | 19.4% | 3.2% | +21.3% | −18% / +4% |
| CRVLCorvel Corporation | 4.4 bn | 38.9 | 30.7% | 11.7% | +7.0% | +19% / +26% |
| WDHWaterdrop Inc. | 3.6 bn | 50.5 | 11.6% | 14.2% | +49.8% | −44% / −16% |
| ARXAccelerant Holdings | 3.3 bn | — | -241.6% | -112.1% | +51.5% | +36% / unavailable |
| NPNeptune Insurance Holdings Inc. | 2.7 bn | 91.6 | — | 22.7% | +33.7% | +22% / unavailable |
| GSHDGoosehead Insurance, Inc. | 1.2 bn | 33.8 | — | 8.8% | +16.2% | −21% / −23% |
| HUIZHuize Holding Limited | 1.1 bn | — | 1.0% | 0.3% | +32.2% | −31% / −48% |
| BWINThe Baldwin Insurance Group, Inc. | 1.1 bn | — | -10.7% | -4.7% | +8.3% | +13% / +84% |
| RDZNRoadzen Inc. | 92.8 m | — | — | -46.9% | +24.2% | −37% / −78% |
| SLQTSelectQuote, Inc. | 88.1 m | 7.3 | 23.4% | 4.6% | +6.0% | −66% / −61% |
| EHTHeHealth, Inc | 20.3 m | — | 5.0% | 5.4% | +4.1% | −84% / −91% |
| EZRAReliance Global Group, Inc. | 2.4 m | — | -123.4% | -54.3% | −11.6% | −91% / −100% |
| YBYuanbao Inc. | — | — | 152.7% | 29.9% | +33.1% | −43% / unavailable |
| CCGCheche Group Inc. | — | — | -5.0% | -0.6% | −13.3% | +751% / +6% |
| HITHealth In Tech, Inc. | — | — | -21.9% | -12.0% | +71.0% | −61% / unavailable |
1- and 3-year price returns: for XHG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 14 Jan 2026; since then the company filed 6-K (16 Jul 2026), 6-K (17 Apr 2026), 6-K (07 Apr 2026).
In brief
XChange TEC.INC, listed on Nasdaq under XHG, has exited apartment rental and now operates as an insurance agent in China through Alpha Mind, and since 2025 through Topone in Hong Kong. The company remains under financial strain, with a net loss from continuing operations of RMB 748.4 million in fiscal 2025 and substantial doubt about its ability to continue as a going concern.
SWOT
Strengths
- Extensive external agent network and partnerships with several insurers in China.
- Insurance agent licence required to operate in China is held through the VIEs.
- SaaS platform that integrates policy data and sales performance tracking.
Weaknesses
- Continued net losses from operations and a significant negative working capital position.
- Reliance on debt linked to the Alpha Mind acquisition, with maturities repeatedly extended.
- Substantial doubt about going concern, as stated in the annual report.
Opportunities
- Expansion in Hong Kong could attract expatriate and cross-border investment clients.
- Growing demand for health and life insurance could diversify the product mix.
- Deeper integration of the SaaS platform could improve sales efficiency.
Threats
- Changes to commission rates imposed by insurers could reduce revenue.
- If the notes are not repaid, the selling shareholders could take control of Alpha Mind.
- PRC regulation and currency controls may limit cash transfers out of China.
Risks
- Going concernhigh
The annual report states substantial doubt about the company's ability to continue operating within one year, given its losses and current liabilities.
- Alpha Mind debthigh
If the promissory notes are not repaid or refinanced, the noteholders may exercise their collateral rights and the company could lose consolidation of Alpha Mind.
- China-related risksmedium
Currency conversion controls and government control over cash transfers could limit use of revenue and payment of dividends to investors.
- Commission dependencemedium
Revenue depends on commission rates set by insurers, which can be changed, potentially compressing margins.
- Hong Kong expansionlow
Integrating Topone and expanding in Hong Kong carry execution and regulatory risks that could delay expected benefits.
Investment thesis
What would need to be true (bull case)
- If China's insurance sector keeps growing and the company strengthens its network, commission revenue could rise on a sustainable basis.
- A successful refinancing of the debt could ease near-term balance sheet pressure and restore investor confidence.
- Expansion in Hong Kong and the SaaS platform could open new revenue sources with better margins.
What would break the thesis
- Persistent net losses and negative working capital could force the company to scale back or accept costly financing terms.
- If the acquisition debt is not repaid, the company could lose control of its core business.
- If insurers cut commissions, revenue per policy could fall faster than sales volume.
What to watch
- Trend in the net loss from continuing operationsNext annual report
- Repayment or refinancing timetable for the Alpha Mind notes2026
- Topone contribution to Hong Kong revenueFiscal 2026
- Average commission rates and policy volume trendsNext quarterly report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 14 Jan 2026; since then the company filed 6-K (16 Jul 2026), 6-K (17 Apr 2026), 6-K (07 Apr 2026).
The business
The company no longer runs its long-term apartment rental business, which was disposed of in 2023 and 2024 and reported as discontinued operations. Through its VIEs in China it sells insurance policies for several product types, from auto to life and health, earning commissions paid by insurers. The Alpha Mind acquisition, completed on December 28, 2023 for 180 million USD, brought the core business, and the Topone acquisition in March 2025 added a Hong Kong licensed broker. Revenue from continuing operations was RMB 288.4 million in fiscal 2024 and RMB 365.3 million in fiscal 2025.
Segments
Insurance agency in China (Alpha Mind)
Alpha Mind sells policies through external agent networks and strategic partners, with branch coverage in 12 cities across 10 provinces, autonomous regions and municipalities. Commissions are typically a percentage of the premium paid, and the overall average commission rate was 10.6% as of September 30, 2025. Property-related policies made up about 98.75% of premiums in 2025, and cumulative premiums sold reached RMB 2,660.119 million as of September 30, 2025.
SaaS platform and Hong Kong brokerage
The SaaS platform, introduced in 2023, does not generate revenue directly but integrates policy and sales performance data and allows fast onboarding of new insurers. The Topone acquisition, a broker licensed by the Hong Kong Insurance Authority, offers access to high-net-worth clients and corporations, a segment still early in the company's structure.
Market context
The company operates in China's insurance intermediation market, where it could benefit from rising demand for protection products. It was ranked 80 among the top 100 insurance intermediaries in China in 2024 by premium facilitated. Entry into Hong Kong opens access to expatriate and cross-border investment clients, but that market is smaller and more competitive than the mainland one.
Trends
- Growth in Chinese insurancetailwind
China's insurance sector has grown steadily, which could support agents' commission volumes. If that pace of growth holds, the company could convert more policies into revenue.
- Variable commission ratesheadwind
Insurers can adjust commission rates based on profit expectations, demand and regulation, which could reduce revenue per policy.
- Digitalisation of distributionmixed
Wider mobile internet use favours online sales through the SaaS platform, but it requires continued technology investment that the company has not yet fully funded.
- Funding pressureheadwind
Debt linked to the Alpha Mind acquisition and the need for capital could limit operations if financing is not obtained on acceptable terms.
Competitive position
China's insurance intermediation market is fragmented, with many regional agents and brokers. The company is ranked among larger intermediaries only at the lower end of the top 100, which suggests a limited market share. Its edge lies in its external agent network and digital platform rather than in the size of its capital base.
- Local insurance intermediaries in China
Regional brokers and agents competing for the same partner insurers and sales networks.
- Insurance brokers in Hong Kong
Hong Kong licensed firms serving high-net-worth clients and corporations, the segment targeted through Topone.
- Insurers with in-house sales networks
Insurers that sell products directly, reducing the need for external intermediaries.
- Digital insurance platforms
Online platforms offering policy comparison and sales, competing with the company's SaaS platform.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)16 Jul 2026
- Current report (foreign issuer)17 Apr 2026
- Current report (foreign issuer)07 Apr 2026
- Annual report (foreign issuer)14 Jan 2026
- Current report (foreign issuer)03 Sept 2025
- Current report (foreign issuer)12 Jun 2025
- Current report (foreign issuer)16 May 2025
- Current report (foreign issuer)12 May 2025
- Current report (foreign issuer)06 May 2025
- Current report (foreign issuer)23 Apr 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-09-30 · SEC / XChange TEC.INC · 14 Jan 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.