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XChange TEC.INC Announces Intent to Acquire First Cycle, INC., Accelerating AI-Powered Insurance Transformation

SHANGHAI, Aug. 13, 2026 /PRNewswire/ -- XChange TEC.INC (Nasdaq: XHG) ("XChange" or the "Company"), an insurance agency and insurance technology platform serving consumers across the People's Republic of China and Hong Kong, today announced that it has signed a non-binding letter of intent to acquire First Cycle, INC. ("First Cycle"), a growing artificial intelligence ("AI") technology company headquartered in Hong Kong.