XChange TEC (ADR)
Distributes insurance products and develops technology for consumer connections and underwriting support.
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Profile
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
Key statistics
Year to date +284% · Average volume (30d) 3.0M
Analysts
No analyst consensus on record.
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jan 28, 2026 | — | −$0.20 | — | — | −$12.3M | — | +19.57% |
| Apr 23, 2025Q2 FY25 | — | −$45.46 | — | — | $12.1M | — | −6.95% |
| Sep 30, 2024 | — | −$881.81 | — | — | $30.2M | — | +32.53% |
| Mar 30, 2024 | — | $4,529.85 | — | — | $10.6M | — | −0.27% |
Financial highlights
| 12 quarters | Q4 FY22 | Q2 FY23 | Q2 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $45.5M | $29.6M | $11.5M | $26.2M | $27.9M | $28.9M | |
| Gross profit | −$3.4M | −$2.7M | $625.1K | $641.9K | $545.6K | $822.9K | |
| Operating income | −$6.8M | −$4.7M | −$842.4K | −$2.0M | −$3.0M | −$1.2M | |
| Net income | $167.8M | −$6.3M | $57.8M | −$101.3M | −$10.4M | −$2.6M | |
| Diluted EPS | $82.13 | −$0.54 | $121.41 | −$0.71 | −$0.25 | −$0.04 | |
| Gross margin | -7.5% | -9.2% | 5.5% | 2.4% | 2.0% | 2.8% | |
| Operating margin | -14.9% | -16.0% | -7.4% | -7.8% | -10.9% | -4.2% |
Balance sheet, Mar 31, 2026Cash & short-term investments $1.0M · Total debt $101.1M · Total assets $9.7M · Shareholders' equity −$129.2M
Dividends
No dividends on record.
Ownership
Shares outstanding 51.55M · Float 51.40M · 99.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Morgan Stanley | 15 | 0.00% | 13F | May 15, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- 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
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| XChange TEC (ADR) | $3.43 | −0.84% | $175.8M | — | — | 3.1 | — |
| AIFU | $22.00 | +2.85% | $126.5M | — | 0.7 | 1.5 | — |
| Huize (ADR) | $1.64 | +0.61% | $842.6K | 1.4 | — | 0.0 | +91.5% |
| Waterdrop (ADR) | $1.02 | +2.74% | $359.0M | 0.9 | — | 0.5 | +73.9% |
| Zhibao Technology | $0.1699 | −0.12% | $5.6M | — | — | 0.1 | — |
| Median | 1.2 | 0.7 | 0.3 | +82.7% |