XHG
XChange TEC.INC
XChange TEC.INC (XHG) files with the SEC as a financials company. Its most recent balance sheet puts total assets at $10M, against $133M of liabilities and -$124M of equity, as at 2025-09-30. That balance sheet shrank 38.8% against 2025-03-31, when total assets were $16M. Liabilities account for 1368.7% of the balance sheet and equity -1268.7%. The largest single line on the asset side is Goodwill at $3M, 33.6% of total assets, followed by Cash at $2M. Its largest single liability is Short-term borrowings at $5M, 46.9% of the balance sheet. By total assets it is the 851st largest of the 890 financials companies covered here. Equity is negative, so the claims against this company exceed what it owns on the filed figures. That is a real shape, not an error, and it is drawn below the baseline rather than hidden. The figures come from a filing filed on 2026-01-14. Some line items this filer reports are not broken out separately here; the totals are complete and the difference is shown as a remainder rather than distributed across the lines that are named. Assets equal liabilities plus equity on the filed figures, so this balance sheet reconciles directly. Every figure above is as filed. Nothing is estimated, smoothed or restated, and where the filing and the identity disagree the disagreement is shown rather than closed.
What it owns, and who has a claim on it
Both columns are the same height because they are the same money, counted twice: once by what it is, once by who it belongs to.
| Cash | $2M16% |
|---|---|
| Goodwill | $3M34% |
| Intangibles | $95K1% |
| Other assetsincludes 4 line items this filer does not report separately | $5M50% |
| Short-term borrowings | $5M47% |
|---|---|
| Other liabilitiesincludes 2 line items this filer does not report separately | $129M1322% |
| Shareholders' equity | -$124M1269% |
Not reported separately
This filer does not break these out. They are inside the totals, counted in the shaded remainder — not estimated, and not set to zero.
Liabilities exceed total assets, so shareholders' equity is negative at -$123.6 million.
Not every line item is reported separately by this filer: deposits with banks, trading securities, investment securities, loans and others are inside the totals rather than broken out.
Where the money goes
Every dollar of revenue over the year ended 2025-09-30, and what is left after each cost comes out.
| Cost of salesWhat it costs to make or buy what it sells | $50M98% |
|---|---|
| Operating costsRunning the business: staff, marketing, admin · computed as a remainder | $102M199% |
| TaxTax on profit | $6K0% |
| Everything elseInterest and other items · computed as a remainder | $4M8% |
XHG spent more than it took in: revenue of $51 million against a loss of $105 million.
The largest single outflow is operating costs, at 199% of revenue.
The size of it
Its annual sales sit just below Fiji.
Company figure: year ended 2025-09-30. GDP: World Bank, GDP (current US$), indicator NY.GDP.MKTP.CD, 2024.
Ask about these numbers
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Learn more
- Understanding the Accounting Identity — Why Assets = Liabilities + Equity works as a test on data you did not produce, and what it means when a filing does not balance.
- Why SEC XBRL Data Is Wrong 1 Out of 5 Times (And How to Fix It) — How the figure on this page was chosen out of the twenty-odd tags the filer published for it.
Every figure here is also available as JSON — the API reference and what it costs.
Related companies
The nearest in size that file in the same sector, each drawn to the same scale.