XChange TEC is a China-based insurance agency that distributes property and casualty insurance products — primarily auto insurance — under a B2B2C model. Operating through its subsidiary Alpha Mind, XChange TEC partners with insurance companies to distribute their products to individual consumers via a network of external registered sales agents, channel partners (such as auto dealerships), and an in-house sales team. Auto insurance dominates the business, accounting for roughly 99% of total premium volume. Alpha Mind's distribution network spans 12 cities across 10 provinces, with relationships with 24 insurance companies and approximately 136 of their branches. XChange TEC earns commissions from insurance companies each time a policy is sold — it does not hold premiums itself. Commission rates vary widely by product and insurer. Revenue is driven by the volume of policies sold, the average premium size, and commission rates, which are set by insurers and outside XChange TEC's direct control. The company's costs are primarily agent and channel partner fees, which share in commissions earned. In March 2025, XChange TEC acquired Topone, a Hong Kong-licensed insurance brokerage, expanding into Hong Kong and cross-border markets. XChange TEC is a Cayman Islands holding company whose operating assets sit inside PRC entities controlled through a VIE structure. The company, formerly known as FLJ Group and Q&K International, exited a failed apartment rental business before acquiring Alpha Mind in December 2023.