Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 220

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 19
Chunk 220
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 the PRC             Supply chain business                         
                                                                      Powerbridge Zhuhai                                                                                               
  Ningbo Zhijing Tongfu Technology Co., Ltd. (“ Ningbo Zhijing”)      51% by                  April 25, 2021         the PRC             software application and technology services  
                                                                      Powerbridge Zhuhai                                                                                               
  Metafusion Digital Co., Ltd (“ Metafusion”)                         66% by                  February 15, 2022      the PRC             Software application and technology services  
                                                                      Powermeta Digital                                                                                                
  Shanghai Stamp Technolog Co., Ltd.                                  100% by SmartConn       December 9, 2018       the PRC             Software application and technology services  
  Ascendent Insight Education Co., Ltd. (“ Ascendent”)                90% by Anxin Jieda      January 7, 2020        the PRC             Software application and technology services  
  Xingtai Ningyao Technology Co., Ltd.                                100% by Ascendent       December 17, 2022      the PRC             Software application and technology services  
  Shenzhen Hongchuangxin Technology Co., Ltd.                         100% by Hongyi          October 31, 2022       the PRC             Trading                                       
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

F-7

X3 HOLDINGS CO., LTD.

Note 2 - Summary of significant accounting
policies

Basis of presentation

The accompanying consolidated
financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“ U. S.
GAAP”) and pursuant to the rules and regulations of the Securities Exchange Commission (“ SEC”).

Principles of consolidation

The consolidated financial
statements include the financial statements of the Group and its subsidiaries. All intercompany transactions and balances are eliminated
upon consolidation. All significant intercompany transactions and balances between the Company and its subsidiaries are eliminated upon
consolidation.

Subsidiaries are those entities
in which the Group, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial
and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at
the meeting of directors.

Non-controlling interest represents
the portion of the net assets of a subsidiary attributable to interests that are not owned by the Company. The non-cont