Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 84

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 4
Chunk 84
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1 accordingly. As of the date of this Annual Report, the PCAOB has not issued any new determination that it is unable to inspect or
investigate completely registered public accounting firms headquartered in any jurisdiction. As a result, we do not expect to be identified
as a “ Commission-Identified Issuer” under the HFCAA for the fiscal year ended December 31, 2024 after we file our annual report
on Form 20-F for such fiscal year. On December 29, 2022, the Consolidated Appropriations Act, 2023, was signed into law, which amended
the HFCAA (i) to reduce the number of consecutive non-inspection years required for triggering the prohibitions under the HFCAA from three
years to two; and (ii) so that any foreign jurisdiction could be the reason why the PCAOB does not have complete access to inspect or
investigate a company’s auditors. As it was originally enacted, the HFCAA applied only if the PCAOB’s inability to inspect
or investigate because of a position taken by an authority in the foreign jurisdiction where the relevant public accounting firm is located.
As a result of the Consolidated Appropriations Act, 2023, the HFCAA now also applies if the PCAOB’s inability to inspect or investigate
the relevant accounting firm is due to a position taken by an authority in any foreign jurisdiction. The denying jurisdiction does not
need to be where the accounting firm is located. However, whether the PCAOB will be able to continue to conduct inspections and investigations
completely to its satisfaction of PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong is subject to
uncertainty and depends on a number of factors out of our, and our auditor’s, control, including positions taken by authorities
of the PRC. Each year, the PCAOB will determine whether it can inspect and investigate completely audit firms in mainland China and Hong
Kong, among other jurisdictions. If PCAOB determines in the future that it no longer has full access to inspect and investigate completely
accounting firms in mainland China and Hong Kong and we continue to use an accounting firm headquartered in one of these jurisdictions
to issue an audit report on our financial statements filed with the SEC, we would be identified as a Commission-Identified Issuer following
the filing of the annual report on Form 20-F for the relevant fiscal year. There can be no assurance that we would not be identified as
a Commission-Identified Issuer for