Company: XTKG
Filing Date: 2025-07-17
Form Type: 424B5
Source: 0001213900-25-064921
Chunk: 34

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-07-17
Form: 424B5
Chunk 34
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6,072,241 | ) |
| Total Shareholders’ Equity                                                                                                                                                                                           |     |           |   45,944,303 |   |     |               |   59,516,903 |   |     |                |   85,316,903 |   |
| Non-controlling interest                                                                                                                                                                                             |     |           |    3,963,164 |   |     |               |    3,963,164 |   |     |                |    3,963,164 |   |
| Total Equity                                                                                                                                                                                                         |     |           |   49,907,467 |   |     |               |   63,480,067 |   |     |                |   89,280,067 |   |
| Total Capitalization                                                                                                                                                                                                 |     | $         |   49,907,467 |   |     | $             |   63,480,067 |   |     | $              |   89,280,067 |   |

Note:

| (1) | after giving effect of the one-to-six reverse                                            
 stock split, which was approved by the extraordinary general meeting of the shareholders 
 on February 10, 2025.                                                                    |

<div align='center'>S-17

DILUTION (1)</div>

Our
net tangible book value as of December 31, 2024 was US$34.9 million, or US$2.53 (post-reverse stock split adjusted US$15.20) per Ordinary
Share. “Net tangible book value” is total assets minus the sum of liabilities and intangible assets. “Net tangible
book value per share” is net tangible book value divided by the total number of shares outstanding.

After
giving effect to the sale of 60,000,000 (post-reverse stock split adjusted 10,000,000) Class A Ordinary Shares at an offering price of
US$0.43 (post-reverse stock split adjusted US$2.58) per Ordinary Share, and after deducting the estimated offering expenses payable by
us in connection with this offering, our pro forma as adjusted net tangible book value as of December 31, 2024 would have been US$74.2
million, or US$0.76 (post-reverse stock split adjusted US$4.58) per Ordinary Share. This represents an immediate decrease in net tangible
book value of US$0.54 (post-reverse stock split