Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 158

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 6
Chunk 158
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(a)(3) to follow home country practice in lieu of certain requirements, including (i) the independence requirements
for compensation committee and nomination committee as provided in Nasdaq Listing Rule 5605(d) and (e); (ii) the requirement that a majority
of the board of directors must be independent as provided in Nasdaq Listing Rule 5615(b)(1); (iii) the requirement to hold annual general
meeting as provided in Nasdaq Listing Rule 5620(a); (iv) the requirement to obtain shareholder approval prior to a plan or other equity
compensation arrangement is established or materially amended as provided in Nasdaq Listing Rule 5635(c); and (v) the requirement of shareholder
approval for entering into any transaction, other than a public offering, involving the sale, issuance or potential issuance by the Company
of ordinary shares (or securities convertible into or exercisable for ordinary shares) equal to 20% or more of the outstanding share capital
of the Company or 20% or more of the voting power outstanding before the issuance for less than the greater of book or market value of
the ordinary shares as provided in Nasdaq Listing Rule 5635(d).

Under our Eighth Amended and Restated Memorandum and Articles of Association,
we shall hold an annual general meeting in each year other than the year in which the Eighth Amended and Restated Memorandum and Articles
of Association were adopted and shall specify the meeting as such in the notices calling it. The annual general meeting shall be held
at such time and place as the Board shall appoint.

Our Board plays a significant
role in our risk oversight. The Board makes all relevant company decisions. As such, it is important for us to have our CEO serve on the
board as he plays key roles in the risk oversight or the Company. As a smaller reporting company with a small Board, we believe it is
appropriate to have the involvement and input of all of our directors in risk oversight matters.

Director Independence

Our Board has reviewed the
independence of our directors, applying the NASDAQ independence standards. Based on this review, the Board determined that each of Wei
Jiang, Ruizhong Jiang and Phillip Tao Qiu are “independent” within the meaning of the NASDAQ rules. In making this determination,
our Board considered the relationships that each of these non-employee directors has with us and all other facts and circumstances our
Board deemed relevant in determining their independence. As required under the applicable NASDAQ rules, we anticipate