Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 51

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 3
Chunk 51
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 warnings or fines
if we fail to fulfill related filing procedure. Although there are still uncertainties regarding the interpretation and implementation
of relevant regulatory guidance, our operations could be adversely affected, directly or indirectly, by existing or future laws and regulations
relating to its business or industry.

On February 17, 2023, the
China Securities Regulatory Commission, or the CSRC, promulgated Trial Administrative Measures of the Overseas Securities Offering and
Listing by Domestic Companies (the “ Overseas Listing Trial Measures”) and five relevant guidelines which became effective
on March 31, 2023. The Overseas Listing Trial Measures regulate both direct and indirect overseas offering and listing by PRC domestic
companies by adopting a filing-based regulatory regime.

The Overseas Listing Trial
Measures provide that if the issuer both meets the following criteria, the overseas securities offering and listing conducted by such
issuer will be deemed as indirect overseas offering subject to the filing procedure set forth under the Overseas Listing Trial Measures:
(i) 50% or more of the issuer’s operating revenue, total profit, total assets or net assets as documented in its audited consolidated
financial statements for the most recent fiscal year is accounted for by the issuer’s domestic companies; and (ii) the issuer’s
business activities are substantially conducted in mainland China, or its principal place of business are located in mainland China, or
the senior managers in charge of its business operations and management are mostly Chinese citizens or domiciled in mainland China. The
determination as to whether or not an overseas offering and listing by domestic companies is indirect, shall be made on a substance over
form basis.

On the same day, the CSRC
also held a press conference for the release of the Trial Measures and issued the Notice on Administration for the Filing of Overseas
Offering and Listing by Domestic Companies, which, among others, clarifies that on or prior to the effective date of the Overseas Listing
Trial Measures, domestic companies that have been completed their overseas offering and listing, which are called as “the stock
enterprises”. As a stock enterprise, we shall file with the CSRC within 3 working days after the subsequent securities offering
is completed. The CSRC shall order rectification, issue warnings and impose fines on the company which fails to fulfill the filing procedure
as stipulated in Overseas Listing Trial Measures.

Even though we
are not required to complete the filing procedures with the CSRC for our historical issuance of securities, we may be required by