Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 85

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 4
Chunk 85
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 any future fiscal year, and if we were so identified for two consecutive years, we would become subject
to the prohibition on trading under the HFCAA.

Our current auditor, Onestop
Assurance PAC, the independent registered public accounting firm that issue the audit reports included elsewhere in this Annual Report,
is registered with the PCAOB. The PCAOB conducts regular inspections to assess its compliance with the applicable professional standards.
Onestop Assurance PAC is headquartered in Singapore and, as of the date of this Annual Report, is not included in the list of PCAOB Identified
Firms in the PCAOB Determination Report issued in December 2021. See “ Item 3. Key Information - D. Risk Factors - Risks Related to Doing Business in China - Our Ordinary Shares may be delisted under the HFCAA
if the PCAOB is unable to inspect auditors or their affiliates that are located in mainland China. The delisting of our Ordinary Shares,
or the threat of such delisting, may materially and adversely affect the value of your investment. Additionally, the inability of the
PCAOB to conduct inspections deprives our investors of the benefits of such inspections.”

Permission Required from the PRC Authorities

As of the date of this Annual
Report, our PRC subsidiaries have obtained all permissions and approvals to operate their respective business, including but not limited
to the registration of incorporation, business license, permit for opening bank account, labor and employment recordation, social insurance
registration, internet content provide registration record and such other permissions and approval as required by the PRC regulatory authorities.

We believe that we will not
be subject to cybersecurity review with the CAC pursuant to the Cybersecurity Review Measures. No relevant laws or regulations in the
PRC explicitly require us to seek approval from the CSRC for our overseas listing plan.

As of the date of this Annual
Report, we and our PRC subsidiaries have not received any inquiry, notice, warning, or sanctions regarding our planned overseas listing
from the CSRC or any other PRC governmental authorities. Since these statements and regulatory actions are newly published, however, official
guidance and related implementation rules have not been issued. It is highly uncertain what the potential impact such modified or new
laws and regulations will have on the daily business operations of our subsidiaries, our ability to accept foreign investments, and our
listing on an U. S. exchange. The SCNPC or PRC regulatory authorities may in the future promulgate laws, regulations, or implementing rules