Company: XCH
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0000950170-25-056976
Chunk: 10

Company: XCHG Ltd
Filing Date: 2025-04-23
Form: 20-F
Item: Item 3
Chunk 10
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 cases, become worthless.”
•Risks associated with the inability of PCAOB to conduct inspections over our former and current auditors. For details, see “Item 3. Key Information—3.D. Risk Factors—Risks Related to Regulations—The audit report for the fiscal years ended December 31, 2022 and 2023, which is included in this annual report, is prepared by our former auditor which the PCAOB was unable to inspect and investigate completely before 2022 and, as such, our investors had been deprived of the benefits of such inspections in the past.”
•Risks associated with the potential prohibition from trading in the United States of the ADSs under the Holding Foreign Companies Accountable Act. For details, see “Item 3. Key Information—3.D. Risk Factors—Risks Related to Regulations—The ADSs will be prohibited from trading in the United States under the Holding Foreign Companies Accountable Act, or the HFCAA, if the PCAOB is unable to inspect and investigate completely our auditor. The prohibition from trading the ADSs, or the threat of their being prohibited from trading, may cause the value of the ADSs to significantly decline or be worthless.”
Risks Related to Our International Operations
We are also subject to risks and uncertainties related to our international operations include, but are not limited to, the following:
•Risks associated with our international operations and supply chain. For details, see “Item 3. Key Information—3.D. Risk Factors—Risks Related to Our International Operations—We face risks associated with our international operations and supply chain, including unfavorable regulatory, political, tax, labor, pandemic and market conditions and other risks, which could adversely affect our business, results of operations, financial condition and prospects.”
•Risks associated with changes to trade policy, tariffs, and import/export regulations. For details, see “Item 3. Key Information—3.D. Risk Factors—Risks Related to Our International Operations—Changes to trade policy, tariffs, and import/export regulations may adversely affect our business, results of operations, financial condition and prospects.”
Risks Related to the ADSs
In addition to the risks described above, we are subject to risks related to the ADSs, including, but are not limited to, the following:
•Risks associated with the volatility of the trading price of the ADSs. For details, see “Item 3. Key Information—3.D. Risk Factors—Risks Related to the ADSs—The trading price of