Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 79

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 4
Chunk 79
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Item 4. INFORMATION ON THE COMPANY

A. History and Development of the Company

Corporate History and Background

We are not an operating company
in China, but a holding company that was established under the laws of the Cayman Islands on July 27, 2018. We conduct our operations
in China through our PRC subsidiaries, and we are a global provider of technology solutions services across multiple industries.

For the purpose of the IPO
and listing on the NASDAQ Capital Market, a reorganization of the Company’s legal structure was completed on August 27, 2018. The
reorganization involved the incorporation of X3 Holdings (previously known as Powerbridge Cayman), a Cayman Islands holding company, and
its wholly owned subsidiary, Powerbridge HK, a holding company incorporated on July 27, 2018 under the laws of Hong Kong; and the transfer
of all equity ownership of Powerbridge Zhuhai to Powerbridge HK from the former shareholders of Powerbridge Zhuhai through an investment
holding company.

Prior to the reorganization,
Powerbridge Zhuhai’s equity interests were held by the former shareholders through an investment holding company. Powerbridge Zhuhai
was incorporated on October 30, 1997 in Zhuhai, Guangdong province under the laws of the People’s Republic of China. Powerbridge
Zhuhai is an operating subsidiary that provides global trade software application and technology services to corporate and government
customers located in China.

On August 7, 2018, the former
shareholders transferred their 100% ownership interest in Powerbridge Zhuhai to Powerbridge HK, which is 100% owned by Powerbridge Cayman.
After the reorganization, Powerbridge Cayman owns 100% equity interests of Powerbridge HK and Powerbridge Zhuhai. All shareholders have
the same ownership interest in Powerbridge Cayman as in Powerbridge Zhuhai prior to the reorganization.

As of the date of this Annual
Report, the Company has offices located in Singapore and China (Zhuhai, Guangzhou, Shenzhen, Changsha, Wuhan, Nanning, Hangzhou).

X3 Holdings (previously known
as Powerbridge Cayman) is the sole shareholder of Powerbridge HK, incorporated in Hong Kong on July 27, 2018, and Hongding Hong Kong,
incorporated in Hong Kong on August 19, 2020. Powerbridge HK is the sole shareholder of Powerbridge Zhuhai.