Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 81

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 4
Chunk 81
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 Cayman.
By the date of this Annual Report, POWERCRYPTO has not commenced its operations and Powerbridge Zhuhai has not injected any capital to
the business.

On January 6, 2022, the Company
entered into an equity transfer agreement (the “ First SmartConn Acquisition”) with the shareholder of SmartConn., Limited
(“ SmartConn”) pursuant to which the Company agrees to purchase 19.99% equity of SmartConn at 90% of the appraisal price. The
consideration of the First SmartConn Acquisition was to be paid in the form of newly issued shares of the Company.

On January 5, 2023, the Company
entered into an equity transfer agreement (the “ Second SmartConn Acquisition”) with a shareholder of SmartConn pursuant to
which the Company agrees to purchase 31% equity of SmartConn at 90% of the appraisal price. The Company will hold an aggregate of 50.99%
equity interest of the SmartConn following the closing of the Second SmartConn Acquisition and the First SmartConn Acquisition of 19.99%
equity interest of the SmartConn in January 2022.

SmartConn wholly controls
Shanghai Stamp Technology Co., Ltd. (“ Stamp Technology”). Stamp Technology mainly engaged in distributed database blockchain,
cryptocurrency DAPP development and web 3.0 application in the industry. By acquiring SmartConn, the Company intends to incorporate its
blockchain technology and web 3.0 know how application to further elevate the Company’s product development ability.

On April 20, 2022, Powerbridge
Zhuhai entered into an equity purchase agreement with the Shenzhen Chenbao Information Service Co., Ltd. (“ Chenbao”), pursuant
to which the Company agreed to acquire 5% equity interests (the “ Acquired Interests”) of the outstanding equity interests
of Chenbao.

On June 24, 2022, the Company
entered into an equity transfer agreement (the “ First Boxinrui Acquisition”) with Boxinrui’s shareholders (the “relevant
shareholders”) of Boxinrui International Holdings Limited (“ Boxinrui”) pursuant to which the Company agrees to purchase
15% equity of Boxinrui at 90% of the appraisal price.

On December 16, 2022, the
Company entered into an equity transfer agreement (the “ Second Boxinrui Acquisition”) with 14 shareholders of Boxinrui in
which the Company agreed to purchase 20%