Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 47

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 3
Chunk 47
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An active public trading market for our ordinary shares may not
develop or be sustained to provide adequate liquidity.

An active public trading market
for our ordinary shares may not develop or, if developed, may not be sustained. The lack of an active market may impair your ability to
sell your ordinary shares at the time you wish to sell them or at a price that you consider reasonable. The lack of an active market may
also reduce the fair value of your ordinary shares. An inactive market may also impair our ability to raise capital by selling ordinary
shares and may impair our ability to acquire other companies by using our shares as consideration.

Risks Related to Doing Business
in China

The Chinese government may exert substantial
influence over the manner in which we must conduct our business activities We are currently not required to obtain approval
from Chinese authorities to issue securities to foreign investors, however, if our subsidiaries or the holding company were required to
obtain approval in the future and were denied permission from Chinese authorities to list on U. S. exchanges, we will not be able to continue
listing on U. S. exchange, which would materially affect the interest of the investors.

The Chinese government has
significant authority to exert influence on our operations in mainland China in various aspects in accordance with laws and regulations.
There are uncertainties regarding the interpretation and application of PRC laws and regulations from time to time, including, but not
limited to, the laws and regulations governing our business, or the enforcement and performance of our contractual arrangements with borrowers
in the event of the imposition of statutory liens, death, bankruptcy or criminal proceedings. Our ability to operate in China may be harmed
by changes in its laws and regulations, including those relating to taxation, environmental regulations, land use rights, property and
other matters. The central or local governments of these jurisdictions may impose new, stricter regulations or interpretations of existing
regulations that would require additional expenditures and efforts on our part to ensure our compliance with such regulations or interpretations.
Accordingly, government actions in the future, including any decision not to continue to support recent economic reforms and to return
to a more centrally planned economy or regional or local variations in the implementation of economic policies, could have a significant
effect on economic conditions in China or particular regions thereof, and could require us to divest ourselves of any interest we then
hold in Chinese