Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 52

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 3
Chunk 52
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 the
Trial Measures to file with the CSRC in connection with future securities offerings and listings outside of China, including follow-on
offerings, issuance of convertible bonds, offshore relisting after going-private transactions, and other equivalent offering activities.
There remain substantial uncertainties about the interpretation, application and implementation of the laws and regulations relating to
the CSRC filing. If we fail to obtain any requisite approvals with respect to future offerings of our equity securities to foreign investors,
or if we inadvertently conclude that such approvals are required or not required, or if the applicable laws, regulations or interpretations
thereof change and we become subject to the requirement of additional permissions or approvals in the future, our ability to execute our
financing and equity offering plans may be significantly limited or completely hindered. We cannot assure you that we will be able to
obtain such permissions or approvals in a timely manner, or at all, and such approvals may be rescinded even if obtained. Any such circumstance
could impede our efforts to improve our liquidity or expand our business operation, and we cannot assure you that there will not be material
negative impacts on our financial condition and result of operations, or a significant decline in the value of our ordinary shares.

In addition, the CSRC published
the Provisions on Strengthening Confidentiality and Archives Administration in Respect of Overseas Issuance and Listing of Securities
by Domestic Enterprises on February 24, 2023, which became effective on March 31, 2023. The CSRC stipulates domestic enterprises, securities
companies and securities service agencies which provide the corresponding services in the course of overseas issuance and listing of domestic
enterprises, shall strengthen legal awareness of confidentiality of State secrets and archives administration, establish a sound system
for confidentiality and archives work, adopt the requisite measures to perform the responsibilities of confidentiality and archives administration.

As there are still uncertainties
regarding the interpretation and implementation of such regulatory guidance, we cannot assure you that we will always be able to comply
with new regulatory requirements relating to our future overseas capital-raising activities. We may become subject to more stringent requirements
with respect to matters including cross-border investigation and enforcement of legal claims.

In addition, on December 28,
2021, the CAC, the National Development and Reform Commission (“ NDRC”), and several other administrations jointly issued the
revised Measures for Cybersecurity Review (the “ Revised Review Measures”), which became effective and replaced the Measures
for Cybersecurity Review on February 15, 2022.