Company: XTKG
Filing Date: 2025-03-04
Form Type: F-3/A
Source: 0001213900-25-019896
Chunk: 5

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-03-04
Form: F-3/A
Chunk 5
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 shares or the ordinary shares from being traded on a national securities exchange or in the over-the-counter
trading market in the United States. On December 16, 2021, the PCAOB issued a report to notify the SEC of its determination that the
PCAOB was unable to inspect or investigate completely registered public accounting firms headquartered in mainland China and Hong Kong
(the “2021 Determinations”). In June 2021, the Senate passed the Accelerating Holding Foreign Companies Accountable Act (the
“AHFCAA”), which was signed into law on December 29, 2022, amending the HFCAA and requiring the SEC to prohibit an issuer’s
securities from trading on any U.S. stock exchange if its auditor is not subject to PCAOB inspections for two consecutive years instead
of three consecutive years.

On August 26, 2022, the PCAOB
announced that it had signed a Statement of Protocol (the “SOP”) with the China Securities Regulatory Commission and the
Ministry of Finance of China. The SOP, together with two protocol agreements governing inspections and investigations, establishes a
specific, accountable framework to make possible complete inspections and investigations by the PCAOB of audit firms based in mainland
China and Hong Kong, as required under U.S. law. On December 15, 2022, the PCAOB announced that it was able to secure complete access
to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong completely in 2022
and vacated the 2021 Determinations that the PCAOB was unable to inspect or investigate completely registered public accounting firms
headquartered in mainland China and Hong Kong. As of the date of this annual report, the PCAOB has not issued any new determination that
it is unable to inspect or investigate completely registered public accounting firms headquartered in any jurisdiction. However, whether
the PCAOB will be able to continue to conduct inspections and investigations completely to its satisfaction of PCAOB-registered public
accounting firms headquartered in mainland China and Hong Kong is subject to uncertainty and depends on a number of factors out of our,
and our current auditor’s, control, including positions taken by authorities of the PRC. The PCAOB is expected to continue to demand
complete access to inspections and investigations against accounting firms headquartered in mainland China and Hong Kong in the future.
The PCAOB is required under the HFCAA to make its determination on an annual basis with regard to its ability to inspect and investigate
completely