Company: XTKG
Filing Date: 2025-04-25
Form Type: 20-F
Source: 0001213900-25-035626
Chunk: 57

Company: X3 Holdings Co., Ltd.
Filing Date: 2025-04-25
Form: 20-F
Item: Item 3
Chunk 57
---
 significantly limit or hinder our ability to offer
or continue to offer securities to investors and cause the value of such securities to significantly decline.

The Chinese government may
intervene or influence our operations at any time, or may exert more control over offerings conducted overseas and foreign investment
in China-based issuers. In addition, the enforcement of laws and regulations in China can change quickly with little advance notice. In
2021, the PRC government initiated a series of regulatory actions and statements to regulate business operations in China with little
advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies
listed overseas, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement.
We do not expect to be subject to cybersecurity review with the Cyberspace Administration of China (“ CAC”) if the draft Measures
for Cybersecurity Censorship become effective as they are published, since: (i) our products and services are offered not directly to
individual consumers; (ii) we do not possess a large amount of personal information in our business operations; and (iii) data processed
in our business does not have a bearing on national security and thus may not be classified as core or important data by the authorities.
Since these statements and regulatory actions are new, it is highly uncertain how soon legislative or administrative regulation making
bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or promulgated,
if any, and the potential impact such modified or new laws and regulations will have on our daily business operation, the ability to accept
foreign investments and list on an U. S. or other foreign exchange.

Furthermore, we cannot assure
you that the authorities of mainland China will not promulgate new laws to further regulate the listing of our ordinary shares, or impose
new compliance obligations for us to maintain the listing of our ordinary shares. Certain of our actions in relation to our overseas listing
may also constitute a violation of the PRC Securities Law or other relevant laws, and as a consequence, subject us to penalties, including
without limitation, fines, limitations on our ability of financing activities, or the suspension or termination of certain aspects of
our business operations, which may in turn result in substantial difficulty for us to maintain our listing overseas. We may be required
in the future to procure additional permits, authorizations and approvals for our existing and future operations, which may not be obtainable
in a timely