| Nature of business and organization |
Note 1 — Nature of business and organization
X3 Holdings Co., Ltd. (“X3”
or the “Company”), formerly known as Powerbridge Technologies Co., Ltd. is a company that was established under the laws of
the Cayman Islands on July 27, 2018 as a holding company. The Company, through its subsidiaries (collectively the “Group”),
is a provider of software application and technology services to corporate and government customers engaged in global trade. Mr. Stewart
Lor, the Company’s Chairman of the Board and Chief Executive Officer (“CEO”) is the ultimate Controlling Shareholders
of the Company.
Effective January 30, 2024,
the Company has undergone a transformation, changing its corporate name from Powerbridge Technologies Co., Ltd. to X3 Holdings Co., Ltd.
The Nasdaq stock symbol has also transitioned from PBTS to XTKG. This change reflects the Group’s evolving global expansion strategy
and its commitment to broader technological and business horizons.
As of December 31, 2025, the
details of the Company’s principal subsidiaries are as follows:
| Major subsidiaries | | Percentage of
Ownership | | Date of
Incorporation | | Place of
Incorporation | | Major Operation | | Powerbridge Holding Limited (“Powerbridge HK”) | | 100% by X3 | | July 27, 2018 | | Hong Kong, PRC | | Investment holding | | Hong Kong Hongyi Holdings Limited (“Hongyi”) | | 100% by X3 | | April 24, 2023 | | Hong Kong, PRC | | Investment holding | | Hongding Technology Co., Ltd (“Hongding”) | | 100% by X3 | | July 28, 2020 | | Hong Kong, PRC | | Investment holding | | Powercrypto Inc | | 100% by X3 | | April 5, 2022 | | USA | | Management consultancy services | | X3 HOLDINGS PTE. LTD. (“X3 HOLDINGS”) | | 100% by X3 | | November 8, 2023 | | Singapore | | Investment holding | | Hong Kong Anxin Jieda Co., Limited (“Anxin Jieda”) (1) | | 100% by X3 | | November 30, 2021 | | Hong Kong, PRC | | Investment holding | | Creation Intelligent Co., Limited (“Creation Intelligent”) (2) | | 100% by X3 | | August 6, 2024 | | Hong Kong, PRC | | Investment holding | | X3 Technologies PTE. LTD. | | 100% by X3 HOLDINGS | | July 22, 2024 | | Singapore | | Software application and technology services | | Powerbridge Technology Group Co., Ltd. (“Powerbridge Zhuhai”) | | 100% by
Powerbridge HK | | October 30, 1997 | | the PRC | | Software application and technology services | | Powerstream Supply Chain Co., Ltd. (“Powerstream”) | | 100% by
Powerbridge HK | | August 17, 2021 | | the PRC | | Supply chain business | | Powermeta Digital Co., Ltd. (“Powermeta”) | | 100% by
Powerbridge HK | | January 21, 2022 | | the PRC | | Software application and technology services | | Powerbridge Digital Trade (HK) Co., Limited | | 51% by
Powerbridge HK | | June 26, 2023 | | Hong Kong, PRC | | Investment holding | | SmartConn Co.Limited(“SmartConn”) | | 50.99% by
Powerbridge HK | | December 14, 2020 | | Hong Kong, PRC | | Investment holding | | Powerbridge Technology (Zhuhai Economic and Technological Development Zone) Co., Ltd | | 100% by Powerbridge HK | | November 27, 2025 | | the PRC | | Software application and technology services | | PicAIGames Technology Co., Ltd. (PicAIGames) | | 100% by Creation | | May 23, 2024 | | the PRC | | Software application and technology services | | Major subsidiaries | | Percentage of
Ownership | | Date of
Incorporation | | Place of
Incorporation | | Major Operation | | Hongxi Data Technology Co., Ltd. | | 70% by
Powerbridge Zhuhai | | February 8, 2021 | | Macau | | Software application and technology services | | Zhuhai Hongyang Supply Chain Co., Ltd. (“Zhuhai Hongyang”) | | 60% by
Powerbridge Zhuhai | | July 21, 2021 | | the PRC | | Supply chain business | | Ningbo Zhijing Tongfu Technology Co., Ltd. (“Ningbo Zhijing”) (3) | | 51% by
Powerbridge Zhuhai | | April 25, 2021 | | the PRC | | software application and technology services | | Metafusion Digital Co., Ltd (“Metafusion”) | | 66% by
Powermeta Digital | | February 15, 2022 | | the PRC | | Software application and technology services | | Shanghai Stamp Technology Co., Ltd. | | 100% by SmartConn | | December 9, 2018 | | the PRC | | Software application and technology services | | Ascendent Insight Education Co., Ltd. (“Ascendent”) (1) | | 90% by Anxin Jieda | | January 7, 2020 | | the PRC | | Software application and technology services | | Xingtai Ningyao Technology Co., Ltd. (1) | | 100% by Ascendent | | December 17, 2022 | | the PRC | | Software application and technology services | | Shenzhen Hongchuangxin Technology Co., Ltd.(“Hongchuangxin”) | | 100% by Hongyi | | October 31, 2022 | | the PRC | | Trading | | PicAIGames Technology Co., Ltd. (“PicAIGames”) (2) | | 51% by Creation | | May 23, 2024 | | the PRC | | Mobile game development and operating |
| (1) | On July 29, 2025, the Company completed the transaction to sell 100% equity interests of its wholly-owned subsidiary, Anxin Jieda, and its subsidiaries (details refer to Note 4). | | | | | (2) | On August 1, 2025, the Company completed the acquisition of Creation Intelligent. (details refer to Note 3). | | | | | (3) | The Company completed the deregistration procedures on November 28, 2025. |
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