Company: DDC
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043916
Chunk: 60

Company: DDC Enterprise Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 3
Chunk 60
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PO and as per requirement of the Trial Measures. However, there is no guarantee that we will continue to comply with the Trial Measures.
If we fail to comply with the Trial Measures, we will be required to correct our behaviors, facing warnings and fines which amount will
range from RMB1,000,000 to RMB10,000,000, and directly responsible personnel will also be warned and fined which amount will range from
RMB500,000 to RMB5,000,000. Any new policies, regulations, rules, actions or laws by the PRC government may subject us to material changes
in operations, which could significantly limit or completely hinder our ability to offer or continue to offer securities to investors
and cause the value of our securities to significantly decline or become worthless.

On February 24, 2023, the
CSRC, together with the MOF, National Administration of State Secrets Protection and National Archives Administration of China, revised
the Provisions issued by the CSRC and National Administration of State Secrets Protection and National Archives Administration of China
in 2009. The revised Provisions were issued under the title the “ Provisions on Strengthening Confidentiality and Archives Administration
of Overseas Securities Offering and Listing by Domestic Companies”, and came into effect on March 31, 2023, together with the Trial
Measures. One of the major revisions to the revised Provisions is expanding their application to cover indirect overseas offering and
listing, as is consistent with the Trial Measures. The revised Provisions require that, among other things, (a) a domestic company that
plans to, either directly or indirectly through its overseas listed entity, publicly disclose or provide to relevant individuals or entities
including securities companies, securities service providers and overseas regulators, any documents and materials that contain state secrets
or working secrets of government agencies, shall first obtain approval from competent authorities according to law, and file with the
secrecy administrative department at the same level; and (b) a domestic company that plans to, either directly or indirectly through its
overseas listed entity, publicly disclose or provide to relevant individuals and entities including securities companies, securities service
providers and overseas regulators, any other documents and materials that, if leaked, will be detrimental to national security or public
interest, shall strictly fulfill relevant procedures stipulated by applicable national regulations. Any failure or perceived failure by
our Company or our PRC subsidiaries to comply with the above confidentiality and archives administration requirements under the revised
Provisions