Company: DDC
Filing Date: 2025-07-22
Form Type: F-3
Source: 0001213900-25-066342
Chunk: 120

Company: DDC Enterprise Ltd
Filing Date: 2025-07-22
Form: F-3
Chunk 120
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 no guarantee that we will continue to comply with additional filing requirements, if any, in the future.

The M&A Rules include,
among other things, provisions that purport to require that an offshore special purpose vehicle formed for the purpose of an overseas
listing of securities in a PRC company obtain the approval of the CSRC and the MOFCOM, prior to the listing and trading of such special
purpose vehicle’s securities on an overseas stock exchange. Substantial uncertainty remains regarding the scope and applicability
of the M&A Rules to offshore special purpose vehicles. As at the date of the Annual Report, we believe that CSRC’s approval
under the M&A Rules is not required for the listing and trading of our Class A Ordinary Shares on the NYSE American given that we
are an exempted company with limited liability incorporated under the laws of the Cayman Islands controlled by non-PRC citizens and we
do not fit into the definition of “overseas special purpose vehicle” under the M&A Rules. As such, we do not fit into
the definition of “overseas special purpose vehicle” under the M&A Regulations and we have never conducted any merger
or acquisitions of any PRC domestic companies with a related party relationship. MOFCOM’s approval under the M&A Rules is not
required as we have never conducted any merger or acquisitions of any PRC domestic companies with a related party relationship as prescribed
in the M&A Rules.

There remain some uncertainties
as to how the M&A Rules will be interpreted or implemented in the context of an overseas offering and its opinions summarized above
are subject to any new laws, rules and regulations or detailed implementations and interpretations in any form relating to the M&A
Rules. We cannot assure you that relevant PRC government agencies, including the CSRC, would reach the same conclusion as we do. If it
is determined that CSRC approval under the M&A Rules is required for an offering of our securities, we may face sanctions by the CSRC
or other PRC regulatory agencies for failure to seek CSRC approval. These sanctions may include fines and penalties on our operations
in the PRC, limitations on our operating privileges in the PRC, delays in or restrictions on the repatriation of the proceeds from our
initial public offering into the PRC, restrictions on or prohibition of the payments or remittance of dividends by our PRC subsidiary,
or other actions that could have a material and adverse effect on our business, financial condition, results of operations,