Company: DDC
Filing Date: 2025-07-22
Form Type: F-3
Source: 0001213900-25-066338
Chunk: 110

Company: DDC Enterprise Ltd
Filing Date: 2025-07-22
Form: F-3
Chunk 110
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DC Shanghai still have been possessing this amount
of personal information which are stored in mainland China. For purposes of the Cybersecurity Review Measures, we have applied for and
completed the cybersecurity review with respect to our proposed overseas listing pursuant to the Cybersecurity Review Measures.

As there remains significant
uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations, we cannot assure you that we would
not become subject to enhanced cybersecurity review or investigations launched by PRC regulators in the future. Any failure or delay in
the completion of the cybersecurity review procedures or any other non-compliance with the related laws and regulations may result in
rectification, fines or other penalties, including suspension of business, website closure, removal of our app from the relevant app stores,
and revocation of prerequisite licenses, as well as reputational damage or legal proceedings or actions against us, which may have material
adverse effect on our business, financial condition or results of operations.

On February 17, 2023, the
CSRC issued the Trial Measures which became effective on March 31, 2023. On the same date, the CSRC circulated the Guidance Rules and
Notice on the CSRC’s official website which became effective on March 31, 2023. Under the Trial Measures, either direct or indirect
overseas offering and listing by domestic companies shall fulfill the filing procedure with the CSRC with submitting relevant materials.
Any overseas offering and listing made by an issuer that meets both the following conditions will be determined as indirect: (1) 50% or
more of the issuer’s operating revenue, total profit, total assets or net assets as documented in its audited consolidated financial
statements for the most recent accounting year is accounted for by domestic companies; and (2) the main parts of the issuer’s business
activities are conducted in the Chinese Mainland, or its main places of business are located in the Chinese Mainland, or the senior managers
in charge of its business operation and management are mostly Chinese citizens or domiciled in the Chinese Mainland. The determination
as to whether or not an overseas offering and listing by domestic companies is indirect, shall be made on a substance over form basis.
When certain circumstances happen, overseas offering and listing shall not be made. And If the intended overseas offering and listing
necessitates a national security review, relevant security review procedures shall be completed according to law before the application
for such offering and listing is submitted to any overseas parties such as securities regulatory agencies and