Company: DDC
Filing Date: 2025-07-22
Form Type: F-3
Source: 0001213900-25-066338
Chunk: 124

Company: DDC Enterprise Ltd
Filing Date: 2025-07-22
Form: F-3
Chunk 124
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 need to strengthen the supervision over overseas
listings by Chinese companies, the Opinions, which was made available to the public on July 6, 2021, also provides that the State
Council will revise provisions regarding the overseas issuance and listing of shares by companies limited by shares and will clarify the
duties of domestic regulatory authorities.

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 trading venues. Pursuant
to the Trial Measures, the Guidance Rules and Notice, initial public offerings or listings in overseas markets shall be filed with the
CSRC within 3 working days after the relevant application is submitted overseas, while domestic enterprises that have submitted valid
applications for overseas offerings and listings but have not obtained the approval from the relevant overseas regulatory authority or
overseas stock exchange shall complete filings with the CSRC prior to their overseas offerings and listings. Our PRC counsel, Grandall
Law Firm (Shanghai) has advised us that, based on its understanding of the current PRC laws and regulations