Company: DDC
Filing Date: 2025-07-22
Form Type: F-3
Source: 0001213900-25-066338
Chunk: 142

Company: DDC Enterprise Ltd
Filing Date: 2025-07-22
Form: F-3
Chunk 142
---
 or investigated; Third, the PCAOB
has the unfettered ability to transfer information to the SEC, in accordance with the Sarbanes-Oxley Act; and Fourth, PCAOB inspectors
can see complete audit work papers without any redactions. On the last item, the PCAOB was able to establish view only procedures —
as it has done in the past with certain other jurisdictions — for targeted pieces of information (for example, personally identifiable
information). As uncertainties remain regarding the details of the cooperation and the implementation by the authorities of the two sides,
the risks we faced regarding the de-listing of our securities because of non-compliance to the laws and regulations adopted by the US
authorities will still exist.

On December 15, 2022, the
PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting firms
headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, whether the PCAOB
will continue to be able to satisfactorily conduct inspections of PCAOB-registered public accounting firms headquartered in mainland China
and Hong Kong is subject to uncertainties and depends on a number of factors out of our and our auditor’s control. The PCAOB continues
to demand complete access in mainland China and Hong Kong moving forward and is making plans to resume regular inspections in early 2023
and beyond, as well as to continue pursuing ongoing investigations and initiate new investigations as needed. The PCAOB has also indicated
that it will act immediately to consider the need to issue new determinations with the HFCAA if needed. If the PCAOB is unable to inspect
and investigate completely registered public accounting firms located in China and we fail to retain another registered public accounting
firm that the PCAOB is able to inspect and investigate completely in 2023 and beyond, or if we otherwise fail to meet the PCAOB’s
requirements, our Class A Ordinary Shares will be delisted from the NYSE American and will not be permitted for trading over the counter
in the United States under the HFCAA and related regulations.

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Our ability to retain an auditor
subject to the PCAOB inspection and investigation, including but not limited to inspection of the audit working papers related to our
operations, may depend on the relevant positions of U.S. and Chinese regulators. Our auditor’s audit working papers related to our
operations are located in China. With respect to audits of companies