Company: DDC
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043916
Chunk: 46

Company: DDC Enterprise Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 3
Chunk 46
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 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, our offering and listing
will be identified as an indirect overseas issuance and listing by the CSRC, in view of the fact that the Trial Measures have come into
effect on 31 March 2023. We have submitted the filing materials with the CSRC to fulfill the filing procedure with the CSRC as per requirement
of the Trial Measures and completed such proceeding in November 2023. 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,