Company: DDC
Filing Date: 2025-08-05
Form Type: F-3/A
Source: 0001213900-25-072059
Chunk: 124

Company: DDC Enterprise Ltd
Filing Date: 2025-08-05
Form: F-3/A
Chunk 124
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man Islands controlled by non-PRC citizens, and
we do not fit into the definition of “overseas special purpose vehicle” under the M&A Rules and (c) 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.
We also believe that 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. However, we cannot assure you that
relevant PRC governmental agencies, including the CSRC, would reach the same conclusion as we do. If we or our subsidiaries inadvertently
conclude that such permissions or approvals are not required, our ability to offer or continue to offer our Class A Ordinary Shares to
investors could be significantly limited or completed hindered, which could cause the value of our Class A Ordinary Shares to significantly
decline or become worthless. We may also face sanctions by the CSRC, the MOFCOM or other PRC regulatory agencies. These regulatory agencies
may impose fines and penalties on our operations in China, limit our ability to pay dividends outside of China, limit our operations in
China, or take other actions that could have a material adverse effect on our business, financial condition, results of operations and
prospects, as well as the trading price of our securities.

We have been further advised
by Grandall Law Firm (Shanghai), our PRC legal adviser, that (i) our PRC subsidiaries have obtained all necessary permissions or
approvals and authorizations in the PRC in all material aspects in relation to conducting its current business operations in China, except
for Quanzhou Weishi Food Co., Limited which does not hold any assets or operations for now and we are in the process of applying for relevant
food operation license for it; and (ii) we are not required to obtain any permission or approval from any Chinese authority to issue
securities to foreign investors (by DDC Cayman) or in connection with our current listing on the NYSE American under Chinese laws or regulations
in effect, except for the CSRC filing for this issuance and listing which was completed in November 2023. However, there is no guarantee
that such completed proceedings will not be denied or rescinded. We (including DDC Cayman and all its subsidiaries) have not received
any inquiry, notice, warning, sanctions or regulatory