Company: DDC
Filing Date: 2025-07-22
Form Type: F-3
Source: 0001213900-25-066338
Chunk: 53

Company: DDC Enterprise Ltd
Filing Date: 2025-07-22
Form: F-3
Chunk 53
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 of Public Security and State Administration
for Market Regulation, or the SAMR, have enforced data privacy and protection laws and regulations with varying and evolving standards
and interpretations. On November 14, 2021, the Cyberspace Administration of China, or the CAC, issued the Draft Cyber Data Security
Regulations for public comments, pursuant to which, data processors carrying out the following activities must, in accordance with the
relevant national regulations, apply for a cybersecurity review: (i) the merger, reorganization or spin-off of internet platform
operators that possess a large number of data resources related to national security, economic development and public interests that affects
or may affect national security; (ii) listing in a foreign country of data processors that process the personal information of more
than one million users; (iii) listing in Hong Kong of data processors that affect or may affect national security; and (iv) other
data processing activities that affect or may affect national security. The scope of and threshold for determining what “affects
or may affect national security” is still subject to uncertainty and further elaboration by the CAC. On December 28, 2021,
the CAC, and 12 other relevant PRC government authorities published the amended Cybersecurity Review Measures, which came into effect
on February 15, 2022. The final Cybersecurity Review Measures provide that a “network platform operator” that possesses personal
information of more than one million users and seeks a listing in a foreign country must apply for a cybersecurity review. Further, the
relevant PRC governmental authorities may initiate a cybersecurity review against any company if they determine certain network products,
services or data processing activities of such company affect or may affect national security. Through the contractual arrangements with
Shanghai Weishi Information Technology Co., Ltd. (“Weishi”), Shanghai DayDayCook Information Technology Co., Ltd. (“DDC
Shanghai”) had collected and possessed personal information of more than one million users. After the contractual arrangements with
Weishi were terminated in April 2022, DDC 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