Company: DDC
Filing Date: 2025-07-22
Form Type: F-3
Source: 0001213900-25-066342
Chunk: 108

Company: DDC Enterprise Ltd
Filing Date: 2025-07-22
Form: F-3
Chunk 108
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 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, 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.

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On February