Company: DDC
Filing Date: 2025-08-05
Form Type: F-3/A
Source: 0001213900-25-072059
Chunk: 4

Company: DDC Enterprise Ltd
Filing Date: 2025-08-05
Form: F-3/A
Chunk 4
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 and interpretations will be modified or promulgated,
if any, and the potential impact such modified or new laws and regulations will have on our operations given that we have clients from
Mainland China, the ability to accept foreign investments and list on an U.S. or other foreign exchange. Any future action by the Chinese
government expanding the categories of industries and companies whose foreign securities offerings are subject to government review could
significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of
such securities to significantly decline or be worthless. For a detailed description of the risks related to our business, see “Item
3. Key Information — D. Risk Factors — Risks Related to the Potential Impact of PRC Laws and Regulations on Our Subsidiaries’
Business” described in our most recent annual report on Form 20-F, filed on May 15, 2025 (the “Annual Report”).

On December 16, 2021, the
United States Public Company Accounting Oversight Board, or PCAOB, issued a Determination Report which found that the PCAOB is unable
to inspect or investigate completely registered public accounting firms headquartered in: (i) China, and (ii) Hong Kong. Enrome LLP, our
auditor, is not identified in the 2021 PCAOB Report as a firm subject to the PCAOB’s determination. While our auditor is headquartered
in Singapore and is registered with PCAOB and subject to PCAOB inspection, in the event it is later determined that the PCAOB is
unable to inspect or investigate completely our auditor because of a position taken by an authority in a foreign jurisdiction On August
26, 2022, the PCAOB announced that it had signed a Statement of Protocol (the “Protocol”) with the CSRC and the Ministry of
Finance (“MOF”) of the People’s Republic of China, which governs inspections and investigations of audit firms based
in mainland China and Hong Kong. Pursuant to the fact sheet with respect to the Protocol released by the SEC, the PCAOB shall have independent
discretion to select any issuer audits for inspection or investigation and the unfettered ability to transfer information to the SEC.
According to the PCAOB, its December 2021 determinations under the Holding Foreign Companies Accountable Act, or HFCAA, remain in effect.
On December 15, 2022, the PCAOB announced that it was able to secure complete access to inspect and investigate PCAOB-