# EDGAR Filing Document

**Accession Number:** 0001808110
**File Stem:** 0001213900-25-077440
**Filing Date:** 2025-8
**Character Count:** 190783
**Document Hash:** df479473cfe0a598a3151f1fc7127102
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-077440.hdr.sgml**: 20250815

**ACCESSION NUMBER**: 0001213900-25-077440

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 23

**FILED AS OF DATE**: 20250815

**DATE AS OF CHANGE**: 20250815

**EFFECTIVENESS DATE**: 20250815

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DDC Enterprise Ltd
- **CENTRAL INDEX KEY:** 0001808110
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOOD & KINDRED PRODUCTS [2000]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289633
- **FILM NUMBER:** 251224617

**BUSINESS ADDRESS:**
- **STREET 1:** 368 9TH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 852-2803-0688

**MAIL ADDRESS:**
- **STREET 1:** 368 9TH AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

**As filed with the Securities and Exchange Commission on August 15, 2025**

**Registration No. 333-[\*]**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**DDC ENTERPRISE LIMITED**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Cayman Islands** | **N/A** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

**368 9th Ave, New York, NY 10001, USA** 

(Address, including zip code, of registrant's principal executive offices)

**2023 Employee Share Option Plan, Pre-IPO Employee Share Option Plan and** 

**Inducement Grants**

(Full title of the plan)

**Cogency Global Inc.**

**122 East 42nd Street, 18th Floor**

**New York, NY 10168**

**(212) 947-7200**

***Copies to:***

---

| | |
|:---|:---|
| **Lawrence Venick, Esq.<br> Loeb & Loeb LLP<br> 2206-19 Jardine House<br> 1 Connaught Place, Central<br> Hong Kong, SAR<br> Telephone: +1 310-728-5129** | **Kyle Guse, Esq.<br>** <br>Chief Legal Officer<br> DDC Enterprise Ltd.<br> 368 9<sup>th</sup> Ave., 6<sup>th</sup> Fl<br> New York, New York 10001 |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act of 1933, as amended (the "***Securities Act***"). ☐

**EXPLANATORY NOTE**

DDC Enterprise Limited, a company incorporated under the laws of the Cayman Islands (the "***Company,***" "***DDC***," "we" or "our"), has prepared this registration statement in accordance with the requirements of Form S-8 (this "***Registration Statement***") under the Securities Act, to register (i) 1,300,000 ordinary shares, $0.4 par value per share, of the Company (the "***Ordinary Share(s)***") that are reserved for issuance or may become issuable in respect of share options, restricted shares and other securities under the 2023 Employee Share Option Plan (the "***2023 ESOP***"); (ii) 191,891 Ordinary Shares, $0.4 par value per Ordinary Share, that are reserved for issuance or may become issuable in respect of share options under the Employee Share Option Plan of the Company authorized prior to the consummation of the initial public offering of the Company (the "***IPO***") on November 21, 2023 (the "***Pre-IPO Employee Share Option Plan***"); and (iii) 65,000 Ordinary Shares, $0.4 par value per Ordinary Share, that are reserved for issuance or may become issuable in respect of share options that were granted outside of the 2023 ESOP as inducement grants pursuant to NYSE listing rule 303A.08 (the "**Inducement Grants**").

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

**Item 1. Plan Information.**

The documents containing the information specified in Part I of the instructions to the Registration Statement on Form S-8 will be sent or given to participants in the 2023 ESOP, the Pre-IPO Employee Share Option Scheme and the Inducement Grants as required by Rule 428(b)(1) promulgated under the Securities Act. Such documents are not required to be, and are not, filed with the Securities and Exchange Commission (the "***Commission***"), either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. These documents, and the documents incorporated by reference in Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**Item 2. Registrant Information and Employee Plan Annual Information.**

The Company will provide a written statement to participants in the 2023 ESOP, the Pre-IPO Employee Share Option Scheme and the Inducement Grants pursuant to Rule 428(b) promulgated under the Securities Act, advising them of the availability, without charge, upon written or oral request, of the documents incorporated by reference in Item 3 of Part II of this Registration Statement, other than exhibits to such documents (unless such exhibits are specifically incorporated by reference into such documents), as well as a statement that such documents are incorporated by reference in the Section 10(a) prospectus. Requests should be directed to DDC Enterprise Limited at 368 9th Ave, New York, NY 10001, USA, Attention: Chief Financial Officer, Telephone: +852 2803 0688.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The following documents, which have been filed by the Company with the Commission, are incorporated by reference into, and shall be deemed to be a part of, this Registration Statement:

● our [prospectus](http://www.sec.gov/Archives/edgar/data/1807192/000119312520259613/d853939d424b4.htm) dated September 29, 2020 (File No. 333-248658) filed with the Commission on September 30, 2020 pursuant to Rule 424(b)(4) under the Securities Act;

● our annual and transition report of foreign private issuers for 2023 and 2024 financial years filed with the Commission on [January 28, 2025](http://www.sec.gov/Archives/edgar/data/1808110/000121390025007160/ea0208402-20f_ddcenter.htm) and [May 15, 2025](https://www.sec.gov/Archives/edgar/data/1808110/000121390025043916/ea0241193-20f_ddcenter.htm) , respectively;

● our reports of foreign private issuer on Form 6-K filed with the Commission on [November 21, 2023](http://www.sec.gov/Archives/edgar/data/1808110/000121390023089256/ea188836-6k_ddcenter.htm) , [January 19, 2024](http://www.sec.gov/Archives/edgar/data/1808110/000121390024004676/ea191633-6k_ddcenter.htm) , [March 27, 2024](http://www.sec.gov/Archives/edgar/data/1808110/000121390024026574/ea0202668-6k_ddcenter.htm) , [April 16, 2024](http://www.sec.gov/Archives/edgar/data/1808110/000121390024033419/ea0203992-6k_ddcenter.htm) , [April 26, 2024](http://www.sec.gov/Archives/edgar/data/1808110/000121390024036607/ea0204631-6k_ddcenter.htm) , [May 21, 2024](http://www.sec.gov/Archives/edgar/data/1808110/000121390024045565/ea0206604-6k_ddcenter.htm) , [June 12, 2024](http://www.sec.gov/Archives/edgar/data/1808110/000121390024051905/ea0207736-6k_ddcenter.htm) , [June 20, 2024](http://www.sec.gov/Archives/edgar/data/1808110/000121390024054037/ea0208144-6k_ddcenter.htm) , [June 21, 2024](http://www.sec.gov/Archives/edgar/data/1808110/000121390024054873/ea0208251-6k_ddcenter.htm) [July 11, 2024](http://www.sec.gov/Archives/edgar/data/1808110/000121390024060642/ea020921801-6k_ddcenter.htm) , [August 30, 2024](http://www.sec.gov/Archives/edgar/data/1808110/000121390024074501/ea0213040-6k_ddcenter.htm) , [October 4 2024](http://www.sec.gov/Archives/edgar/data/1808110/000121390024085560/ea0216762-6k_ddcenter.htm) , [October 31, 2024](http://www.sec.gov/Archives/edgar/data/1808110/000121390024092876/ea0219278-6k_ddcenter.htm) , [November 19, 2024](http://www.sec.gov/Archives/edgar/data/1808110/000121390024099916/ea0221768-6k_ddcenter.htm) , [December 4, 2024](http://www.sec.gov/Archives/edgar/data/1808110/000121390024105268/ea0223454-6k_ddcenter.htm) , [December 31 2024,](http://www.sec.gov/Archives/edgar/data/1808110/000121390024113671/ea0226278-6k_ddcenter.htm) [February 5, 2025](http://www.sec.gov/Archives/edgar/data/1808110/000121390025010262/ea0229994-6k_ddcenter.htm) , [February 19, 2025](http://www.sec.gov/Archives/edgar/data/1808110/000121390025015078/ea0231393-6k_ddcenter.htm) , [February 27, 2025](http://www.sec.gov/Archives/edgar/data/1808110/000121390025017669/ea0232337-6k_ddcenter.htm) , [March 21, 2025](http://www.sec.gov/Archives/edgar/data/1808110/000101376225001000/ea0235203-6k_ddcenter.htm) , [April 9, 2025](http://www.sec.gov/Archives/edgar/data/1808110/000121390025030054/ea0237312-6k_ddcenter.htm) , [May 16, 2025](http://www.sec.gov/Archives/edgar/data/1808110/000121390025044621/ea0242513-6k_ddcenter.htm) , [June 6, 2025](http://www.sec.gov/Archives/edgar/data/1808110/000121390025051713/ea0244927-6k_ddcenter.htm) , [June 17, 2025](http://www.sec.gov/Archives/edgar/data/1808110/000121390025054959/ea0245842-6k_ddcenter.htm) , [June 20, 2025](http://www.sec.gov/Archives/edgar/data/1808110/000121390025055811/ea0246300-6k_ddc.htm) , [July 1, 2025](http://www.sec.gov/Archives/edgar/data/1808110/000121390025060447/ea0247733-6k_ddc.htm) , [July 3, 2025](http://www.sec.gov/Archives/edgar/data/1808110/000121390025061357/ea0244453-6k_ddcenter.htm) and [July 11, 2025](http://www.sec.gov/Archives/edgar/data/1808110/000121390025063293/ea0247995-6k_ddcenter.htm) ;

● our [prospectus](http://www.sec.gov/Archives/edgar/data/1808110/000121390025066342/ea0249390-f3_ddcenter.htm) dated July 22, 2025 (File No. 333-288826) filed with the Commission on July 22, 2025 pursuant to Rule 415 under the Securities Act; and

● the description of the securities contained in our registration statement on [Form 8-A](http://www.sec.gov/Archives/edgar/data/1808110/000121390023087880/ea188594-8a12b_ddcenter.htm) filed on November 16, 2023 pursuant to Section 12 of the Exchange Act of 1934, as amended (the "  ***Exchange Act*** "), together with all amendments and reports filed for the purpose of updating that description.

All reports and other documents filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act, subsequent to the date of this Registration Statement and prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into, and shall be deemed to be a part of, this Registration Statement from the date of the filing of such reports or other documents; *provided*, *however*, that, unless expressly incorporated by reference into this Registration Statement, documents or information deemed to have been furnished and not filed in accordance with the rules of the Commission shall not be deemed incorporated by reference into this Registration Statement under any circumstances.

For purposes of this Registration Statement, any document or any statement contained in a document incorporated or deemed to be incorporated by reference into this Registration Statement shall be deemed to be modified or superseded to the extent that a statement contained herein or in any other subsequently filed document that also is or is deemed to be incorporated by reference into this Registration Statement modifies or supersedes such earlier document or statement. Any such document or statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

Our current Amended and Restated Memorandum and Articles of Association will empower us to indemnify our directors and officers against certain liabilities they incur by reason of their being a director or officer of our company.

We have entered into indemnification agreements with each of our directors and executive officers. Under these agreements, we have agreed to indemnify our directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of our company.

The underwriting agreement in connection with the IPO also provides for indemnification of us and our officers, directors or persons controlling us for certain liabilities.

We have obtained directors' and officer's liability insurance coverage that will cover certain liabilities of directors and officers of our company arising out of claims based on acts or omissions in their capacities as directors or officers.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

---

| | |
|:---|:---|
| **Exhibits** | **Description** |
| 3.1\* | [Tenth Amended and Restated Memorandum and Articles of Association](ea025324301ex3-1_ddc.htm) |
| 5.1\* | [Opinion of Travers Thorp Alberga.](ea025324301ex5-1_ddc.htm) |
| 10.1\*\* | [Pre-IPO Employee Share Option Plan](http://www.sec.gov/Archives/edgar/data/1808110/000121390023084568/ff12023a6ex10-3_ddcenter.htm) |
| 10.2\*\* | [2023 ESOP](http://www.sec.gov/Archives/edgar/data/1808110/000121390023084568/ff12023a6ex10-4_ddcenter.htm) |
| 10.3\* | [Form of Stock Option Agreement under the DDC Enterprise Limited 2023 Employee Stock Option Plan between the Company and grantee](ea025324301ex10-3_ddc.htm) |
| 10.4\* | [Form of DDC Enterprise Limited 2023 Stock Option Plan Non-Qualified Stock Option Agreement](ea025324301ex10-4_ddc.htm) |
| 10.5\* | [Form of RESTRICTED STOCK UNIT AWARD AGREEMENT](ea025324301ex10-5_ddc.htm) |
| 23.1\* | [Consent of Enrome LLP, independent registered public accounting firm for <u>the Company</u>](ea025324301ex23-1_ddc.htm) |
| 23.2\* | [Consent of Travers Thorp Alberga (included as part of in Exhibit 5.1).](ea025324301ex5-1_ddc.htm) |
| 24.1\* | [Power of Attorney (included on signature pages to this Registration Statement).](#a_001) |
| 107\* | [Filing Fee Table](ea025324301ex-fee_ddc.htm) |

---

\* Filed herewith. <br> \*\* Previously filed.

**Item 9. Undertakings.**

(a) The Company hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than twenty percent (20%) change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in this Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;

*provided*, *however*, that paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Company pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The Company hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Company's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Company pursuant to the foregoing provisions, or otherwise, the Company has been advised that, in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Company of expenses incurred or paid by a director, officer or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Company will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act, DDC Enterprise Limited certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Hong Kong, People's Republic of China, on August 15, 2025.

---

| | | |
|:---|:---|:---|
| **DDC Enterprise Limited** | **DDC Enterprise Limited** | **DDC Enterprise Limited** |
| By: | */s/ Norma Ka Yin Chu* | */s/ Norma Ka Yin Chu* |
|  | Name: | Norma Ka Yin Chu |
|  | Title: | Chief Executive Officer |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each individual whose signature appears below hereby constitutes and appoints each of Norma Ka Yin Chu and Ethan Yong Kang Yu, acting alone or together with another attorney-in-fact, as his or her true and lawful agent, proxy and attorney-in-fact, with full power of substitution and resubstitution, for such person and in his or her name, place and stead, in any and all capacities, to (i) act on, sign and file with the Commission any and all amendments (including post-effective amendments) to this Registration Statement, together with all schedules and exhibits thereto, and any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act, together with all schedules and exhibits thereto, (ii) act on, sign and file such certificates, instruments, agreements and other documents as may be necessary or appropriate in connection therewith, (iii) act on, sign and file any supplement to any prospectus included in this Registration Statement or any such amendment or any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act, and (iv) take any and all actions which may be necessary or appropriate in connection therewith, granting unto such agents, proxies and attorneys-in-fact, and each of them, full power and authority to do and perform each and every act and thing necessary or appropriate to be done, as fully for all intents and purposes as he or she might or could do in person, hereby approving, ratifying and confirming all that such agents, proxies and attorneys-in-fact, or any of their respective substitutes, may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on August 15, 2025.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| */s/ Norma Ka Yin Chu* | Director, Chief Executive Officer and Chairwoman |
| **Norma Ka Yin Chu** |  |
| */s/ Ethan Yong Kang Yu* | Principal Financial Officer |
| **Ethan Yong Kang Yu** |  |
| */s/ George Lai* | Independent Director |
| **George Lai** |  |
| */s/ Matthew Gene Mouw* | Independent Director |
| **Matthew Gene Mouw** |  |
| */s/ Samuel Chun Kong Shih* | Independent Director |
| **Samuel Chun Kong Shih** |  |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES**

Pursuant to the Securities Act, the undersigned, the duly authorized representative in the United States of DDC Enterprise Limited, has signed this Registration Statement or amendment thereto in New York, on August 15, 2025.

---

| | |
|:---|:---|
| Authorized U.S. Representative <br> Cogency Global Inc. | Authorized U.S. Representative <br> Cogency Global Inc. |
| By: | /s/ Colleen A. De Vries |
| Name: | Colleen A. De Vries |
| Title: | Sr. Vice President of Cogency |

---

## Exhibit 3.1

**Exhibit 3.1**

**DDC ENTERPRISE LIMITED**

(a Cayman Islands exempted company, the **"Company")**

**EXTRACT OF MINUTES OF THE EXTRAORDINARY GENERAL MEETING HELD BY WAY OF VIRTUAL MEETING ON 29 NOVEMBER 2024 AT 9:00 A.M. (EASTERN STANDARD TIME) (THE "EGM") AND OF MINUTES OF A MEETING OF THE BOARD OF DIRECTORS HELD BY WAY OF A VIRTUAL MEETING ON 4 APRIL 2025 AT 11:00 P.M. (EASTERN STANDARD TIME) (THE "BOARD MEETING")**

**TAKE= NOTICE** that the following resolution was passed as a special resolution of the Company at the EGM:

 ****

***"RESOLVED*** *as a special resolution, that:*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *the Company consolidate each of its existing issued and outstanding and authorized and unissued Class A Ordinary Shares, with a par value of US$0.016 each (the **"Class A Ordinary Shares"),** on a basis ranging from no consolidation to a consolidation of 1:25 (the **"Share Consolidation"),** with the exact amount within that range to be determined by the Board of Directors of the Company within one year of the date of the Meeting;* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *the shareholders hereby waive their rights to any fraction of a share resulting from the Share Consolidation, and authorize such fractions to be cancelled and returned to the pool of authorized but unissued shares in the capital of the Company; and* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *concurrently with the Share Consolidation being effectuated under (a) above:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *increasing the authorized share capital by an additional US$ amount equal to the new par value determined under (a) multiplied by a number of Class A Ordinary Shares necessary to increase the total number of authorized Class A Ordinary Shares in the share capital of the Company to 200,000,000; and* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)* *creating an additional number of authorized Class A Ordinary Shares equal to the number necessary to increase the Class A Ordinary Shares to 200,000,000 each with a nominal or par value of an amount equal to US$0.016 multiplied by the ratio of the Share Consolidation determined in (a) above each with such rights and restrictions as set out in the current amended and restated memorandum and articles of association of the Company;"* 

**TAKE NOTICE** that the following resolution was passed by the Board of Directors of the Company at the Board Meeting:

*"...it was unanimously ratified, approved and confirmed that it is:*

*It is in the best interest of the Company and its shareholders for the Board to set the Share Consolidation at one for 25;*

The Share Consolidation is hereby set at one for 25 so that every 25 issued Class A Ordinary shares are consolidated into one share and the par value of each Class A Ordinary share is hereby increased from $0.016 to $0.40;

---

| | | |
|:---|:---|:---|
|  |  | ![](ex3-1_001.jpg) |
|  |  | *Filed: 05-Jun-2025 09:56 EST* |
| | *www.verify.gov.ky File#: 305554* | *Auth Code: B81100466109* |

---

Any share fraction resulting from the Share Consolidation shall be cancelled and returned to the pool of authorized but unissued shares in the capital of the Company;

The effective date for Share Consolidation shall be April 21, 2025 or such other date as may be specified by the officers of the Company to comply with the Charter and all NYSE rules;

Concurrently with the Share Consolidation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *the authorized share capital is increased by an additional US$ amount equal to the new par value multiplied by a number of Class A Ordinary Shares necessary to increase the total number of authorized Class A Ordinary Shares in the share capital of the Company to 200,000,000;* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)* *an additional number of authorized Class A Ordinary Shares are hereby created in an amount equal to the number necessary to increase the Class A Ordinary Shares to 200,000,000 each with* a *nominal or par value of an amount equal to $0.40 each with such rights and restrictions as set out in the current amended and restated memorandum and articles of association of the Company; and* 

The Share Consolidation is hereby ratified, approved and confirmed and the officers of the Company are authorized and directed to complete the Share Consolidation by filing all necessary notices with the NYSE-American and pursuant to the Charter."

As a result of the resolutions passed above, the authorized share capital of the Company was amended **FROM** US$3,388,000 divided into 200,000,000 class A ordinary shares of a nominal or par value of US$0.016 each, 1, 7500,000 class B ordinary shares of a nominal or par value of US$0.016 each and 10,000,000 preferred shares of a nominal or par value of US$0.016 each **TO** US$80,188,000 divided into 200,000,000 class A ordinary shares of a nominal or par value of US$0.40 each, 1,750,000 class B ordinary shares of a nominal or par value of US$0.016 each and 10,000,000 preferred shares of a nominal or par value of US$0.016 each.

We, the undersigned, being the registered office provider of the Company hereby certify that the above extracts from the EGM and the Board Meeting represent a true and correct copy of the resolutions passed thereat.

---

| | |
|:---|:---|
| /s/ Anya Bodden | /s/ Anya Bodden |
| Name: | Anya Bodden |
| Authorised Signatory for and on behalf of | Authorised Signatory for and on behalf of |
| International Corporation Services Ltd | International Corporation Services Ltd |

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|  |  | *Filed: 05-Jun-2025 09:56 EST* |
| | *www.verify.gov.ky File#: 305554* | *Auth Code: B81100466109* |

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**DDC ENTERPRISE LIMITED**

**(the "Company")**

(an exempted company incorporated in the Cayman Islands)

**TAKE NOTICE** that the following resolution was passed by the members of the Company on 22 April 2024:

 ****

***"It was resolved AS AN ORDINARY RESOLUTION:***

*THAT, with immediate effect, the authorized share capital of the Company be increased and reorganized by way of:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. *increasing the authorized share capital by an additional US$1,774,000;* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*b.* *creating an additional 100,000,000 authorized Class A Ordinary Shares of a nominal or par value of US$0.016 each with such rights and restrictions as set out in the current amended and restated memorandum and articles of association of the Company;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*c.* *creating an additional 875,000 authorized Class B Ordinary Shares of a nominal or par value of US$0.016 each with such rights and restrictions as set out in the current amended and restated memorandum and articles of association of the Company; and* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*d.* *creating an additional 10,000,000 authorized preferred shares of a nominal or par value of US$0.016 each which may be issued, from time to time, as authorized by the Board of Directors in one or more series, in such numbers of shares, with such designations, powers, including voting powers, full or limited, or no voting powers, preferences, and relative, participating, optional, or other special rights, qualifications, limitations, and restrictions as the Board of Directors determines, as empowered to do so under the current amended and restated memorandum and articles of association of the Company,* 

<u>*SO THAT*</u>*, the authorized share capital of the Company be amended <u>**FROM**</u> US$1,614,000 divided into 100,000,000 Class A Ordinary Shares of a nominal or par value of US$0.016 each and 875,000 Class B Ordinary Shares of a nominal or par value of US$0.016 each, <u>**TO**</u> US$3,388,000 divided into 200,000,000 Class A Ordinary Shares of a nominal or par value of US$0.016 each, 1,750,000 Class B Ordinary Shares of a nominal or par value of US$0.016 each, and 10,000,000 preferred shares of a nominal or par value of US$0.016 each."*

 

We, the undersigned, being the registered office provider of the Company, hereby certify that the above resolution represents a true and correct copy of the resolution passed.

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| |
|:---|
| /s/ Richard Thorp |
| Richard Thorp |
| for and on behalf of |
| International Corporation Services Ltd |

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|  |  | *Filed: 29-Apr-2024 16:42 EST* |
| | *www.verify.gov.ky File#: 305554* | *Auth Code: C69447253809* |

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**THE COMPANIES ACT (REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**TENTH AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**DDC ENTERPRISE LIMITED**

(adopted by a Special Resolution passed on 16 November 2023 and effective immediately upon completion of the Company's initial public offering of its Class A Ordinary Shares)

1. The name of the Company is **DDC Enterprise Limited**.

2. The registered office of the Company shall be at the offices
of International Corporation Services Ltd., Harbour Place 2nd Floor, 103 South Church Street, P.O. Box 472, George Town, Grand Cayman
KY1-1106, Cayman Islands, British West Indies or at such other place as the Directors may from time to time decide.

3. The objects for which the Company is established are unrestricted
and the Company shall have full power and authority to carry out any object not prohibited by the Companies Act (Revised) or as the same
may be revised from time to time, or any other law of the Cayman Islands.

4. The liability of each Member is limited to the amount from time
to time unpaid on such Member's shares.

5. The authorized share capital of the Company is US$1,614,000
divided into 100,000,000 class A ordinary shares of a nominal or par value of US$0.016 each and 875,000 class B ordinary shares of a
nominal or par value of US$0.016 each. The Company has the power to redeem or purchase any of its shares and to increase or reduce the
said capital subject to the provisions of the Companies Act (Revised) and the Articles of Association and to issue any part of its capital,
whether original, redeemed or increased with or without any preference, priority or special privilege or subject to any postponement
of rights or to any conditions or restrictions and so that unless the conditions of issue shall otherwise expressly declare every issue
of shares whether declared to be preference or otherwise shall be subject to the powers hereinbefore contained.

6. The Company has the power to register by way of continuation
as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman
Islands.

7. Capitalized terms that are not defined in this Memorandum of
Association bear the same meaning as those given in the Articles of Association of the Company.

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**THE COMPANIES ACT (REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**TENTH AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**DDC ENTERPRISE LIMITED**

(adopted by a Special Resolution passed on 16 November 2023 and effective immediately upon completion of the Company's initial public offering of its Class A Ordinary Shares)

**INTERPRETATION**

1. In these Articles, Table A in the Schedule in the Companies
Act does not apply and unless otherwise defined, the defined terms shall have the meanings assigned to them as follows:

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| | |
|:---|:---|
| "**Articles**" | these Articles of Association of the Company as altered or added to, from time to time; |
| "**Board**" or "**Board of Directors**" | the board of Directors for the time being of the Company; |
| "**Business Day**" | a day (excluding Saturdays or Sundays), on which banks in Hong Kong, Beijing and New York are open for general banking business throughout their normal business hours; |
| "**Chairperson**" | the Chairperson appointed pursuant to Article 89; |
| "**Class**" or "**Classes**" | means any class or classes of shares as may from time to time be issued by the Company; |
| "**Class A Ordinary Share**" | an ordinary share of a par value of US$0.016 in the capital of the Company, designated as a Class A Ordinary Shares and having the rights provided for in these Articles; |
| "**Class B Ordinary Share**" | an ordinary share of a par value of US$0.016 in the capital of the Company, designated as a Class B Ordinary Shares and having the rights provided for in these Articles; |
| "**Commission**" | Securities and Exchange Commission of the United States of America or any other federal agency for the time being administering the Securities Act; |

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| | |
|:---|:---|
| "**Companies Act**" | the Companies Act (Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof. Where any provision of the Companies Act is referred to, the reference is to that provision as amended by any law for the time being in force; |
| "**Company**" | DDC Enterprise Limited, a Cayman Islands company limited by shares; |
| "**Company's Website**" | the website of the Company, the address or domain name of which has been notified to Members; |
| "**Designated Stock Exchange**" | the Global Market of The Nasdaq Stock Market, The New York Stock Exchange or any other internationally recognized stock exchange where the Company's securities are traded; |
| "**Directors**" | the directors of the Company for the time being, or as the case may be, the Directors assembled as a Board or as a committee thereof; |
| "**electronic**" | the meaning given to it in the Electronic Transactions Act; |
| "**electronic communication**" | electronic posting to the Company's Website, transmission to any number, address or internet website or other electronic delivery methods as otherwise decided and approved by not less than two-thirds of the vote of the Board; |
| "**Electronic Record**" | has the same meaning as in the Electronic Transactions Act; |
| "**Electronic Transactions Law**" | the Electronic Transactions Act (Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof. Where any provision of the Electronic Transactions Law is referred to, the reference is to that provision as amended by any law for the time being in force; |
| "**Founder**" | means Ms. Norma Chu Ya Kin; |
| "**in writing**" | includes writing, printing, lithograph, photograph, type-writing and every other mode of representing words or figures in a legible and non-transitory form and, only where used in connection with a notice served by the Company on Members or other persons entitled to receive notices hereunder, shall also include a record maintained in an electronic medium which is accessible in visible form so as to be useable for subsequent reference; |
| "**Member**" | the meaning given to it in the Companies Act; |
| "**Memorandum of Association**" | the Memorandum of Association of the Company, as amended and re-stated from time to time; |

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| | |
|:---|:---|
| "**month**" | calendar month; |
| "**Ordinary Resolution**" | a resolution: |
|  | (a) passed by a simple majority of votes cast by such Members as, being entitled to do so, vote in person or, in the case of any Member being an organization, by its duly authorized representative or, where proxies are allowed, by proxy at a general meeting of the Company; or |
|  | (b) approved in writing by all of the Members entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Members and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments if more than one, is executed; |
| "**paid up**" | paid up as to the par value and any premium payable in respect of the issue of any shares and includes credited as paid up; |
| "**Register of Members**" | the register to be kept by the Company in accordance with the Companies Act; |
| "**seal**" | the Common Seal of the Company (if adopted) including any facsimile thereof; |
| "**Securities Act**" | the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time; |
| "**share**" | any share in the capital of the Company and includes a fraction of a share. All references to "shares" herein shall be deemed to be shares of any or all Classes as the context may require; |
| "**signed**" | includes a signature or representation of a signature affixed by mechanical means or an electronic symbol or process attached to or logically associated with an electronic communication and executed or adopted by a person with the intent to sign the electronic communication; |
| "**Special Resolution**" | the meaning given to it in the Companies Act and includes a unanimous written resolution; |
| "**Statutes**" | the Companies Act and all other laws and regulations of the Cayman Islands for the time being in force concerning companies and affecting the Company; |
| "**Treasury Share**" | means a Share held in the name of the Company as a treasury share in accordance with the Companies Act; |
| "**year**" | calendar year. |

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2. In these Articles, save where the context requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the singular number shall include the plural
number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words importing the masculine gender only shall include the
feminine gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words importing persons only shall include companies or associations
or bodies of persons, whether corporate or not;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "written" and "in writing" include all
modes of representing or reproducing words in visible form, including in the form of an Electronic Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "may" shall be construed as permissive and "shall"
shall be construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a reference to a dollar or dollars (or $) is a reference to
dollars of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) references to provisions of any law or regulation shall be construed
as references to those provisions as amended, modified, re-enacted or replaced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any phrase introduced by the terms "including",
"include", "in particular" or any similar expression shall be construed as illustrative and shall not limit the
sense of the words preceding those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the term "and/or" is used herein to mean both "and"
as well as "or." The use of "and/or" in certain contexts in no respects qualifies or modifies the use of the
terms "and" or "or" in others. The term "or" shall not be interpreted to be exclusive and the term
"and" shall not be interpreted to require the conjunctive (in each case, unless the context otherwise requires);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) headings are inserted for reference only and shall be ignored
in construing the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any requirements as to delivery under the Articles include delivery
in the form of an Electronic Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any requirements as to execution or signature under the Articles
including the execution of the Articles themselves can be satisfied in the form of an electronic signature as defined in the Electronic
Transactions Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Section 8 and 19(3) of the Electronic Transactions Law shall
not apply; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the term "holder" in relation to a Share means a
person whose name is entered in the Register of Members as the holder of such Share.

3. Subject to the last two preceding Articles, any words defined
in the Companies Act shall, if not inconsistent with the subject or context, bear the same meaning in these Articles.

**PRELIMINARY**

4. The business of the Company may be conducted as the Directors
see fit.

5. The registered office of the Company shall be at such address
in the Cayman Islands as the Directors shall from time to time determine. The Company may in addition establish and maintain such other
offices and places of business and agencies in such places as the Directors may from time to time determine.

**ISSUE OF SHARES**

6. Subject to the provisions, if any, in the Memorandum of Association,
these Articles and to any direction that may be given by the Company in a general meeting, the Directors may, in their absolute discretion
and without approval of the existing Members, issue shares, grant rights over existing shares or issue other securities in one or more
series as they deem necessary and appropriate and determine designations, powers, preferences, privileges and other rights, including
dividend rights, conversion rights, terms of redemption and liquidation preferences, any or all of which may be greater than the powers
and rights associated with the shares held by existing Members, at such times and on such other terms as they think proper. The Company
shall not issue shares in bearer form.

7. The Directors may provide, out of the unissued shares, for series
of preferred shares. Before any preferred shares of any such series are issued, the Directors shall fix, by resolution or resolutions,
the following provisions of the preferred shares thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the designation of such series, the number of preferred shares
to constitute such series and the subscription price thereof if different from the par value thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether the shares of such series shall have voting rights,
in addition to any voting rights provided by law, and, if so, the terms of such voting rights, which may be general or limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the dividends, if any, payable on such series, whether any such
dividends shall be cumulative, and, if so, from what dates, the conditions and dates upon which such dividends shall be payable, the
preference or relation which such dividends shall bear to the dividends payable on any shares of any other class or any other series
of preferred shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) whether the preferred shares of such series shall be subject
to redemption by the Company, and, if so, the times, prices and other conditions of such redemption;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the amount or amounts payable upon preferred shares of such
series upon, and the rights of the holders of such series in, a voluntary or involuntary liquidation, dissolution or winding up, or upon
any distribution of the assets, of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) whether the preferred shares of such series shall be subject
to the operation of a retirement or sinking fund and, if so, the extent to and manner in which any such retirement or sinking fund shall
be applied to the purchase or redemption of the preferred shares of such series for retirement or other corporate purposes and the terms
and provisions relative to the operation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) whether the preferred shares of such series shall be convertible
into, or exchangeable for, shares of any other class or any other series of preferred shares or any other securities and, if so, the
price or prices or the rate or rates of conversion or exchange and the method, if any, of adjusting the same, and any other terms and
conditions of conversion or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the limitations and restrictions, if any, to be effective while
any preferred shares of such series are outstanding upon the payment of dividends or the making of other distributions on, and upon the
purchase, redemption or other acquisition by the Company of, the existing shares or shares of any other class of shares or any other
series of preferred shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the conditions or restrictions, if any, upon the creation of
indebtedness of the Company or upon the issue of any additional shares, including additional shares of such series or of any other class
of shares or any other series of preferred shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any other powers, preferences and relative, participating, optional
and other special rights, and any qualifications, limitations and restrictions thereof.

Without limiting the foregoing and subject to Article 89, the voting powers of any series of preferred shares may include the right, in the circumstances specified in the resolution or resolutions providing for the issuance of such preferred shares, to elect one or more Directors who shall serve for such term and have such voting powers as shall be stated in the resolution or resolutions providing for the issuance of such preferred shares. The term of office and voting powers of any Director elected in the manner provided in the immediately preceding sentence of this Article 7 may be greater than or less than those of any other Director or class of Directors.

8. The powers, preferences and relative, participating, optional
and other special rights of each series of preferred shares, and the qualifications, limitations or restrictions thereof, if any, may
differ from those of any and all other series at any time outstanding. All shares of any one series of preferred shares shall be identical
in all respects with all other shares of such series, except that shares of any one series issued at different times may differ as to
the dates from which dividends thereon shall be cumulative.

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**CLASS A ORDINARY SHARES AND CLASS B ORDINARY SHARES**

9. Holders of Class A Ordinary Shares and Class B Ordinary Shares
shall at all times vote together as one class on all resolutions submitted to a vote by the Members. Each Class A Ordinary Share shall
be entitled to one (1) vote on all matters subject to vote at general meetings of the Company, and each Class B Ordinary Share shall
be entitled to ten (10) votes on all matters subject to vote at general meetings of the Company.

10. Class A Ordinary Shares are not convertible into Class B Ordinary
Shares under any circumstances.

11. Class B Ordinary Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are not convertible into Class A Ordinary Shares under any circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) are not transferable or redeemable under any circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall only be held by the Founder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) shall be automatically cancelled upon the occurrence of any
of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the death of the Founder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Founder ceasing to be a Director for any reason;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Founder being deemed by applicable legal authority to be
incapacitated or unsuitable for the purpose of performing her duties as a Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the transfer to another person of the beneficial ownership of
such Class B Ordinary Shares or control over the voting rights attached to such Class B Ordinary Shares held by the Founder.

12. The holder of Class B Ordinary Shares shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not be entitled to dividends or other distributions of the Company;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not be entitled to distributions in relation to the winding
up of the Company in accordance with these Articles.

13. Save and except for the rights and restrictions as set out in
Articles 9 to 12 (inclusive), the Class A Ordinary Shares and the Class B Ordinary Shares shall rank pari passu and shall have the same
rights, preferences, privileges and restrictions.

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**REGISTER OF MEMBERS AND SHARE CERTIFICATES**

14. The Company shall maintain a Register of its Members and a Member
shall only be entitled to a share certificate if the Directors resolve that share certificates shall be issued. Share certificates (if any) shall specify the share or shares held by that person and the amount paid up thereon, provided that in respect of a share or shares held jointly by several persons the Company shall not be bound to issue more than one certificate, and delivery of a certificate for a share to one of several joint holders shall be sufficient delivery to all. All certificates for shares shall be delivered personally or sent through the post addressed to the Member entitled thereto at the Member's registered address as appearing in the register.

15. All share certificates shall bear legends required under the
applicable laws, including the Securities Act.

16. Any two or more certificates representing shares of any one
class held by any Member may at the Member's request be cancelled and a single new certificate for such shares issued in lieu on
payment (if the Directors shall so require) of US$1.00 or such smaller sum as the Directors shall determine.

17. If a share certificate shall be damaged or defaced or alleged
to have been lost, stolen or destroyed, a new certificate representing the same shares may be issued to the relevant Member upon request
subject to delivery up of the old certificate or (if alleged to have been lost, stolen or destroyed) compliance with such conditions
as to evidence and indemnity and the payment of out-of-pocket expenses of the Company in connection with the request as the Directors
may think fit.

18. In the event that shares are held jointly by several persons,
any request may be made by any one of the joint holders and if so made shall be binding on all of the joint holders.

**TRANSFER OF SHARES**

19. (a) Shares are transferable subject to the approval of the Board
or the written consent of a Director authorized by the Board in writing to approve share transfers and the Board may, in its sole discretion,
decline to register any transfer of any share which is not fully paid up or on which the Company has a lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors may also decline to register any transfer of any
share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the instrument of transfer is lodged with the Company, accompanied
by the certificate for the shares to which it relates and such other evidence as the Board may reasonably require to show the right of
the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the instrument of transfer is in respect of only one class of
shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of a transfer to joint holders, the number of joint
holders to whom the share is to be transferred does not exceed four;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the shares conceded are free of any lien in favor of us; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a fee of such maximum sum as the Designated Stock Exchange may
determine to be payable, or such lesser sum as the Board may from time to time require, is paid to the Company in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Directors refuse to register a transfer they shall, within
two months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of
such refusal.

20. The registration of transfers may, on 14 days' notice
being given by advertisement in such one or more newspapers or by electronic means, be suspended and the register closed at such times
and for such periods as the Board may from time to time determine, provided, however, that the registration of transfers shall not be
suspended nor the register closed for more than 30 days in any year.

21. The instrument of transfer of any share shall be in writing
and executed by or on behalf of the transferor (and if the Directors so require, signed by the transferee). The transferor shall be deemed
to remain a holder of the share until the name of the transferee is entered in the Register of Members.

22. All instruments of transfer that shall be registered shall be
retained by the Company.

**REDEMPTION AND PURCHASE OF OWN SHARES**

23. Subject to the provisions of the Companies Act the Company may
issue Shares that are to be redeemed or are liable to be redeemed at the option of the Member or the Company. The redemption of such
Shares shall be effected in such manner and upon such other terms as the Company may, by Special Resolution, determine before the issue
of the Shares.

24. Subject to the provisions of the Companies Act, the Company
may purchase its own Shares (including any redeemable Shares) in such manner and on such other terms as the Directors may agree with
the relevant Member.

25. The Company may make a payment in respect of the redemption
or purchase of its own Shares in any manner permitted by the Companies Act, including out of capital.

26. The Directors may accept the surrender for no consideration
of any fully paid Share.

**TREASURY SHARES**

27. The Directors may, prior to the purchase, redemption or surrender
of any Share, determine that such Share shall be held as a Treasury Share.

28. The Directors may determine to cancel a Treasury Share or transfer
a Treasury Share on such terms as they think proper (including, without limitation, for nil consideration).

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**VARIATION OF RIGHTS ATTACHING TO SHARES**

29. If at any time the share capital of the Company is divided into
different classes of Shares, all or any of the rights attached to any class (unless otherwise provided by the terms of issue of the Shares
of that class) may, whether or not the Company is being wound up, be varied without the consent of the holders of the issued Shares of
that class where such variation is considered by the Directors not to have a material adverse effect upon such rights; otherwise, any
such variation shall be made only with the consent in writing of the holders of not less than two thirds of the issued Shares of that
class, or with the approval of a resolution passed by a majority of not less than two thirds of the votes cast at a separate meeting
of the holders of the Shares of that class. For the avoidance of doubt, the Directors reserve the right, notwithstanding that any such
variation may not have a material adverse effect, to obtain consent from the holders of Shares of the relevant class.

30. The provisions of these Articles relating to general meetings
shall apply to every such general meeting of the holders of one class or series of shares except the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) separate general meetings of the holders of a class or series
of shares may be called only by (i) the Chairperson of the Board, or (ii) a majority of the entire Board of Directors (unless otherwise
specifically provided by the terms of issue of the shares of such class or series). Nothing in this Article 30 or Article 29 shall be
deemed to give any Member or Members the right to call a class or series meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the necessary quorum shall be one or more persons holding or
representing by proxy at least one-third of the issued shares of the class or series and that any holder of shares of the class or series
present in person or by proxy may demand a poll.

31. The rights conferred upon the holders of the shares of any class
or series shall not, unless otherwise expressly provided by the terms of issue of the shares of that class or series, be deemed to be
varied by the creation or issue of further shares ranking in priority thereto or pari passu therewith.

**COMMISSION ON SALE OF SHARES**

32. The Company may in so far as the Statutes from time to time
permit pay a commission to any person in consideration of his subscribing or agreeing to subscribe whether absolutely or conditionally
for any shares of the Company. Such commissions may be satisfied by the payment of cash or the lodgement of fully or partly paid-up shares
or partly in one way and partly in the other. The Company may also on any issue of shares pay such brokerage as may be lawful.

**NON-RECOGNITION OF TRUSTS**

33. No person shall be recognised by the Company as holding any
share upon any trust and the Company shall not be bound by or be compelled in any way to recognise (even when having notice thereof)
any equitable, contingent, future, or partial interest in any share, or any interest in any fractional part of a share, or (except only
as is otherwise provided by these Articles or the Statutes) any other rights in respect of any share except an absolute right to the
entirety thereof in the registered holder.

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**LIEN ON SHARES**

34. The Company shall have a first and paramount lien and charge
on all shares (whether fully paid-up or not) registered in the name of a Member (whether solely or jointly with others) for all debts,
liabilities or engagements to or with the Company (whether presently payable or not) by such Member or his estate, either alone or jointly
with any other person, whether a Member or not, but the Directors may at any time declare any share to be wholly or in part exempt from
the provisions of this Article. The registration of a transfer of any such share shall operate as a waiver of the Company's lien
(if any) thereon. The Company's lien (if any) on a share shall extend to all dividends or other monies payable in respect thereof.

35. The Company may sell, in such manner as the Directors think
fit, any shares on which the Company has a lien, but no sale shall be made unless some sum in respect of which the lien exists is presently
payable nor until the expiration of 14 calendar days after a notice in writing, stating and demanding payment of such part of the amount
in respect of which the lien exists as is presently payable, has been given to the registered holder for the time being of the share,
or the persons entitled thereto by reason of his death or bankruptcy.

36. For giving effect to any such sale the Directors may authorise
some person to transfer the shares sold to the purchaser thereof. The purchaser shall be registered as the holder of the shares comprised
in any such transfer and he shall not be bound to see to the application of the purchase money, nor shall his title to the shares be
affected by any irregularity or invalidity in the proceedings in reference to the sale.

37. The proceeds of the sale shall be received by the Company and
applied in payment of such part of the amount in respect of which the lien exists as is presently payable, and the residue shall (subject
to a like lien for sums not presently payable as existed upon the shares prior to the sale) be paid to the person entitled to the shares
at the date of the sale.

**CALLS ON SHARES**

38. Subject to the terms of allotment, the Directors may from time
to time make calls upon the Members in respect of any money unpaid on their shares, and each Member shall (subject to receiving at least
14 calendar days notice specifying the time or times of payment) pay to the Company at the time or times so specified the amount called
on his shares. A call shall be deemed to have been made at the time when the resolution of the Directors authorising such call was passed.

39. The joint holders of a share shall be jointly and severally
liable to pay calls in respect thereof.

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40. If a sum called in respect of a share is not paid before or
on the day appointed for payment thereof, the person from whom the sum is due shall pay interest upon the sum at the rate of eight percent
per annum from the day appointed for the payment thereof to the time of the actual payment, but the Directors shall be at liberty to
waive payment of that interest wholly or in part.

41. The provisions of these Articles as to the liability of joint
holders and as to payment of interest shall apply in the case of non-payment of any sum which, by the terms of issue of a share, becomes
payable at a fixed time, whether on account of the amount of the share, or by way of premium, as if the same had become payable by virtue
of a call duly made and notified.

42. The Directors may make arrangements on the issue of shares for
a difference between the Members, or the particular shares, in the amount of calls to be paid and in the times of payment.

43. The Directors may, if they think fit, receive from any Member
willing to advance the same all or any part of the monies uncalled and unpaid upon any shares held by him, and upon all or any of the
monies so advanced may (until the same would, but for such advance, become presently payable) pay interest at such rate (not exceeding
without the sanction of an Ordinary Resolution, eight percent per annum) as may be agreed upon between the Member paying the sum in advance
and the Directors. No such sum paid in advance of calls shall entitle the Member paying such sum to any portion of a dividend declared
in respect of any period prior to the date upon which such sum would, but for such payment, become presently payable.

**FORFEITURE OF SHARES**

44. If a Member fails to pay any call or instalment of a call on
the day appointed for payment thereof, the Directors may, at any time thereafter during such time as any part of such call or instalment
remains unpaid, serve a notice on him requiring payment of such much of the call or instalment as is unpaid, together with any interest
which may have accrued.

45. The notice shall name a further day (not earlier than the expiration
of 14 calendar days from the date of the notice) on or before which the payment required by the notice is to be made, and shall state
that in the event of non-payment at or before the time appointed the shares in respect of which the call was made will be liable to be
forfeited.

46. If the requirements of any such notice as aforesaid are not
complied with, any share in respect of which the notice has been given may at any time thereafter, before the payment required by notice
has been made, be forfeited by a resolution of the Directors to that effect.

47. A forfeited share may be sold or otherwise disposed of on such
terms and in such manner as the Directors think fit, and at any time before a sale or disposition the forfeiture may be cancelled on
such terms as the Directors think fit.

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48. A person whose shares have been forfeited shall cease to be
a Member in respect of the forfeited shares, but shall, notwithstanding, remain liable to pay to the Company all monies which at the
date of forfeiture were payable by him to the Company in respect of the shares, but his liability shall cease if and when the Company
receives payment in full of the fully paid up amount of the shares.

49. A certificate in writing under the hand of a Director of the
Company, which certifies that a share has been forfeited on a date stated in the certificate, shall be conclusive evidence of the facts
therein stated as against all persons claiming to be entitled to the share. The Company may receive the consideration, if any, given
for the share or any sale or disposition thereof and may execute a transfer of the share in favour of the person to whom the share is
sold or disposed of and he shall thereupon be registered as the holder of the share, and shall not be bound to see to the application
of the purchase money, if any, nor shall his title to the share be affected by any irregularity or invalidity in the proceedings in reference
to the forfeiture, sale or disposal of the share.

50. The provisions of these Articles as to forfeiture shall apply
in the case of non-payment of any sum which by the terms of issue of a share becomes due and payable, whether on account of the amount
of the share, or by way of premium, as if the same had been payable by virtue of a call duly made and notified.

**REGISTRATION OF EMPOWERING INSTRUMENTS**

51. The Company shall be entitled to charge a fee not exceeding
one dollar (US$1.00) on the registration of every probate, letters of administration, certificate of death or marriage, power of attorney,
notice in lieu of distringas, or other instrument.

**TRANSMISSION OF SHARES**

52. The legal personal representative of a deceased sole holder
of a share shall be the only person recognised by the Company as having any title to the share. In the case of a share registered in
the name of two or more holders, the survivors or survivor, or the legal personal representatives of the deceased survivor, shall be
the only person recognised by the Company as having any title to the share.

53. Any person becoming entitled to a share in consequence of the
death or bankruptcy of a Member shall upon such evidence being produced as may from time to time be properly required by the Directors,
have the right either to be registered as a Member in respect of the share or, instead of being registered himself, to make such transfer
of the share as the deceased or bankrupt person could have made. If the person so becoming entitled shall elect to be registered himself
as holder he shall deliver or send to the Company a notice in writing signed by him stating that he so elects.

54. A person becoming entitled to a share by reason of the death
or bankruptcy of the holder shall be entitled to the same dividends and other advantages to which he would be entitled if he were the
registered holder of the share, except that he shall not, before being registered as a Member in respect of the share, be entitled in
respect of it to exercise any right conferred by membership in relation to meetings of the Company, provided however, that the Directors
may at any time give notice requiring any such person to elect either to be registered himself or to transfer the share, and if the notice
is not complied with within 90 calendar days, the Directors may thereafter withhold payment of all dividends, bonuses or other monies
payable in respect of the share until the requirements of the notice have been complied with.

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**ALTERATION OF CAPITAL**

55. The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase the share capital by such sum, to be divided into shares
of such classes and amount, as the resolution shall prescribe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into
shares of larger amount than its existing shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sub-divide its existing shares or any of them into shares of
a smaller amount provided that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced
share shall be the same as it was in case of the share from which the reduced share is derived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) cancel any shares which, at the date of the passing of the resolution,
have not been taken or agreed to be taken by any person and diminish the amount of its share capital by the amount of the shares so cancelled.

56. Subject to the provisions of the Statutes and these Articles
as regards to the matters to be dealt with by Ordinary Resolution, the Company may by Special Resolution reduce its share capital and
any capital redemption reserve in any manner authorized by law.

57. All new shares created hereunder shall be subject to the same
provisions with reference to the payment of calls, liens, transfer, transmission, forfeiture and otherwise as the shares in the original
share capital.

**CLOSING REGISTER OF MEMBERS OR FIXING RECORD DATE**

58. For the purpose of determining those Members that are entitled
to receive notice of, attend or vote at any meeting of Members or any adjournment thereof, or those Members that are entitled to receive
payment of any dividend, or in order to make a determination as to who is a Member for any other purpose, the Directors may provide that
the Register of Members shall be closed for transfers for a stated period but not to exceed in any case 30 calendar days. If the Register
of Members shall be so closed for the purpose of determining those Members that are entitled to receive notice of, attend or vote at
a meeting of Members such register shall be so closed for at least 10 calendar days immediately preceding such meeting and the record
date for such determination shall be the date of the closure of the Register of Members.

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59. In lieu of or apart from closing the Register of Members, the
Directors may fix in advance a date as the record date for any such determination of those Members that are entitled to receive notice
of, attend or vote at a meeting of the Members and for the purpose of determining those Members that are entitled to receive payment
of any dividend, the Directors may, at or within 90 calendar days prior to the date of declaration of such dividend fix a subsequent
date as the record date of such determination.

60. If the Register of Members is not so closed and no record date
is fixed for the determination of those Members entitled to receive notice of, attend or vote at a meeting of Members or those Members
that are entitled to receive payment of a dividend, the date on which notice of the meeting is posted or the date on which the resolution
of the Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of Members.
When a determination of those Members that are entitled to receive notice of, attend or vote at a meeting of Members has been made as
provided in this section, such determination shall apply to any adjournment thereof.

**GENERAL MEETINGS**

61. All general meetings of the Company other than annual general
meetings shall be called extraordinary general meetings.

62. (a) The Company may hold an annual general meeting and shall
specify the meeting as such in the notices calling it. The annual general meeting shall be held at such time and place as the Directors
shall determine, including via electronic means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At these meetings the report of the Directors (if any) shall
be presented.

63. (a) The Directors may call general meetings, and they shall on
a Members requisition forthwith proceed to convene an extraordinary general meeting of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Members requisition is a requisition of Members of the Company
holding at the date of deposit of the requisition not less than ten percent of the share capital of the Company as at that date carries
the right of voting at general meetings of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The requisition must state the objects of the meeting and must
be signed by the requisitionists and deposited at the principal place of business of the Company (with a copy forwarded to the registered
office), and may consist of several documents in like form each signed by one or more requisitionists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Directors do not within 21 calendar days from the date
of the deposit of the requisition duly proceed to convene a general meeting to be held within a further 21 calendar days, the requisitionists,
or any of them representing more than one half of the total voting rights of all of them, may themselves convene a general meeting, but
any meeting so convened shall not be held after the expiration of three months after the expiration of the second said 21 calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A general meeting convened as aforesaid by requisitionists shall
be convened in the same manner as nearly as possible as that in which general meetings are to be convened by Directors.

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**NOTICE OF GENERAL MEETINGS**

64. At least seven calendar days' notice shall be given for
any general meeting. Every notice shall be exclusive of the day on which it is given or deemed to be given and of the day for which it
is given and shall specify the place, the day and the hour of the meeting and the general nature of the business and shall be given in
the manner hereinafter mentioned or in such other manner if any as may be prescribed by the Company, provided that a general meeting
of the Company shall, whether or not the notice specified in this regulation has been given and whether or not the provisions of these
Articles regarding general meetings have been complied with, be deemed to have been duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an annual general meeting by all the Members
(or their proxies) entitled to attend and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an extraordinary general meeting by a majority
in number of the Members (or their proxies) having a right to attend and vote at the meeting, being a majority together holding not less
than ninety five percent in par value of the shares giving that right.

65. The accidental omission to give notice of a meeting to or the
non-receipt of a notice of a meeting by any Member shall not invalidate the proceedings at any meeting.

**PROCEEDINGS AT GENERAL MEETINGS**

66. No business shall be transacted at any general meeting unless
a quorum of Members is present at the time when the meeting proceeds to business. One or more Members holding not less than an aggregate
of one-third of all voting share capital of the Company in issue present in person or by proxy and entitled to vote shall be a quorum
for all purposes.

67. If provided for by the Company, a person may participate at
a general meeting by conference telephone or other communications equipment by means of which all the persons participating in the meeting
can communicate with each other. Participation by a person in a general meeting in this manner is treated as presence in person at that
meeting.

68. If within half an hour from the time appointed for the meeting
a quorum is not present, the meeting, if convened upon the requisition of Members, shall be dissolved. In any other case it shall stand
adjourned to the same day in the next week, at the same time and place, and if at the adjourned meeting a quorum is not present within
half an hour from the time appointed for the meeting, the meeting shall be dissolved.

69. The Chairperson of the Board of Directors shall preside as chairperson
at every general meeting of the Company.

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70. If at any meeting the Chairperson of the Board of Directors
is not present within fifteen minutes after the time appointed for holding the meeting or is unwilling to act as chairperson, the Directors
present shall elect one of their members to be chairperson of the meeting, or, if no Director is so elected and willing to be chairperson
of the meeting, the Members present shall choose a chairperson of the meeting.

71. The chairperson may with the consent of any meeting at which
a quorum is present (and shall if so directed by the meeting) adjourn a meeting from time to time and from place to place, but no business
shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place.
When a meeting is adjourned for 10 calendar days or more, not less than 7 Business Days' notice of the adjourned meeting shall
be given as in the case of an original meeting. Save as aforesaid it shall not be necessary to give any notice of an adjournment or of
the business to be transacted at an adjourned meeting.

72. At any general meeting a resolution put to the vote of the meeting
shall be decided on a show of hands, unless a poll is (before or on the declaration of the result of the show of hands) demanded by the
chairperson of the meeting, or demanded by one or more Members present in person or by proxy entitled to vote and who together hold not
less than 10 percent of the paid up voting share capital of the Company, and unless a poll is so demanded, a declaration by the chairperson
that a resolution has, on a show of hands, been carried, or carried unanimously, or by a particular majority, or lost, and an entry to
that effect in the book of the proceedings of the Company, shall be conclusive evidence of the fact, without proof of the number or proportion
of the votes recorded in favour of, or against, that resolution.

73. If a poll is duly demanded it shall be taken in such manner
as the chairperson directs, and the result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded.
The demand for a poll may be withdrawn.

74. In the case of an equality of votes, whether on a show of hands
or on a poll, the chairperson of the meeting at which the show of hands takes place or at which the poll is demanded, shall be entitled
to a second or casting vote.

75. A poll demanded on the election of a chairperson or on a question
of adjournment shall be taken forthwith. A poll demanded on any other question shall be taken at such time as the chairperson of the
meeting directs.

**VOTES OF MEMBERS**

76. Subject to Article 9, and to any rights and restrictions for
the time being attached to any class or classes of shares, every Member present in person and every person representing a Member by proxy
at a general meeting of the Company shall have one vote for each share registered in his name in the Register of Members.

77. In the case of joint holders the vote of the senior who tenders
a vote whether in person or by proxy shall be accepted to the exclusion of the votes of the joint holders and for this purpose seniority
shall be determined by the order in which the names stand in the Register of Members.

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78. A Member of unsound mind, or in respect of whom an order has
been made by any court having jurisdiction in lunacy, may vote, whether on a show of hands or on a poll, by his committee, or other person
in the nature of a committee appointed by that court, and any such committee or other person, may on a poll, vote by proxy.

79. No Member shall be entitled to vote at any general meeting unless
all calls or other sums presently payable by him in respect of shares in the Company have been paid.

80. On a poll, votes may be given either personally or by proxy.

81. The instrument appointing a proxy shall be in writing under
the hand of the appointor or of his attorney duly authorized in writing or, if the appointor is a corporation, either under seal or under
the hand of an officer or attorney duly authorized. A proxy need not be a Member of the Company.

82. An instrument appointing a proxy may be in any usual or common
form or such other form as the Directors may approve. The instrument appointing a proxy shall be deemed to confer authority to demand
or join in demanding a poll.

83. The instrument appointing a proxy shall be deposited at the
registered office or at such other place as is specified for that purpose in the notice convening the meeting, or in any instrument of
proxy sent out by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not less than 48 hours before the time for holding the meeting
or adjourned meeting at which the person named in the instrument proposes to vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a poll taken more than 48 hours after it is demanded,
be deposited as aforesaid after the poll has been demanded and not less than 24 hours before the time appointed for the taking of the
poll; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where the poll is not taken forthwith but is taken not more
than 48 hours after it was demanded, be delivered at the meeting at which the poll was demanded to the chairperson or to the secretary
or to any Director;

provided that the Directors may in the notice convening the meeting, or in an instrument of proxy sent out by the Company, direct that the instrument appointing a proxy may be deposited (no later than the time for holding the meeting or adjourned meeting) at the registered office or at such other place as is specified for that purpose in the notice convening the meeting, or in any instrument of proxy sent out by the Company. The chairperson may in any event at his discretion direct that an instrument of proxy shall be deemed to have been duly deposited. An instrument of proxy that is not deposited in the manner permitted shall be invalid.

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84. Votes given in accordance with the terms of an instrument of
proxy shall be valid notwithstanding the previous death or insanity of the principal or revocation of the proxy or of the authority under
which the proxy was executed, or the transfer of the share in respect of which the proxy is given unless notice in writing of such death,
insanity, revocation or transfer was received by the Company before the commencement of the general meeting, or adjourned meeting at
which it is sought to use the proxy.

**CORPORATIONS ACTING BY REPRESENTATIVES AT MEETING**

85. Any corporation or other non-natural person which is a Member
may in accordance with its constitutional documents, or in the absence of such provision by resolution of its directors or other governing
body, authorise such person as it thinks fit to act as its representative at any meeting of the Company or of any class of Members, and
the person so authorised shall be entitled to exercise the same powers on behalf of the corporation which he represents as the corporation
could exercise if it were an individual Member.

**DEPOSITARY AND CLEARING HOUSES**

86. If a recognised clearing house (or its nominee(s)) or depositary
(or its nominee(s)) is a Member of the Company it may, by resolution of its directors or other governing body or by power of attorney,
authorise such Person(s) as it thinks fit to act as its representative(s) at any general meeting of the Company or of any Class of Shareholders
of the Company provided that, if more than one Person is so authorised, the authorisation shall specify the number and Class of Shares
in respect of which each such Person is so authorised. A Person so authorised pursuant to this Article shall be entitled to exercise
the same powers on behalf of the recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)) which he represents
as that recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)) could exercise if it were an individual Member
holding the number and Class of Shares specified in such authorisation, including the right to vote individually on a show of hands.

**SHARES THAT MAY NOT BE VOTED**

87. Shares in the Company that are beneficially owned by the Company
shall not be voted, directly or indirectly, at any meeting and shall not be counted in determining the total number of outstanding Shares
at any given time.

**CLEARING HOUSES**

88. If a clearing house (or its nominee) is a Member of the Company
it may, by resolution of its directors or other governing body or by power of attorney, authorise such person or persons as it thinks
fit to act as its representative or representatives at any general meeting of the Company or at any general meeting of any class of Members
of the Company provided that, if more than one person is so authorized, the authorisation shall specify the number and class of shares
in respect of which each such person is so authorized. A person so authorized pursuant to this provision shall be entitled to exercise
the same powers on behalf of the clearing house (or its nominee) which he represents as that clearing house (or its nominee) could exercise
if it were an individual Member of the Company holding the number and class of shares specified in such authorisation.

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**DIRECTORS**

89. (a) Unless otherwise determined by the Company in general meeting,
the number of Directors shall not be less than one or more than ten Directors. The Directors shall be elected or appointed in the first
place by the subscribers to the Memorandum of Association or by a majority of them and thereafter by the Members at general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Director shall hold office until the expiration of his
term and until his successor shall have been elected and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board of Directors shall have a Chairperson elected and
appointed by a majority of the Directors then in office. The Directors may also elect a Co-Chairman or a Vice-Chairman of the Board of
Directors (the "**Co-Chairman** "). The Chairperson shall preside as chairperson at every meeting of the Board of Directors.
To the extent the Chairperson is not present at a meeting of the Board of Directors, the Co-Chairman, or in his absence, the attending
Directors may choose one Director to be the chairperson of the meeting. The Chairperson's voting right as to the matters to be
decided by the Board of Directors shall be the same as other Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company may by Ordinary Resolution elect any person to be
a Director either to fill a casual vacancy on the Board or as an addition to the existing Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Directors by the affirmative vote of a simple majority of
the remaining Directors present and voting at a Board meeting, or the sole remaining Director, shall have the power from time to time
and at any time to appoint any person as a Director to fill a casual vacancy on the Board or as an addition to the existing Board, subject
to the Company's compliance with director nomination procedures required under applicable corporate governance rules of the Designated
Stock Exchange, as long as the Company's securities are traded on the Designated Stock Exchange.

90. Subject to Article 89, a Director may be removed from office
by Ordinary Resolution or by the Board at any time before the expiration of his term.

under the provisions of Article 89 above may be filled by the election or appointment by Ordinary Resolution at the meeting at which
such Director is removed or by the affirmative vote of a simple majority of the remaining Directors present and voting at a Board meeting.

92. The Board may, from time to time, and except as required by
applicable law or the listing rules of the Designated Stock Exchange where the Company's securities are traded, adopt, institute,
amend, modify or revoke the corporate governance policies or initiatives, which shall be intended to set forth the policies of the Company
and the Board on various corporate governance related matters as the Board shall determine by resolution from time to time.

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93. A Director shall not be required to hold any shares in the Company
by way of qualification. A Director who is not a Member of the Company shall nevertheless be entitled to receive notice of and to attend
and speak at general meetings of the Company and all classes of shares of the Company.

**DIRECTORS' FEES AND EXPENSES**

94. The Directors may receive such remuneration as the Board may
from time to time determine. The Directors may be entitled to be repaid all travelling, hotel and incidental expenses reasonably incurred
or expected to be incurred by him in attending meetings of the Board or committees of the Board or general meetings or separate meetings
of any class of shares or of debentures of the Company or otherwise in connection with the discharge of his duties as a Director.

95. Any Director who, by request, goes or resides abroad for any
purpose of the Company or who performs services which in the opinion of the Board go beyond the ordinary duties of a Director may be
paid such extra remuneration (whether by way of salary, commission, participation in profits or otherwise) as the Board may determine
and such extra remuneration shall be in addition to or in substitution for any ordinary remuneration provided for by or pursuant to any
other Article.

**ALTERNATE DIRECTOR**

96. Any Director may in writing appoint another person to be his
alternate to act in his place at any meeting of the Directors at which he is unable to be present. Every such alternate shall be entitled
to notice of meetings of the Directors and to attend and vote thereat as a Director when the person appointing him is not personally
present and, where he is a Director, to have a separate vote on behalf of the Director he is representing in addition to his own vote.
A Director may at any time in writing revoke the appointment of an alternate appointed by him. Such alternate shall be deemed for all
purposes to be a Director and shall not be deemed to be the agent of the Director appointing him. An alternate Director shall cease to
be an alternate Director if his appointor ceases to be a Director.

97. Any Director may appoint any person, whether or not a Director,
to be the proxy of that Director to attend and vote on his behalf, in accordance with instructions given by that Director, or in the
absence of such instructions at the discretion of the proxy, at a meeting or meetings of the Directors which that Director is unable
to attend personally. The instrument appointing the proxy shall be in writing under the hand of the appointing Director and shall be
in any usual or common form or such other form as the Directors may approve, and must be lodged with the chairperson of the meeting at
which such proxy is to be used, or first used, prior to the commencement of the meeting.

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**POWERS AND DUTIES OF DIRECTORS**

98. Subject to the provisions of the Companies Act, these Articles
and to any resolutions made in a general meeting, the business of the Company shall be managed by the Directors, who may pay all expenses
incurred in setting up and registering the Company and may exercise all powers of the Company. No resolution made by the Company in a
general meeting shall invalidate any prior act of the Directors that would have been valid if that resolution had not been made.

99. Subject to these Articles, the Directors may from time to time
appoint any person, whether or not a Director of the Company, to hold such office in the Company as the Directors may think necessary
for the administration of the Company, including without prejudice to the foregoing generality, the office of the Chief Executive Officer,
Chief Operating Officer, Chief Technology Officer, Chief Financial Officer, one or more Vice Presidents, Manager or Controller, and for
such term and at such remuneration (whether by way of salary or commission or participation in profits or partly in one way and partly
in another), and with such powers and duties as the Directors may think fit. The Directors may also appoint one or more of their body
(but not an alternate Director) to the office of Managing Director upon like terms, but any such appointment shall ipso facto determine
if any Managing Director ceases from any cause to be a Director, or if the Company by Ordinary Resolution resolves that his tenure of
office be terminated.

100. The Directors may delegate any of their powers to committees
consisting of such member or members of their body as they think fit; any committee so formed shall in the exercise of the powers so
delegated conform to any regulations that may be imposed on it by the Directors.

101. The Directors may from time to time and at any time by power
of attorney appoint any company, firm or person or body of persons, whether nominated directly or indirectly by the Directors, to be
the attorney or attorneys of the Company for such purposes and with such powers, authorities and discretion (not exceeding those vested
in or exercisable by the Directors under these Articles) and for such period and subject to such conditions as they may think fit, and
any such power of attorney may contain such provisions for the protection and convenience of persons dealing with any such attorney as
the Directors may think fit, and may also authorise any such attorney to delegate all or any of the powers, authorities and discretion
vested in him.

102. The Directors may from time to time provide for the management
of the affairs of the Company in such manner as they shall think fit and the provisions contained in the following paragraphs shall be
without prejudice to the general powers conferred by this paragraph.

103. The Directors from time to time and at any time may establish
any committees, local boards or agencies for managing any of the affairs of the Company and may appoint any persons to be members of
such committees or local boards and may appoint any managers or agents of the Company and may fix the remuneration of any of the aforesaid.

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104. The Directors from time to time and at any time may delegate
to any such committee, local board, manager or agent any of the powers, authorities and discretions for the time being vested in the
Directors and may authorise the members for the time being of any such local board, or any of them to fill up any vacancies therein and
to act notwithstanding vacancies and any such appointment or delegation may be made on such terms and subject to such conditions as the
Directors may think fit and the Directors may at any time remove any person so appointed and may annul or vary any such delegation, but
no person dealing in good faith and without notice of any such annulment or variation shall be affected thereby.

105. Any such delegates as aforesaid may be authorised by the Directors
to sub-delegate all or any of the powers, authorities, and discretions for the time being vested to them.

106. The Directors may exercise all the powers of the Company to
borrow money and to mortgage or charge its undertaking, property and uncalled capital or any part thereof, to issue debentures, debenture
stock and other securities whenever money is borrowed or as security for any debt, liability or obligation of the Company or of any third
party.

**DISQUALIFICATION OF DIRECTORS**

107. Notwithstanding anything in these Articles, the office of Director
shall be vacated, if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) dies, becomes bankrupt or makes any arrangement or composition
with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is found to be or becomes of unsound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) resigns his office by notice in writing to the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) shall be removed from office pursuant to Articles 89 and 90
or the Statutes.

**PROCEEDINGS OF DIRECTORS**

108. The Directors may meet together (whether within or outside the
Cayman Islands) for the dispatch of business, adjourn, and otherwise regulate their meetings and proceedings as they think fit.

109. A Board meeting may be called by a Director by giving notice
in writing to the Board specifying a date, time and agenda for such meeting. The Board shall upon receipt of such notice give a copy
of such notice of such meeting to all Directors and their respective alternates (if any).

110. (a) At least one (1) Business Day notice shall be given to all
Directors and their respective alternates (if any) for a Board meeting, provided that such notice period may be reduced or waived with
the consent of all the Directors or their respective alternates (if any).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An agenda identifying in reasonable detail the issues to be
considered by the Directors at any such meeting and copies (in printed or electronic form) of any relevant papers to be discussed at
the meeting together with all relevant information shall be provided to and received by all Directors and their alternates (if any) at
least one (1) Business Day prior to the date for such meeting. The agenda for each meeting shall include any matter submitted to the
Company by any Director at least one (1) Business Day prior to the date for such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless approved by all Directors (whether or not present or
represented at such meeting), matters not set out in the agenda need not be considered at a Board meeting.

111. A Director or Directors may participate in any meeting of the
Board of Directors, or of any committee appointed by the Board of Directors of which such Director or Directors are members, by means
of conference telephone, video conference or similar communication equipment by way of which all persons participating in such meeting
can hear each other and such participation shall be deemed to constitute presence in person at the meeting.

112. The quorum necessary for the transaction of the business of
the Directors may be fixed by the Directors and unless so fixed shall be a majority of the Directors then in office, provided that a
Director and his appointed alternate Director shall be considered only one person for this purpose **.** 

113. If a quorum is not present at a Board meeting within thirty
(30) minutes following the time appointed for such Board meeting, the relevant meeting shall be adjourned for a period of at least three
(3) Business Days and the presence of any three (3) Directors shall constitute a quorum at such adjourned meeting. A meeting of the Directors
at which a quorum is present when the meeting proceeds to business shall be competent to exercise all powers and discretions for the
time being exercisable by the Directors.

114. Questions arising at any meeting of the Directors shall be decided
by a majority of votes and each Director shall be entitled to one (1) vote in deciding matters deliberated at any meeting of the Directors.

115. In case of equality of votes, the Chairperson shall have a second
or casting vote.

116. A Director who is in any way, whether directly or indirectly,
interested in a contract or proposed contract with the Company shall declare the nature of his interest at a meeting of the Directors.
A general notice given to the Directors by any Director to the effect that he is a member of any specified company or firm and is to
be regarded as interested in any contract which may thereafter be made with that company or firm shall be deemed a sufficient declaration
of interest in regard to any contract so made. A Director may vote in respect of any contract or proposed contract or arrangement notwithstanding
that he may be interested therein and if he does so his vote shall be counted and he may be counted in the quorum at any meeting of the
Directors at which any such contract or proposed contract or arrangement shall come before the meeting for consideration.

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117. A Director may hold any other office or place of profit under
the Company (other than the office of auditor) in conjunction with his office of Director for such period and on such terms (as to remuneration
and otherwise) as the Directors may determine and no Director or intending Director shall be disqualified by his office from contracting
with the Company either with regard to his tenure of any such other office or place of profit or as vendor, purchaser or otherwise, nor
shall any such contract or arrangement entered into by or on behalf of the Company in which any Director is in any way interested, be
liable to be avoided, nor shall any Director so contracting or being so interested be liable to account to the Company for any profit
realised by any such contract or arrangement by reason of such Director holding that office or of the fiduciary relation thereby established.
A Director, notwithstanding his interest, may be counted in the quorum present at any meeting whereat he or any other Director is appointed
to hold any such office or place of profit under the Company or whereat the terms of any such appointment are arranged and he may vote
on any such appointment or arrangement.

118. Any Director may act by himself or his firm in a professional
capacity for the Company, and he or his firm shall be entitled to remuneration for professional services as if he were not a Director;
provided that nothing herein contained shall authorise a Director or his firm to act as auditor to the Company.

119. The Directors shall cause minutes to be made in books or loose-leaf
folders provided for the purpose of recording:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all appointments of officers made by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the names of the Directors present at each meeting of the Directors
and of any committee of the Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all resolutions and proceedings at all meetings of the Company,
and of the Directors and of committees of Directors.

120. When the chairperson of a meeting of the Directors signs the
minutes of such meeting, the same shall be deemed to have been duly held notwithstanding that all the Directors have not actually come
together or that there may have been a technical defect in the proceedings.

121. A resolution signed by all the Directors shall be as valid and
effectual as if it had been passed at a meeting of the Directors duly called and constituted and when signed, a resolution may consist
of several documents each signed by one or more of the Directors.

122. The continuing Directors may act, notwithstanding any vacancy
in their body, but if their number is reduced below the number fixed pursuant to these Articles as the necessary quorum of Directors,
then the continuing Directors may act only to increase the number or to summon a general meeting of the Company, but for no other purpose.

123. A committee appointed by the Directors may elect a chairperson
of its meetings. If no such chairperson is elected, or if at any meeting the chairperson is not present within five minutes after the
time appointed for holding the same, the members present may choose one of their number to be chairperson of the meeting.

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124. A committee appointed by the Directors may meet and adjourn
as it thinks proper. Questions arising at any meeting shall be determined by a majority of votes of the committee members present and
in case of an equality of votes the chairperson shall have a second or casting vote.

125. All acts done by any meeting of the Directors or of a committee
of Directors, or by any person acting as a Director, shall notwithstanding that it be afterwards discovered that there was some defect
in the appointment of any such Director or person acting as aforesaid, or that they or any of them were disqualified, be as valid as
if every such person had been duly appointed and was qualified to be a Director.

**PRESUMPTION OF ASSENT**

126. A Director who is present at a meeting of the Board of Directors
at which action on any Company matter is taken shall be presumed to have assented to the action taken unless his dissent shall be entered
in the minutes of the meeting or unless he shall file his written dissent from such action with the person acting as the chairperson
or secretary of the meeting before the adjournment thereof or shall forward such dissent by registered post to such person immediately
after the adjournment of the meeting. Such right to dissent shall not apply to a Director who voted in favour of such action.

**DIRECTORS' INTERESTS**

127. (a) A Director or alternate Director may hold any other office
or place of profit under the Company (other than the office of Auditor) in conjunction with his office of Director for such period and
on such terms as to remuneration and otherwise as the Directors may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Director or alternate Director may act by himself or by, through
or on behalf of his firm in a professional capacity for the Company and he or his firm shall be entitled to remuneration for professional
services as if he were not a Director or alternate Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Director or alternate Director may be or become a director
or other officer of or otherwise interested in any company promoted by the Company or in which the Company may be interested as a shareholder,
a contracting party or otherwise, and no such Director or alternate Director shall be accountable to the Company for any remuneration
or other benefits received by him as a director or officer of, or from his interest in, such other company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No person shall be disqualified from the office of Director
or alternate Director or prevented by such office from contracting with the Company, either as vendor, purchaser or otherwise, nor shall
any such contract or any contract or transaction entered into by or on behalf of the Company in which any Director or alternate Director
shall be in any way interested be or be liable to be avoided, nor shall any Director or alternate Director so contracting or being so
interested be liable to account to the Company for any profit realised by or arising in connection with any such contract or transaction
by reason of such Director or alternate Director holding office or of the fiduciary relationship thereby established. A Director (or
his alternate Director in his absence) shall be at liberty to vote in respect of any contract or transaction in which he is interested
provided that the nature of the interest of any Director or alternate Director in any such contract or transaction shall be disclosed
by him at or prior to its consideration and any vote thereon.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A general notice that a Director or alternate Director is a
shareholder, director, officer or employee of any specified firm or company and is to be regarded as interested in any transaction with
such firm or company shall be sufficient disclosure for the purposes of voting on a resolution in respect of a contract or transaction
in which he has an interest, and after such general notice it shall not be necessary to give special notice relating to any particular
transaction.

**DIVIDENDS, DISTRIBUTIONS AND RESERVE**

128. Subject to any rights and restrictions for the time being attached
to any class or classes of shares and these Articles, the Directors may from time to time declare dividends (including interim dividends)
and other distributions on shares in issue and authorise payment of the same out of the funds of the Company lawfully available therefor.

129. Subject to any rights and restrictions for the time being attached
to any class or classes of shares and these Articles, the Company by Ordinary Resolution may declare dividends, but no dividend shall
exceed the amount recommended by the Directors.

130. The Directors may, before recommending or declaring any dividend,
set aside out of the funds legally available for distribution such sums as they think proper as a reserve or reserves which shall, at
the discretion of the Directors, be applicable for meeting contingencies, or for equalising dividends or for any other purpose to which
those funds may be properly applied and pending such application may, at the like discretion, either be employed in the business of the
Company or be invested in such investments (other than shares of the Company) as the Directors may from time to time think fit.

131. Any dividend may be paid by cheque or wire transfer to the registered
address of the Member or person entitled thereto, or in the case of joint holders, to any one of such joint holders at his registered
address or to such person and such address as the Member or person entitled, or such joint holders as the case may be, may direct. Every
such cheque shall be made payable to the order of the person to whom it is sent or to the order of such other person as the Member or
person entitled, or such joint holders as the case may be, may direct.

132. The Directors when paying dividends to the Members in accordance
with the foregoing provisions may make such payment either in cash or in specie.

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133. No dividend shall be paid otherwise than out of profits or,
subject to the restrictions of the Companies Act, the share premium account.

134. Subject to the rights of persons, if any, entitled to shares
with special rights as to dividends, all dividends shall be declared and paid according to the amounts paid or credited as fully paid
on the shares, but if and so long as nothing is paid up on any of the shares in the Company dividends may be declared and paid according
to the amounts of the shares. No amount paid on a share in advance of calls shall, while carrying interest, be treated for the purposes
of this Article as paid on the share.

135. If several persons are registered as joint holders of any share,
any of them may give effectual receipts for any dividend or other monies payable on or in respect of the share.

136. No dividend shall bear interest against the Company.

137. Any Dividend or other distribution which cannot be paid to a
Member and/or which remains unclaimed after six months from the date on which such Dividend or other distribution becomes payable may,
in the discretion of the Directors, be paid into a separate account in the Company's name, provided that the Company shall not
be constituted as a trustee in respect of that account and the Dividend or other distribution shall remain as a debt due to the Member.
Any Dividend or other distribution which remains unclaimed after a period of six years from the date on which such Dividend or other
distribution becomes payable shall be forfeited and shall revert to the Company.

**CAPITALISATION**

138. The Directors may at any time capitalise any sum standing to
the credit of any of the Company's reserve accounts or funds (including the share premium account and capital redemption reserve
fund) or any sum standing to the credit of the profit and loss account or otherwise available for distribution; appropriate such sum
to Members in the proportions in which such sum would have been divisible amongst such Members had the same been a distribution of profits
by way of Dividend or other distribution; and apply such sum on their behalf in paying up in full unissued Shares for allotment and distribution
credited as fully paid-up to and amongst them in the proportion aforesaid. In such event the Directors shall do all acts and things required
to give effect to such capitalisation, with full power given to the Directors to make such provisions as they think fit in the case of
Shares becoming distributable in fractions (including provisions whereby the benefit of fractional entitlements accrue to the Company
rather than to the Members concerned). The Directors may authorise any person to enter on behalf of all of the Members interested into
an agreement with the Company providing for such capitalisation and matters incidental or relating thereto and any agreement made under
such authority shall be effective and binding on all such Members and the Company.

**BOOK OF ACCOUNTS**

139. The Directors shall cause proper books of account (including,
where applicable, material underlying documentation including contracts and invoices) to be kept with respect to all sums of money received
and expended by the Company and the matters in respect of which the receipt or expenditure takes place, all sales and purchases of goods
by the Company and the assets and liabilities of the Company. Such books of account must be retained for a minimum period of five years
from the date on which they are prepared. Proper books shall not be deemed to be kept if there are not kept such books of account as
are necessary to give a true and fair view of the state of the Company's affairs and to explain its transactions.

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140. The Directors shall determine whether and to what extent and
at what times and places and under what conditions or regulations the accounts and books of the Company or any of them shall be open
to the inspection of Members not being Directors and no Member (not being a Director) shall have any right of inspecting any account
or book or document of the Company except as conferred by Statutes or authorised by the Directors or by the Company in general meeting.

141. The Directors may cause to be prepared and to be laid before
the Company in general meeting profit and loss accounts, balance sheets, group accounts (if any) and such other reports and accounts
as may be required by law.

142. Subject to the requirements of applicable law and the listing
rules of the Designated Stock Exchange, the accounts relating to the Company's affairs shall be audited in such manner and with
such financial year end as may be determined from time to time by the Company by Ordinary Resolution or failing any such determination
by the Directors or failing any determination as aforesaid shall not be audited.

**ANNUAL RETURNS AND FILINGS**

143. The Board shall make the requisite annual returns and any other
requisite filings in accordance with the Companies Act.

**AUDIT**

144. The Directors may appoint an Auditor of the Company who shall
hold office until removed from office by a resolution of the Directors and may fix his or their remuneration.

145. Every Auditor of the Company shall have a right of access at
all times to the books and accounts and vouchers of the Company and shall be entitled to require from the Directors and officers of the
Company such information and explanation as may be necessary for the performance of the duties of the auditors.

146. Auditors shall, if so required by the Directors, make a report
on the accounts of the Company during their tenure of office at the next annual general meeting following their appointment in the case
of a company which is registered with the Registrar of Companies as an ordinary company, and at the next special meeting following their
appointment in the case of a company which is registered with the Registrar of Companies as an exempted company, and at any time during
their term of office, upon request of the Directors at any general meeting of the Members.

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**THE SEAL**

147. The Seal of the Company shall not be affixed to any instrument
except by the authority of a resolution of the Board of Directors provided always that such authority may be given prior to or after
the affixing of the Seal and if given after may be in general form confirming a number of affixings of the Seal. The Seal shall be affixed
in the presence of any one or more persons as the Directors may appoint for the purpose and every person as aforesaid shall sign every
instrument to which the Seal of the Company is so affixed in their presence.

148. The Company may maintain a facsimile of its Seal in such countries
or places as the Directors may appoint and such facsimile Seal shall not be affixed to any instrument except by the authority of a resolution
of the Board of Directors provided always that such authority may be given prior to or after the affixing of such facsimile Seal and
if given after may be in general form confirming a number of affixings of such facsimile Seal. The facsimile Seal shall be affixed in
the presence of such person or persons as the Directors shall for this purpose appoint, and such person or persons as aforesaid shall
sign every instrument to which the facsimile Seal of the Company is so affixed in their presence.

149. Notwithstanding the foregoing, a Director shall have the authority
to affix the Seal, or the facsimile Seal, to any instrument for the purposes of attesting authenticity of the matter contained therein
but which does not create any obligation binding on the Company.

**OFFICERS**

150. Subject to Article 99, the Company may have a Chief Executive
Officer, Chief Operating Officer, Chief Technology Officer, Chief Financial Officer, one or more Vice Presidents, Manager or Controller,
appointed by the Directors. The Directors may also from time to time appoint such other officers as they consider necessary, all for
such terms, at such remuneration and to perform such duties, and subject to such provisions as to disqualification and removal as the
Directors from time to time subscribe.

**CAPITALISATION OF PROFITS**

151. Subject to the Companies Act and these Articles, the Board may,
with the authority of an Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) resolve to capitalise an amount standing to the credit of reserves
(including a share premium account, capital redemption reserve and profit and loss account), whether or not available for distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appropriate the sum resolved to be capitalised to the Members
in proportion to the nominal amount of shares (whether or not fully paid) held by them respectively and apply that sum on their behalf
in or towards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) paying up the amounts (if any) for the time being unpaid on
shares held by them respectively; or

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) paying up in full unissued shares or debentures of a nominal
amount equal to that sum,

and allot the shares or debentures, credited as fully paid, to the Members (or as they may direct) in those proportions, or partly in one way and partly in the other, but the share premium account, the capital redemption reserve and profits which are not available for distribution may, for the purposes of this Article, only be applied in paying up unissued shares to be allotted to Members credited as fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make any arrangements it thinks fit to resolve a difficulty
arising in the distribution of a capitalised reserve and in particular, without limitation, where shares or debentures become distributable
in fractions the Board may deal with the fractions as it thinks fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) authorise a person to enter (on behalf of all the Members concerned)
an agreement with the Company providing for either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the allotment to the Members respectively, credited as fully
paid, of shares or debentures to which they may be entitled on the capitalisation, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the payment by the Company on behalf of the Members (by the
application of their respective operations of the reserves resolved to be capitalised) of the amounts or part of the amounts remaining
unpaid on their existing shares,

an agreement made under the authority being effective and binding on all those Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) generally do all acts and things required to give effect to
the resolution.

**NOTICES**

152. Except as otherwise provided in these Articles, any notice or
document may be served by the Company or by the person entitled to give notice to any Member either personally, by facsimile or by sending
it through the post in a prepaid letter or via a recognised courier service, fees prepaid, addressed to the Member at his address as
appearing in the Register of Members or, to the extent permitted by all applicable laws and regulations, by electronic means by transmitting
it to any electronic number or address or website supplied by the Member to the Company or by placing it on the Company's Website.
In the case of joint holders of a share, all notices shall be given to that one of the joint holders whose name stands first in the Register
of Members in respect of the joint holding, and notice so given shall be sufficient notice to all the joint holders.

153. Notices posted to addresses outside the Cayman Islands shall
be forwarded by prepaid airmail.

---

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154. Any Member present, either personally or by proxy, at any meeting
of the Company shall for all purposes be deemed to have received due notice of such meeting and, where requisite, of the purposes for
which such meeting was convened.

155. Any notice or other document, if served by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) post, service of the notice shall be deemed to have been served
five calendar days after the time when the letter containing the same is posted (in proving such service it shall be sufficient to prove
that the letter containing the notice or document was properly addressed and duly posted);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) cable, telex or fax, service of the notice shall be deemed to
be effected by properly addressing and sending such notice and shall be deemed to have been received on the same day that it was transmitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) recognised courier service, service of the notice shall be deemed
to have been served 48 hours after the time when the letter containing the same is delivered to the courier service and in proving such
service it shall be sufficient to prove that the letter containing the notice or documents was properly addressed and duly delivered
to the courier; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) e-mail, service of the notice shall be deemed to be effected
by transmitting the e-mail to the e-mail address provided by the intended recipient and shall be deemed to have been received on the
same day that it was sent, and it shall not be necessary for the receipt of the e-mail to be acknowledged by the recipient.

156. Any notice or document delivered or sent to any Member in accordance
with the terms of these Articles shall notwithstanding that such Member be then dead or bankrupt, and whether or not the Company has
notice of his death or bankruptcy, be deemed to have been duly served in respect of any share registered in the name of such Member as
sole or joint holder, unless his name shall at the time of the service of the notice or document, have been removed from the Register
of Members as the holder of the share, and such service shall for all purposes be deemed a sufficient service of such notice or document
on all persons interested (whether jointly with or as claiming through or under him) in the share.

157. Notice of every general meeting shall be given to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Members who have supplied to the Company an address for
the giving of notices to them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every person entitled to a share in consequence of the death
or bankruptcy of a Member, who but for his death or bankruptcy would be entitled to receive notice of the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each Director and Alternate Director.

No other person shall be entitled to receive notices of general meetings.

---

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**INFORMATION**

158. No Member shall be entitled to require discovery of any information
in respect of any detail of the Company's trading or any information which is or may be in the nature of a trade secret or secret
process which may relate to the conduct of the business of the Company and which in the opinion of the Board would not be in the interests
of the Members of the Company to communicate to the public.

159. The Board shall be entitled to release or disclose any information
in its possession, custody or control regarding the Company or its affairs to any of its members including, without limitation, information
contained in the Register of Members and transfer books of the Company.

**INDEMNITY**

160. Every Director and officer of the Company (which for the avoidance
of doubt, shall not include auditors of the Company), together with every former Director and former officer of the Company (each an
" **Indemnified Person**") shall be indemnified out of the assets of the Company against any liability, action, proceeding,
claim, demand, costs, damages or expenses, including legal expenses, whatsoever which they or any of them may incur as a result of any
act or failure to act in carrying out their functions other than such liability (if any) that they may incur by reason of their own actual
fraud or wilful default. No Indemnified Person shall be liable to the Company for any loss or damage incurred by the Company as a result
(whether direct or indirect) of the carrying out of their functions unless that liability arises through the actual fraud or wilful default
of such Indemnified Person. No person shall be found to have committed actual fraud or wilful default under this Article unless or until
a court of competent jurisdiction shall have made a finding to that effect.

161. The Company shall advance to each Indemnified Person reasonable
attorneys' fees and other costs and expenses incurred in connection with the defence of any action, suit, proceeding or investigation
involving such Indemnified Person for which indemnity will or could be sought. In connection with any advance of any expenses hereunder,
the Indemnified Person shall execute an undertaking to repay the advanced amount to the Company if it shall be determined by final judgment
or other final adjudication that such Indemnified Person was not entitled to indemnification pursuant to this Article. If it shall be
determined by a final judgment or other final adjudication that such Indemnified Person was not entitled to indemnification with respect
to such judgment, costs or expenses, then such party shall not be indemnified with respect to such judgment, costs or expenses and any
advancement shall be returned to the Company (without interest) by the Indemnified Person.

162. The Directors, on behalf of the Company, may purchase and maintain
insurance for the benefit of any Director or other officer of the Company against any liability which, by virtue of any rule of law,
would otherwise attach to such person in respect of any negligence, default, breach of duty or breach of trust of which such person may
be guilty in relation to the Company.

---

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**FINANCIAL YEAR**

163. Unless the Directors otherwise prescribe, the financial year
of the Company shall end on December 31st in each year and shall begin on January 1st in each year.

**WINDING UP**

164. If the Company shall be wound up the liquidator shall apply
the assets of the Company in satisfaction of creditors' claims in such manner and order as such liquidator thinks fit. Subject
to the rights attaching to any Shares, in a winding up:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the assets available for distribution amongst the Members
shall be insufficient to repay the whole of the Company's issued share capital, such assets shall be distributed so that, as nearly
as may be, the losses shall be borne by the Members in proportion to the par value of the Shares held by them; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the assets available for distribution amongst the Members
shall be more than sufficient to repay the whole of the Company's issued share capital at the commencement of the winding up, the
surplus shall be distributed amongst the Members in proportion to the par value of the Shares held by them at the commencement of the
winding up subject to a deduction from those Shares in respect of which there are monies due, of all monies payable to the Company for
unpaid calls or otherwise.

165. If the Company shall be wound up the liquidator may, subject
to the rights attaching to any Shares and with the approval of a Special Resolution of the Company and any other approval required by
the Statutes, divide amongst the Members in kind the whole or any part of the assets of the Company (whether such assets shall consist
of property of the same kind or not) and may for that purpose value any assets and determine how the division shall be carried out as
between the Members or different classes of Members. The liquidator may, with the like approval, vest the whole or any part of such assets
in trustees upon such trusts for the benefit of the Members as the liquidator, with the like approval, shall think fit, but so that no
Member shall be compelled to accept any asset upon which there is a liability.

**AMENDMENT OF MEMORANDUM AND ARTICLES OF ASSOCIATION AND**

**NAME OF COMPANY**

166. The Company may at any time and from time to time by Special
Resolution alter or amend these Articles or the Memorandum of Association of the Company, in whole or in part, or change the name of
the Company.

---

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**REGISTRATION BY WAY OF CONTINUATION**

167. The Company may by Special Resolution resolve to be registered
by way of continuation in a jurisdiction outside the Cayman Islands or such other jurisdiction in which it is for the time being incorporated,
registered or existing. In furtherance of a resolution adopted pursuant to this Article, the Directors may cause an application to be
made to the Registrar of Companies to deregister the Company in the Cayman Islands or such other jurisdiction in which it is for the
time being incorporated, registered or existing and may cause all such further steps as they consider appropriate to be taken to effect
the transfer by way of continuation of the Company.

**MERGERS AND CONSOLIDATIONS**

168. The Company shall have the power to merge or consolidate with
one or more other constituent companies (as defined in the Companies Act) upon such terms as the Directors may determine and (to the
extent required by the Companies Act) with the approval of a Special Resolution.

---

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## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

**Office:** +852 2801 6066

**Mobile:** +852 9718 8740

**Email:** rthorp@tta.lawyer

DDC Enterprise Limited

Harbour Place, 2nd Floor

103 South Church Street

P.O. Box 472, George Town

Grand Cayman KY1-1106

Cayman Islands

15 August 2025

Dear Sirs

**DDC Enterprise Limited**

We have examined the Registration Statement on Form S-8 to be filed by DDC Enterprise Limited, a Cayman Islands exempted company incorporated with limited liability (the "**Registrant**"), with the Securities and Exchange Commission (the "**Registration Statement**"), relating to the registration under the Securities Act of 1933, as amended, of an amount of Class A Ordinary Shares of the Registrant (the "**Shares**") for issuance pursuant to the 2023 ESOP, the Pre-IPO Employee Share Option Plan and certain Inducement Grants (each as defined in the Registration Statement) (the "**Plans**").

As Cayman Islands counsel to the Registrant, we have examined the corporate authorisations of the Registrant in connection with the Plans and the issue of the Shares by the Registrant and have assumed that the Shares will be issued in accordance with the Plans and the resolutions authorizing the issue.

It is our opinion that the Shares to be issued by the Registrant have been duly and validly authorised, and when issued, sold and paid for in the manner described in the Plans and in accordance with the relevant resolutions adopted by the Board of Directors of the Registrant (or any committee to whom the Board of Directors have delegated their powers with respect to administration of the Plans) and when appropriate entries have been made in the Register of Members of the Registrant, will be legally issued, fully paid and non-assessable.

We consent to the use of this opinion as an exhibit to the Registration Statement and further consent to all references to us in the Registration Statement and any amendments thereto.

Yours faithfully

*/s/ TRAVERS THORP ALBERGA*

 

**TRAVERS THORP ALBERGA**

## Exhibit 10.3

**Exhibit 10.3**

**STOCK OPTION AGREEMENT<br> UNDER THE DDC ENTERPRISE LTD.<br> 2023 EMPLOYEE STOCK OPTION PLAN**

---

| | |
|:---|:---|
| Name of Optionee: | |
| No. of Option Shares: | |
| Option Exercise Price per Share: | $|
|  | **[FMV on Grant Date]** |

---

---

| | |
|:---|:---|
| Grant Date: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2024 |
| Expiration Date: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2034 |
|  | **[up to 10 years]** |

---

Pursuant to the DDC Enterprise Ltd. 2023 Employee Stock Option Plan as amended through the date hereof and subject to the U.S. Addendum thereto (the "Plan"), DDC Enterprise Ltd. (the "Company") hereby grants to the Optionee named above an option (the "Stock Option") to purchase on or prior to the Expiration Date specified above all or part of the number of Class A Ordinary Shares (the "Stock"), of the Company specified above at the Option Exercise Price per Share specified above subject to the terms and conditions set forth herein and in the Plan and employment agreement, if any, with Optonee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Exercisability Schedule</u>. No portion of this Stock Option may be exercised until such portion shall have become exercisable. Except as set forth below, and subject to the discretion of the Administrator (as defined in the Plan) to accelerate the exercisability schedule hereunder, this Stock Option shall vest and become exercisable quarterly over four years as follows:

---

| | |
|:---|:---|
| Incremental Number of<br> Option Shares Exercisable | Exercisability Date |

---

Once exercisable, this Stock Option shall continue to be exercisable at any time or times prior to the close of business on the Expiration Date, subject to the provisions hereof and of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Manner of Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Optionee may exercise this Stock Option only in the following manner: from time to time on or prior to the Expiration Date of this Stock Option, the Optionee may give written or electronic notice to the Administrator of his or her election to purchase some or all of the Option Shares purchasable at the time of such notice. This notice shall specify the number of Option Shares to be purchased.

Payment of the purchase price for the Option Shares may be made by one or more of the following methods: (i) in cash, by certified or bank check or other instrument acceptable to the Administrator; (ii) through the delivery (or attestation to the ownership) of shares of Stock that have been purchased by the Optionee on the open market or that are beneficially owned by the Optionee and are not then subject to any restrictions under any Company plan and that otherwise satisfy any holding periods as may be required by the Administrator; (iii) by the Optionee delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to promptly deliver to the Company cash or a check payable and acceptable to the Company to pay the option purchase price, provided that in the event the Optionee chooses to pay the option purchase price as so provided, the Optionee and the broker shall comply with such procedures and enter into such agreements of indemnity and other agreements as the Administrator shall prescribe as a condition of such payment procedure; or (iv) any other net exercise method reasonably acceptable to the Administrator or a combination of (i), (ii) and (iii) above. Payment instruments will be received subject to collection.

The transfer to the Optionee on the records of the Company or of the transfer agent of the Option Shares will be contingent upon (i) the Company's receipt from the Optionee of the full purchase price for the Option Shares, as set forth above, (ii) the fulfillment of any other requirements contained herein or in the Plan or in any other agreement or provision of laws, and (iii) the receipt by the Company of any agreement, statement or other evidence that the Company may require to satisfy itself that the issuance of Stock to be purchased pursuant to the exercise of Stock Options under the Plan and any subsequent resale of the shares of Stock will be in compliance with applicable laws and regulations. In the event the Optionee chooses to pay the purchase price by previously-owned shares of Stock through the attestation method, the number of shares of Stock transferred to the Optionee upon the exercise of the Stock Option shall be net of the shares attested to.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The shares of Stock purchased upon exercise of this Stock Option shall be transferred to the Optionee on the records of the Company or of the transfer agent upon compliance to the satisfaction of the Administrator with all requirements under applicable laws or regulations in connection with such issuance and with the requirements hereof and of the Plan. The determination of the Administrator as to such compliance shall be final and binding on the Optionee. The Optionee shall not be deemed to be the holder of, or to have any of the rights of a holder with respect to, any shares of Stock subject to this Stock Option unless and until this Stock Option shall have been exercised pursuant to the terms hereof, the Company or the transfer agent shall have transferred the shares to the Optionee, and the Optionee's name shall have been entered as the stockholder of record on the books of the Company. Thereupon, the Optionee shall have full voting, dividend and other ownership rights with respect to such shares of Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The minimum number of shares with respect to which this Stock Option may be exercised at any one time shall be 100 shares, unless the number of shares with respect to which this Stock Option is being exercised is the total number of shares subject to exercise under this Stock Option at the time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision hereof or of the Plan, no portion of this Stock Option shall be exercisable after the Expiration Date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding the foregoing, upon a Change of Control (as defined in the US Addendum to the Plan) prior to termination of the Option, the Option shall automatically become fully vested and exercisable as of the date of such Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Termination of Employment</u>. If the Optionee's employment by the Company or a Subsidiary (as defined in the Plan) is terminated, the period within which to exercise the Stock Option may be subject to earlier termination as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Termination Due to Death</u>. If the Optionee's employment terminates by reason of the Optionee's death, any portion of this Stock Option outstanding on such date shall become fully exercisable and may thereafter be exercised by the Optionee's legal representative or legatee for a period of 12 months from the date of death or until the Expiration Date, if earlier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination Due to Disability</u>. If the Optionee's employment terminates by reason of the Optionee's disability (as determined by the Administrator), any portion of this Stock Option outstanding on such date shall become fully exercisable and may thereafter be exercised by the Optionee for a period of 12 months from the date of termination or until the Expiration Date, if earlier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination for Cause</u>. If the Optionee's employment terminates for Cause, any portion of this Stock Option outstanding on such date shall terminate immediately and be of no further force and effect. For purposes hereof, "Cause" shall have the meaning set forth in the employment agreement between the Company and Optionee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Other Termination</u>. If the Optionee's employment terminates for any reason other than the Optionee's death, the Optionee's disability, or Cause, and unless otherwise determined by the Administrator, any portion of this Stock Option outstanding on such date may be exercised, to the extent exercisable on the date of termination, for a period of three months from the date of termination or until the Expiration Date, if earlier; provided, however, that in the event of termination by the Company other than for Cause or by Optionee for Good Reason (as defined in the employment agreement between the Company and Optionee), then the Stock Option shall be subject to acceleration of vesting and shall remain outstanding during its remaining term as provided in the employment agreement between the Company and Optionee. Any portion of this Stock Option that is not exercisable on the date of termination shall terminate immediately and be of no further force or effect.

The Administrator's determination of the reason for termination of the Optionee's employment shall be conclusive and binding on the Optionee and his or her representatives or legatees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Incorporation of Plan</u>. Notwithstanding anything herein to the contrary, this Stock Option shall be subject to and governed by all the terms and conditions of the Plan. Capitalized terms in this Agreement shall have the meaning specified in the Plan, unless a different meaning is specified herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Transferability</u>. This Agreement is personal to the Optionee, is non-assignable and is not transferable in any manner, by operation of law or otherwise, other than by will or the laws of descent and distribution. This Stock Option is exercisable, during the Optionee's lifetime, only by the Optionee, and thereafter, only by the Optionee's legal representative or legatee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Status of the Stock Option</u>. This Stock Option is intended to qualify to the maximum extent as an "incentive stock option" under Section 422 of the Internal Revenue Code of 1986, as amended (the "Code"), but the Company does not represent or warrant that this Stock Option qualifies as such. The Optionee should consult with his or her own tax advisors regarding the tax effects of this Stock Option and the requirements necessary to obtain favorable income tax treatment under Section 422 of the Code, including, but not limited to, holding period requirements and limits on net exercises. To the extent any portion of this Stock Option does not so qualify as an "incentive stock option," such portion shall be deemed to be a non-qualified stock option. If the Optionee intends to dispose or does dispose (whether by sale, gift, transfer or otherwise) of any Option Shares within the one-year period beginning on the date after the transfer of such shares to him or her, or within the two-year period beginning on the day after the grant of this Stock Option, he or she will so notify the Company within 30 days after such disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Tax Withholding</u>. The Optionee shall, not later than the date as of which the exercise of this Stock Option becomes a taxable event for Federal income tax purposes, pay to the Company or make arrangements satisfactory to the Administrator for payment of any Federal, state, and local taxes required by law to be withheld on account of such taxable event. The Company shall have the authority to cause the minimum required tax withholding obligation to be satisfied, in whole or in part, by withholding from shares of Stock to be issued to the Optionee a number of shares of Stock with an aggregate Fair Market Value that would satisfy the withholding amount due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>No Obligation to Continue Employment</u>. Neither the Company nor any Subsidiary is obligated by or as a result of the Plan or this Agreement to continue the Optionee in employment and neither the Plan nor this Agreement shall interfere in any way with the right of the Company or any Subsidiary to terminate the employment of the Optionee at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Notices</u>. Notices hereunder shall be mailed or delivered to the Company at its principal place of business and shall be mailed or delivered to the Optionee at the address on file with the Company or, in either case, at such other address as one party may subsequently furnish to the other party in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Amendment</u>. The Administrator may at any time amend or cancel any outstanding portion of this Stock Option, but no such action may be taken that adversely affects the Optionee's rights under this Agreement without the Optionee's consent.

---

| | |
|:---|:---|
| DDC Enterprise Ltd. | DDC Enterprise Ltd. |
| By: |  |
| Name: | Norma Chu |
| Title: | CEO |

---

The foregoing Agreement is hereby accepted and the terms and conditions thereof hereby agreed to by the undersigned.

---

| | |
|:---|:---|
| Dated: | |
|  | Optionee's Signature |
|  | Optionee's name and address: |

---

[OPTIONEE SIGNATURE PAGE TO STOCK OPTION AGREEMENT]

## Exhibit 10.4

**Exhibit 10.4**

**DDC ENTERPRISE LIMITED**

**2023 STOCK OPTION PLAN**

**NON-QUALIFIED STOCK OPTION AGREEMENT**

THIS AGREEMENT made as of _________, 202_ (the "<u>Grant Date</u>"), by and between DDC Enterprise Limited (the "<u>Company</u>"), and _________ (the "<u>Optionee</u>").

WITNESSETH:

WHEREAS, the Company has adopted and maintains the DDC Enterprise Limited 2023 Share Option Plan, approved by the stockholders on November 7, 2023, as amended, including the US Addendum thereto (the "<u>Plan</u>"), and

WHEREAS, the Board has authorized the grant to the Optionee of an Option under the Plan, on the terms and conditions set forth in the Plan and as hereinafter provided,

NOW, THEREFORE, in consideration of the premises contained herein, the Company and the Optionee hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Plan</u>. This Option award is made pursuant to the terms of the Plan, including the US Addendum, which are incorporated herein by reference. Terms used in this Agreement which are defined in the Plan shall have the same meaning as set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Grant of Option</u>. The Company hereby grants to the Optionee an option to purchase _____ of the Company's Class A Ordinary Shares ("<u>Shares</u>") for an Option price per Share equal to $____ per Share. The Option is intended by the Board to be a Non-Qualified Stock Option and the provisions hereof shall be interpreted on a basis consistent with such intent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Exercise Period</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Option shall be exercisable on or after vesting of the Option, in whole or in part, pursuant to the terms of the Plan and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or any part of the Option may be exercised by the Optionee no later than the tenth (10th) anniversary of the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement and the Option shall terminate on the earlier of (i) the tenth (10th) anniversary of the Grant Date, or (ii) the date as of which the Option has been fully exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Vesting</u>. The Option shall vest _____ with respect to ______ Shares, commencing on the Grant Date, over ____ years provided that the Optionee continues to serve as a consultant/advisor to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Termination of Service</u>. In the event of the Optionee's Termination of Service with the Company, the provisions of Section 4 of the Plan shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Change of Control</u>. Notwithstanding the foregoing, upon a Change of Control (as defined in the US Addendum to the Plan) prior to termination of the Option, the Option shall automatically become fully vested and exercisable as of the date of such Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Restrictions on Transfer of Option</u>. The Option shall be personal to the Optionee and shall not be assignable. An Optionee shall not be permitted to encumber, sell, transfer or otherwise part with all or any of the legal or beneficial ownership of the Option or Shares deriving from such Option otherwise than in accordance with the provisions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Exercise of Option</u>. The Option shall become exercisable at such time as shall be provided herein or in the Plan and shall be exercisable by written notice of such exercise, in the form prescribed by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Regulation by the Board</u>. This Agreement and the Option shall be subject to the administrative procedures and rules as the Board shall adopt. All decisions of the Board upon any question arising under the Plan or under this Agreement, shall be conclusive and binding upon the Optionee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Rights as a Shareholder</u>. The Optionee shall have no rights as a shareholder with respect to Shares subject to the Option until certificates for Shares are issued to the Optionee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Reservation of Shares</u>. With respect to the Option, the Company hereby agrees to at all times reserve for issuance and/or delivery upon payment by the Optionee of the Option price, such number of Shares as shall be required for issuance and/or delivery upon such payment pursuant to the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Delivery of Share Certificates</u>. Within a reasonable time after the exercise of the Option the Company shall cause to be delivered to the Optionee a book-entry for the Shares purchased pursuant to Section 5.5 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Amendment</u>. The Board may amend this Agreement at any time and from time to time; provided, however, that no amendment of this Agreement that would materially and adversely impair the Optionee's rights or entitlements with respect to the Option shall be effective without the prior written consent of the Optionee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Optionee Acknowledgment</u>. Optionee acknowledges and agrees that the vesting of Shares pursuant to this Option Agreement is earned only by continuing service with the Company. Optionee further acknowledges and agrees that nothing in this Agreement, nor in the Plan shall confer upon the Optionee any right to continue in the service of the Company, nor shall it interfere in any way with Optionee's right or the Company's right to Optionee's service at any time, with or without cause (as defined in Section 7.3 of the Plan). Optionee acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof. Optionee has reviewed the Plan and this Option in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Option and fully understands all provisions of the Option. By executing this Agreement, the Optionee hereby agrees to be bound by all of the terms of both the Plan and this Agreement.

---

| | |
|:---|:---|
| DDC ENTERPRISE LIMITED | DDC ENTERPRISE LIMITED |
| By: | Date |
| Its: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, Optionee | Date |

---

**SAMPLE**

**NOTICE OF EXERCISE**

---

| | |
|:---|:---|
| **DDC Enterprise Ltd.<br> Compensation Board** | **Date of Exercise:** |

---

Ladies and Gentlemen:

This constitutes notice under my stock Option that I elect to purchase the number of Shares for the price set forth below.

---

| | |
|:---|:---|
| **Type of Option:** | **Non-Qualified** |
| **Grant Date:** |  |
| **Number of Shares as to which Option is exercised:** |  |
| **Shares to be issued in name of:** |  |
| **Total exercise price:** | **$** |
| **Cash payment delivered herewith or indicate cashless:** | **$** |

---

**By this exercise, I agree (i) to execute or provide such additional documents as DDC Enterprise Ltd. (the "Company") may reasonably require pursuant to the terms of this Notice of Exercise and the Company's 2023 Share Option Plan (the "Plan"), and (ii) to provide for the payment by me to the Company (in the manner designated by the Company) of the Company's withholding obligation, if any, relating to the exercise of this Option.**

---

| |
|:---|
| Very truly yours, |
| **Optionee** |

---

## Exhibit 10.5

**Exhibit 10.5**

**DDC ENTERPRISE LTD.**

**RESTRICTED STOCK UNIT AWARD AGREEMENT**

THIS AGREEMENT (the "Agreement") between DDC Enterprise Ltd. (the "Company") and **___________** (the "Award Recipient") is effective as of **__________**, 202_ (the "Effective Date"). Any undefined terms appearing herein as defined terms shall have the same meaning as they do in the DDC 2023 Employee Stock Option Plan, including the Addendum for U.S. Taxpayers, as amended and/or restated from time to time (the "Plan"). The Company will provide a copy of the Plan to the Award Recipient upon request.

**WITNESSETH:**

1. <u>Award of Restricted Stock Units</u>. Pursuant to the provisions of the Plan, the Company hereby awards the Award Recipient, subject to the terms and conditions of the Plan (incorporated herein by reference), and subject further to the terms and conditions in this Agreement, __________________ restricted stock units ("RSUs") (the "Award"). Each RSU shall represent an unfunded, unsecured right for the Award Recipient to receive one (1) share of the Company's Class A Ordinary Shares, par value $.40 per share (the "Stock"), as described in this Agreement.

2. <u>Ownership Rights</u>. The Award Recipient has no voting or other ownership rights in the Company arising from the award of RSUs under this Agreement.

3. <u>Dividends</u>. The Award Recipient shall be credited with dividend equivalents equal to the dividends the Award Recipient would have received if the Award Recipient had been the owner of a number of shares of Stock equal to the number of RSUs credited to the Award Recipient on such dividend payment date (the "Dividend Equivalent"). Any Dividend Equivalent deriving from a cash dividend shall be converted into additional RSUs based on the Fair Market Value of Stock on the dividend payment date. Any Dividend Equivalent deriving from a dividend of shares of Stock shall be converted into additional RSUs on a one-for-one basis. The Award Recipient shall continue to be credited with Dividend Equivalents until the Settlement Date (defined below) (or, if applicable, the forfeiture of the corresponding Award). The Dividend Equivalents so credited shall be subject to the same terms and conditions as the corresponding Award, and they shall vest (or, if applicable, be forfeited) and be settled in the same manner and at the same time as the corresponding Award, as if they had been granted at the same time as such Award.

4. <u>Vesting of Award</u>. The unvested portion of the Award is subject to forfeiture. Subject to the terms of the Plan and this Agreement, including without limitation, fulfillment of the service requirements in paragraph 8 below, the Award will vest in accordance with the following schedule (except in the case of the Award Recipient's earlier Separation from Service due to death or Disability or an earlier Change of Control of the Company, as set forth in paragraph 6 below): **25%** of the RSUs covered by this Award shall vest on **EACH OF THE THREE, SIX, NINE AND TWELVE MONTH ANNIVERSARY** of the Effective Date of this Award (each a "Vesting Date"), *provided, however,* that, any RSU representing a fractional share of Stock shall accumulate and vest on the next following vesting date on which the aggregate of vested fractional shares represents a whole share of Stock.

5. <u>Settlement</u>. Once vested, the Award will be settled as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>In General</u>. Subject to paragraph 11 hereof, the Award will be settled in Stock. Subject to the terms of the Plan, settlement of the vested portion of the Award shall occur on business day following each Vesting Date; or, in the case of (i) the Award Recipient's Separation from Service due to death or Disability or (ii) a Change of Control (as defined in the Plan), settlement of the Award shall occur as of such earlier date set forth in paragraph 6 hereof (the "Settlement Date"). As soon as practicable (but in no event more than 30 days) following the Settlement Date, the Company shall , issue or cause there to be transferred to the Award Recipient (or, in the case of the Award Recipient's death, to the Award Recipient's designated beneficiary or estate, as applicable or, in the case of the Award Recipient's Disability, to the Award Recipient's guardian or legal representative, if applicable and if permissible under applicable law) a number of whole shares of Stock equal to the aggregate number of RSUs (rounded down to a whole number) granted to the Award Recipient under this Agreement (including, without limitation, the RSUs attributable to Dividend Equivalents) that are vested as of the Settlement Date (the "Settlement Shares"). Notwithstanding the foregoing, if the Award Recipient's Separation from Service occurs due to Disability, any such settlement of the Award by reason of such Separation from Service shall be delayed for six months from the date of the Award Recipient's Separation from Service if the Participant is considered a "specified employee" for purposes of Section 409A of the Code (as determined in accordance with the methodology established by the Company as in effect on the date of Separation from Service).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Termination of Rights</u>. Upon the issuance or transfer of Settlement Shares in settlement of the Award (including, without limitation, the RSUs attributable to Dividend Equivalents), the Award shall be settled in full and the Award Recipient (or his or her designated beneficiary or estate, in the case of death) shall have no further rights with respect to the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Certificates or Book Entry</u>. As of the Settlement Date, the Company shall issue in the Award Recipient's name for such Settlement Shares evidence of book-entry registration of the Settlement Shares (or, in the case of death, to the Award Recipient's designated beneficiary, if any). No fractional shares of Stock shall be issued in settlement of the RSUs, and any fractional share of Stock that would otherwise be Settlement Stock as of the Settlement Date shall be settled through a cash payment based on the Fair Market Value of a share of Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Conditions to Delivery</u>. Notwithstanding any other provision of this Agreement, the Company shall not be required to evidence book-entry registration or issue or deliver any certificate or certificates representing Settlement Shares in the event the Company reasonably anticipates that such registration, issuance or delivery would violate Federal securities laws or other applicable law; *provided* that the Company must evidence book-entry registration or issue or deliver said certificate or certificates at the earliest date at which the Company reasonably anticipates that such registration, issuance or delivery would not cause such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Legends</u>. The Settlement Shares shall be subject to such stop transfer orders and other restrictions as the Committee may deem reasonably advisable under the Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Settlement Shares are listed, any applicable Federal or state laws or the Company's Charter and Bylaws, and the Committee may cause a legend or legends to be put on or otherwise apply to any certificates or book-entry position representing Settlement Shares to make appropriate reference to such restrictions.

6. <u>Accelerated Vesting and Settlement on Change of Control and Separation from Service Due to Death and Disability</u>. Notwithstanding anything in this Agreement to the contrary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Upon a Change of Control, the Award (including, without limitation, the RSUs attributable to Dividend Equivalents) shall immediately and fully vest and become nonforfeitable, and such Award shall be settled as soon as practicable (but in no event more than 30 days) following the date of such Change of Control; *provided, however,* that, in the event that such Change of Control does not qualify as an event described in Section 409A(a)(2)(A)(v) of the Code and the regulations thereunder, the Award shall not be settled until the first Settlement Date that is also a permissible payment event under Section 409A of the Code and the regulations thereunder (but shall not be subject to the forfeiture provisions of paragraph 8 hereof following such Change of Control).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In the event of the Award Recipient's Separation from Service due to death or Disability, the Award (including, without limitation, the RSUs attributable to Dividend Equivalents) shall immediately and fully vest and become nonforfeitable effective as of the date of the Award Recipient's Separation from Service due to death or Disability, and such Award shall be settled as soon as practicable (but in no event more than 30 days) following the date of such Award Recipient's Separation from Service due to death or Disability, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Committee shall have the sole and absolute discretion to determine whether the Award Recipient's Separation from Service is by reason of Disability, as defined by the Plan and in accordance with Section 409A of the Code.

7. <u>Cancellation of Award</u>. The Committee has the right to cancel for no consideration all or any portion of the Award in accordance with Section 4 of the Plan if the Committee determines in good faith that the Award Recipient has done any of the following: (i) committed a felony; (ii) committed fraud; (iii) embezzled; (iv) disclosed confidential information or trade secrets; (v) was terminated for Cause; (vi) engaged in any activity in competition with the business of the Company or any Subsidiary or Affiliate of the Company; or (vii) engaged in conduct that adversely affected the Company. The Delegate shall have the power and authority to suspend the vesting of or the right to receive Settlement Shares in respect of all or any portion of the Award if the Delegate makes in good faith the determination described in the preceding sentence. Any such suspension of an Award shall remain in effect until the suspension shall be presented to and acted on by the Committee at its next meeting.

8. <u>Employment/Service Requirements</u>. Except as provided in this Agreement, in order to vest in and not forfeit the Award (or portion thereof, as the case may be), the Award Recipient must remain employed by, or otherwise provide service to, the Company or one of its Affiliates until the Award (or portion thereof) has vested. If there is a Separation from Service for any reason (other than due to death or Disability) before a portion of the Award has fully vested, the Award Recipient will forfeit any portion of the Award and corresponding Dividend Equivalents that have not vested as of the date of the Separation from Service unless the Committee determines otherwise.

9. <u>No Right to Continued Employment</u>. Nothing in the Plan or this Agreement shall confer on the Award Recipient any right to continue in the employment of the Company or its Affiliates for any given period or on any specified terms nor in any way affect the Company's or its Affiliates' right to terminate the Award Recipient's employment without prior notice at any time for any reason or for no reason.

10. <u>Transferability</u>. Unless otherwise determined by the Committee, the RSUs subject to this Award (including, without limitation, Dividend Equivalents) may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Award Recipient otherwise than by will or by the laws of intestacy, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Subsidiary or Affiliate; *provided, however,* that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

11. <u>Adjustment in Award</u>. The number of shares of Common Stock underlying this Award shall be subject to adjustment in accordance with the Plan.

12. <u>Administration; Amendment</u>. This Award has been made pursuant to a determination by the Committee and/or the Board of Directors of the Company, and the Committee shall have plenary authority to interpret, in its sole and absolute discretion, any provision of this Agreement and to make any determinations necessary or advisable for the administration of this Agreement. All such interpretations and determinations shall be final and binding on all persons, including the Company, the Award Recipient, his or her beneficiaries and all other interested parties. Subject to the terms of the Plan, this Agreement may be amended, in whole or in part, at any time by the Committee; *provided, however*, that no amendment to this Agreement may adversely affect the Award Recipient's rights under this Agreement without the Award Recipient's consent except such an amendment made to cause the Award to comply with applicable law, stock exchange rules or accounting rules.

13. <u>Binding Nature of Plan</u>. The Award is subject to the Plan. The Award Recipient agrees to be bound by all terms and provisions of the Plan and related administrative rules and procedures, including, without limitation, terms and provisions and administrative rules and procedures adopted and/or modified after the granting of the Award. In the event any provisions hereof are inconsistent with those of the Plan, the provisions of the Plan shall control, except to the extent expressly modified herein pursuant to authority granted under the Plan.

14. <u>Compliance with Laws and Regulations</u>. The Award and the obligation of the Company to deliver the Settlement Shares subject to the Award are subject to compliance with all applicable laws, rules and regulations, to receipt of any approvals by any government or regulatory agency as may be required, and to any determinations the Company may make regarding the application of all such laws, rules and regulations.

15. <u>Notices</u>. Any notice to the Company under this Agreement shall be in writing to the following address: 368 Ninth Ave., 6<sup>th</sup> Floor, New York, NY 10001. The Company will address any notice to the Award Recipient to his or her current address according to the Company's personnel files. All written notices provided in accordance with this paragraph shall be deemed to be given when (a) delivered to the appropriate address(es) by hand or by a nationally recognized overnight courier service (costs prepaid); (b) sent by facsimile to the appropriate facsimile number, with confirmation by telephone of transmission receipt; or (c) received by the addressee, if sent by U.S. mail to the appropriate address or by Company inter-office mail to the appropriate mail code. Either party may designate in writing some other address or facsimile number for notice under this Agreement.

16. <u>Withholding</u>. The Award Recipient authorizes the Company to withhold from his or her compensation, including the RSUs granted hereunder and the Settlement Shares issuable hereunder, to satisfy any income and employment tax withholding obligations in connection with this Award. No later than the date as of which an amount first becomes includible in the gross income of the Award Recipient for Federal income tax purposes with respect to any Settlement Shares subject to this Award, the Award Recipient shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, all Federal, state and local income and employment taxes that are required by applicable laws and regulations to be withheld with respect to such amount. The Award Recipient agrees that the Company may delay delivery of the Settlement Shares until proper payment of such taxes has been made by the Award Recipient. Unless determined otherwise by the Committee, the Award Recipient may satisfy such obligations under this paragraph 16 by any method authorized under Section 9 of the Plan.

17. <u>Voluntary Participation</u>. Participation in the Plan is voluntary. The value of the Award is an extraordinary item of compensation outside the scope of the Award Recipient's employment contract, if any. As such, the Award is not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.

18. <u>Force and Effect</u>. The various provisions of this Agreement are severable in their entirety. Any judicial or legal determination of invalidity or unenforceability of any one provision shall have no effect on the continuing force and effect of the remaining provisions.

19. <u>Successors</u>. This Agreement shall be binding upon and inure to the benefit of the successors of the respective parties.

20. <u>Applicable Law</u>. The validity, construction and effect of this Agreement and any rules and regulations relating to the Agreement shall be determined in accordance with the laws of the State of Delaware, unless preempted by federal law, and also in accordance with Internal Revenue Code Section 409A and any interpretive authorities promulgated thereunder.

I

N WITNESS WHEREOF, this Agreement has been executed by an appropriate officer of DDC Enterprise Limited and by the Award Recipient, both as of the day and year first above written.

DDC ENTERPRISE LTD.

By:   <br> Name: <br> Title:

---

| |
|:---|
| AWARD RECIPIENT |
| Name: |

---

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference of our report dated May 15, 2025 in this registration statement on Form S-8, with respect to the consolidated financial statements of DDC Enterprise Limited as of and for the years ended December 31, 2024, 2023 and 2022, in this Registration Statement on Form 20-F and the related prospectus of DDC Enterprise Limited filed with the Securities and Exchange Commission. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

![](ex23-1_002.jpg)

Singapore

August 15, 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Enrome LLP** | &nbsp;&nbsp; 143 Cecil Street #19-03/04<br> GB Building Singapore 069542 | &nbsp;&nbsp; admin@enrome-group.com<br> www.enrome-group.com |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**DDC Enterprise Limited**

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Class A Ordinary Share, par value $0.4 per share pursuant to the 2023 ESOP (as define below) | (1) | Other | 1300000 | $11.68 | $15184000.00 | 0.0001531 | $2324.67 |
| Fees to be Paid | Equity | Class A Ordinary Share, par value $0.4 per share pursuant to the Pre-IPO Employee Share Option Plan (as define below) | (2) | Other | 191891 | 11.68 | 2241286.90 | 0.0001531 | 343.14 |
| Fees to be Paid | Equity | Class A Ordinary Share, par value $0.4 per share pursuant to the Inducement Grants (as define below) | (3) | Other | 65000 | $11.68 | $759200.00 | 0.0001531 | $116.23 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $18184486.90 |  | 2784.04 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $2784.04 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement on Form S-8 also covers an indeterminate number of additional Class A ordinary shares of DDC Enterprise Limited (the "Registrant") that may be offered and issued under the 2023 Employee Share Option Plan (the "2023 ESOP"), the Employee Share Option Plan of the Company authorized prior to the consummation of the initial public offering of the Company on November 21, 2023 (the "Pre-IPO Employee Share Option Plan") to prevent dilution resulting from stock splits, stock distributions or similar transactions, and share options that were granted outside of the 2023 ESOP as inducement grants pursuant to NYSE listing rule 303A.08 (the "Inducement Grants"). Estimated in accordance with Rule 457(c) and (h) solely for the purpose of calculating the registration fee on the basis of $11.68, which represents the average of the high and low prices of the Class A Ordinary Share as reported on Nasdaq on August 11, 2025. The Registrant does not have any fee offsets.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement on Form S-8 also covers an indeterminate number of additional Class A ordinary shares of DDC Enterprise Limited (the "Registrant") that may be offered and issued under the 2023 Employee Share Option Plan (the "2023 ESOP"), the Employee Share Option Plan of the Company authorized prior to the consummation of the initial public offering of the Company on November 21, 2023 (the "Pre-IPO Employee Share Option Plan") to prevent dilution resulting from stock splits, stock distributions or similar transactions, and share options that were granted outside of the 2023 ESOP as inducement grants pursuant to NYSE listing rule 303A.08 (the "Inducement Grants"). Estimated in accordance with Rule 457(c) and (h) solely for the purpose of calculating the registration fee on the basis of $11.68, which represents the average of the high and low prices of the Class A Ordinary Share as reported on Nasdaq on August 11, 2025. The Registrant does not have any fee offsets.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement on Form S-8 also covers an indeterminate number of additional Class A ordinary shares of DDC Enterprise Limited (the "Registrant") that may be offered and issued under the 2023 Employee Share Option Plan (the "2023 ESOP"), the Employee Share Option Plan of the Company authorized prior to the consummation of the initial public offering of the Company on November 21, 2023 (the "Pre-IPO Employee Share Option Plan") to prevent dilution resulting from stock splits, stock distributions or similar transactions, and share options that were granted outside of the 2023 ESOP as inducement grants pursuant to NYSE listing rule 303A.08 (the "Inducement Grants"). Estimated in accordance with Rule 457(c) and (h) solely for the purpose of calculating the registration fee on the basis of $11.68, which represents the average of the high and low prices of the Class A Ordinary Share as reported on Nasdaq on August 11, 2025. The Registrant does not have any fee offsets.