UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Schedule 13G

Under the Securities Exchange Act of 1934

(Amendment No. 1)*

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

(Continued on following pages)

¹ Consists of (i) 528,932 Class A common shares issuable to Dyna-Best Corp, a British Virgin Islands company wholly owned by Mr. Guoqing Li, upon its exercise of options within 60 days after December 31, 2011, (ii) 21,876,660 Class B common shares held by Kewen Holding Co. Limited, of which Mr. Li is the sole director and beneficial owner, and 1,188,890 Class A common shares issuable to it upon its exercise of options within 60 days after December 31, 2011, and (iii) 247,500 American depositary shares (“ADSs”) representing 1,237,500 Class A common shares and 97,000,000 Class B common shares held by Science & Culture International Limited, a British Virgin Islands company majority owned by Kewen Holding Co. Limited.

Each Class B common share is convertible at the option of the holder into one Class A common share. The rights of the holders of Class A common shares and Class B common shares are identical, except with respect to conversion rights (noted above) and voting rights. Each Class B common shares is entitled to ten votes per share, whereas each Class A common share is entitled to one vote per share.

² See footnote 1.

³ See footnote 1.

⁴ Based on 411,434,410 outstanding common shares as a single class, being the sum of 279,517,750 Class A common shares and 131,916,660 Class B common shares outstanding as of December 31, 2011 and assumes conversion of all Class B common shares into Class A common shares. The voting power of the shares beneficially owned represent 74.5% of the total outstanding voting power.

⁵ Consists of (i) 21,876,660 Class B common shares held by Kewen Holding Co. Limited and 1,188,890 Class A common shares issuable to Kewen Holding Co. Limited upon its exercise of options within 60 days after December 31, 2011, and (ii) 247,500 ADSs representing 1,237,500 Class A common shares and 97,000,000 Class B common shares held by Science & Culture International Limited.

⁶ See footnote 5.

⁷ See footnote 5.

⁸ Based on 411,434,410 outstanding common shares as a single class, being the sum of 279,517,750 Class A common shares and 131,916,660 Class B common shares outstanding as of December 31, 2011 and assumes conversion of all Class B common shares into Class A common shares. The voting power of the shares beneficially owned represent 74.5% of the total outstanding voting power.

⁹ Consist of 247,500ADSs representing 1,237,500 Class A common shares and 97,000,000 Class B common shares held by Science and Culture International Limited.

¹⁰ See footnote 9.

¹¹ See footnote 9.

¹² Based on 411,434,410 outstanding common shares as a single class, being the sum of 279,517,750 Class A common shares and 131,916,660 Class B common shares outstanding as of December 31, 2011 and assumes conversion of all Class B common shares into Class A common shares. The voting power of the shares beneficially owned represent 60.8% of the total outstanding voting power.

E-Commerce China Dangdang Inc.

21/F, Jing An Center, No.8 North Third Ring Road East, Chaoyang District, Beijing 100028, People’s Republic of China

Guoqing Li

Kewen Holding Co. Limited

Science & Culture International Limited

For all reporting persons:

c/o 21/F, Jing An Center, No.8 North Third Ring Road East, Chaoyang District, Beijing 100028, People’s Republic of China

Guoqing Li: People’s Republic of China

Kewen Holding Co. Limited: British Virgin Islands

Science & Culture International Limited: British Virgin Islands

Common shares

The Issuer’s common shares consist of Class A common shares and Class B common shares. The rights of the holders of Class A common shares and Class B common shares are identical, except with respect to conversion rights and voting rights. Each Class B common share is convertible at the option of the holder into one Class A common share. Each Class B common shares is entitled to ten votes per share, whereas each Class A common share is entitled to one vote per share.

26833A105

Not applicable

For all reporting persons, see Row (5) through (11).

Mr. Li and Ms. Peggy Yu Yu are husband and wife. Ms. Yu beneficially owned 16,175,840 common shares of the issuer as of December 31, 2011, including 3,135,840 Class A common shares and 13,000,000 Class B common shares held by Ms. Yu and 40,000 Class B common shares held by an individual shareholder who authorizes Ms. Yu to vote these shares on his behalf under a power of attorney.

Not applicable

Not applicable

Not applicable

Not applicable

Not applicable

Not applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. In addition, by signing below, the undersigned agrees that this Schedule 13G may be filed jointly on behalf of each of the Reporting Persons.

Dated: January 30, 2012

LIST OF EXHIBITS

Exhibit A

EXHIBIT A

Joint Filing Agreement

In accordance with Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing with all other Reporting Persons (as such term is defined in the Schedule 13G referred to below) on behalf of each of them of a statement on Schedule 13G (including amendments thereto) with respect to the shares of E-Commerce China Dangdang Inc., a Cayman Islands company, and that this Agreement may be included as an Exhibit to such joint filing. This Agreement may be executed in any number of counterparts all of which, taken together, shall constitute one and the same instrument.

Dated: January 30, 2012