Company: DDC
Filing Date: 2025-01-28
Form Type: 20-F
Source: 0001213900-25-007160
Chunk: 282

Company: DDC Enterprise Ltd
Filing Date: 2025-01-28
Form: 20-F
Item: Item 19
Chunk 282
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Redeemable Convertible Preferred Shares.

Conversion Rights

Each Redeemable Convertible Preferred Share shall
be convertible, at the option of the holder, at any time after the date of issuance of such Redeemable Convertible Preferred Share according
to an initial conversion ratio of 1:1, subject to adjustments for dilution, including but not limited to share splits, share combination,
share dividends and distribution and adjustment in conversion price for dilutive issuances.

Each Redeemable Convertible Preferred Share shall
automatically be converted into ordinary shares upon the earlier of (i) the consummation of a qualified IPO or (ii) the date, or
the occurrence of an event, specified by vote or written consent or agreement of the requisite majority (voting as separate series, and
on an as-converted basis).

Voting Rights

Each Redeemable Convertible Preferred Shareholder
shall be entitled to one vote for each Ordinary Share into which such Redeemable Convertible Preferred Shares could then be converted,
and with respect to such vote, such preferred shareholder shall have full voting rights and powers equal to the voting rights and powers
of the ordinary shareholders.

F-78

17. REDEEMABLE CONVERTIBLE PREFERRED SHARES(cont.)

Dividend Rights

Each holder of the Redeemable Convertible Preferred
Shares shall be entitled to receive dividends at5% per annum of the respective subscription price. Such dividends shall be payable only
when, as, and if declared by the unanimous approval of the Board and shall be cumulative.

Liquidation Preferences

Upon the occurrence of any liquidation event,
all assets and funds of the Company legally available for distribution to the shareholders shall be distributed in the following manner
and order:

  (1)      Holders                                                 

  (2)      Holders                                               

  (3)      Holders                                                 

  (4)      Holders                                                 

  (5)      Holders                                               

  (6)      Holders                                                 

  (7)      Holders                                               

  (8)      Holders                                                 

  (9)      All                                                                                                                                       

Shareholders of Series C-1, Series C and
Series B-2 Redeemable Convertible Preferred Shares shall be entitled to receive, prior to and in preference to any distribution of
any of the assets or funds of the Company to the holders of any previous Redeemable Convertible Preferred Shares, series seed convertible
preferred shares and ordinary shares, the amount equal to the sum