Company: DDC
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043916
Chunk: 277

Company: DDC Enterprise Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 277
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 22).

November 2023 Shareholder Loan

In November 2023, the Company entered into loan
agreements of US$750,000with two of the shareholders (“the Lender”). The drawdown fee of an amount equal to2% of the loan
drawdown under the facility shall be payable by the Company to the Lender, which shall be payable within upon the repayment date. The
repayment date is the earlier of (1) the date of issue of the repayment Notice, and (2) the date falling not more than 14 days after the
drawdown date. The Company shall repay in full the loan, together with any amounts which may become due or outstanding hereunder on the
repayment date. It was recorded as current liability at amortized cost. The Company obtained and repaid the facility in November 2023.

F-78

17. CONVERTIBLE LOANS AND SHAREHOLDER LOANS(cont.)

August & October 2024 Convertible
Loans

In August and October 2024, the Company entered
into a number of convertible loan agreements with certain individuals (“the Lenders”) for the aggregate principal amount of
RMB10.6million. Interest rates was8% per annum and maturity dates are the second anniversary from the withdrawn date.

Loan conversion shall take place on the date of
the corporate transaction. The conversion price is a price per share that equals to 70 5

The Company elected to record the August &
October 2024 Convertible Loans at fair value.

In December 2024, all Lenders converted their
loans with the principal plus interest of RMB10.8million into7,035,501class A ordinary shares at the conversion price ranging from
US$1.9to US$2.2per share.

December 2024 Convertible Loans

In December 2024, the Company entered into a number
of convertible loan agreements with certain individuals (“the Lenders”) for the aggregate principal amount of RMB8.7million.
Interest rates was8% per annum and maturity dates are the second anniversary from the withdrawn date.

Loan conversion shall take place on the date of
the corporate transaction. The conversion price is a price per share that equals to 70 5

The Company elected to record the December 2024
Convertible Loans at fair value. The balance as of December 31, 2024 was RMB8,651,529.

F-79

17. CONVERTIBLE LO