Company: DDC
Filing Date: 2025-01-28
Form Type: 20-F
Source: 0001213900-25-007160
Chunk: 280

Company: DDC Enterprise Ltd
Filing Date: 2025-01-28
Form: 20-F
Item: Item 19
Chunk 280
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arrants were exercised into the Series C-1 redeemable convertible preferred shares.

In August 2021, the Company issued to Black River364,592Series C-1 redeemable convertible preferred shares and388,695PFI Warrant in exchange for5,072,000ordinary shares of PFI Foods,
held by Black River (note 8). All388,695PFI Warrant were exercised in August 2021 and the corresponding Series C-1 redeemable convertible
preferred shares were issued to Black River.

In November 2023, all of the Series A, Series
A-1, Series B, Series B-1, Series B-2, Series C and Series C-1 (collectively the “ Redeemable Convertible Preferred Shares”
were converted into4,507,844Class A ordinary shares upon the completion of IPO.

F-77

17. REDEEMABLE CONVERTIBLE PREFERRED SHARES(cont.)

The key terms of Redeemable Convertible Preferred
Shares are summarized below:

Redemption Rights

Prior to the issuance of Series B-2 Redeemable
Convertible Preferred Shares in September 2018, Series A, A-1, B and B-1 Redeemable Convertible Preferred Shares shall be redeemable
at the option of holders, at any time after the earliest of (i) the fifth (5th) anniversary of the respective issue dates
of Series A, A-1, B and B-1 Redeemable Convertible Preferred Shares, (ii) there is a material breach of the Series A, A-1,
B and B-1 purchase agreements or any other related agreements (as defined in the Series A, A-1, B and B-1 purchase agreements) by
any company or shareholder other than the redeemable convertible preferred shareholders, (iii) holder of any equity securities of
the Company has requested a redemption of their shares, with the prior written consent of the holders holding at least a majority of the
same series of the outstanding redeemable convertible preferred shares.

Upon the issuance of Series B-2 Redeemable
Convertible Preferred Shares in September 2018, the redemption terms of Series A, A-1, B and B-1 Redeemable Convertible Preferred
Shares were modified to be the same as Series B-2 Redeemable Convertible Preferred Shares, in which they were redeemable at the option
of holders at any time after the earliest of (i) January 1, 2022,