Company: DDC
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043916
Chunk: 204

Company: DDC Enterprise Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 204
---
 its nominee shareholders shall
accept the services provided by the WFOE, cannot receive services from other third parties directly or indirectly, and shall not enter
into any transaction that may cause conflict with the agreement or negatively affect the interests under the agreement.

2) Exclusive Option Agreement

The WFOE has irrevocable and exclusive right to
purchase the equity interests and assets in City Modern held by these nominee shareholders of City Modern, once or at multiple times at
any time in part or in whole, at the WFOE’s sole discretion. Except for the WFOE and its designee(s), no other person shall be entitled
to such option or other rights to purchase the equity interests or assets in City Modern held by these nominee shareholders of City Modern.

The purchase price of equity interests shall be
the lower of the capital contribution by the nominee shareholders in City Modern and the minimum price permitted by the local applicable
laws. Pursuant to the contractual arrangement, City Modern and its nominee shareholders shall not terminate the exclusive purchase agreement
unilaterally in any event unless otherwise required by applicable laws.

3) Proxy Agreement

The WFOE has sole and exclusive power of proxy
to act on behalf of these nominee shareholders of City Modern with respect to all rights and matters concerning all equity interests held
by such nominee shareholders including exercising all of the nominee shareholders’ rights and voting rights; deciding the sale,
transfer, pledge or disposition of the shares of City Modern; representing the nominee shareholders to execute any resolutions and minutes
as nominee shareholders (and director) of City Modern; approving the amendments to the articles of association without written consent
of such nominee shareholders; approving any change of the share capital of City Modern; and appointing directors to City Modern at the
discretion of the WFOE.

The nominee shareholders of City Modern waive
all rights with respect to the equity interests in City Modern held by him/her and shall not exercise such rights by himself/herself.

F-20

1. DESCRIPTION OF BUSINESS AND ORGANISATION(cont.)

4) Equity Pledge Agreement

City Modern’s nominee shareholders agree
to pledge all the equity interests to the WFOE as security for performance of the contract obligations under these contractual arrangements.
City Modern and its nominee shareholders shall apply all necessary registration and/or filings relating to the equity pledges required
by the applicable laws within 15 working days after the execution of these contractual arrangements.

During the term of this equity pledge agreement,
City Modern and its nominee shareholders shall deliver the share