Company: DDC
Filing Date: 2025-07-22
Form Type: F-3
Source: 0001213900-25-066338
Chunk: 163

Company: DDC Enterprise Ltd
Filing Date: 2025-07-22
Form: F-3
Chunk 163
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 by such
shareholders.

Variation of Rights of Shares. Whenever the capital of our company is divided into different classes or series, the rights attached to any such class
or series may, subject to any rights or restrictions for the time being attached to any class or series, only be materially adversely
varied or abrogated with the consent in writing of the holders of not less than two thirds of the issued shares of that class, or with
the approval of a resolution passed by a majority of not less than two thirds of the votes cast at a separate meeting of the holders of
the Shares of that class. The rights conferred upon the holders of the shares of any class issued will not, unless otherwise expressly
provided by the terms of issue of the shares of that class, be deemed to be varied or abrogated by the creation, allotment, or issue of
further shares ranking pari passu with or subsequent to such existing class of shares, or the redemption or purchase of any shares of
any class by our company. The rights of the holders of shares shall not be deemed to be varied or abrogated by the creation or issue of
shares with preferred or other rights including, without limitation, the creation of shares with enhanced or weighted voting rights.

<div align='center'>87</div>

Winding Up; Liquidation.Subject
to any special rights, privileges or restrictions as to the distribution of available surplus assets on liquidation applicable to any
class or classes of shares (1) if we are wound up and the assets available for distribution among our shareholders are more than sufficient
to repay the whole of the capital paid up at the commencement of the winding up, the excess shall be distributed pari passu among our
shareholders in proportion to the amount paid up at the commencement of the winding up on the shares held by them, respectively, and (2)
if we are wound up and the assets available for distribution among our shareholders as such are insufficient to repay the whole of the
paid-up capital, those assets shall be distributed so that, as nearly as may be, the losses shall be borne by our shareholders in
proportion to the capital paid up, or which ought to have been paid up, at the commencement of the winding up on the shares held by them,
respectively.

Transfer of Class A Ordinary Shares. Subject to the restrictions set out below, any of our shareholders may transfer all or any of his or her Class A Ordinary
Shares by an instrument of transfer in the usual or