Company: DDC
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043916
Chunk: 199

Company: DDC Enterprise Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 199
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 of Weishi; approving the amendments to the articles of association without written consent of such nominee
shareholder; approving any change of the share capital of Weishi; appointing directors to Weishi at the discretion of the WFOE.

The nominee shareholder of Weishi waives all rights
with respect to the equity interests in Weishi held by her and shall not exercise such rights by herself.

4) Equity Pledge Agreement

Weishi’s nominee shareholder agrees to pledge
all the equity interests to the Company as security for performance of the contract obligations under these contractual arrangements.
Weishi and its nominee shareholder 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,
Weishi and its nominee shareholder shall deliver the share certificate or the like to the WFOE’s escrow within 3 working days
after the execution of these contractual arrangements. In the event of the occurrence of any change of the share capital or the entrusted
shareholding of Weishi, Weishi and its nominee shareholder shall update the registration and/or filings relating to the equity pledges
required by the applicable laws and deliver the updated share certificate or the like to the Company’s escrow.

In August 2016 and subsequently updated in
March 2017, the equity pledge agreement was registered with relevant government authorities.

5) Loan agreement

A loan agreement was entered into between the
WFOE and the nominee shareholder of Weishi. Under the loan agreement, the WFOE would make an interest-free loan in an amount of RMB10.0million
in total to the nominee shareholder of Weishi exclusively for the purpose of the capitalization of Weishi. The loan shall be repaid in
full if the nominee shareholders of Weishi ceases to be the employee of Weishi, the WFOE or their affiliates; and can only be repaid with
the proceeds derived from the sale of all of the equity interests in Weishi to the WFOE or its designated representatives pursuant to
the Exclusive Purchase Agreement. The term of the loan is twentyyears from the date of the loan agreement and may be extended upon
mutual written consent of the WFOE and the nominee shareholder of Weishi.

F-16

1. DESCRIPTION OF BUSINESS AND ORGANISATION(cont.)

Termination of the VIE agreements with Weishi

On April 1, 2022, the WFO