Company: DDC
Filing Date: 2025-01-28
Form Type: 20-F
Source: 0001213900-25-007160
Chunk: 255

Company: DDC Enterprise Ltd
Filing Date: 2025-01-28
Form: 20-F
Item: Item 19
Chunk 255
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2022 and 2023, respectively.

Lishang, a subsidiary acquired by the Company on May 1, 2022 (note
16) entered into a one-year credit facility agreement with Bank of China (“ BOC”) in February 2022, which allows the Company
to draw borrowings up to RMB1.0million for general working capital purposes. RMB1.0million was drawn down from this facility in February
2022 and would mature in February, 2023, bore an interest rate of4.18% per annum. RMB1.0million was outstanding as of December 31, 2022.
The borrowing was fully repaid in February 2023.

In April 2022, Lishang entered into four one-year loan agreements
with Industrial and Commercial Bank of China (“ ICBC”), with total principal amount of RMB2,050,000bearing an interest rate
of4.0% per annum. These loans were drawn down in April 2022 and would mature in April 2023. As of December 31, 2022, the outstanding
amount was RMB2,050,000. The borrowing was fully repaid in April 2023.

In July 2022, the Company entered into a five-year credit facility
agreement with Jiangsu Suning Bank, which allows the Company to draw borrowings up to RMB670,000for general working capital purposes,
at an interest rate of18.0% per annum (“ July 2022 credit facility agreement”). RMB670,000was drawn from this facility in
July 2022 and was fully repaid in October 2022. Another RMB600,000was drawn from this facility in October 2022 and would mature in October
2023, and the outstanding principal thereon of this facility shall be repaid by 12 equal monthly instalments. The borrowing was repaid
by the amount of RMB100,000and RMB500,000in 2022 and 2023, respectively. As of December 31, 2022 and December 31, 2023, the short-term
bank borrowings balance was RMB500,000and nil, respectively.

In July 2022, the Company entered into a one-year loan agreement
with China Citic Bank (“ CNCB”) for general working capital purposes, with total principal amount of RMB8,000,000and would
mature in July