Company: DDC
Filing Date: 2025-01-28
Form Type: 20-F
Source: 0001213900-25-007160
Chunk: 303

Company: DDC Enterprise Ltd
Filing Date: 2025-01-28
Form: 20-F
Item: Item 19
Chunk 303
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12,616class A ordinary shares at the conversion price of US$3.4per share, the individual converted the loan with the principal plus accrued interest of RMB0.5million into18,029class A ordinary shares
at the conversion price of US$3.97per share. The Company applied the debt extinguishment guidance, recognized the fair value of Class
A ordinary shares and derecognized the carrying value of the August 2023 Convertible Loans (note 23).

November 2023 Shareholder Loan

In November 2023, the Company entered into loan
agreements of US$750,000with two of the shareholders (“the Lender”). The drawdown fee of an amount equal to2% of the loan
drawdown under the facility shall be payable by the Company to the Lender, which shall be payable within upon the repayment date. The
repayment date is the earlier of (1) the date of issue of the repayment Notice, and (2) the date falling not more than 14 days after the
drawdown date. The Company shall repay in full the loan, together with any amounts which may become due or outstanding hereunder on the
repayment date. It was recorded as current liability at amortized cost. The Company obtained and repaid the facility in November 2023.

F-91

18. CONVERTIBLE LOANS AND SHAREHOLDER LOANS(cont.)

As of December 31, 2022 and 2023, the balances
of convertible loans and shareholder loans measured at amortized cost and fair value respectively, were summarized as below:

                                              As of December 31,                                                                                              
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
                                              At amortized cost                                                 At fair value                                 
                                              2022                                    2023                      2022                                          
                                              RMB                                     RMB                       RMB                                           
  Current:                                                                                                                                                    
  January 2019 Shareholder Loan                                       14,062,844                14,301,310                         -               -          
  November 2020 Shareholder Loan                                      4,875,220                 4,957,890                          -               -          
  February 2021 Shareholder Loan                                      584,922                   6,891,043                                                     
  Subtotal                                                            19,522,986                26,150,243                         -               -          
  2020 Convertible Loan (i)