Company: DDC
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043916
Chunk: 269

Company: DDC Enterprise Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 269
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 respectively.

As the Class A OS Warrant has not been exercised
by 25 September 2023, the Class A OS Warrant expired on 25 September 2023.

November 2020 Shareholder Loan

In November 2020, the Company borrowed US$ denominated
loans of US$0.7million from one of the shareholders. The loans bear interest of8% per annum. Upon the closing of the Series C-1 round
of the Company, the lenders may at any time elect to request the Company for repayment of the loan and accrued interest. No payment was
made before December 31, 2024, it was recorded as current liability at amortized cost and the balance as of December 31, 2023 and 2024
was RMB4,957,890and RMB5,031,880, respectively.

February 2021 Shareholders Loan

In connection with the C-1 financing completed
in February 2021, the Company issued certain shareholders’ loans to related investors. These loans bear a fixed interest rate of8.0% per annum and are repayable within one year. In May 2022, the related investors except one investor, signed loan extension agreements
with the Company that the repayment date shall be extended to January 1, 2024.

In June 2023, the related investors except three
investors signed loan extension agreements with the Company that the repayment date shall be extended to January 1, 2025, The Company
recorded February 2021 Shareholders Loan at amortized cost with the balances of RMB6,891,043in current liabilities, and the balances
of RMB56,928,815in non-current liabilities as of December 31, 2023. The balance as of December 31, 2024 was RMB64,772,782.

F-74

17. CONVERTIBLE LOANS AND SHAREHOLDER LOANS(cont.)

August 2021 Convertible Loan

In August 2021, the Company entered into
a convertible loan agreement with a new lender for a total principal amount of RMB12.0million (US$1.9million) (“the August 2021
Convertible Loan”). The repayment date falls on 12 months from the date of the August 2021 Convertible Loan agreement, provided,
that if a proposed financing has not occurred within 12 months from the date of the August 2021 Convertible Loan, the parties