Company: DDC
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043916
Chunk: 176

Company: DDC Enterprise Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 12
Chunk 176
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Item 12. Description of Securities Other than Equity Securities

12. A. Debt Securities

Not applicable.

12. B. Warrants and Rights

The warrants and option to
purchase redeemable convertible preferred shares at a future date were determined to be freestanding instruments that were accounted for
as liabilities. At initial recognition, we recorded the warrant liabilities and option liability on the consolidated balance sheets at
their estimated fair value. The warrant liabilities and option liability are subject to remeasurement at each reporting period and we
adjusted the carrying value of the warrant liabilities and option liability to fair value at the end of each reporting period utilizing
the binominal option pricing model, with changes in estimated fair value included in the “changes in fair value of financial instruments”
on the consolidated statement of comprehensive loss. As of December 31, 2023 and 2024, RMB87,279 and nil, respectively, were recorded
as warrant liabilities.

12. C. Other Securities

Not applicable.

12. D. American Depositary Shares

Not applicable.

PART II