Company: DDC
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043916
Chunk: 265

Company: DDC Enterprise Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 265
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                ( 161,289,907                ( 111,164,391  

The unaudited pro forma financial information
is supplemental information only and is not necessarily indicative of the Company’s consolidated results of operations actually
would have been had the acquisition been completed on January 1. In addition, the unaudited pro forma financial information does not attempt
to project the future consolidated results of operations of the Company after the acquisition.

F-71

17. CONVERTIBLE LOANS AND SHAREHOLDER LOANS

January 2019 Shareholder Loan

In January 2019, the Company entered into a shareholder
loan agreement with an investor for an aggregate principal amount of HK$23.5million (the “ January 2019 Shareholder Loan”).
The loan bears interest of12% per annum and is repayable within 12 months from the issue date. Concurrent with the loan, the Company
granted a warrant (“ B-2 Warrant”) to the investor for a consideration of HK$1.0to subscribe for Series B-2 Redeemable Convertible
Preferred Shares at an exercise price of US$63.20per share. The total subscription price for the warrant shall not exceed one-third of
the loan, plus any accrued but unpaid interest. The B-2 Warrant will expire on the earlier of: (i) the date of the closing of the first
firm commitment, underwritten public offering to the general public of the ordinary shares of the Company where the valuation of the Company
is no less than US$400,000,000; or (ii) 23 January 2022.

In September 2019, the Company agreed with
the lender to extend the loan to be expired by 25 September 2020, and revised interest to6% per annum and concurrently granted an
additional warrant (“ C Warrant”) to the same lender for a consideration of HK$1.0to subscribe for Series C Redeemable Convertible
Preferred Shares at an exercise price of US$57.12per share (“the first modification”). The total subscription price for the
warrant shall not exceed one-third of the loan, plus any accrued but unpaid interest. The C Warrant will expire on the earlier of: (i) the
date of the closing of the first firm commitment, underwritten public offering to the general public of the ordinary shares of the Company
where the valuation of the Company is no less than US$400,000,000; or (ii)