Company: DDC
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043916
Chunk: 158

Company: DDC Enterprise Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 10
Chunk 158
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 be deemed to be varied or abrogated by the creation, allotment, or issue of
further shares ranking pari passu with or subsequent to such existing class of shares, or the redemption or purchase of any shares of
any class by our company. The rights of the holders of shares shall not be deemed to be varied or abrogated by the creation or issue of
shares with preferred or other rights including, without limitation, the creation of shares with enhanced or weighted voting rights.

Winding Up; Liquidation. Subject
to any special rights, privileges or restrictions as to the distribution of available surplus assets on liquidation applicable to any
class or classes of shares (1) if we are wound up and the assets available for distribution among our shareholders are more than sufficient
to repay the whole of the capital paid up at the commencement of the winding up, the excess shall be distributed pari passu among our
shareholders in proportion to the amount paid up at the commencement of the winding up on the shares held by them, respectively, and (2)
if we are wound up and the assets available for distribution among our shareholders as such are insufficient to repay the whole of the
paid-up capital, those assets shall be distributed so that, as nearly as may be, the losses shall be borne by our shareholders in
proportion to the capital paid up, or which ought to have been paid up, at the commencement of the winding up on the shares held by them,
respectively.

Transfer of Class A Ordinary
Shares. Subject to the restrictions set out below, any of our shareholders may transfer all or any of his or her Class A Ordinary
Shares by an instrument of transfer in the usual or common form or any other form approved by our board of directors. The Class B Ordinary
Shares are not transferable.

Our board of directors may,
in its absolute discretion, decline to register any transfer of any ordinary share which is not fully paid up or on which we have a lien.
Our board of directors may also decline to register any transfer of any ordinary share unless:

  the instrument of transfer is lodged with us, accompanied by the certificate for the ordinary shares to which it relates and such other evidence as our board of directors may reasonably require...  
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  the instrument of transfer is in respect of only one class of shares;  

  the instrument of transfer is properly stamped,