Company: DDC
Filing Date: 2025-01-28
Form Type: 20-F
Source: 0001213900-25-007160
Chunk: 276

Company: DDC Enterprise Ltd
Filing Date: 2025-01-28
Form: 20-F
Item: Item 19
Chunk 276
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        1,120,094  
  Accounts receivable                                                     635,396  
  Prepayments and other current assets                                  3,197,779  
  Intangible asset – Customer relationship                              2,400,000  
  Short-term borrowings                                               ( 4,273,000  
  Contract liabilities                                                ( 2,640,046  
  Accrued expenses and other current liabilities                        ( 161,263  
  Deferred tax liabilities                                              ( 572,955  
  Total identifiable assets acquired and liabilities assumed            ( 293,995  
  Add: Fair value of equity held by non-controlling interest*           1,309,393  
  Goodwill                                                              3,496,218  

  The                                                                                                                                       

The following unaudited pro forma financial information
presents the total revenue and net loss of the Company in the aggregate assuming all the above acquisitions occurred as of January 1,
2021, 2022 and 2023, respectively.

                2021                         2022                         2023                     
                RMB                          RMB                          RMB                      
 ───────────────────────────────────────────────────────────────────────────────────────────────────
  Revenue                   363,164,591                  231,912,739                  222,220,917  
  Net loss                ( 455,380,704                ( 121,922,472                ( 161,289,907  

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-75

17. REDEEMABLE CONVERTIBLE PREFERRED SHARES

In April 2016, the Company issued724,939Series
A redeemable convertible preferred shares to an investor at US$7.20per share for a total cash consideration of US$5.2million (equivalent
to RMB33.9million).

In October 2016, the Company issued276,940Series
A-1 redeemable convertible preferred shares to an investor at US$16.80per share for a total cash consideration of US$4.7million (equivalent
to RMB31.5million).

In July 2017, the Company issued227,751Series
B redeemable convertible preferred