Company: DDC
Filing Date: 2025-01-28
Form Type: 20-F
Source: 0001213900-25-007160
Chunk: 281

Company: DDC Enterprise Ltd
Filing Date: 2025-01-28
Form: 20-F
Item: Item 19
Chunk 281
---
 (ii) there is a material breach of the Series A,
A-1, B and B-1 purchase agreements or any other related agreements (as defined in the Series A, A-1, B and B-1 purchase agreements)
by any company or shareholder other than the redeemable convertible preferred shareholders, (iii) holder of any equity securities
of the Company has requested a redemption of their shares, with the prior written consent of the holders holding at least a majority of
the same series of the outstanding redeemable convertible preferred shares.

Series B-2, C and C-1 Redeemable Convertible
Preferred Shares shall be redeemable at the option of holders, at any time after the earliest of (i) January 1, 2022; (ii) there
is a material breach of the Series B-2, C and C-1 purchase agreements or any other related agreements (as defined in the Series B-2,
C and C-1 purchase agreements) by any company or shareholder other than the redeemable convertible preferred shareholders, (iii) holder
of any equity securities of the Company has requested a redemption of their shares, with the prior written consent of the holders holding
at least a majority of the same series of the outstanding redeemable convertible preferred shares.

In October 2021, all investors of Company’s
Redeemable Convertible Preferred Shares signed confirmation letters with the Company that they will not exercise their redemption rights
at any time on or before January 1, 2023. In May 2022, all but one investors of the Company’s Redeemable Convertible Preferred Shares
signed further confirmation letters that they will not exercise their redemption rights at any time on or before January 1, 2024. In June
2023, all but six investors of the Company’s Redeemable Convertible Preferred Shares signed further confirmation letters that they
will not exercise their redemption rights at any time on or before January 1, 2025.

The redemption price equals to100% of the Series A,
A-1, B and B-1 Redeemable Convertible Preferred Shares issue price with an12% compound interest per annum, plus any declared but unpaid
dividends on such Redeemable Convertible Preferred Shares. The redemption price equals to100% of the Series B-2, C and C-1 Redeemable
Convertible Preferred Shares subscription price with an8% compound interest per annum, plus any declared but unpaid dividends on such