Company: DDC
Filing Date: 2025-01-28
Form Type: 20-F
Source: 0001213900-25-007160
Chunk: 313

Company: DDC Enterprise Ltd
Filing Date: 2025-01-28
Form: 20-F
Item: Item 19
Chunk 313
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                     551,641  
  Extinguishment upon purchase consideration settlement                        -                  -                 -                 -                ( 18,492,454      -                ( 18,492,454  
  Foreign exchange translation                                                 ( 681,692          ( 1,435,192       ( 613,461         -                -                 -                 ( 2,730,345  
  Balance as of December 31, 2022                                              ( 5,747,884        ( 12,762,104      ( 18,846,932      -                -                 ( 1,398,431      ( 38,755,351  
  Additions                                                                    -                  -                 ( 29,690,163      -                -                 -                ( 29,690,163  
  Fair value change                                                            5,727,015          12,572,815        ( 1,235,513       -                -                 36,943             17,101,260  
  Extinguishment upon settlement                                               -                  -                 35,593,895        -                -                 1,361,488          36,955,383  
  Foreign exchange translation                                                 ( 66,410           189,289           ( 158,131         -                -                 -                    ( 35,252  
  Balance as of December 31, 2023                                              ( 87,279           -                 ( 14,336,844      -                -                 -                ( 14,424,123  

  The Option liability was expired in February 2023, the Class  
  A OS Warrant was expired in September 2023.                   
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F-99

22. FAIR VALUE MEASUREMENT(cont.)

Recurring

The Company measured the fair value of its warrant
liabilities and option liability on a recurring basis using significant unobservable (Level 3) inputs as of December 31, 2022 and 2023.

The Company estimated the fair values of warrant
liabilities using the binomial option-pricing model with the assistance of an independent third-party valuation firm using the corresponding
inputs:

                                                                     March 2019                   Class A OS                 March 2019                            
                                                                     B-2                          Warrant                    B-2                                   
                                                                     Warrant                                                 Warrant                               
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