Company: DDC
Filing Date: 2025-01-28
Form Type: 20-F
Source: 0001213900-25-007160
Chunk: 305

Company: DDC Enterprise Ltd
Filing Date: 2025-01-28
Form: 20-F
Item: Item 19
Chunk 305
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276,663.

In June 2022, two of the share options holders exercised their share
options into361,614Class A ordinary shares (note 21).

As of December 31, 2022, the number of Company’s authorized Class
A ordinary shares were55,248,154with par value of US$0.016per share; and the number of Class A ordinary shares issued and outstanding
was5,638,277.

In October 2023, one of the Company’s registered shareholders
surrendered180,807Class A ordinary shares and were issued the same number of share options at nominal exercise price which are only
exercisable upon the completion of the Company’s qualified IPO (note 21).

In November 2023, in connection with the initial public offering completed,
the Company:

  (1)      Issued 3,900,000 Class A ordinary shares for US$ 33.2 million                                                                                  

  (2)      All of Redeemable Convertible Preferred Shares were converted                                                                          

  (3)      Series seed convertible preferred shareholders converted                                          

  (4)      Holders of 2020 Convertible Loan, August 2021 Convertible                                          
           Loan, 2023 Convertible Loans converted into 1,387,250 Class A ordinary shares in total (note 18).  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────

  (5)      Issued 196,044 Class A ordinary shares in connection with     

As of December 31, 2023, the number of Company’s authorized Class
A ordinary shares were55,248,154with par value of US$0.016per share; and the number of Class A ordinary shares issued and outstanding
was20,028,168.

In May 2019, the Company issued875,000Class
B ordinary shares to the Founder for a total cash consideration of US$1.0. The shareholder of Class B ordinary shares shall be entitled
to ten votes for each share and only held by the Founder, not be entitled to dividends and distributions of the Company, and not be transferable,
convertible or redeemable by the Company. Each Class B ordinary share shall automatically be cancelled by the Company immediately upon
the consummation of a qualified IPO or the occurrence of any liquidation event. In November 2023, the Company has waived the provision
of Memorandum and Articles of Association to allow the