Company: DDC
Filing Date: 2025-01-28
Form Type: 20-F
Source: 0001213900-25-007160
Chunk: 307

Company: DDC Enterprise Ltd
Filing Date: 2025-01-28
Form: 20-F
Item: Item 19
Chunk 307
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 to such vote, such holders shall have full voting rights and power equal to the voting rights and powers of the ordinary
shareholders.

Dividend Rights

Each holder of the series seed convertible preferred
shares shall be entitled to receive dividends at5% per annum of the respective subscription price of that series seed convertible preferred
shares.

For the series seed convertible preferred shares
held by such holder, payable out of funds or assets when and as such funds or assets become legally available therefor on parity with
each other, prior and in preference to, and satisfied before, any dividend on the ordinary shares. Such dividends shall be payable only
when, as, and if declared by the unanimous approval of the Board and shall be non-cumulative.

F-94

20. SERIES SEED CONVERTIBLE PREFERRED SHARES(cont.)

Liquidation Preferences

In the event of any liquidation, dissolution or
winding up of the Company, the assets of the Company legally available for distribution to the shareholders shall be distributed in the
following manner and order:

Shareholders of the series seed convertible preferred
shares shall be entitled to receive, prior and in preference to any distribution of any of the assets or funds of the Company to the holders
of ordinary shares, the amount equal to the greater of (i)100% of the subscription price, plus any and all declared but unpaid dividends
on such series seed convertible preferred shares, and (ii) the amount the holders of series seed convertible preferred shares would
have received had the series seed convertible preferred shares been converted into ordinary share immediately prior to the liquidation
event.

The liquidation preference amount will be paid
to the series seed convertible preferred shares after payments to the holders of all series of Redeemable Convertible Preferred Shares.
After distributing or paying in full the liquidation preference amount to all of the preferred shareholders, the remaining assets of the
Company available for distribution, if any, shall be distributed to the holders of ordinary shares and the preferred shareholders on a
pro rata basis, based on the number of ordinary shares then held by each shareholder on an as converted basis. If the value of the remaining
assets of the Company is less than the aggregate liquidation preference amounts payable to the holders of a particular series of preferred
shares, then the remaining assets of the Company shall be distributed pro rata amongst the holders of all outstanding preferred shares
of that series.

All remaining assets and funds of the Company
available for distribution to the shareholders shall be distributed ratably among all the