DDC ENTERPRISE LTD
DDC
3
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
DDC issued preliminary unaudited results in March 2026 using non-GAAP "Core Consumer Food Business Adjusted EBITDA" specifically to carve out massive volatility from its Bitcoin treasury strategy. Auditors have issued "going concern" qualification. High-risk Bitcoin treasury has introduced significant financial risk and reporting complexity.
Since its IPO, DDC has exhibited systemic compliance failure. In April 2024, NYSE American notified DDC of failure to meet continued listing standards due to massive stockholders' deficit and consecutive years of net losses. In January 2025, DDC filed its 2023 Form 20-F with a "going concern" qualification.
DDC aggressively markets itself as a "plant-based" and "healthy lifestyle" brand to Gen Z/Millennial consumers. However, its portfolio includes brands like MengWei and Yujia Weng producing traditional meat-based ready-meals. Its 2026 investor communications prioritize "Bitcoin Treasury" performance over food sustainability metrics, creating disconnect between marketing and actual capital allocation.
Research Sources
8 organizations
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.