Antelope Enterprise Announces First Quarter Unaudited Revenue of $20.3 Million, a 94% Year-Over-Year Increase

Growth Reflects Unique AEHL Livestreaming Ecommerce Model

CHENGDU, China, June 1, 2023 /PRNewswire/ -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) ("Antelope Enterprise", "AEHL" or the "Company"), which operates KylinCloud, a livestreaming ecommerce business in China with access to 300,000+ hosts and influencers, today announced unaudited revenue of RMB 138.9 million (US$ 20.3 million) for its first quarter ended March 31, 2023. This represents a 93.7% increase from unaudited revenue of RMB 71.7 million (US$ 11.3 million) for the Company's first quarter of fiscal 2022.

Mr. Will Zhang, Chief Executive Officer of Antelope Enterprise, commented, "We are pleased to announce that our livestreaming ecommerce business is performing extremely well as we continue to expand our footprint in many underrepresented regions of China. Our strong top line number serves as verification of our business model and the continued growth of the ecommerce livestreaming sector."

"We look forward to increasing our online visibility as we bridge livestreaming influencers with consumer brands which results in high conversion rates and increased product sales. I am confident that KylinCloud's unique approach will not only redefine the ecommerce landscape but also deliver significant value to our shareholders."

Notes About The Unaudited Financial Results

The financial results presented in this release are preliminary and may change. This preliminary financial information includes calculations or figures that have been prepared internally by management. The Company's independent registered public accounting firm has not audited nor reviewed, and does not express an opinion with respect to, this data. There can be no assurance that the Company's actual results for the periods presented herein will not differ from the preliminary financial results presented herein, and such changes could be material. These preliminary financial results should not be viewed as a substitute for full financial statements prepared in accordance with U.S. GAAP and are not necessarily indicative of the results to be achieved for any future periods. This preliminary financial information could be impacted by the effects of the Company's financial closing procedures, final adjustments, and other developments, including the ongoing audit of the Company's consolidated financial statements.

About Antelope Enterprise Holdings Limited

Antelope Enterprise Holdings Limited holds a 51% ownership position in Hainan Kylin Cloud Services Technology Co., Ltd ("KylinCloud"), which operates a livestreaming ecommerce business in China with access to 300,000+ hosts and influencers. For more information, please visit our website at http://www.aehl-kylin.com/, or follow the Company on Twitter at https://twitter.com/aehl_ltd. To receive the Company's public announcements, please email [email protected] 

Currency Convenience Translation

The Company's revenue information is stated in Renminbi ("RMB"). Translations of amounts from RMB into United States dollars ("US$") in this press release are solely for the convenience of readers and were calculated at the rate of US$1.00 = RMB 6.8420 for revenue for the first quarter of fiscal year 2023, and US$1.00 = RMB 6.3479 for revenue for the first quarter of fiscal 2022. Such translations should not be construed as representations that RMB amounts could have been, or could be, converted, realized or settled into US$ at these rates or any other rate.

Safe Harbor Statement

Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this press release include, without limitation, our ability to compete in the livestreaming ecommerce industry, to maintain and grow our network of high-quality supplies of hosts and influencers and our ability to implement new strategies to grow our business management, information system consulting, and livestreaming ecommerce business. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2022 and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made.

SOURCE Antelope Enterprise Holdings Ltd.

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