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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
the transition period from ____________to ____________</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commission
file number <span id="xdx_901_edei--EntityFileNumber_c20230101__20231231_zOBV8IVWIkf7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000026" name="dei:EntityFileNumber">001-34944</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_90E_edei--EntityRegistrantName_c20230101__20231231_zsD91hWxqR9k"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000027" name="dei:EntityRegistrantName">Antelope
Enterprise Holdings Limited</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
name of the Registrant as specified in its charter)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><span id="xdx_908_edei--EntityIncorporationStateCountryCode_c20230101__20231231_zUwDvxBre8Qa"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:edgarprovcountryen" id="Fact000028" name="dei:EntityIncorporationStateCountryCode">British
Virgin Islands</ix:nonNumeric></span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Jurisdiction
of incorporation or organization)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_905_edei--EntityAddressAddressLine1_c20230101__20231231_zuWROOdjkiyf"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000029" name="dei:EntityAddressAddressLine1">Suite
7540</ix:nonNumeric></span>, <span id="xdx_908_edei--EntityAddressAddressLine2_c20230101__20231231_zFyJtpaThH6k"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000030" name="dei:EntityAddressAddressLine2">The Empire State Building</ix:nonNumeric></span>,</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_900_edei--EntityAddressAddressLine3_c20230101__20231231_zTxWxGq3a9H7"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000031" name="dei:EntityAddressAddressLine3">350
Fifth Avenue</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_902_edei--EntityAddressCityOrTown_c20230101__20231231_zLfSyRVZ0Kg6"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000032" name="dei:EntityAddressCityOrTown">New
York</ix:nonNumeric></span>, <span id="xdx_907_edei--EntityAddressStateOrProvince_c20230101__20231231_zFCTzn0tLGx2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:stateprovnameen" id="Fact000033" name="dei:EntityAddressStateOrProvince">New York</ix:nonNumeric></span> <span id="xdx_90E_edei--EntityAddressPostalZipCode_c20230101__20231231_zFh6r8EFPWy"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000034" name="dei:EntityAddressPostalZipCode">10118</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline"><span>Telephone:
<span>+1 (838) 500 8888</span> </span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
of principal executive offices)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_904_edei--ContactPersonnelName_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zDht0RwJ6hNc"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000035" name="dei:ContactPersonnelName">Weilai
(Will) Zhang</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span id="xdx_908_edei--EntityAddressAddressLine1_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zT1eXKAoHOZa"><b><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000036" name="dei:EntityAddressAddressLine1">Suite
7540</ix:nonNumeric></b></span><b>, <span id="xdx_909_edei--EntityAddressAddressLine2_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zIxwiWo7Vx42"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000037" name="dei:EntityAddressAddressLine2">The
Empire State Building,</ix:nonNumeric></span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_908_edei--EntityAddressAddressLine3_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zsUk0hTovcD6"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000038" name="dei:EntityAddressAddressLine3">350 Fifth Avenue</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span id="xdx_905_edei--EntityAddressCityOrTown_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z4Q0ktJmRZ32" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000039" name="dei:EntityAddressCityOrTown">New
York</ix:nonNumeric></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, <span id="xdx_909_edei--EntityAddressStateOrProvince_dxL_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zg1vP28vzAui"><span style="-sec-ix-hidden: xdx2ixbrl0040">New
York</span></span> <span id="xdx_900_edei--EntityAddressPostalZipCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zLndrr2X5MWi"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000041" name="dei:EntityAddressPostalZipCode">10118</ix:nonNumeric></span></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Telephone:
<span id="xdx_900_edei--CityAreaCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zEiiJbYLkIoh"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000042" name="dei:CityAreaCode">+1</ix:nonNumeric></span> <span id="xdx_903_edei--LocalPhoneNumber_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zKOm8jTAaTKh"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000043" name="dei:LocalPhoneNumber">(838) 500 8888</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name,
Telephone, E-mail and/or Facsimile Number and Address of Company Contact Person)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(b) of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title
    of each class</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading
    Symbol(s)</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 44%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of each exchange on which registered</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_907_edei--Security12bTitle_c20230101__20231231_zlR6O2Zk9Z45"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000044" name="dei:Security12bTitle">Class
    A Ordinary Shares</ix:nonNumeric></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_909_edei--TradingSymbol_c20230101__20231231_zM5VHRKVU6nf"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000045" name="dei:TradingSymbol">AEHL</ix:nonNumeric></span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
    <span id="xdx_906_edei--SecurityExchangeName_c20230101__20231231_zzbUw7Iw72O6"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:exchnameen" id="Fact000046" name="dei:SecurityExchangeName">Nasdaq</ix:nonNumeric></span> Stock Market</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(g) of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Title
of Class)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>None.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Title
of Class)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered
by the annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
aggregate of <span id="xdx_906_edei--EntityCommonStockSharesOutstanding_iI_c20231231_zsOIshO4FqBj"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact000047" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,077,981</ix:nonFraction></span> Class A ordinary shares, no par value each, and 205,497 Class B ordinary shares, no par value each, were issued
and outstanding as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
&#9744; <span id="xdx_90A_edei--EntityWellKnownSeasonedIssuer_c20230101__20231231_z0LpnkQjsnB5"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000048" name="dei:EntityWellKnownSeasonedIssuer">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
&#9744; <span id="xdx_90B_edei--EntityVoluntaryFilers_c20230101__20231231_zkZP20aKy4Sb"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000049" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span> &#9746;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_edei--EntityCurrentReportingStatus_c20230101__20231231_zdvAsCy5EGU2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000050" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span>
&#9746; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was required to submit and post such files).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_edei--EntityInteractiveDataCurrent_c20230101__20231231_zPSCUY7Iw6O2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000051" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span>
&#9746; No &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. See definition of
&#8220;accelerated filer and large accelerated filer&#8221; in Rule 12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 35%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744; Large
    Accelerated filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744; Accelerated
    filer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 35%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746; <span id="xdx_90F_edei--EntityFilerCategory_c20230101__20231231_z5ivTuOaoor5"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:entityfilercategoryen" id="Fact000052" name="dei:EntityFilerCategory">Non-accelerated
    filer</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company
<span id="xdx_906_edei--EntityEmergingGrowthCompany_c20230101__20231231_zRfPimI8yZo4">    <ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000053" name="dei:EntityEmergingGrowthCompany">&#9744;</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. <span id="xdx_90D_edei--DocumentFinStmtErrorCorrectionFlag_c20230101__20231231_zu16PV0d8sa6"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000054" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Indicate by check mark whether any of those error corrections are
restatements that required a recovery analysis of incentive-based compensation received by any of the registrant&#8217;s executive officers
during the relevant recovery period pursuant to &#167;240.10D-1(b). &#9744;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744; US
    GAAP</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 77%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746; <span id="xdx_905_edei--DocumentAccountingStandard_c20230101__20231231_zKNz8kqgtMd6"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000055" name="dei:DocumentAccountingStandard">International Financial Reporting Standards</ix:nonNumeric></span> as issued by the International Accounting Standards Board</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744; Other</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
&#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Item 17 &#9744; Item 18</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes
&#9744; No <span id="xdx_905_edei--EntityShellCompany_dbF_c20230101__20231231_zSRT6kWvuTT9"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000056" name="dei:EntityShellCompany">&#9746;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_001">PART I</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_002">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_003">OFFER STATISTICS AND EXPECTED TIMETABLE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_004">KEY INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_005">INFORMATION ON THE COMPANY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_006">ITEM 4A. UNRESOLVED STAFF COMMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_007">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">41</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 6.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_001">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 7.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_002">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">72</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 8.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ja_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINANCIAL INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 9.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ja_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE OFFER AND LISTING</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">74</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 10.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ja_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ADDITIONAL INFORMATION</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">74</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 11.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ja_006"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">85</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 12.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ja_007"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">85</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ja_008"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PART II</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">86</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 13.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ja_009"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">86</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 14.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ja_010"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 15.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#ja_011"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTROLS AND PROCEDURES</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">86</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_012">RESERVED</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_013">ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_014">ITEM 16B. CODE OF ETHICS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_015">ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_016">ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES.</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_017">ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">87</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_018">ITEM 16F. CHANGES IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_019">ITEM 16G. CORPORATE GOVERNANCE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_020">ITEM 16H. MINE SAFETY DISCLOSURE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_021">ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">88</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#v_001">ITEM 16J. INSIDER TRADING POLICIES</a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">89</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><a href="#v_002">ITEM 16K. CYBERSECURITY</a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">89</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_022">PART III</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 17.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_023">FINANCIAL STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 18.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_024">FINANCIAL STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 19.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#ja_025">EXHIBITS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CERTAIN
INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
this Annual Report on Form 20-F (the &#8220;Annual Report&#8221;), unless otherwise indicated, &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221;
and &#8220;Antelope Enterprises&#8221; refers to Antelope Enterprise Holdings Limited (formerly China Ceramics Co., Ltd.), a British
Virgin Islands company, and its subsidiaries, including Antelope Enterprise Holdings USA(&#8220;Antelope USA&#8221;), a Delaware incorporated
company and wholly owned subsidiary of Antelope Enterprises, which in turn wholly owns AEHL US LLC (&#8220;AEHL US&#8221;, formerly known
as Million Stars US Inc.), a California limited liability company, Success Winner Limited (&#8220;Success Winner&#8221;), a British Virgin
Islands company and wholly owned subsidiary of Antelope Enterprises, Vast Elite Limited (&#8220;Vast Elite&#8221;), a Hong Kong company
and wholly owned subsidiary of Success Winner and the entity that wholly owns Chengdu Future Talented Management and Consulting Co.,
Ltd, (&#8220;Chengdu Future&#8221;) a PRC operating company, Antelope Enterprise (HK) Holdings Limited (&#8220;Antelope HK&#8221;), a
Hong Kong company and wholly owned subsidiary of Success Winner and the entity that wholly owns Antelope Holdings (Chengdu) Co., Ltd
(&#8220;Antelope Chengdu&#8221;), a PRC operating company, and the entity that wholly owns Antelope Future (Yangpu) Investment Co., Ltd
(&#8220;Antelope Yangpu&#8221;), a PRC operating company that in turn wholly owns Antelope Ruicheng Investment (Hainan) Co., Ltd (&#8220;Antelope
Ruicheng&#8221;) that in turn owns 51% of Hainan Kylin Cloud Services Technology Co., Ltd (&#8220;Hainan Kylin&#8221;), and the entity
that wholly owns Hainan Antelope Holdings Co., Ltd (&#8220;Hainan Antelope&#8221;), a PRC operating company that in turn wholly owns
Antelope Investment (Hainan) Co., Ltd (&#8220;Antelope Investment&#8221;), Hainan Kylin Cloud Services Technology Co., Ltd (&#8220;Hainan
Kylin&#8221;) that in turrn owns 100% of Hangzhou Kylin Cloud Services Technology Co., Ltd (&#8220;Hangzhou Kylin&#8221;), Anhui Kylin
Cloud Services Technology Co., Ltd (&#8220;Anhui Kylin&#8221;), WenzhouKylin Cloud Services Technology Co., Ltd. (&#8220;Wenzhou Kylin&#8221;),
Hubei Kylin Cloud Services Technology Co., Ltd. (&#8220;Hubei Kylin&#8221;), and Jiangxi Kylin Cloud Services Technology Co., Ltd. (&#8220;Jiangxi
Kylin&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 20, 2009, China Holdings Acquisition Corp. (&#8220;CHAC&#8221;), our predecessor, merged with and into Antelope Enterprise Holdings
Limited, its wholly owned British Virgin Islands subsidiary, resulting in the redomestication of CHAC to the British Virgin Islands as
&#8220;Antelope Enterprise Holdings Limited&#8221;. Immediately following the merger and redomestication (the &#8220;Redomestication&#8221;),
and as part of the same integrated transaction, Antelope Enterprises acquired all of the outstanding securities of Success Winner (the
&#8220;Business Combination&#8221;). Unless the context indicates otherwise, the &#8220;Company&#8221; refers to CHAC prior to the Business
Combination and Antelope Enterprises following the Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
the context indicates otherwise, all references to &#8220;China&#8221; or &#8220;PRC&#8221; refer to the People&#8217;s Republic of China.
All references to &#8220;provincial-level regions&#8221; or &#8220;regions&#8221; include provinces as well as autonomous regions and
directly controlled municipalities in China, which have an administrative status equal to provinces, including Beijing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
references to &#8220;Renminbi,&#8221; &#8220;RMB&#8221; or &#8220;yuan&#8221; are to the legal currency of the People&#8217;s Republic
of China, and all references to &#8220;U.S. dollars,&#8221; &#8220;dollars,&#8221; &#8220;$&#8221; are to the legal currency of the United
States. This Report contains translations of Renminbi amounts into U.S. dollars at specified rates solely for the convenience of the
reader. We make no representation that the Renminbi or U.S. dollar amounts referred to in this Report could have been or could be converted
into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all. Changes in the exchange rate will affect the amount
of our obligations and the value of our assets in terms of U.S. dollars which may result in an increase or decrease in the amount of
our obligations (expressed in dollars) and the value of our assets, including accounts receivable (expressed in dollars).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FORWARD-LOOKING
STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Report contains &#8220;forward-looking statements&#8221; that represent our beliefs, projections and predictions about future events.
All statements other than statements of historical fact are &#8220;forward-looking statements&#8221; including any projections of earnings,
revenue or other financial items, any statements of the plans, strategies and objectives of management for future operations, any statements
concerning proposed new projects or other developments, any statements regarding future economic conditions or performance, any statements
of management&#8217;s beliefs, goals, strategies, intentions and objectives, and any statements of assumptions underlying any of the
foregoing. Words such as &#8220;may&#8221;, &#8220;will&#8221;, &#8220;should&#8221;, &#8220;could&#8221;, &#8220;would&#8221;, &#8220;predicts&#8221;,
&#8220;potential&#8221;, &#8220;continue&#8221;, &#8220;expects&#8221;, &#8220;anticipates&#8221;, &#8220;future&#8221;, &#8220;intends&#8221;,
&#8220;plans&#8221;, &#8220;believes&#8221;, &#8220;estimates&#8221; and similar expressions, as well as statements in the future tense,
identify forward-looking statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
statements are necessarily subjective and involve known and unknown risks, uncertainties and other important factors that could cause
our actual results, performance or achievements, or industry results, to differ materially from any future results, performance or achievements
described in or implied by such statements. Actual results may differ materially from expected results described in our forward-looking
statements, including with respect to correct measurement and identification of factors affecting our business or the extent of their
likely impact, the accuracy and completeness of the publicly available information with respect to the factors upon which our business
strategy is based on the success of our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward-looking
statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of whether,
or the times by which, our performance or results may be achieved. Forward-looking statements are based on information available at the
time those statements are made and management&#8217;s belief as of that time with respect to future events, and are subject to risks
and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking
statements. Important factors that could cause such differences include, but are not limited to, those factors discussed under the headings
&#8220;Risk Factors&#8221;, &#8220;Operating and Financial Review and Prospects,&#8221; &#8220;Information on the Company&#8221; and
elsewhere in this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Annual Report should be read in conjunction with our audited financial statements and the accompanying notes thereto, which are included
in Item 18 of this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_001"></span>PART
I</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_002"></span>ITEM 1.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_003"></span>ITEM 2.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OFFER STATISTICS AND EXPECTED TIMETABLE</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_004"></span>ITEM 3.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KEY INFORMATION</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Corporate Structure </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an offshore holding company incorporated in the British Virgin Islands. As a holding company with no material operations, our operations
were conducted by our subsidiaries in China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following diagram illustrates our corporate structure as of the date of this annual report:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span><img src="chart_004.jpg" alt="" style="height: 531px; width: 670px"/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to certain legal and operational risks associated with our operation in China. PRC laws and regulations governing our current
business operations are sometimes vague and uncertain, and therefore, these risks may result in a material change in our subsidiaries&#8217;
operations, significant depreciation of the value of our Class A ordinary shares, or a complete hindrance of our ability to offer our
securities to investors in the future. Recently, the PRC government initiated a series of regulatory actions and statements to regulate
business operations in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing
supervision over China-based companies listed overseas using variable interest entity structure, adopting new measures to extend the
scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the PRC Cybersecurity Law, which was promulgated by the Standing Committee of the National People&#8217;s Congress on November 7,
2016 and took effect on June 1, 2017, personal information and important data collected and generated by a critical information infrastructure
operator in the course of its operations in China must be stored in China, and if a critical information infrastructure operator purchases
internet products and services that affects or may affect national security, it should be subject to cybersecurity review by the Cyberspace
Administration of China (&#8220;CAC&#8221;). Due to the lack of further interpretations, the exact scope of &#8220;critical information
infrastructure operator&#8221; remains unclear. On December 28, 2021, the CAC and other relevant PRC governmental authorities jointly
promulgated the Cybersecurity Review Measures (the &#8220;CAC Revised Measures&#8221;) to replace the original Cybersecurity Review Measures.
The CAC Revised Measures took effect on February 15, 2022. Pursuant to the CAC Revised Measures, if critical information infrastructure
operators purchase network products and services, or network platform operators conduct data processing activities that affect or may
affect national security, they will be subject to cybersecurity review. On November 14, 2021, CAC published the Administration Measures
for Cyber Data Security (Draft for Public Comments), or the &#8220;Cyber Data Security Measure (Draft)&#8221;, which requires cyberspace
operators with personal information of more than one million users who want to list abroad to file a cybersecurity review with the Office
of Cybersecurity Review. The cybersecurity review will evaluate, among others, the risk of critical information infrastructure, core
data, important data, or a large amount of personal information being influenced, controlled or maliciously used by foreign governments
and risk of network data security after going public overseas. As advised by our PRC counsel, Sichuan Jindouyun Law Firm, we are not
subject to cybersecurity review with the CAC in accordance with the CAC Revised Measures, because (i) we are not in possession of or
otherwise holding personal information of over one million users and it is also very unlikely that it will reach such threshold in the
near future; (ii) as of the date of this annual report, our data processing activities (including the collection, storage, usage, transmission
and publicity of data) do not damage national security; and (iii) as of the date of this annual report, we have not received any notice
or determination from applicable PRC governmental authorities identifying it as a critical information infrastructure operator. However,
since these statements and regulatory actions are new, it is highly uncertain how soon legislative or administrative regulation making
bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or
promulgated, if any, and the potential impact such modified or new laws and regulations will have on our daily business operation, the
ability to accept foreign investments and list on an U.S. exchange.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 17, 2023, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies,
or the Trial Measures, and five supporting guidelines, which came into effect on March 31, 2023. Pursuant to the Trial Measures, domestic
companies that seek to offer or list securities overseas, both directly and indirectly, shall complete filing procedures with the CSRC
pursuant to the requirements of the Trial Measures within three working days following its submission of initial public offerings or
listing application. If a PRC company fails to complete required filing procedures or conceals any material fact or falsifies any major
content in its filing documents, such PRC company may be subject to administrative penalties, such as order to rectify, warnings, fines,
and its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may also be subject
to administrative penalties, such as warnings and fines. In addition, on February 24, 2023, the CSRC, together with Ministry of Finance
of the PRC, National Administration of State Secrets Protection and National Archives Administration of China, revised the Provisions
on Strengthening Confidentiality and Archives Administration for Overseas Securities Offering and Listing which was issued by the CSRC,
National Administration of State Secrets Protection and National Archives Administration of China in 2009, or the Provisions. The revised
Provisions is issued under the title the Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities
Offering and Listing by Domestic Companies, and came into effect on March 31, 2023 together with the Trial Measures. One of the major
revisions to the revised Provisions is expanding its application to cover indirect overseas offering and listing, as is consistent with
the Trial Measures. The revised Provisions require that, including but not limited to (a) a domestic company that plans to, either directly
or indirectly through its overseas listed entity, publicly disclose or provide to relevant individuals or entities including securities
companies, securities service providers and overseas regulators, any documents and materials that contain state secrets or working secrets
of government agencies, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative
department at the same level; and (b) domestic company that plans to, either directly or indirectly through its overseas listed entity,
publicly disclose or provide to relevant individuals and entities including securities companies, securities service providers and overseas
regulators, any other documents and materials that, if leaked, will be detrimental to national security or public interest, shall strictly
fulfill relevant procedures stipulated by applicable national regulations. As advised by Sichuan Jindouyun Law Firm, our PRC counsel,
we have not received any formal inquiry, notice, warning, sanction, or objection from the CSRC with respect our listing on the Nasdaq
Capital Market. &#160;However, there remains significant uncertainty as to the enactment, interpretation and implementation of regulatory
requirements related to overseas securities offerings and other capital markets activities. Any failure or perceived failure of us to
fully comply with such new regulatory requirements could significantly limit or completely hinder our ability to continue to offer securities
to investors, cause significant disruption to our business operations, and severely damage our reputation, which could materially and
adversely affect our financial condition and results of operations and could cause the value of our securities to significantly decline
or be worthless.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the audit report included in this Form 20-F for the year ended December 31, 2023, was issued by our auditors, ARK PRO CPA &amp; CO (&#8220;ARK&#8221;),
an audit firm headquartered in Hong Kong. ARK is not among those audit firms listed by the PCAOB Hong Kong Determination, a determination
announced by the PCAOB on December 16, 2021, that the it was unable to inspect or investigate completely registered public accounting
firms headquartered in Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one or more
authorities in Hong Kong. Our former auditor Centurion ZD CPA &amp; Co. for the years ended 2022 and 2021, is a registered public accounting
firm that the PCAOB was not able to inspect or investigate completely in 2021 according to the PCAOB&#8217;s December 16, 2021 determinations.
The PCAOB made this determination pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfills its responsibilities
under the Holding Foreign Companies Accountable Act (&#8220;HFCA Act&#8221;). On August 26, 2022, the China Securities Regulatory Commission
(&#8220;CSRC&#8221;), the Ministry of Finance of the PRC (the &#8220;MOF&#8221;), and the PCAOB signed a Statement of Protocol (the &#8220;Protocol&#8221;),
governing inspections and investigations of audit firms based in mainland China and Hong Kong, taking the first step toward opening access
for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong. Pursuant to
the fact sheet with respect to the Protocol disclosed by the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;), the PCAOB
shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer
information to the SEC. On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect
and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations
to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB&#8217;s access in the future, the
PCAOB Board will consider the need to issue a new determination. On December 29, 2022, a legislation entitled &#8220;Consolidated Appropriations
Act, 2023&#8221; (the &#8220;Consolidated Appropriations Act&#8221;), was signed into law by President Biden, which amended the HFCA
Act by reducing the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three
years to two. In the event it is later determined that the PCAOB is unable to inspect or investigate completely our auditor, then such
lack of inspection could cause trading in our securities to be prohibited under the HFCA Act, as amended, and ultimately result in a
determination by the Nasdaq Capital Market to delist our securities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management monitors the cash position of each entity within our organization regularly and prepare budgets on a monthly basis to ensure
each entity has the necessary funds to fulfill its obligation for the foreseeable future and to ensure adequate liquidity. As a holding
company, we may rely on dividends and other distributions on equity paid by our subsidiary in Hong Kong, and the subsidiaries in China,
for our cash and financing requirements. The payment of dividends to Antelope Enterprises by our Chinese subsidiaries is affected by
means of dividends by those entities to their Hong Kong direct parent and a redividend by that Hong Kong entity to Antelope Enterprises.
Such dividends are effected by resolution of the board of directors of each such entity (after provision for applicable tax obligations).
China is a foreign exchange administration country. Capital injections, cross-border trade and services transactions settled in foreign
exchange, overseas financing and profit repatriations are subject to the foreign exchange administration regulations. A Chinese subsidiary
owned by foreign company must apply for registration of foreign exchange with the SAFE after the issuance of a business license and obtain
a foreign exchange registration certificate. When the Chinese subsidiaries apply for repatriating dividends to foreign shareholders,
it must submit the application form to SAFE with the proof that such dividends have been subjected to all applicable tax withholding.
A Chinese subsidiary can only distribute dividends out of its accumulated profits, which means that any accumulated losses must be more
than offset by its profits in other years, including the current year. Please refer to &#8220;Item 4 Information on the Company &#8211;
History and Development of the Company - Cash Transfers Within Our Organization&#8221; for more information.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Permission
or Approval Required from the PRC Authorities for Our PRC Subsidiaries&#8217; Operation </b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
operate the general business activities currently conducted in China, each of our subsidiaries in China is required to obtain a business
license from the State Administration for Market Regulation (&#8220;SAMR&#8221;). All of our PRC subsidiaries have obtained their valid
business licenses from the SAMR, and no application for any such license has been denied.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are aware, however, recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations
in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over
China-based companies listed overseas using variable interest entity structure, adopting new measures to extend the scope of cybersecurity
reviews, and expanding the efforts in anti-monopoly enforcement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 6, 2021, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council
jointly issued the &#8220;Opinions on Severely Cracking Down on Illegal Securities Activities According to Law,&#8221; or the Opinions.
The Opinions emphasized the need to strengthen the administration over illegal securities activities, and the need to strengthen the
supervision over overseas listings by Chinese companies. Effective measures, such as promoting the construction of relevant regulatory
systems will be taken to deal with the risks and incidents of China-concept overseas listed companies, and cybersecurity and data privacy
protection requirements and similar matters. The Opinions and any related implementing rules to be enacted may subject us to compliance
requirement in the future. Given the current regulatory environment in the PRC, we are still subject to the uncertainty of different
interpretation and enforcement of the rules and regulations in the PRC adverse to us, which may take place quickly with little advance
notice.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 28, 2021, the CAC published the CAC Revised Measures, which further restates and expands the applicable scope of the cybersecurity
review. The CAC Revised Measures took effect on February 15, 2022. Pursuant to the CAC Revised Measures, if a network platform operator
holding personal information of over one million users seeks for &#8220;foreign&#8221; listing, it must apply for the cybersecurity review.
In addition, operators of critical information infrastructure purchasing network products and services are also obligated to apply for
the cybersecurity review for such purchasing activities. Although the CAC Revised Measures provides no further explanation on the extent
of &#8220;network platform operator&#8221; and &#8220;foreign&#8221; listing, we do not believe we are obligated to apply for a cybersecurity
review pursuant to the CAC Revised Measures, considering that (i) we are not in possession of or otherwise holding personal information
of over one million users and it is also very unlikely that we will reach such threshold in the near future; (ii) as of the date of this
this annual report, we have not received any notice or determination from applicable PRC governmental authorities identifying it as a
critical information infrastructure operator.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">That
being said, the CAC Revised Measures empowers the cybersecurity review office to initiate cybersecurity review when they believe any
particular data processing activities &#8220;affect or may affect national security&#8221;. In addition, on November 14, 2021, the CAC
promulgated the Regulations on the Administration of Cyber Data Security (Draft for Comments) (the &#8220;Draft CAC Regulations&#8221;),
and according to the Draft CAC Regulations, any data processors shall, in accordance with relevant state provisions, apply for a cybersecurity
review when carrying out, among other things, &#8220;other data processing activities that affect or may affect national security&#8221;.
However, neither the CAC Revised Measures nor the Draft CAC Regulations provides for any further explanation or interpretation over what
constitutes activities that &#8220;affect or may affect national security&#8221;. Therefore, if any competent government authorities
deem that our PRC subsidiaries&#8217; data processing activities may affect national security, we may be subject cybersecurity review,
and in that scenario, failure to pass such cybersecurity review and/or to comply with the data privacy and data security requirements
raised during such cybersecurity review could subject our PRC subsidiaries to penalties, damage its reputation and brand, and harm its
business and results of operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
summary, we and our PRC subsidiaries are not required to obtain permission or approval from the PRC authorities including CSRC or CAC
for our PRC subsidiaries, nor have we or our PRC subsidiaries, received any denial for our PRC subsidiaries&#8217; operation. We are
subject to the risks of uncertainty of any future actions of the PRC government in this regard including the risk that we inadvertently
conclude that the permission or approvals discussed here are not required, that applicable laws, regulations or interpretations change
such that we or any of our PRC subsidiaries are required to obtain approvals in the future, or that the PRC government could disallow
our holding company structure, which would likely result in a material change in our operations, including our ability to continue our
existing holding company structure, carry on our current business, accept foreign investments, and continue to offer securities to our
investors. These adverse actions could cause the value of our Class A ordinary shares to significantly decline or become worthless. We
may also be subject to penalties and sanctions imposed by the PRC regulatory agencies, including the CSRC, if we fail to comply with
such rules and regulations, which would likely adversely affect the ability of our securities to be listed on the U.S. exchange, which
would likely cause the value of our Class A ordinary shares to significantly decline or become worthless.</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>[Reserved]</b></span></td></tr>
  </table>
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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capitalization and Indebtedness</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reasons for the Offer and Use of Proceeds</b></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required.</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk factors</b></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should carefully consider the following risk factors, together with all of the other information included in this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
Factors Relating to Our Business</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have a limited operating history in a highly competitive technology segment.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
started operating our livestreaming ecommerce business through our indirect subsidiary, Hainan Kylin, in September 2021. Therefore, we
have a limited operating history in the livestreaming ecommerce sector, which is competitive and subject to transformation. We may have
limited information into trends that could affect the demand for our services. Our financial results and growth to date may not be indicative
of our future performance. We may not be able to effectively manage our growth and experience operational, financial and human resource
constraints. Our current procedures and controls may not be adequate to support our future operations, and if we are not able to manage
our growth effectively, our business may be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
certain consumer behavior trends do not continue develop as anticipated, our operating results will be adversely affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
future financial performance is dependent on certain consumer and social trends and we may have overestimated factors attributable to
its growth as well as our successful positioning in such markets. We are subject to both business and consumer activities in the livestreaming
ecommerce industry as well as trends in specific demographics which are often difficult to ascertain and which can change quickly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have entered a potentially competitive market segment.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
livestreaming ecommerce industry in which we are participating may attract highly seasoned and better capitalized competitors, which
could inhibit our success. The relatively low entry threshold and the rapid growth of livestreaming ecommerce in China could make this
market become crowded which would decrease our existing and potential market share. We will need to promote and develop brand awareness
as a competitive advantage and there can be no assurance that such branding will be successful or sustainable. We expect to continue
to expend financial resources on the expansion of our livestreaming ecommerce business, and there can be assurance that we will be able
to compete with larger, better capitalized firms. This may also affect our ability to scale our operations and successful execute our
strategic growth plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to rapid technology change and certain of our livestreaming ecommerce business could have significant barriers to entry.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
of our businesses will depend on the growth and evolution of the livestreaming ecommerce and technologies associated with the Internet,
and we cannot be certain how Internet access or trends for our services will evolve over time. Also, the barriers to entry to our livestreaming
ecommerce sector could erode due to strong competitors, low entry costs, competitive pricing, geographical advantages, and other parties&#8217;
affiliations and partnerships.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business depends on our ability to maintain and grow our network of high-quality suppliers of hosts and influencers. If we are unable
to do so, our future growth would be limited and our business, financial condition and results of operations would be harmed.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
success is dependent upon our continued ability to maintain and grow our credentialed network of high-quality suppliers of hosts and
influencers. We <span style="background-color: white">have entered into contracts with different </span>suppliers<span style="background-color: white">,
usually staffing agencies, which have a </span>growing and diverse pool <span style="background-color: white">of hosts and influencers.
</span>In addition, the perceived value of our solutions and our reputation may be negatively impacted if the services provided by the
hosts or influencers from our suppliers are not satisfactory to customers and their members. The failure to maintain or grow our selective
network of suppliers or the failure of those suppliers to meet and exceed our customers&#8217; expectations, may result in a loss of
or inability to grow or maintain our customer base, which could adversely affect our business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
rely on existing technology systems, networks and platforms that are outside of our control.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
livestreaming ecommerce business relies on existing technology systems, networks and platforms that we do not control, and changes to
any of these technology formats could cause us our change our business model and operations. We may not be successful in developing relationships
with industry participants that advance our business efforts or to engage customers to buy or use our services. A large or sudden increase
in the cost of the technologies that we utilize may cause us to risk operational viability. Further, changes in technology can occur
quickly and unpredictably, and our ability to adapt to such changes could be constrained by our limited experience in our new livestreaming
social ecommerce business segment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are dependent on our management team and any loss of our key management personnel without timely and suitable replacements may reduce
our revenues and profits.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is also dependent on our executive officers who are responsible for implementing our business plans and driving growth. Please
refer to &#8220;Directors, Senior Management and Employees&#8221; herein for more information about our directors and officers. The demand
for such experienced personnel is intense and the search for personnel with the relevant skills set can be time consuming. The loss of
our key management personnel without timely and suitable replacements may reduce our revenues and profits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
China&#8217;s inflation increases or the prices of energy or raw materials increase, we may not be able to pass the resulting increased
costs to our customers and this may adversely affect our profitability or cause us to suffer operating losses.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Economic
growth in China has, in the past, been accompanied by periods of high inflation. In the past, the Chinese government has implemented
various policies from time to time to control inflation. For example, the Chinese government has periodically introduced measures in
certain sectors to avoid overheating of the economy, including tighter bank lending policies, increases in bank interest rates, and measures
to curb inflation, which has resulted in a decrease in the rate of inflation. An increase in inflation could cause our costs for energy,
labor costs, raw materials and other operating costs to increase, which would adversely affect our financial condition and results of
operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are dependent on our management team and any loss of our key management personnel without timely and suitable replacements may reduce
our revenues and profits.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is also dependent on our executive officers who are responsible for implementing our business plans and driving growth. Please
refer to &#8220;Directors, Senior Management and Employees&#8221; herein for more information about our directors and officers. The demand
for such experienced personnel is intense and the search for personnel with the relevant skills set can be time consuming. The loss of
our key management personnel without timely and suitable replacements may reduce our revenues and profits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Failure
to compete successfully with our competitors and new entrants to the ceramics industry in the PRC may result in Antelope Enterprises
losing market share.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate in a competitive and fragmented industry of ceramic tile manufacturing. There is no assurance that we will not face competition
from our existing competitors and new entrants. We compete with a variety of companies, some of which have advantages that include: longer
operating history, larger clientele base, superior products, better access to capital, personnel and technology, or are better entrenched.
Our competitors may be able to respond more quickly to new and emerging technologies and changes in customer requirements or succeed
in developing products that are more effective or less costly than our products. Any increase in competition could have a negative impact
on our pricing (thus eroding our profit margins) and reduce our market share. If we are unable to compete effectively with our existing
and future competitors and do not adapt quickly to changing market conditions, we may lose market share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
production facilities may be affected by power shortages which could result in a loss of business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
production facilities consume substantial amounts of electrical power, which is the principal source of energy for our manufacturing
operations. Although we have a back-up generator at both our production facilities, we may experience occasional temporary power shortages
disrupting production due to power rationing activities conducted by the authorities, thunderstorms or other natural events beyond our
control. Accordingly, these production disruptions could result in a loss of business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
research and development efforts may not result in marketable products.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
research and development team develops products which we have identified as having good potential in the market. There is no assurance
that we will not experience delays in future product developments. There is also no assurance that the products which we are currently
developing or may develop in the future will be successful or that we will be able to market these new products to our customers successfully.
If our new products are unable to gain the acceptance of our customers or potential customers, we will not be able to generate future
sales from our investment in research and development.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to ensure the successful implementation of our future plans and strategies, resulting in reduced financial performance.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to expand our market presence and explore opportunities in strategic investments or alliances and acquisitions. These initiatives
involve various risks including, but not limited to, the investment costs in setting up new offices and sales offices and working capital
requirements. There is no assurance that any future plan can be successfully implemented as the successful execution could depend on
several factors, some of which are not within our control. Failure to successfully implement our future plans or to effectively manage
costs may lead to a material adverse change in our operating environment or affect our ability to respond to market or industry changes,
resulting in reduced financial performance. Decelerating economic growth in China has caused challenging market conditions in the real
estate and construction sectors resulting in a contraction in investment and new housing projects by property developers. The challenging
market conditions has resulted in an expected contraction in demand for our products. Due to the reduced demand for our products, we
have, from time to time, recorded an impairment of assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i></i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may inadvertently infringe third-party intellectual property rights, which could negatively impact our business and financial results.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not aware of, nor have we received any claims from third parties for, any violations or infringements of intellectual property rights
of third parties by us as of the date of this Annual Report. &#160;Nevertheless, there can be no assurance that as we develop new product
designs and production methods, we would not inadvertently infringe the intellectual property rights of others or others would not assert
infringement claims against us or claim that we have infringed their intellectual property rights. Claims against us, even if untrue
or baseless, could result in significant costs, legal or otherwise, cause product shipment delays, require us to develop non-infringing
products, enter into licensing agreements or may be a distraction to our management. Licensing agreements, if required, may not be available
on terms acceptable to us or at all. In the event of a successful claim of intellectual property rights infringement against us and our
failure or inability to develop non-infringing products or to license the infringed intellectual property rights in a timely or cost-effective
basis, our business and/or financial results will be negatively impacted.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
face increasing labor costs and other costs of production in the PRC, which could limit our profitability.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Labor
costs in China have been increasing in recent years and our labor costs in the PRC could continue to increase in the future. If labor
costs in the PRC continue to increase, our production costs will likely increase which may in turn affect the selling prices of our products.
We may not be able to pass on these increased costs to consumers by increasing the selling prices of our products in light of competitive
pressure in the markets where we operate. In such circumstances, our profit margin may decrease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
Factors Relating to the Planned Energy Supply Business</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
might not be able to launch the energy supply business as planned or at all, or generate revenue as planned.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
plan is subject to many factors that are beyond of our control such as fluctuation of the natural gas price, business negotiation with
the natural gas provider(s), fluctuation of the crypto price, competition of various electricity suppliers in the region where we plan
to operate etc. As a new player in the energy industry, we might not be able to secure natural gas at the price point as
we desire and manage the business as planned.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
financial performance in this planned business will be affected by commodity price fluctuations in the wholesale and retail power and
natural gas markets and other market factors that are beyond our control.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will use natural gas as the source to generate electricity. Market prices for power, generation capacity, ancillary services, and
natural gas are unpredictable. Depending upon price risk management activity undertaken by us, a decline in market
prices for power, generation capacity, and ancillary services may adversely affect our financial performance. Long- and short-term
power and natural gas prices may also fluctuate substantially due to other factors outside of our control, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
increases and decreases in generation capacity in our markets;</span></p>

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changes in power transmission capacity constraints or inefficiencies;</span></p>

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volatile weather conditions, particularly unusually hot or mild summers or unusually cold or warm winters in our market areas;</span></p>

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an economic downturn which could negatively affect demand for power;</span></p>

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changes in the supply of commodities utilized as fuel sources for power generation, including but not limited to coal, natural gas and
fuel oil;</span></p>

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technological shifts resulting in changes in the demand for power or in patterns of power usage, including the potential development
of demand-side management tools, expansion and technological advancements in power storage capability and the development of new fuels
or new technologies for the production or storage of power;</span></p>

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federal and state power, market and environmental regulation and legislation, including mandating a renewable portfolio standards or
creating financial incentives, each resulting in new renewable energy generation capacity creating oversupply; and</span></p>

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changes in capacity prices and capacity markets.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
factors may cause our operating results of the energy supply business to fluctuate in the future.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Extensive
competition in power generation industry could adversely affect our performance.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
power generation industry is characterized by intense competition, and we will encounter competition from utilities, industrial companies,
marketing and trading companies and other independent power producers. This competition has put pressure on power utilities to lower
their costs, including the cost of purchased power, and increasing competition in the supply of power in the future could increase this
pressure. In addition, construction during the last decade has created excess power supply and higher reserve margins in the power trading
markets, putting downward pressure on prices.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
companies we are going to compete with may have greater liquidity, greater access to credit and other financial resources, lower cost
structures, greater ability to incur losses, longer-standing relationships with customers, greater potential for profitability from ancillary
services or greater flexibility in the timing of their sale of generation capacity and ancillary services than we do.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
there is extensive competition in the retail power markets. Competitors may offer lower prices or other incentives which may attract
customers away from our retail subsidiaries. We may also face competition from a number of other energy service providers, other energy
industry participants, or nationally branded providers of consumer products and services who may develop businesses that will compete
with our retail subsidiaries.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
will rely on power transmission and fuel distribution facilities owned and operated by other companies.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will depend on facilities and assets that we do not own or control for the transmission to our customers of the power produced by our
generators and the distribution of natural gas to our generators. If these transmission and distribution systems are disrupted or capacity
on those systems is inadequate, our ability to sell and deliver power products or obtain fuel may be hindered. Independent system operators
that oversee transmission systems in regional power markets have imposed price limitations and other mechanisms to address volatility
in their power markets. Existing congestion, as well as expansion of transmission systems, could affect our performance, which in turn
could adversely affect our business.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be unable to obtain an adequate supply of fuel in the future.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
aim to obtain substantially all of our physical natural gas supply from third parties pursuant to arrangements that may vary in term,
pricing structure, firmness and delivery flexibility.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to increases in the price of natural gas, and it is possible that sufficient supplies to operate our portfolio profitably
may not continue to be available to us. In addition, we will face risks with regard to the delivery to and the use of natural gas by
our electricity generators including the following:</span></p>

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third-party suppliers may default on natural gas supply obligations, and we may be unable to replace supplies currently under contract;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
market liquidity for physical natural gas and fuel oil or availability of natural gas services (e.g. storage) may be insufficient or
available only at prices that are not acceptable to us;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
natural gas quality variation may adversely affect our electricity generator;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
our natural gas and operations capability may be compromised due to various events such as natural disaster, loss of key personnel or
loss of critical infrastructure;</span></p>

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fuel supplies diverted to residential heating for humanitarian reasons; and</span></p>

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any other reasons.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
electricity generators will be subject to impairments.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we were to experience a significant reduction in our expected revenues and operating cash flows for our energy supply business
for an extended period of time from a prolonged economic downturn or from advances or changes in technologies, we could experience future
impairments of our electricity generators as a result. There can be no assurance that any such losses or impairments to the carrying
value of our financial assets would not have a material adverse effect on our financial condition, results of operations and cash flows.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>State
legislative and regulatory action could adversely affect our competitive position and business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
states have taken or are considering taking anticompetitive actions by subsidizing or otherwise providing economic support to existing,
uneconomic power plants in a manner that could have an adverse effect on the deregulated power markets. If these anticompetitive actions
are ultimately upheld and implemented, they could adversely affect capacity and energy prices in the deregulated electricity markets
or impede our ability to maintain or expand our retail operations which in turn could have a material adverse effect on our business
prospects and financial results.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Existing
and future anticipated environmental regulations could cause us to incur significant costs and adversely affect our operations generally
or in a particular quarter when such costs are incurred.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmental
laws and regulations have generally become more stringent over time, and this trend is likely to continue. We will continue to monitor
and actively participate in initiatives where we anticipate a material effect on our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmental
regulations could also affect the availability and price of natural gas to be used in our generation facilities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
Factors Relating to Our Operations in China</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Violation
of Foreign Corrupt Practices Act or China anti-corruption law could subject us to penalties and other adverse consequences.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the United States Foreign Corrupt Practices Act, which generally prohibits United States public companies from bribing
or making prohibited payments to foreign officials to obtain or retain business. PRC law also strictly prohibits bribery of government
officials. While we take precautions to educate our employees about the Foreign Corrupt Practices Act and Chinese anti-corruption law,
there can be no assurance that we or the employees or agents of our subsidiaries will not engage in such conduct, for which we may be
held responsible. If that were to occur, we could suffer penalties that may have a material adverse effect on our business, financial
condition and results of operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
independent registered public accounting firm&#8217;s audit documentation related to their audit reports included in this annual report
may be located in the People&#8217;s Republic of China. The Public Company Accounting Oversight Board currently cannot inspect audit
documentation located in China and, as such, you may be deprived of the benefits of such inspection.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Auditors
of companies whose shares are registered with the U.S. Securities and Exchange Commission and traded publicly in the United States, including
our independent registered public accounting firm, must be registered with the U.S. PCAOB and are required by the laws of the United
States to undergo regular inspections by the PCAOB to assess their compliance with the laws of the United States and professional standards
applicable to auditors. Our financial statements contained in this annual report on Form 20-F for the year ended December 31, 2023 have
been audited by ARK, an independent registered public accounting firm that is headquartered in Hong Kong. ARK were among those audit
firms listed by the PCAOB Hong Kong Determination, a determination announced by the PCAOB on December 16, 2021, that it was unable to
inspect or investigate completely registered public accounting firms headquartered in Hong Kong, a Special Administrative Region and
dependency of the PRC, because of a position taken by one or more authorities in Hong Kong. T&#160;he PCAOB made this determination pursuant
to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfills its responsibilities under the HFCA Act. On August 26, 2022,
the CSRC, the MOF, and the PCAOB signed the Protocol, governing inspections and investigations of audit firms based in mainland China
and Hong Kong, taking the first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms
headquartered in mainland China and Hong Kong. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB
shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer
information to the SEC. On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect
and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations
to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB&#8217;s access in the future, the
PCAOB Board will consider the need to issue a new determination. On December 29, 2022, the Consolidated Appropriations Act, was signed
into law by President Biden, which amended the HFCA Act by reducing the number of consecutive non-inspection years required for triggering
the prohibitions under the HFCA Act from three years to two. In the event it is later determined that the PCAOB is unable to inspect
or investigate completely our auditor, it would make it more difficult to evaluate the effectiveness of our auditor&#8217;s audit procedures
or quality control procedures as compared to auditors outside of China and Hong Kong that are subject to PCAOB inspections. Investors
may lose confidence in our reported financial information and procedures and the quality of our financial statements. In addition, our
securities may be prohibited from trading under the HFCA Act, as amended, and ultimately result in a determination by the Nasdaq Capital
Market to delist our securities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
shares may be delisted under the HFCA Act as the PCAOB is unable to inspect our auditor with presence in Hong Kong, and the delisting
of our shares, or the threat of their being delisted, may materially and adversely affect the value of your investment.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
HFCA Act was enacted on December 18, 2020. The HFCA Act states if the SEC determines that we have filed audit reports issued by a registered
public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years beginning in 2021, the SEC shall
prohibit our shares from being traded on a national securities exchange or in the over the counter trading market in the United States.
Our financial statements contained in this annual report on Form 20-F for the year ended December 31, 2023 have been audited by ARK,
an independent registered public accounting firm that is headquartered in Hong Kong. ARK were among those audit firms listed by the PCAOB
Hong Kong Determination, a determination announced by the PCAOB on December 16, 2021, that it was unable to inspect or investigate completely
registered public accounting firms headquartered in Hong Kong, a Special Administrative Region and dependency of the PRC, because of
a position taken by one or more authorities in Hong Kong. T&#160;he PCAOB made this determination pursuant to PCAOB Rule 6100, which
provides a framework for how the PCAOB fulfills its responsibilities under the HFCA Act. On August 26, 2022, the CSRC, the MOF, and the
PCAOB signed the Protocol, governing inspections and investigations of audit firms based in mainland China and Hong Kong, taking the
first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland
China and Hong Kong. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion
to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. On December
15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting
firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should
PRC authorities obstruct or otherwise fail to facilitate the PCAOB&#8217;s access in the future, the PCAOB Board will consider the need
to issue a new determination. On December 29, 2022, the Consolidated Appropriations Act, was signed into law by President Biden, which
amended the HFCA Act by reducing the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA
Act from three years to two.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
Company understands that in the event that the PCAOB is unable to inspect or investigate completely the Company&#8217;s independent auditor
for consecutive two years, the SEC could prohibit trading of our Class A ordinary shares on the NASDAQ Capital Market, any other U.S.
securities exchange, and in the over-the-counter market. Such a trading prohibition would substantially impair, if not preclude your
ability to sell or purchase our securities, and the risks and uncertainties associated with a potential trading prohibition could have
a negative impact on the price of our Class A ordinary shares.</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are dependent on political, economic, regulatory and social conditions in the PRC.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately
100%, 100% and 100% of our revenue in each of the years ended December 31, 2023, 2022 and 2021, respectively, was derived from the PRC
market and we anticipate that the PRC market will continue to be the major source of revenue for the foreseeable future. Accordingly,
any significant slowdown in the PRC economy or decline in demand for our products from our customers in the PRC will have an adverse
effect on our business and financial performance. Furthermore, as our operations and production facilities are located in the PRC, any
unfavorable changes in the social and/or political conditions may also adversely affect our business and operations. While the current
policy of the PRC government seems to be one of economic reform to encourage foreign investments and greater economic decentralization,
there is no assurance that such a policy will continue to prevail in the future. There is no assurance that our operations will not be
adversely affected should there be any policy changes.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>In
light of recent events indicating greater oversight by the Cyberspace Administration of China, or CAC, over data security, particularly
for companies seeking to list or listed on a foreign exchange, we are subject to a variety of laws and other obligations regarding cybersecurity
and data protection, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business,
our listing on Nasdaq, financial condition, results of operations, and the offering.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to various risks and costs associated with to the collection, use, sharing, retention, security, and transfer of confidential
and private information, such as personal information and other data. This data is wide ranging and relates to our investors, employees,
contractors and other counterparties and third parties. Our compliance obligations include those relating to the relevant PRC laws in
this regard. These PRC laws apply not only to third-party transactions, but also to transfers of information between us and our subsidiaries
in China, and among us, our PRC subsidiaries, and other parties with which we have commercial relations. These laws continue to develop,
and the PRC government may adopt other rules and restrictions in the future. Non-compliance could result in penalties or other significant
legal liabilities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the PRC Cybersecurity Law, promulgated by the Standing Committee of the National People&#8217;s Congress on November 7, 2016 and took
effect on June 1, 2017, personal information and important data collected and generated by a critical information infrastructure operator
in the course of its operations in China must be stored in China, and if a critical information infrastructure operator purchases internet
products and services that affects or may affect national security, it should be subject to cybersecurity review by the CAC. Due to the
lack of further interpretations, the exact scope of &#8220;critical information infrastructure operator&#8221; remains unclear. On December
28, 2021, the CAC published the CAC Revised Measures which further restates and expands the applicable scope of the cybersecurity review.
The CAC Revised Measures took effect on February 15, 2022. Pursuant to the CAC Revised Measures, if a network platform operator holding
personal information of over one million users seeks for &#8220;foreign&#8221; listing, it must apply for the cybersecurity review. In
addition, operators of critical information infrastructure purchasing network products and services are also obligated to apply for the
cybersecurity review for such purchasing activities. Although the CAC Revised Measures provides no further explanation on the extent
of &#8220;network platform operator&#8221; and &#8220;foreign&#8221; listing, as confirmed by our PRC counsel, Sichuan Jindouyun Law
Firm, we are not subject to cybersecurity review with the CAC , because (i) we are not in possession of or otherwise holding personal
information of over one million users and it is also very unlikely that it will reach such threshold in the near future; (ii) as of the
date of this annual report, our data processing activities (including the collection, storage, usage, transmission and publicity of data)
do not damage national security; and (iii) as of the date of this annual report, we have not received any notice or determination from
applicable PRC governmental authorities identifying it as a critical information infrastructure operator.&#160; However, we cannot guarantee
that we will not be subject to cybersecurity review in the future. During such review, we may be required to suspend our operation experience
other disruptions to our operations. Cybersecurity review could also result in negative publicity with respect to our company and diversion
of our managerial and financial resources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
if we were found to be in violation of applicable laws and regulations in China during such review, we could be subject to administrative
penalties, such as warnings, fines, or service suspension. Therefore, cybersecurity review could materially and adversely affect our
business, financial condition, and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the PRC Data Security Law, promulgated by the Standing Committee of the National People&#8217;s Congress on June 10, 2021 and
took effect on September 1, 2021, requires data collection to be conducted in a legitimate and proper manner, and stipulates that, for
the purpose of data protection, data processing activities must be conducted based on data classification and hierarchical protection
system for data security. As the Data Security Law was recently promulgated, we may be required to make further adjustments to our business
practices to comply with this law. If our data processing activities were found to be not in compliance with this law, we could be ordered
to make corrections, and under certain serious circumstances, such as severe data divulgence, we could be subject to penalties, including
the revocation of our business licenses or other permits. Furthermore, the recently issued Opinions on Strictly Cracking Down Illegal
Securities Activities in Accordance with the Law require (i) speeding up the revision of the provisions on strengthening the confidentiality
and archives management relating to overseas issuance and listing of securities and (ii) improving the laws and regulations relating
to data security, cross-border data flow, and management of confidential information. As there remain uncertainties regarding the further
interpretation and implementation of those laws and regulations, we cannot assure you that we will be compliant such new regulations
in all respects, and we may be ordered to rectify and terminate any actions that are deemed illegal by the regulatory authorities and
become subject to fines and other sanctions. As a result, we may be required to suspend our relevant businesses, shut down our website,
take down our operating applications, or face other penalties, which may materially and adversely affect our business, financial condition,
and results of operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 20, 2021, the Standing Committee of the National People&#8217;s Congress of China promulgated the Personal Information Protection
Law of the PRC, or the PIPL, which took effect in November 2021. As the first systematic and comprehensive law specifically for the protection
of personal information in the PRC, the PIPL provides, among others, that (i) an individual&#8217;s consent shall be obtained to use
sensitive personal information, such as biometric characteristics and individual location tracking, (ii) personal information operators
using sensitive personal information shall notify individuals of the necessity of such use and impact on the individual&#8217;s rights,
and (iii) where personal information operators reject an individual&#8217;s request to exercise his or her rights, the individual may
file a lawsuit with a People&#8217;s Court. As uncertainties remain regarding the interpretation and implementation of the PIPL, we cannot
assure you that we will comply with the PIPL in all respects, we may become subject to fines and/or other penalties which may have material
adverse effect on our business, operations and financial condition.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we take measures to comply with all applicable data privacy and protection laws and regulations, we cannot guarantee the effectiveness
of the measures undertaken by us and our business partners. However, compliance with any additional laws could be expensive, and may
place restrictions on our business operations and the manner in which we interact with our users. In addition, any failure to comply
with applicable cybersecurity, privacy, and data protection laws and regulations could result in proceedings against us by government
authorities or others, including notification for rectification, confiscation of illegal earnings, fines, or other penalties and legal
liabilities against us, which could materially and adversely affect our business, financial condition, results of operations and the
value of our Ordinary Shares. In addition, any negative publicity on our website or platform&#8217;s safety or privacy protection mechanism
and policy could harm our public image and reputation and materially and adversely affect our business, financial condition, and results
of operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to risks related to the laws and regulations of the PRC and the interpretation and implementation thereof.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business and operations, as well as those of our customers and suppliers in the PRC, are subject to the laws and regulations promulgated
by relevant PRC governmental authorities. The PRC government is still in the process of developing a comprehensive set of laws and regulations
in the course of the PRC&#8217;s transformation from a centrally planned economy to a market-oriented economy. As the legal system in
the PRC is still in flux, laws and regulations or their interpretation may be subject to change. Furthermore, any change in the political
and economic policy of the PRC government may also result in similar changes in the laws and regulations or the interpretation thereof.
Such changes may adversely affect our operations and business in the PRC. The PRC legal system is a codified legal system comprising
written laws, regulations, circulars, administrative directives, and internal guidelines as well as judicial interpretations. Decided
cases do not form part of the legal structure of the PRC and thus have no binding effect. As such, the administration of PRC laws and
regulations may be subject to a certain degree of discretion by the authorities. This has resulted in the outcome of dispute resolutions
not having the level of consistency or predictability as in other countries with more developed legal systems. Due to such inconsistency
and unpredictability, if we should be involved in any legal dispute in the PRC, we may experience difficulties in obtaining legal redress
or in enforcing our legal rights. From time to time, changes in law, registration requirements, and regulations or the implementation
thereof may also require us to obtain additional approvals and licenses from the PRC authorities for carrying out our operations in the
PRC which would require us to incur additional expenses in order to comply with such requirements and in turn affect our financial performance
with the increase in our business costs. Furthermore, there can be no assurance that approvals, registrations, or licenses will be granted
to us promptly or at all. If we experience delays in obtaining or are unable to obtain such required approvals, registrations, or licenses,
our operations and business in the PRC, and hence our overall financial performance will be adversely affected.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business activities are subject to certain PRC laws and regulations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
our production and operations are carried out in the PRC, we are subject to certain PRC laws and regulations. In addition, being wholly
foreign-owned enterprises, we are required to comply with certain additional laws and regulations. Pursuant to PRC laws and regulations,
the breach or non-compliance with such laws and regulations may result in the PRC authorities suspending, withdrawing or terminating
our business license, causing us to cease production of all or certain of our products, and this would materially and adversely affect
our business and financial performance. Our corporate affairs in the PRC are governed by our articles of association and the corporate
and foreign investment laws and regulations of the PRC. The principles of the PRC laws relating to matters such as the fiduciary duties
of directors and other corporate governance matters and foreign investment laws in the PRC are relatively new. Hence, the enforcement
of investors or shareholders&#8217; rights under the articles of association of a PRC company and the interpretation of the relevant
laws relating to corporate governance matters remain largely untested in the PRC.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>PRC
foreign exchange control may limit our ability to utilize our profits effectively and affect our ability to receive dividends and other
payments from our PRC subsidiaries.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chengdu
Future, Antelope Yangpu, Hainan Antelope, Antelope Chengdu are foreign investment enterprise, or &#8220;FIE,&#8221; and are subject to
the rules and regulations in the PRC on currency conversion. In the PRC, State Administration of Foreign Exchange, or SAFE, regulates
the conversion of the RMB into foreign currencies. Currently, FIEs are required to apply to SAFE for &#8220;Foreign Exchange Registration
Certificates for Foreign Investment Enterprise&#8221;. With such registration certifications (which need to be renewed annually), FIEs
are allowed to open foreign currency accounts including the &#8220;current account&#8221; and &#8220;capital account&#8221;. Currently,
conversion of currency within the scope of the &#8220;current account&#8221; (e.g. remittance of foreign currencies for payment of dividends,
etc.) can be effected without requiring the approval of SAFE. However, conversion of currency in the &#8220;capital account&#8221; (e.g.
for capital items such as direct investments, loans, securities, etc.) still requires the approval of SAFE. On October 21, 2005, SAFE
promulgated the &#8220;Notice on Issues concerning Foreign Exchange Management in Financing by PRC Residents by Overseas Special Purpose
Vehicle and Return Investments&#8221; (the &#8220;No. 75 Notice&#8221;). The No. 75 Notice came into effect on November 1, 2005 and requires
the following matters, among others, to be complied with: every PRC domestic resident who establishes or controls an overseas special
purpose vehicle, or &#8220;SPV,&#8221; must apply to the local bureau of SAFE for an &#8220;overseas investment foreign exchange registration.&#8221;
Every PRC domestic resident of an SPV who has completed the &#8220;overseas investment foreign exchange registration&#8221;, or &#8220;Registrant,&#8221;
must make an application to the local bureau of SAFE to amend their registration particulars upon (i) the injection of any PRC domestic
assets or the equity interests of any PRC domestic company owned by the PRC domestic resident into the SPV, and (ii) the implementation
of any overseas equity fund-raising by the SPV following an injection of PRC domestic assets or the equity interests of a PRC domestic
company; every Registrant must apply to the local bureau of SAFE for change of registration particulars or recordation within 30 days
after the occurrence of any capital increase or reduction, changes in shareholdings or share swap, merger, long-term investment in equities
or debentures, guarantee of foreign indebtedness and other major capital changes not involving &#8220;return investment&#8221;, undertaken
by an SPV; and every Registrant must repatriate, within 180 days, dividends or profits which he receives from an SPV and/or income derived
from changes in the shareholding of an SPV. On July 14, 2014, China&#8217;s State Administration of Foreign Exchange (SAFE), the foreign
exchange control authority, released the Notice of the State Administration of Foreign Exchange on Relevant Issues Concerning Foreign
Exchange Administration for Overseas Investment, Financing and Round Trip Investment Undertaken by Domestic Residents via Special Purpose
Vehicles (Notice 37). The regulation took effect July 4, 2014. At that time, the old regulation, &#8220;Notice on Issues concerning Foreign
Exchange Management in Financing by PRC Residents by Overseas Special Purpose Vehicle and Return Investments&#8221; (the &#8220;No. 75
Notice&#8221;), which was issued in 2005, was repealed. Compared with Circular 75, Circular 37 reflects the trend of SAFE&#8217;s policy
to gradually loosen the restrictions and simplify the procedures for overseas financing and investment by Chinese residents, so as to
fully utilize the financial resources in domestic and overseas markets. However, as Circular 37 has only recently been issued, the actual
interpretation and enforcement of the above changes by SAFE in practice remain to be seen. There can be no assurance that SAFE will not
continue to issue new rules and regulations and/or further interpretations of the No. 37 Notice that will strengthen the foreign exchange
control. As our operating entities are located in the PRC and all of our sales are denominated in RMB, our ability to pay dividends or
make other distributions may be restricted by PRC foreign exchange control restrictions. There can be no assurance that the relevant
regulations will not be amended to our detriment and that our ability to distribute dividends will not be adversely affected.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Introduction
of new laws or changes to existing laws by the PRC government may adversely affect our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the regulations concerning data privacy and cybersecurity are developing in China, we may be subject to new laws and regulations when
we operate our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 10, 2021, the Standing Committee of the National People&#8217;s Congress promulgated the Data Security Law of the PRC, which took
effect on September 1, 2021. The Data Security Law clarifies the scope of data to cover a wide range of information records generated
from all aspects of production, operation and management of government affairs and enterprises in the process of the gradual transformation
of digitalization and requires that data collection shall be conducted in a legitimate and proper manner, and theft or illegal collection
of data is not permitted. Data processors shall establish and improve the whole-process data security management rules, organize and
implement data security trainings as well as take appropriate technical measures and other necessary measures to protect data security.
In addition, data processing activities shall be conducted on the basis of the graded protection system for cybersecurity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 30, 2021, the State Council promulgated the Regulations on Protection of Security of Critical Information Infrastructure, effective
on September 1, 2021, under which, a &#8220;critical information infrastructure&#8221; refers to critical network facilities and information
systems involved in important industries and sectors, such as public communication and information services, energy, transportation,
water conservancy, finance, public services, governmental digital services, science and technology related to national defense industry,
as well as those which may seriously endanger national security, national economy and citizen&#8217;s livelihood or public interests
if damaged or malfunctioned, or if any leakage of data in relation thereto occurs. The competent governmental departments and supervision
and management departments of the aforementioned important industries will be responsible for (i) organizing the identification of critical
information infrastructures in their respective industries in accordance with relevant identification rules, and (ii) promptly notifying
the identified operators and the public security department of the State Council of the identification results. In the event of occurrence
of any major cybersecurity incident or discovery of any major cybersecurity threat for the critical information infrastructure, the operator
shall report to the protection authorities and the public security authorities as required.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 7, 2022, the CAC promulgated the Measures on Security Assessment of Cross-border Data Transfer which has become effective on September
1, 2022. Such data export measures requires that any data processor which processes or exports personal information exceeding certain
volume threshold under such measures shall apply for security assessment by the CAC before transferring any personal information abroad,
including the following circumstances: (i) important data will be provided overseas by any data processor; (ii) personal information
will be provided overseas by any operator of critical information infrastructure or any data processor who processes the personal information
of more than 1,000,000 individuals; (iii) personal information will be provided overseas by any data processor who has provided the personal
information of more than 100,000 individuals in aggregate or has provided the sensitive personal information of more than 10,000 individuals
in aggregate since January 1 of last year; and (iv) other circumstances where the security assessment is required as prescribed by the
CAC. A data processor shall, before applying for the security assessment of an outbound data transfer, conduct a self-assessment of the
risks in the outbound data transfer. The security assessment of a cross-border data transfer shall focus on assessing risks that may
be brought about by the cross-border data transfer to national security, public interests, or the lawful rights and interests of individuals
or organizations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 28, 2021, the CAC, the NDRC, the MIIT and several other PRC governmental authorities jointly issued the Cybersecurity Review
Measures, which became effective on February 15, 2022 and replaced the Measures for Cybersecurity Review published on April 13, 2020.
Pursuant to Cybersecurity Review Measures, critical information infrastructure operators that purchase network products and services
and network platform operators engaging in data processing activities that affect or may affect national security are subject to cybersecurity
review under the Cybersecurity Review Measures. According to the Cybersecurity Review Measures, before purchasing any network products
or services, a critical information infrastructure operator shall assess potential national security risks that may arise from the launch
or use of such products or services, and apply for a cybersecurity review with the cybersecurity review office of CAC if national security
will or may be affected. In addition, network platform operators who possess personal information of more than one million users and
intend to be listed at a foreign stock exchange shall go through the cybersecurity review. As advised by our PRC counsel, Sichuan Jindouyun
Law Firm, we are not subject to cybersecurity review with the CAC in accordance with the CAC Revised Measures, because (i) we are not
in possession of or otherwise holding personal information of over one million users and it is also very unlikely that it will reach
such threshold in the near future; (ii) as of the date of this annual report, our data processing activities (including the collection,
storage, usage, transmission and publicity of data) do not damage national security; and (iii) as of the date of this annual report,
we have not received any notice or determination from applicable PRC governmental authorities identifying it as a critical information
infrastructure operator. However, since these statements and regulatory actions are new, it is highly uncertain how soon legislative
or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and
interpretations will be modified or promulgated, if any, and the potential impact such modified or new laws and regulations will have
on our daily business operation, the ability to accept foreign investments and list on an U.S. exchange.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, given the lack of oversight of many offshore issuers with China-based operating companies, CSRC promulgated a package of rules
and regulations to enhance the regulations on such companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 17, 2023, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies,
or the Trial Measures, and five supporting guidelines, which came into effect on March 31, 2023. The Trial Measures clarified that enterprises
that have been listed overseas prior to March 31, 2023 constitute &#8220;Existing Issuers&#8221; and are not required to conduct the
overseas listing filing procedure immediately, but shall carry out filing procedures as required if they conduct refinancing or are involved
in other circumstances required by CSRC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 24, 2023, the CSRC and certain other PRC regulatory authorities jointly published the revised Provisions on Strengthening Confidentiality
and Archives Administration in Respect of Overseas Issuance and Listing of Securities by Domestic Enterprises, or the Confidentiality
and Archives Administration Provisions, which came into effect on March 31, 2023. The Confidentiality and Archives Administration Provisions,
among other things, (i) require PRC enterprises to comply with confidentiality obligations under applicable PRC rules and regulations
when providing documents and materials to securities companies and securities service institutions; (ii) mandate that working papers
created within the PRC by securities companies and securities service institutions in connection with their services for overseas securities
offerings and listing of PRC enterprises shall be retained within the territory of the PRC; and (iii) prohibit the cross-border transfer
of the aforementioned working papers outside the PRC absent prior examination and approval from competent PRC regulatory authorities.
The Confidentiality and Archives Administration Provisions, together with Trial Measures, also emphasize that the investigation and evidence
collection in relation to the overseas securities offering and listing by the domestic companies conducted by overseas securities regulator
and the relevant competent authorities shall go through the cross-border regulatory cooperation mechanism and the CSRC or the relevant
authorities shall provide the requisite assistance pursuant to the bilateral and multilateral cooperation mechanism.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC legal system is based on the Constitution of the People&#8217;s Republic of China and is made up of written laws, regulations, circulars
and directives. With the PRC&#8217;s entry into the WTO, the PRC government is in the process of developing its legal system so as to
encourage foreign investments and to meet the needs of investors. As the PRC economy is developing at a generally faster rate than its
legal system, some degree of uncertainty exists in connection with whether and how existing laws and regulations will apply to certain
events or circumstances. Some of the laws and regulations, and the interpretation, implementation and enforcement thereof, are still
at the experimental stage and therefore subject to policy changes. There is no assurance that the introduction of new laws or regulations,
changes to existing laws and regulations and the interpretation or application thereof or the delays in obtaining approvals from the
relevant PRC authorities will not have an adverse impact on our business or prospects. In particular, on August 8, 2006, the Ministry
of Commerce, the CSRC, the State-owned Assets Supervision and Administration Commission, the State Administration of Taxation, the State
Administration of Industry and Commerce and the State Administration of Foreign Exchange promulgated the &#8220;Rules on the Mergers
and Acquisition of Domestic Enterprises by Foreign Investors&#8221; which came into effect on September 8, 2006, or &#8220;the M&amp;A
Rules.&#8221; Foreign investors should comply with the rules when they purchase shareholding equities of a PRC domestic non-foreign-funded
enterprise, or Domestic Company, or subscribe to the increased capital of a Domestic Company, and thus changing the nature of the Domestic
Company into a foreign investment enterprise. The rules stipulate, inter alia, (i) that the acquisition of a Domestic Company by an affiliated
foreign enterprise established or controlled by PRC entities or individuals must be approved by the Ministry of Commerce; (ii) that the
incorporation of a special purpose vehicle, which is directly or indirectly controlled by PRC entities for the purpose of an overseas
listing of the equity interest of a Domestic Company, must be subject to the approval of the Ministry of Commerce; (iii) that the acquisition
of a Domestic Company by a special purpose vehicle shall be subject to approval of the Ministry of Commerce and (iv) the offshore listing
of a special purpose vehicle shall be subject to the prior approval from China Securities Regulatory Commission. As Antelope Enterprises
does not fall within the scope of being classified as a special purpose vehicle directly or indirectly established or controlled by PRC
entities or individuals, the M&amp;A Rules did not apply to the Business Combination, and we were not required to obtain the approval
from the Ministry of Commerce, the approval from the China Securities Regulatory Commission and/or any other approvals from PRC government
authorities as stipulated by the M&amp;A Rules. There is however no assurance that the PRC authorities will not issue further directives,
regulations, clarifications or implementation rules, which may require us or other relevant parties to obtain further approvals with
respect to the Business Combination. If new laws are promulgated or the existing laws are reinterpreted, our structure could be determined
to be in violation of such laws and subject to sanction by applicable government authorities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Environmental,
health and safety laws have in the past and may in the future impose material liabilities on us and require us to incur material capital
and operational costs.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to environmental, health and safety laws and regulations in the PRC that impose controls on our air, water and waste discharges,
on our storage, handling, use, discharge and disposal of chemicals, and on exposure of our employees to hazardous substances. These laws
and regulations could require us to incur costs to maintain compliance and could impose liability to remedy the effects of hazardous
substance contamination. Although we do not believe that we have violated any of such laws and regulations and therefore have not incurred
any significant liabilities under these laws and regulations in the past, the environmental laws and regulations are constantly evolving
and becoming stricter in the PRC. The adoption of new laws or regulations or our failure to comply with these laws or regulations in
the future could cause us to incur material liabilities and could require us to incur additional expenses, curtail operations and/or
restrict our ability to expand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business will suffer if we lose our land use rights.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no private ownership of land in China and all land ownership is held by the government of China, its agencies, and collectives. In
the case of land used for business purposes, land use rights can be obtained from the government for a period up to 50 years, and are
typically renewable. Land use rights can be granted upon approval by the land administrative authorities of China (State Land Administration
Bureau) upon payment of the required land granting fee, the entry into a land use agreement with a competent governmental authority and
certain other ministerial procedures. We have received land use certificates for certain parcels of land on which our operations reside,
but we may not have followed all procedures required to obtain such certificates or paid all required fees. If the Chinese administrative
authorities determine that we have not fully complied with all procedures and requirements needed to hold a land use certificate, we
may be forced by the Chinese administrative authorities to retroactively comply with such procedures and requirements, which may be burdensome
and require us to make payments, or such Chinese administrative authorities may invalidate or revoke our land use certificate entirely.
If the land use right certificates needed for our operations are determined by the government of China to be invalid or if they are not
renewed, we may lose production facilities or employee accommodations that would be difficult or even impossible to replace. Should we
have to relocate, our workforce may be unable or unwilling to work in the new location and our business operations will be disrupted
during the relocation. The relocation or loss of facilities could cause us to lose sales and/or increase our costs of production, which
would negatively impact our financial results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business will suffer if we fail to comply with environmental protection regulations</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies
which cause severe pollution to the environment are required to restore the environment or remedy the effects of the pollution within
a prescribed time limit. If a company fails to report and/or register the environmental pollution it caused, it will receive a warning
or be penalized. Companies that fail to restore the environment or remedy the effects of the pollution within the prescribed time will
be penalized or have their business licenses terminated. Companies that have polluted and endangered the environment must bear the responsibility
for remedying the danger and effects of the pollution, as well as to compensate any losses or damages suffered as a result of such environmental
pollution.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>It
may be difficult for overseas shareholders and/or regulators to conduct investigation or collect evidence within China.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholder
claims or regulatory investigation that are common in the United States generally are difficult to pursue as a matter of law or practicality
in China. For example, in China, there are significant legal and other obstacles to providing information needed for regulatory investigations
or litigation initiated outside China. Although the authorities in China may establish a regulatory cooperation mechanism with the securities
regulatory authorities of another country or region to implement cross-border supervision and administration, such cooperation with the
securities regulatory authorities in the U.S. may not be efficient in the absence of mutual and practical cooperation mechanism. Furthermore,
according to Article 177 of the PRC Securities Law, or Article 177, which became effective in March 2020, no overseas securities regulator
is allowed to directly conduct investigation or evidence collection activities within the territory of the PRC. While detailed interpretation
of or implementation rules under Article 177 have yet to be promulgated, the inability for an overseas securities regulator to directly
conduct investigation or evidence collection activities within China may further increase difficulties faced by you in protecting your
interests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal business operation is conducted in the PRC. If U.S. regulators carry out an investigation of us and there is a need to conduct
investigation or collect evidence within the territory of the PRC, the U.S. regulators may not be able to carry out such investigation
or evidence collection directly in the PRC under the PRC laws. The U.S. regulators may consider cross-border cooperation with securities
regulatory authority of the PRC by way of judicial assistance, diplomatic channels or regulatory cooperation mechanism established with
the securities regulatory authority of the PRC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fluctuations
in exchange rates could adversely affect our business and the value of our shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of our shares will be indirectly affected by the foreign exchange rate between U.S. dollars and the Renminbi and between those
currencies and other currencies in which our revenue may be denominated. Because all of our earnings and cash assets are denominated
in Renminbi, fluctuations in the exchange rate between the U.S. dollar and the Renminbi will affect the relative purchasing power of
these proceeds, as well as our financial results reported in U.S. dollar terms without giving effect to any underlying change in our
business, financial condition or results of operations. Fluctuations in the exchange rate will also affect the relative value of any
dividend we issue that will be exchanged into U.S. dollars and earnings from, and the value of, any U.S. dollar-denominated investments
we make in the future. Since July 2005, the Renminbi has not been pegged to the U.S. dollar. Although the People&#8217;s Bank of China
regularly intervenes in the foreign exchange market to prevent significant short-term fluctuations in the exchange rate, the Renminbi
may appreciate or depreciate significantly in value against the U.S. dollar in the medium to long term. Moreover, it is possible that
in the future the Chinese authorities may lift restrictions on fluctuations in the Renminbi exchange rate and lessen intervention in
the foreign exchange market. Therefore, the RMB exchange rate has become more flexible and the exchange rate regime more transparent
and in line with changes in market supply and demand. However, significant fluctuations in the RMB&#8217;s value against the U.S. dollar
could occur. Very limited hedging transactions are available in China to reduce our exposure to exchange rate fluctuations. To date,
we have not entered into any hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. While we may
enter into hedging transactions in the future, the availability and effectiveness of these transactions may be limited, and we may not
be able to successfully hedge our exposure at all. In addition, our foreign currency exchange losses may be magnified by Chinese exchange
control regulations that restrict our ability to convert Renminbi into foreign currencies.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Under
the EIT Law, Antelope Enterprises, Success Winner and/or Vast Elite and Antelope HK may be classified as a &#8220;resident enterprise&#8221;
of the PRC. Such classification could result in PRC tax consequences to Antelope Enterprises, our non-PRC resident shareholders, Success
Winner and/or Vast Elite and Antelope HK.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
EIT Law and its implementing rules provide that enterprises established outside of China whose &#8220;de facto management
bodies&#8221; are located in China are considered &#8220;resident enterprises&#8221; under PRC tax laws. The implementing rules
promulgated under the EIT Law define the term &#8220;de facto management bodies&#8221; as a management body which substantially
manages, or has control over the business, personnel, finance and assets of an enterprise. In April 2009, the State Administration
of Taxation, or SAT, issued a circular, known as Circular 82, which provides certain specific criteria for determining whether the
&#8220;de facto management bodies&#8221; of a PRC-controlled enterprise that is incorporated offshore is located in China. However,
there are no further detailed rules or precedents governing the procedures and specific criteria for determining &#8220;de facto
management body.&#8221; If the PRC tax authorities determine that Antelope Enterprises, Success Winner and/or Vast Elite, Antelope
HK are a &#8220;resident enterprise&#8221; for PRC enterprise income tax purposes, a number of PRC tax consequences could follow.
First, Antelope Enterprises, Success Winner may be subject to the enterprise income tax at a rate of 25% on Antelope
Enterprises&#8217; and Success Winner&#8217;s worldwide taxable income, as well as PRC enterprise income tax reporting obligations.
Second, under the EIT Law and its implementing rules, dividends paid between &#8220;qualified resident enterprises&#8221; are exempt
from enterprise income tax. As a result, if Antelope Enterprises and Success Winner are each treated as &#8220;qualified resident
enterprises,&#8221; all dividends from subsidiaries to Antelope Enterprises (through Success Winner) should be exempt from the PRC
enterprise income tax.&#160;&#160;&#160; If Antelope HK and Vast Elite were treated as a PRC &#8220;non-resident enterprise&#8221;
under the EIT Law, then dividends that, Vast Elite receives from Chengdu Future, Antelope HK receives from Antelope Yangpu, Hainan
Antelope and Antelope Chengdu (assuming such dividends were considered sourced within the PRC) (i) may be subject to a 5% PRC
withholding tax, Vast Elite owns more than 25% of the registered capital of Chengdu Future, continuously within 12 months
immediately prior to obtaining such dividend from Chengdu Future, and Antelope HK owns more than 25% of the registered capital of
Antelope Yangpu, Hainan Antelope and Antelope Chengdu, continuously within 12 months immediately prior to obtaining such dividend
from Antelope Yangpu, Hainan Antelope and Antelope Chengdu and the Arrangement between the Mainland of China and the Hong Kong
Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on
Income, or the &#8220;PRC-Hong Kong Tax Treaty,&#8221; were otherwise applicable, or (ii) if such treaty does not apply, may be
subject to a 10% PRC withholding tax. A similar situation may arise if Antelope Enterprises were treated as a &#8220;non-resident
enterprise&#8221; under the EIT Law, and Success Winner were treated as a &#8220;resident enterprise&#8221; under the EIT Law. Any
such taxes on dividends could materially reduce the amount of dividends, if any, we could pay to our shareholders. Finally, if
Antelope Enterprises is determined to be a &#8220;resident enterprise&#8221; under the EIT Law, this could result in a situation in
which a 10% PRC tax is imposed on dividends Antelope Enterprises pays to its shareholders that are not tax residents of the PRC, or
&#8220;non-resident investors,&#8221; and that are enterprises but not individuals, and gains derived by them from transferring
Antelope Enterprises&#8217; shares, if such income is considered PRC-sourced income by the relevant PRC tax authorities. In such
event, Antelope Enterprises may be required to withhold a 10% PRC tax on any dividends paid to such non-resident investors. Such
non-resident investors also may be responsible for paying PRC tax at a rate of 10% on any gain derived by such investors from the
sale or transfer of Antelope Enterprises&#8217; shares in certain circumstances. Antelope Enterprises would not, however, have an
obligation to withhold PRC tax with respect to such gain under the PRC tax laws. Also, if Antelope Enterprises is determined to be a
&#8220;resident enterprise,&#8221; its nonresident investors who are individuals may also be subject to potential PRC individual
income tax at a rate of 20% with respect to dividends received from Antelope Enterprises and/or gains derived by them from the sale
or transfer of Antelope Enterprises&#8217; shares. Moreover, the State Administration of Taxation, or &#8220;SAT,&#8221; released
Circular Guoshuihan No. 698, or Circular 698, on December 10, 2009 that reinforces the taxation of certain equity transfers by
non-resident investors through overseas holding vehicles. Circular 698 addresses indirect equity transfers as well as other issues.
Circular 698 is retroactively effective from January 1, 2008. According to Circular 698, where a nonresident investor who indirectly
holds an equity interest in a PRC resident enterprise through a non-PRC offshore holding company indirectly transfers an equity
interest in the PRC resident enterprise by selling an equity interest in the offshore holding company, and the latter is located in
a country or jurisdiction where the actual tax burden is less than 12.5% or where the offshore income of its residents is not
taxable, the non-resident investor is required to provide the PRC tax authority in charge of that PRC resident enterprise with
certain relevant information within 30 days of the execution of the equity transfer agreement. The tax authorities in charge will
evaluate the offshore transaction for tax purposes. In the event that the tax authorities determine that such transfer is abusing
forms of business organization and a reasonable commercial purpose for the offshore holding company other than the avoidance of PRC
income tax liability is lacking, the PRC tax authorities will have the power to re-assess the nature of the equity transfer under
the doctrine of substance over form. A reasonable commercial purpose may be established when the overall international (including
U.S.) offshore structure is set up to comply with the requirements of supervising authorities of international (including U.S.)
capital markets. If the SAT&#8217;s challenge of a transfer is successful, it may deny the existence of the offshore holding company
that is used for tax planning purposes and subject the non-resident investor to PRC tax on the capital gain from such transfer.
Since Circular 698 has a short history, there is uncertainty as to its application. We (or a nonresident investor) may become at
risk of being taxed under Circular 698 and may be required to expend valuable resources to comply with Circular 698 or to establish
that we (or such non-resident investor) should not be taxed under Circular 698, which could have a material adverse effect on our
financial condition and results of operations (or such non-resident investor&#8217;s investment in us). In additional, the PRC
resident enterprise may be required to provide necessary assistance to support the enforcement of Circular 698. On February 3, 2015,
the State Administration of Tax issued a Public Notice Regarding Certain Corporate Income Tax Matters on Indirect Transfer of
Properties by Non-tax Resident Enterprise, or Public Notice 7. Public Notice 7 has introduced a new tax regime that is significantly
different from that under Circular 698. Public Notice 7 extends its tax jurisdiction to not only indirect transfers set forth under
Circular 698 but also transactions involving transfer of other taxable assets, through the offshore transfer of a foreign
intermediate holding company. In addition, Public Notice 7 provides clearer criteria the Circular 698 on how to assess reasonable
commercial purposes and has introduced safe harbors for internal group restructurings and the purchase and sale of equity through a
public securities market. Public Notice 7 also brings challenges to both the foreign transferor and transferee (or other person who
is obligated to pay for the transfer) of the taxable assets. Where a non-resident enterprise conducts an &#8220;indirect
transfer&#8221; by transferring the taxable assets indirectly by disposing of the equity interests of an overseas holding company,
the non-resident enterprise being the transferor, or the transferee, or the PRC entity which directly owned the taxable assets may
report to the relevant tax authority such indirect transfer. Using a &#8220;substance over form&#8221; principle, the PRC tax
authority may re-characterize such indirect transfer as a direct transfer of the equity interests in the PRC tax resident enterprise
and other properties in China, As a result, gains derived from such indirect transfer may be subject on PRC enterprise income tax,
and the transferee or other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently
at a rate of up to 10% for the transfer of equity interests in a PRC resident enterprise. Both the transferor and the transferee may
be subject to penalties under PRC tax laws if transferee fails to withhold the taxes and the transferor fails to pay the
taxes.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
face uncertainties with respect to the reporting and consequences of private equity financing transactions, share exchange or other transactions
involving the transfer of shares in our company by investors that are non-PRC resident enterprises, or sale or purchase of shares in
other non-PRC resident companies or other taxable assets by us. Our company and other non-resident enterprises in our group may be subject
to filing obligations or being taxed if our company and other non-resident enterprises in our group are transferors in such transactions,
and may be subject to withholding obligations if our company and other non-resident enterprises in our group are transferees in such
transactions, under Circular 698 and Public Notice 7. For the transfer to shares in our company by investors that are non-PRC resident
enterprises, our PRC subsidiaries may be requested to assist in the filing under Circular 698 and Public Notice 7. As a result, we may
be required to expend valuable resources to comply with Circular 698 and Public Notice 7 to request the relevant transferors from whom
we purchase taxable assets to comply with these circulars, or to establish that our company and other non-resident enterprises in our
group should not be taxed under these circulars, which may have a material adverse effect on our financial condition and results of operations.
The PRC tax authorities have the discretion under Circular 698 and Public Notice 7 to make adjustments to the taxable capital gains based
on the difference between the fair value of the taxable assets transferred and the cost of investment. If the PRC tax authorities make
adjustments to the taxable income of the transactions under Circular 698 and Public Notice 7, our income tax costs associated with such
potential acquisitions will be increased, which may have an adverse effect on our financial condition and results of operations. If any
PRC tax applies to a non-resident investor, the non-resident investor may be entitled to a reduced rate of PRC tax under an applicable
income tax treaty and/or a deduction for such PRC tax against such investor&#8217;s domestic taxable income or a foreign tax credit in
respect of such PRC tax against such investor&#8217;s domestic income tax liability (subject to applicable conditions and limitations).
Shareholders should consult with their own tax advisors regarding the applicability of any such taxes, the effects of any applicable
income tax treaties, and any available deductions or foreign tax credits. For a further discussion of these issues, see the section herein
captioned &#8220;Taxation&#8212;PRC Taxation.&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Factors Relating to Our Class A Ordinary Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
price of our shares could be volatile and could decline at a time when you want to sell your holdings.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price of our shares has been and may continue to be volatile, and that volatility may continue for an extended period of time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are a &#8220;controlled company&#8221; within the meaning of the NASDAQ Stock Market Rules and, as a result, may rely on exemptions from
certain corporate governance requirements that provide protection to shareholders of other companies.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a &#8220;controlled company&#8221; as defined under the NASDAQ Stock Market Rules because our CEO and chairman, Mr. Weilai (Will)
Zhang, beneficially owns more than 50% of voting power for the election of directors. As of the date of this annual report, Mr. Zhang
holds all the issued and outstanding 2,005,497 Class B ordinary shares, each of which is entitled to twenty (20) votes. For so long as
we are a controlled company under that definition, we are permitted to elect to rely, and may rely, on certain exemptions from corporate
governance rules, including:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an exemption from the rule
    that a majority of our board of directors must be independent directors;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an exemption from the rule
    that the compensation of our chief executive officer must be determined or recommended solely by independent directors; and</span></td></tr>
  </table>
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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an exemption from the rule
    that our director nominees must be selected or recommended solely by independent directors.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result, if we elect to rely on the exemptions available for the controlled companies, you will not have the same protection afforded
to shareholders of companies that are subject to these corporate governance requirements.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we cease to qualify as a foreign private issuer, we would be required to comply fully with the reporting requirements of the Exchange
Act applicable to U.S. domestic issuers, and we would incur significant additional legal, accounting and other expenses that we would
not incur as a foreign private issuer.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements,
and our officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained
in Section 16 of the Exchange Act. In addition, we are not required under the Exchange Act to file periodic reports and financial statements
with the SEC as frequently or as promptly as United States domestic issuers, and we are not required to disclose in our periodic reports
all of the information that United States domestic issuers are required to disclose. While we currently expect to qualify as a foreign
private issuer, we may cease to qualify as a foreign private issuer in the future.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is a risk that Antelope Enterprises will be classified as a passive foreign investment company, or &#8220;PFIC,&#8221; which could result
in adverse U.S. federal income tax consequences to U.S. holders of its securities.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, Antelope Enterprises will be treated as a PFIC for any taxable year in which either (1) at least 75% of its gross income (including
its pro rata share of the gross income of its 25% or more-owned corporate subsidiaries) is passive income or (2) at least 50% of the
average value of its assets (including its pro rata share of the assets of its 25% or more-owned corporate subsidiaries) produce, or
are held for the production of, passive income. Passive income generally includes dividends, interest, rents, royalties, and gains from
the disposition of passive assets. If Antelope Enterprises is determined to be a PFIC for any taxable year (or portion thereof) that
is included in the holding period of a U.S. Holder (as defined in the section entitled &#8220;Taxation&#8212;United States Federal Income
Taxation&#8212;General&#8221;) of its shares, the U.S. Holder may be subject to increased U.S. federal income tax liability upon a sale
or other disposition of the shares of Antelope Enterprises or the receipt of certain excess distributions from Antelope Enterprises and
may be subject to additional reporting requirements. Based on the composition (and estimated values) of the assets and the nature of
the income of Antelope Enterprises and its subsidiaries during its 2022 taxable year, Antelope Enterprises does not believe that it would
be treated as a PFIC for such year. However, because Antelope Enterprises has not performed a definitive analysis as to its PFIC status
for its 2022 taxable year, there can be no assurance in respect to its PFIC status for such year. There also can be no assurance with
respect to Antelope Enterprises&#8217; status as a PFIC for its current (2023) taxable year or any future taxable year. U.S. Holders
of the shares of Antelope Enterprises are urged to consult their own tax advisors regarding the possible application of the PFIC rules.
See the discussion in the section entitled &#8220;Taxation&#8212;United States Federal Income Taxation&#8212;U.S. Holders&#8212;Passive
Foreign Investment Company Rules.&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
the rights of shareholders under British Virgin Islands law differ from those under U.S. law, you may have fewer protections as a shareholder.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
corporate affairs will be governed by our memorandum and articles of association, the BVI Business Companies Act, 2023 (as amended) (the
&#8220;BVI Act&#8221;), and the common law of the British Virgin Islands. The rights of shareholders to take legal action against our
directors, actions by minority shareholders and the fiduciary responsibilities of our directors under British Virgin Islands law are
governed by the common law of the British Virgin Islands and by the BVI Act. The common law of the British Virgin Islands is derived
in part from comparatively limited judicial precedent in the British Virgin Islands as well as from English common law, which is applied
in the British Virgin Islands by virtue of the Common Law (Declaration of Application) Act. The rights of our shareholders and the fiduciary
responsibilities of our directors under British Virgin Islands law are not as clearly established as they would be under statutes or
judicial precedents in some jurisdictions in the United States. In particular, the British Virgin Islands has a less developed body of
securities laws as compared to the United States, and some states (such as Delaware) have more fully developed and judicially interpreted
bodies of corporate law. As a result of all of the above, holders of our shares may have more difficulty in protecting their interests
through actions against our management, directors or major shareholders than they would as shareholders of a U.S. company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>British
Virgin Islands companies may not be able to initiate shareholder derivative actions, thereby depriving shareholders of the ability to
protect their interests.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">British
Virgin Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United States. The
circumstances in which any such action may be brought, and the procedures and defenses that may be available in respect to any such action,
may result in the rights of shareholders of a British Virgin Islands company being more limited than those of shareholders of a company
organized in the United States. Accordingly, shareholders may have fewer alternatives available to them if they believe that corporate
wrongdoing has occurred. The British Virgin Islands courts are also unlikely to recognize or enforce against us judgments of courts in
the United States based on certain liability provisions of U.S. securities law; and to impose liabilities against us, in original actions
brought in the British Virgin Islands, based on certain liability provisions of U.S. securities laws that are penal in nature. There
is no statutory recognition in the British Virgin Islands of judgments obtained in the United States, although the courts of the British
Virgin Islands will generally recognize and enforce the non-penal judgment of a foreign court of competent jurisdiction without retrial
on the merits. This means that even if shareholders were to sue us successfully, they may not be able to recover anything to make up
for the losses suffered.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
laws of the British Virgin Islands may provide comparatively limited protection for minority shareholders, so minority shareholders will
have limited recourse if the shareholders are dissatisfied with the conduct of our affairs.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the laws of the British Virgin Islands, there is limited statutory law for the protection of minority shareholders in the form of the
provisions of the BVI Act dealing with shareholder remedies. The principal protection under statutory law is that shareholders may bring
an action to enforce the constitutional documents of the company, i.e. the memorandum and articles of association as shareholders are
entitled to have the affairs of the company conducted in accordance with the BVI Act and the memorandum and articles of association of
the company. A shareholder may also bring an action under statute if he feels that the affairs of the company have been or will be carried
out in a manner that is unfairly prejudicial or discriminating or oppressive to him. There are also common law rights for the protection
of shareholders that may be invoked, largely dependent on English common law, since the common law of the British Virgin Islands for
business companies is limited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
market price for our shares has been and may continue to be volatile.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market price for our shares has been and is likely to continue to be highly volatile and subject to wide fluctuations in response to
factors including the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements by us and
    our affiliates or our competitors of new products, acquisitions, strategic relationships, joint ventures or capital commitments;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">addition or departure of
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations of exchange
    rates between the RMB and the U.S. dollar.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Volatility
in the price of our shares may result in shareholder litigation that could in turn result in substantial costs and a diversion of our
management&#8217;s attention and resources.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial markets in the United States and other countries have experienced significant price and volume fluctuations, and market prices
have been and continue to be extremely volatile. Volatility in the price of our shares may be caused by factors outside of our control
and may be unrelated or disproportionate to our results of operations. In the past, following periods of volatility in the market price
of a public company&#8217;s securities, shareholders have frequently instituted securities class action litigation against that company.
Litigation of this kind could result in substantial costs and a diversion of our management&#8217;s attention and resources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Although
we paid semi-annual dividends in July 2013, January 2014, July 2014 and January 2015, we did not pay a dividend after January 2015 and
do not currently plan to pay a dividend in the near future. Therefore, shareholders will benefit from an investment in our shares only
if those shares appreciate in value.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
paid dividends in July 2013, January 2014, July 2014 and January 2015. The declaration and payment of cash dividends is at the discretion
of our board of directors and will depend on factors our board of directors deems relevant, including among others, our results of operations,
financial condition and cash requirements, business prospects, and the terms of our credit facilities, if any, and any other financing
arrangements. We currently do not plan to pay a dividend in the near future. Therefore, the realization of a gain on shareholders&#8217;
investments will depend on the appreciation of the price of our shares, and there is no guarantee that our shares will appreciate in
value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to pay any dividends on our shares in the future due to British Virgin Islands law.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
British Virgin Islands law, we may only pay dividends to our shareholders if the value of our assets exceeds our liabilities and we are
able to pay our debts as they become due. We cannot give any assurance that we will declare dividends of any amounts, at any rate or
at all in the future. Future dividends, if any, will be at the discretion of our board of directors, and will depend upon our results
of operations, cash flows, financial condition, payment to us of cash dividends by our subsidiaries, capital needs, future prospects
and other factors that our directors may deem appropriate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may need additional capital, and the sale of additional shares or equity or debt securities could result in additional dilution to our
shareholders.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our current cash and cash equivalents and anticipated cash flow from operations will be sufficient to meet our anticipated
cash needs for the foreseeable future. We may, however, require additional cash resources due to changed business conditions or other
future developments, including any investments or acquisitions we may decide to pursue. If these resources are insufficient to satisfy
our cash requirements, we may seek to sell additional equity or debt securities or obtain one or more additional credit facilities. The
sale of additional equity securities could result in additional dilution to our shareholders. The incurrence of indebtedness would result
in increased debt service obligations and could result in operating and financing covenants that would restrict our operations. It is
uncertain whether financing will be available in amounts or on terms acceptable to us, if at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_005"></span>ITEM 4.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INFORMATION ON THE COMPANY</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>History and Development
    of the Company</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
previous principal PRC-based operating subsidiary, Hengda, was established on September 30, 1993 under the laws of PRC. All of the equity
interests in Hengda are 100% owned by Stand Best. Hengda is a wholly foreign-owned enterprise in China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hengdali
was established on May 4, 2008 under the laws of PRC. All of the equity interests in Hengdali are 100% owned by Hengda.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stand
Best was established on January 17, 2008 under the laws of Hong Kong. Stand Best acquired the entire shareholdings of Hengda on April
1, 2008 for consideration of RMB 58,980,000. As a result of this acquisition, Hengda became the wholly owned subsidiary of Stand Best.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Success
Winner was established on May 29, 2009 under the laws of British Virgin Islands with Mr. Wong Kung Tok as its sole shareholder and sole
director.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 30, 2009, pursuant to the capitalization agreement dated June 30, 2009, Success Winner was issued the 9,999 shares allotted by Stand
Best as per the capitalization exercise of a shareholder&#8217;s loan of HK$67.9 million (RMB 58.9 million). On the same date, the shareholder
of Stand Best, Mr. Wong Kung Tok transferred all his shareholdings in Stand Best to Success Winner. Therefore, Mr. Wong Kung Tok, from
June 30, 2009 to November 20, 2009, indirectly owned 100% of Stand Best and in turn, 100% of Hengda.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHAC
was incorporated in Delaware on June 22, 2007 and was organized as a blank check company for the purpose of acquiring, through a stock
exchange, asset acquisition or other similar business combination, or controlling, through contractual arrangements, an operating business
that had its principal operations in Asia, with a focus on potential acquisition target in China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms of a merger and stock purchase agreement dated August 19, 2009, on November 20, 2009, CHAC merged with and into Antelope
Enterprises, its wholly owned British Virgin Islands subsidiary, and immediately thereafter, as part of the same integrated transaction,
Antelope Enterprises acquired all of the outstanding securities of Success Winner. Prior to Antelope Enterprises&#8217; acquisition of
Success Winner, neither CHAC nor Antelope Enterprises had any operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 19, 2009, Hengda entered into a definitive acquisition agreement to acquire a new production facility in Gaoan, Jiangxi Province,
PRC by purchasing 100% of the equity interests in Hengdali. The closing of the acquisition was subject to the Gaoan City Administration
for Industry and Commerce transferring the registration and business license of Hengdali from Hengdali&#8217;s former shareholders to
Hengda. The transfer occurred on January 8, 2010. Hengda appointed an executive officer to take control over Hengdali&#8217;s operating
and financing activities on the same day. In total, Hengda assumed loans of RMB 60.0 million and paid cash consideration of RMB 185.5
million for the acquisition, of which RMB 145.4 million was advanced to Hengdali&#8217;s former shareholders by December 31, 2009.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 22, 2017, Success Winner incorporated a 100% owned subsidiary Vast Elite Limited (&#8220;Vast Elite&#8221;) in Hong Kong with
initial registered capital of HKD1. Vast Elite is engaged in the trading of building materials but during the year ended December 31,
2020, Vast Elite had no operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 20, 2019, Vast Elite incorporated a 100% owned subsidiary Chengdu Future Talented Management and Consulting Co, Ltd (&#8220;Chengdu
Future&#8221;) in China. Chengdu Future is engaged in business management and consulting services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 3, 2019, Success Winner incorporated a 100% owned subsidiary Antelope Enterprise Holdings Limited (&#8220;Antelope Holdings&#8221;)
in Hong Kong. Antelope Holdings only serves the purpose of a holding company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 9, 2020, Antelope HK incorporated a 100% owned subsidiary Antelope Holdings (Chengdu) Co., Ltd in China, Antelope Chengdu is engaged
in computer consulting and software development.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 10, 2021, Antelope HK incorporated a 100% owned subsidiary Hainan Antelope Holdings Co., Ltd (&#8220;Antelope Hainan&#8221;) in
China. Antelope Hainan is engaged in business management and consulting services. Antelope Hainan does not have any operations as of
this report date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 11, 2021, Antelope HK incorporated a 100% owned subsidiary Antelope Future (Yangpu) Investment Co., Ltd (&#8220;Antelope Yangpu&#8221;)
in China. Antelope Yangpu is engaged in business management and consulting services. Antelope Yangpu does not have any operations as
of this report date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 23, 2021, Antelope Hainan incorporated a 100% owned subsidiary Antelope Investment (Hainan) Co., Ltd (&#8220;Antelope Investment&#8221;)
in China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antelope
Investment is engaged in business management and consulting services. Antelope Investment does not have any operations as of this report
date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 9, 2021, Antelope Future incorporated a 100% owned subsidiary Antelope Ruicheng Investment (Hainan) Co., Ltd (&#8220;Antelope
Ruicheng&#8221;) in China. Antelope Ruicheng is engaged in business management and consulting services. Antelope Ruicheng does not have
any operations as of this report date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 18, 2021, Antelope Ruicheng incorporated a 51% owned subsidiary Hainan Kylin Cloud Services Technology Co., Ltd (&#8220;Hainan
Kylin&#8221;) in China. Hainan Kylin is engaged in the livestreaming ecommerce business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 28, 2022, Hainan Kylin incorporated a 100% owned subsidiary Hangzhou Kylin Cloud Services Technoligy Co., Ltd (&#8220;Hangzhou
Kylin&#8221;) in China. Hangzhou Kylin is engaged in business management and consulting services for the livestreaming ecommerce industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 2, 2022, Hainan Kylin incorporated a 100% owned subsidiary Anhui Kylin Cloud Sevices Technology Co., Ltd (&#8220;Anhui Kylin&#8221;)
in China. Anhui Kylin is engaged in the business of management and consulting services for the livestreaming ecommerce industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 30, 2022, Stand Best and an unaffiliated entity, New Stonehenge Limited, entered into a purchase agreement, pursuant to which,
Stand Best agreed to sell 100% equity interests in Hengda to New Stonehenge Limited, in exchange for a 5% unsecured promissory note with
a principal amount of US$8.5 million. The promissory note will mature in four years and the 5% interest and principal amount on the note
is to be paid in four annual installments. On February 21, 2023, the Company&#8217;s shareholders approved this transaction. On April
28, 2023, this transaction was closed. The has transferred its ownership of the ceramic tile manufacturing business to the New Stonehenge
Limited, and New Stonehenge Limited has become the 100% owner of Hengda, which is the 100% owner of Hengdali.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 21, 2023, the shareholders of the Company approved and adopted an amended and restated memorandum and articles of association
(the &#8220;Amended M&amp;A&#8221;), which changed the authorized issued share capital of the Company from US$4,800,000 divided into
200,000,000 ordinary shares with a par value of US$0.024 each, to (i) 250,000,000 ordinary shares re-designated as (a) 200,000,000 Class
A ordinary shares with no par value each, and (b) 50,000,000 Class B ordinary shares with no par value each, and (ii) 50,000,000 preferred
shares with no par value each, (the &#8220;Re-Designation of the Authorized Capital&#8221;). Each Class A ordinary share is entitled
to one (1) vote and each Class B ordinary share is entitled to twenty (20) votes. In connection with the Re-Designation of the Authorized
Capital, 977,755 ordinary shares owned by Mr. Weilai (Will) Zhang then were converted into 977,755 Class B ordinary shares, and the rest
of the then outstanding and issued outstanding ordinary shares were converted into Class A ordinary shares on a one-for-one basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 15, 2023, Hainan Kylin incorporated a 100% owned subsidiary Hubei Kylin Cloud Sevices Technology Co., Ltd (&#8220;Hubei Kylin&#8221;)
in China. Hubei Kylin is engaged in the business of livestreaming ecommerce industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 18, 2023, Hainan Kylin incorporated a 100% owned subsidiary Jiangxi Kylin Cloud Sevices Technology Co., Ltd (&#8220;Jiangxi Kylin&#8221;)
in China. Jiangxi Kylin is engaged in the business of management and consulting services for the livestreaming ecommerce industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 18, 2023 the Company effected the one-for-ten reverse stock split of its issued and outstanding ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 27, 2024, Antelope USA, has acquired 100% equity interests of AEHL US at a nominal price. The Company is planning to launch
its energy supply business through AEHL US.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antelope
Enterprise Holdings Limited and its subsidiaries&#8217; corporate structure as of the date of this annual report is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="chart_2.jpg" alt=""/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antelope
Enterprise&#8217;s registered office is c/o Harneys Corporate Services Limited of Craigmuir Chambers, P.O. Box 71, Road Town, Tortola,
British Virgin Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recent
Development</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">September
2022 Registered Direct Offering</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 30, 2022, the Company commenced a registered direct offering of securities, and executed a Securities Purchase Agreement (the
&#8220;SPA&#8221;) with two institutional accredited investors pursuant to which it sold 1,666,667 of the Company&#8217;s common shares
at the per share price of $0.60 In a concurrent private placement, the Company sold to such investors warrants to purchase 1,666,667
common shares (the &#8220;Investor Warrants&#8221;). The Investor Warrants have an exercise price per share of $0.80, subject to adjustment,
contain variable pricing features, and have a term of five years. The Investor Warrants were sold without registration under the Securities
Act of 1933 (the &#8220;Securities Act&#8221;) in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act as transactions
not involving a public offering and Rule 506 promulgated under the Securities Act as sales to accredited investors. The proceeds of the
transaction will be used for working capital and general working purposes. The Investor Warrants issued in the concurrent private placement
are not listed on any securities exchange, and the Company does not expect to list the Investor Warrants. The transactions yielded gross
proceeds to the Company of approximately $1,000,000, before payment of commissions and expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Company issued warrants (the &#8220;Placement Agent Warrants&#8221;) to the Placement Agent to purchase a number of common
shares equal to 5.0% of the aggregate number of shares sold to the investors in this offering, as well as the warrant shares issuable
upon exercise of the Investor Warrants issued in the concurrent private placement, as additional placement agency compensation. The Placement
Agent Warrants have substantially the same terms as the Investor Warrants, except that the Placement Agent Warrants will have an exercise
price of $0.75. The Placement Agent received customary indemnification in connection with the offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">December
2022 Private Placement Offering</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 12, 2022, the Company entered into a note purchase agreement with Atlas Sciences, LLC, a Utah limited liability company (&#8220;Atlas&#8221;),
pursuant to which the Company issued Atlas an unsecured promissory note in the original principal amount of $1,332,500.00 (the &#8220;Note&#8221;),
for $1,250,000.00 in gross proceeds.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Note bears interest at a rate of eight percent (8%) per annum compounding daily. All outstanding principal and accrued interest on the
Note becomes due and payable eighteen (18) months after the closing date, when the purchase price of the Note is delivered by Atlas to
the Company. The Note includes an original issue discount of $62,500.00 along with $20,000.00 for Atlas&#8217;s fees, costs and other
transaction expenses incurred in connection with the purchase and sale of the Note. The Company may prepay all or a portion of the Note
at any time by paying 120% of the outstanding balance elected for pre-payment. Atlas has the right to redeem the Note at any time six
(6) months after the closing date (the &#8220;Redemption Start Date&#8221;), subject to maximum monthly redemption amount of $200,000.
At the end of each month following the Redemption Start Date, if the Company has not reduced the Outstanding Balance (as defined in the
Note) by at least $200,000, then by the fifth (5th) day of the following month, the Company must pay in cash to the Investor the difference
between $200,000 and the amount actually redeemed in such month or the Outstanding Balance will automatically increase by one percent
(1%) as of such fifth (5th) day.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the purchase agreement, while the Note is outstanding, the Company agreed to keep adequate public information available and maintain
its Nasdaq listing. Upon the occurrence of a Trigger Event (as defined in the Note), the Investor shall have the right to increase the
balance of the Note by fifteen percent (15%) for Major Trigger Event (as defined in the Note) and five percent (5%) for Minor Trigger
Event (as defined in the Note). In addition, the Note provides that upon occurrence of an Event of Default, the interest rate shall accrue
on the outstanding balance at the rate equal to the lesser of twenty-two percent (22%) per annum or the maximum rate permitted under
applicable law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">January
2023 Private Placement Offerings</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 10, 2023, the Company entered into a certain securities purchase agreement with Mr. Weilai (Will) Zhang, the Chief Executive
Officer of the Company, Mr. Ishak Han, a director of the Company, and another sophisticated purchaser, pursuant to which the Company
sold 1,625,000 ordinary shares, par value $0.024 per share at a per share purchase price of $0.80. This transaction was unanimously approved
by the disinterested directors and the board of directors of the Company. The gross proceeds to the Company were $1.3 million, before
deducting any fees or expenses. The Company intends to use the net proceeds from this transaction for the expansion of its livestreaming
ecommerce business and for general corporate purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 13, 2023, the Company entered into a certain securities purchase agreement with a certain purchaser, pursuant to which the Company
sold 1,234,568 ordinary shares, par value $0.024 per share, at a per share purchase price of $0.81, the closing price of the Company&#8217;s
ordinary shares reported on the Nasdaq Capital Market as of January 10, 2023. The gross proceeds to the Company from this transaction
were approximately $1.0 million, before deducting any fees or expenses. The Company intends to use the net proceeds from this transaction
for the expansion of its livestreaming ecommerce business and for general corporate purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">March
2023 Private Placement Offering</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 30, 2023, the Company entered into a certain securities purchase agreement with five sophisticated investors, pursuant to which
the Company sold 5,681,820 Class A ordinary shares, no par value, at a per share purchase price of $0.88. On April 12, 2023, the transaction
was closed. Upon closing, the beneficial owner of the five investors had approximately 15.15% of the total voting power of the Company,
and the Company&#8217;s CEO and Chairman, Weilai (Will) Zhang, had about 52.13% of the total voting power of the Company. The gross proceeds
to the Company from this transaction were approximately $5 million, before deducting any fees or expenses. The Company plans to use the
net proceeds for general corporate purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">August
2023 Private Placement Offering</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 2, 2023, the <b>Company</b> entered into a certain securities purchase agreement with a certain investor pursuant to which the
Company agreed to sell 2,083,333 Class A ordinary shares, no par value (at a per share purchase price of $0.48. The gross proceeds to
the Company from this offering are approximately $1 million, before deducting any fees or expenses. The Company plans to use the net
proceeds from this Offering for the general corporate purpose.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">February
2024 Warrant Exchange Agreement</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 15, 2024, the Company entered into warrant exchange agreements with each of several holders of warrants to purchase Class A
ordinary shares, no par value each, of the Company, pursuant to which the Holders agreed to surrender the warrants for cancellation and
the Company agreed, in exchange, to issue 0.5 restricted Class A ordinary shares and $1.0 in cash for each warrant. The holders, collectively,
owned 202,030 warrants at the time of entering into the warrant exchange agreement, and received 101,018 restricted Class A ordinary
shares and $202,030 in cash upon closing of the transaction as contemplated in the warrant exchange agreements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">March
2024 Private Placement Offering</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 15, 2024, the Company entered into a certain securities purchase agreement with certain investors, pursuant to which the Company
agreed to sell 1,727,941 Class A ordinary shares, no par value each, at a per share purchase price of $1.36. The gross proceeds to the
Company from this offering are approximately $2.35 million, before deducting any fees or expenses. The Company plans to use the net proceeds
from this offering for the expansion of the Company&#8217;s business in the U.S., for the recruitment of personnel in the U.S. and for
general corporate purpose.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 25, 2024, the Company entered into standby equity subscription agreements with three investors, pursuant to which, the Company
shall have the right, but not the obligation, to issue to the Investors, and Investors shall have the obligation to subscribe for, each
up to 10,000,000 the Class A ordinary shares of the Company, no par value each at the subscription price, which equals to the lesser
of (i) the average closing price of the Class A ordinary shares during the for the three consecutive trading days commencing on the applicable
Advance Notice Date (as defined in the Subscription Agreement), or (ii) $1.12. Any proceeds that the Company receives under the subscription
agreements are expected to be used for the repayment of three promissory notes of the Company with an aggregate outstanding balance of
approximately $6.75 million, the expansion of the Company&#8217;s business in the U.S., for the recruitment of personnel in the U.S.
and for general corporate purpose.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">April
2024 Warrant Exchange Agreement</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 2, 2024, the Company entered into a warrant exchange agreement with certain holder of warrants to purchase Class A ordinary shares,
no par value each, (of the Company, pursuant to which the Holder agreed to surrender the Warrants for cancellation and the Company agreed,
in exchange, to issue 0.5 restricted Class A ordinary shares for each Warrant. The holder owned 60,052 warrants at the time of entering
into the warrant exchange agreement, and received 30,026 restricted Class A ordinary shares upon closing of the transaction as contemplated
in the warrant exchange agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
April 15, 2024, </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the <span style="background-color: white">Company
entered into a warrant exchange agreement with certain holder of warrants to purchase Class A ordinary shares, no par value each, (of
the Company, pursuant to which the Holder agreed to surrender the Warrants for cancellation and the Company agreed, in exchange, to issue
0.5 restricted </span>Class A ordinary shares <span style="background-color: white">for each Warrant. The </span>h<span style="background-color: white">older
owned 50,071 </span>w<span style="background-color: white">arrants at the time of entering into the </span>warrant exchange agreement<span style="background-color: white">,
and received 25,036 restricted Class A </span>ordinary shares <span style="background-color: white">upon closing of the transaction as
contemplated in the </span>warrant exchange agreement<span style="background-color: white">.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash
Transfers Within Our Organization</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
each of the fiscal years ended December 31, 2021, 2022 and 2023, the only transfer of assets among Antelope Enterprises and its subsidiaries
have consisted of cash. During that same period, there have been no distributions, dividends or loans extended by any of our direct or
indirectly held subsidiaries to Antelope Enterprises. During that same period Antelope Enterprises has not declared any dividends or
made any distributions to its shareholders.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antelope
Enterprises routinely provides cash to its subsidiaries either by way of capital contribution or by way of loan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antelope
Enterprises is a holding company incorporated in the British Virgin Islands, and we do not have any substantive operations other than
indirectly holding the equity interest in our operating subsidiaries in China. Antelope Enterprises relies on dividends paid by our Hong
Kong and Chinese subsidiaries and capital raised from the sale of our securities to satisfy our cash needs. The payment of dividends
to Antelope Enterprises by our Chinese subsidiaries is affected by means of dividends by those entities to their Hong Kong direct parent
and a redividend by that Hong Kong entity to Antelope Enterprises. Such dividends are effected by resolution of the board of directors
of each such entity (after provision for applicable tax obligations).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China
is a foreign exchange administration country. Capital injections, cross-border trade and services transactions settled in foreign exchange,
overseas financing and profit repatriations are subject to the foreign exchange administration regulations. A Chinese subsidiary owned
by foreign company must apply for registration of foreign exchange with the SAFE after the issuance of a business license and obtain
a foreign exchange registration certificate. When the Chinese subsidiaries apply for repatriating dividends to foreign shareholders,
it must submit the application form to SAFE with the proof that such dividends have been subjected to all applicable tax withholding.
A Chinese subsidiary can only distribute dividends out of its accumulated profits, which means that any accumulated losses must be more
than offset by its profits in other years, including the current year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cash transfers within the organization during the years ended December 31, 2021, 2022 and 2023 were as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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                                                                                <p style="margin-top: 0; margin-bottom: 0">(Wire transfer to)</p></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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                                                                                <p style="margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(RMB)</b></span></p></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 22%; text-align: left">Antelope Enterprise Holdings Limited</td><td style="width: 2%">&#160;</td>
    <td style="width: 15%; text-align: left">Success Winner Limited</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 13%; text-align: right">48,304,308</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td style="width: 12%; text-align: left">Working capital loan to direct subsidiary</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">Vast Elite Limited</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,244,951</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,921,500</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">Antelope Enterprise (HK) Holdings Limited</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">1,050,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">Working capital loan to direct subsidiary</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">Stand Best Creation Limited</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,936,378</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,030,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">Working capital loan to direct subsidiary</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Antelope Enterprise (HK) Holdings Limited</td><td>&#160;</td>
    <td style="text-align: left">Antelope Holdings (Chengdu) Co., Ltd</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,779,450</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">750,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">Capital injection to direct subsidiary</td><td>&#160;</td>
    <td style="text-align: right">Cash</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Vast Elite Limited</td><td>&#160;</td>
    <td style="text-align: left">Chengdu Future Talented Management and Consulting Co., Ltd</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,186,300</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">500,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">Capital contribution to direct subsidiary</td><td>&#160;</td>
    <td style="text-align: right">Cash</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Jiangxi Hengdali Ceramics Materials Co., Ltd</td><td>&#160;</td>
    <td style="text-align: left">Jinjiang Hengda Ceramics Co, Ltd</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,000,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,098,453</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">Loan repayment to direct holding company</td><td>&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For
the year 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">Hainan Kylin Cloud Services Technology Co., Ltd</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Antelope Future (Yangpu) Investment Co., Ltd</td><td>&#160;</td>
    <td style="text-align: left">Antelope Ruicheng Investment (Hainan) Co., Ltd</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,755,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">Vast Elite Limited</td><td>&#160;</td>
    <td style="text-align: left">Stand Best Creation Limited</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,150</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">3,540,450</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">500,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">Working capital loan to direct subsidiary</td><td>&#160;</td>
    <td style="text-align: right">Cash</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Antelope Enterprise (Chengdu) Co., Ltd</td><td>&#160;</td>
    <td style="text-align: left">Chengdu Future Talented Company</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">110,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">15,535</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">Working capital loan to direct subsidiary</td><td>&#160;</td>
    <td style="text-align: right">Cash</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Hainan Kylin Cloud Services Technology Co., Ltd</td><td>&#160;</td>
    <td style="text-align: left">Anhui Kylin Cloud Services Technology Co., Ltd</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,000,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">282,450</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">Working capital investment to direct subsidiary</td><td>&#160;</td>
    <td style="text-align: right">Cash</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Hainan Kylin Cloud Services Technology Co., Ltd</td><td>&#160;</td>
    <td style="text-align: left">Hangzhou Kylin Cloud Services Technology Co., Ltd</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,500,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">494,287</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">Working capital investment to direct subsidiary</td><td>&#160;</td>
    <td style="text-align: right">Cash</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Hainan Kylin Cloud Services Technology Co., Ltd</td><td>&#160;</td>
    <td style="text-align: left">Wenzhou Kylin Cloud Services Technology Co., Ltd</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">100</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">14</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">Working capital loan to direct subsidiary</td><td>&#160;</td>
    <td style="text-align: right">Cash</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Antelope Future (Yangpu) Investment Co., Ltd</td><td>&#160;</td>
    <td style="text-align: left">Antelope Ruicheng Investment (Hainan) Co., Ltd</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">141</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">Working capital loan to direct subsidiary</td><td>&#160;</td>
    <td style="text-align: right">Cash</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business Overview</b></span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a British Virgin Islands limited liability company with no material operations. Our operations were conducted in China by our subsidiaries.
We provide livestream e-commerce services, business management and information systems consulting services. In addition, we are planning
to launch energy supply business in around the third quarter of 2024. We used to operate a ceramic tile manufacturing business and
have divested it in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Livestreaming
Ecommerce Business</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
livestreaming ecommerce business is operated in China through our 51% subsidiary, Hainan Kylin and its subsidiaries, Hangzhou Kylin
and Anhui Kylin. We aim to provide one-stop solutions for our customers to adopt the
emerging sales channel of livestreaming ecommerce<span style="background-color: white">. </span>We believe that livestreaming
ecommerce is an important growth engine for consumer good brands as it leverages the content of livestreaming to boost customers
engagement and sales as it combines instant purchasing of a featured product and audience participation through a chat function or
reaction buttons. <span style="background-color: white">Our customers usually include consumer goods brands, merchants, and
small-scale ecommerce platforms. Our product management office assesses and selects the products from our customers. Then, we
connect with different suppliers, usually staffing agencies that have a </span>growing and diverse pool <span style="background-color: white">of
hosts and influencers. We work with our suppliers to retain, grow and train the pool of hosts and influencers to provide engaging content in livestream. The
hosts and influencers promote our customers&#8217; products on various platform through livestreaming after they register and claim the jobs for livestreaming for our customers&#8217; products via </span>Hainan
Kylin<span style="background-color: white">&#8217;s SaaS platform. We track the sales of products of each host on this SaaS platform
and report the sales results to our customers.</span> We charge our commissions based on the final sales results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, services and promotion fees paid to social media and e-commerce platforms are a material part of the costs of livestreaming
ecommerce business in China. By leveraging our network and resources in the e-commerce industry, we provide cost-efficient promotion
and placement services to our customers by offering a discounted price of DUO+, which is an advertising option available to users of
Douyin, China&#8217;s most downloaded video-sharing platform (the mainland Chinese counterpart of TikTok). DOU+ is a content promotion
and targeting tool developed by Douyin and available for purchase by users to boost the reach and engagement for any videos or livestreaming
on its platform. We also customize the timing and target audience of the promotion placed through DOU+ for our customers to realize the
optimal engagement and retention based on our industry experience. We bring even more traffic to customers which purchased DOU+ through
us by engaging our own community of viewers to further boost the exposure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hainan
Kylin&#8217;s SaaS platform also includes a job-listing page designed especially for our enterprise customers to retain and engage freelancers
and independent contractors in a cost effective manner. We expect to further develop this function of the SaaS platform to provide value-added
services to our livestreaming ecommerce customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hainan
Kylin <span style="background-color: white">has a limited operating history as it started its business in September 2021. For fiscal
year 2022, </span>Hainan Kylin <span style="background-color: white">comprised virtually all of our ongoing business operations and accounted
for 84.5% of our total revenue.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Business
Management and Consulting Business</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also provide business management and consulting services which consists of computer consulting services and software development through
our subsidiaries in China, including Chengdu Future and Antelope Chengdu. We diagnose difficulties in infrastructure and enterprise systems
and addresses business challenges that enterprises confront by developing strategies to surmount such hurdles to ensure the healthy growth
and development of our customers. Our consulting teams have advanced technological knowledge and capabilities to implement workflow solutions
via proprietary software products and services to help our customers with customized solutions to solve complex problems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Planned
Energy Supply Business</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is aiming to launch energy supply business through AEHL US, formerly known as Million Star US Inc. AEHL US has taken preliminary
steps in developing this business including engaging a broker to source natural gas from natural gas provider in Texas and the procurement
of electricity generators. AEHL US plans to supply power to a data center in Midland, Texas. The Company anticipates that its energy supply business will start operation in the third quarter of 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">AEHL
US also plans to generate revenue by securing hosting sites for cryptocurrency mining operators as it leverages anticipated cost-effective
electricity costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Ceramic
Tile Business</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
the ceramic tiles manufacturing business has experienced significant hurdles due to the significant slowdown of the real estate sector
and the impacts of COVID-19 in China, we decided to divest the ceramic tiles manufacturing business, which is conducted through our two
subsidiaries, Hengda and Hengdali. On December 30, 2022, our operating entities for the ceramic tile business entered into an agreement
with an unaffiliated buyer to sell 100% equity interests of our ceramic tile business. On February 21, 2023, our shareholders approved
the sale. On April 28, 2023, this transaction was closed. The buyer is now the 100% owner of Hengda, which is the 100% owner of Hengdali.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2022, we utilized production facilities capable of producing 1.40 million square meters ceramic tiles, as
compared with the year ended December 31, 2021, when we utilized production facilities capable of producing 2.38 million square meters.
During the year ended December 31, 2022, we had 10 production lines available for production and utilized two production lines during
the peak season. As of December 31, 2022, we had seven production lines available for production (all were from Hengda), one of which
was in use as of December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Competitive
Advantages</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe we have a unique business model in the livestreaming ecommerce business in China and our competitors include multi-channel networks
(&#8220;MCNs&#8221;), studios of hosts and influencers, we may also compete with other digital service platforms for enterprises for
some or all of the services we offer. We believe that we have the following competitive advantages:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>We
offer a cost-efficient turnkey solution with less risks exposure to our customers</i>. We have connections with many suppliers through
which we can offer competitive pricing packages and a diverse group of hosts and influencers to our customers comparing to MCNs. We make
sure that all the suppliers we work with have all the required licenses and permission to operate, to reduce compliance risks that our
customers are exposed to.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>We
provide better benefits to our suppliers as well as the hosts and influencers. </i>We provide more stable and reliable services in terms
of qualifications, cash flow, and resources. Our standardized management process ensures the smooth progress of the service and can handle
emergencies in the process in a timely manner Hosts and Influencers usually experience issues like arrears of service fees and long settlement
cycles with their clients or MCNs. However, we pay the hosts and the influencers the next business days following the completion of their
work. All of our customers deposit the service fee into an escrow account upon signing contracts with us. Once the services are delivered,
we and our customers will authorize the release of the funds. Therefore, the suppliers, as well as the hosts and influencers, are more
willing to work with us than dealing directly with the consumer goods brands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Growth
Strategies</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will continue to leverage on our competitive advantages to execute our growth plan in the following manners.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>We
will continue to strengthen our business by increasing our sales and marketing efforts. </i>We plan to continue our marketing efforts
to further enhance our brand awareness and recognition and to promote our campaigns, services and initiatives. This may include social
media marketing, placement of advertisements, as well as search engine marketing and search engine optimization. We plan to allocate
resources to enhance our brand image, to boost customer and user spending and to further extend our customers. We plan on investing in
content and campaign ideation and production, brand positioning and communication, brand awareness campaigns and digital and performance
marketing, as well as other forms of marketing and promotional tactics to expand and broaden our customer base.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>We
may expand by opportunistic and strategic acquisitions of business and/or companies.</i> Although we will continue to focus on the organic
growth of our business, should opportunities arise for the strategic growth through acquisition of other players in the livestreaming
ecommerce industry, we would consider consolidating their business with us. In identifying suitable acquisition targets, we will take
into account factors including their reputation, popularity, statistics on MUVs, Information technology, revenue and customer base, our
financial capability and whether the target company&#8217;s business is complementary to our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>We
will invest to enhance our services</i>. We will invest to improve our data analytics capabilities through upgrading our database and
IT systems to analyze the preferences and therefore the demand of our customers so as to select the best suitable suppliers of hosts
and influencers for them. We are also building and planning to provide our training program to empower the hosts and influencers, or
anyone who wants to work as a host and influencer, teaching them how to gain and grow their followers and conversion rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Customers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Livestreaming
Ecommerce Business</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, we had one customer which accounted 36.5% of the total revenue generated from the livestreaming ecommerce
business&#160;. We expect to scale and add more new customers as we operate in a dynamic and competitive industry. With the addition
of new customers, we believe customer concentration will decline over time even as we expect to continue to grow our relationships with
existing large customers.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Business
Management Consulting Services</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business and profitability of our business management and consulting business is not materially dependent on any industrial, commercial
or financial contract with any of our business management consulting customers. Our business management and consulting revenue accounted
for 1.4% of our total revenue for the year ended December 31, 2023. None of our directors or executive officers or their respective affiliates
has any interest, direct or indirect, in any of our customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sales
and Marketing</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
sales and marketing department is responsible for formulating sales policies and pricing based on market analysis, surveys and forecasts,
developing and implementing our sales and marketing campaigns, and promoting our products and brand. Additionally, our sales department
is responsible for cultivating new customers and business relationships, as well as servicing existing accounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
participate in a variety of sales and marketing activities including trade shows, in-house sales and marketing seminars, factory tours,
outdoor advertising, B2B catalogs and customer calls. We believe that these techniques allow us to gather and better understand customers&#8217;
needs and requirements and to obtain feedback on our products and services and intend to continue utilizing these techniques.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the future, we intend to participate in international trade fairs and seminars from time to time to promote our brand and products, and
to establish a network with industry professionals outside the PRC. To augment our plan to expand our markets internationally, our products
will also be advertised on and available to purchase on the Internet.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Major
Suppliers &amp; Raw Materials</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Livestreaming
Ecommerce Business</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, there was one vendor that accounted for 16.1%, for the total purchase of the livestreaming ecommerce
business. Our business or profitability is not materially dependent on any industrial, commercial or financial contract with any of our
suppliers of livestreaming ecommerce business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Business
Management and Consulting Business</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, there was one vendor accounted for 100%, for the total purchases of the business management consulting
business. Our business or profitability is not materially dependent on any industrial, commercial or financial contract with any of our
suppliers of business management and consulting business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
of our officers or directors or their respective affiliates has any interest, direct or indirect, in any of the above major suppliers.
There are no arrangements or understanding with any suppliers pursuant to which any of our directors and executive officers were appointed.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Research
and Development</b>&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Livestreaming
Ecommerce Business</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
research and development team for the livestreaming ecommerce business focus on developing the SaaS platform to provide comprehensive
services to our consumer goods brands customers, including refining our search algorithm for a compatible group of hosts and influencers
based on the products feature of our customers. We also hired an outside consultant to help upgrade the SaaS platform. As of December
31, 2023, our research and development team for livestreaming ecommerce business had 8 employees and 42 independent contractors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Business
Management and Information System Business</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently do not have a designated team of research and development for this business line.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
research and development costs were approximately RMB 0.14 million, RMB 1.27 million and RMB 1.43 million for fiscal years 2021, 2022
and 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Competition</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our livestreaming ecommerce business
face intense competition from our existing competitors and new market entrants. </span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">Our major competitors
primarily fall into two categories: established players in the livestreaming space and traditional retail giants who have made significant
investments in this emerging sector.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
distinguish our products and services by specializing in providing engaging livestreaming experiences, establishing strong
relationships with our suppliers, and leveraging data and analytics to optimize our operations and marketing
strategies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Intellectual
Property</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
protect our intellectual property primarily through a mix of patent and trademark registrations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Registered
Software Copyrights</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have registered the following software copyrights in the PRC:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Internet-based archives
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as disclosed above, as of December 31, 2023, our business or profitability is not materially dependent on any other trademarks, copyrights,
registered designs, patents, grant of licenses from third parties, new manufacturing processes or other intellectual property rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
Proceedings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are currently not involved in any legal proceedings; nor are we aware of any claims that could have a material adverse effect on our
business, financial condition, results of operations or cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Seasonality</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seasonality
plays a significant role in the operation and strategic planning of our business in the live streaming e-commerce industry. We observe
close patterns between consumer demand, sales volume, marketing activities, and seasonal variations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
peak seasons such as holidays, major shopping festivals, and special occasions, consumer demand and engagement tend to surge. This is
a crucial time for us to ramp up our live streaming activities, offering attractive promotions, discounts, and unique content to capture
the attention of our audience and drive sales. We collaborate closely with our suppliers to ensure a diverse range of products that cater
to seasonal demands, and our influencer team strives to create engaging events that resonate with our target audience.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the quieter seasons, however, we focus on optimizing the product offerings, enhancing our live streaming technology, and strengthening
our relationships with creators and suppliers. This enables us to prepare for the upcoming busy periods and ensures that we are well-positioned
to seize any opportunities that arise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
mitigate the risks associated with seasonality, we also leverage data analysis to monitor consumer trends and adjust our strategies accordingly.
We analyze sales data, user engagement metrics, and market feedback to identify patterns and insights that inform our decision-making.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By
adapting our operations and strategies to the seasonal changes in the market, we can maximize sales and build long-term relationships
with our customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Governmental
Regulations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Environmental
Protection Regulations</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the PRC Environmental Protection Law adopted on December 26, 1989, the Administration Supervisory Department of Environmental
Protection of the State Council sets the national guidelines for the discharge of pollutants. The People&#8217;s Governments of provinces,
autonomous regions and municipalities may also set their own guidelines for the discharge of pollutants within their own provinces or
districts in the event that the national guidelines are inadequate. A company which causes environmental pollution and discharges other
polluting materials which endanger the public should implement environmental protection methods and procedures into their business operations.
This may be achieved by setting up a system of accountability within the company&#8217;s business structure for environmental protection,
adopting effective procedures to prevent environmental hazards such as waste gases, water and residues, dust powder, radioactive materials
and noise arising from production, construction and other activities from polluting and endangering the environment. The environmental
protection system and procedures should be implemented simultaneously with the commencement of and during the operation of construction,
production and other activities undertaken by the company. Any company which discharges environmental pollutants should report and register
such discharge with the Administration Supervisory Department of Environmental Protection and pay any fines imposed for the discharge.
A fee may also be imposed on the company for the cost of any work required to restore the environment to its original state. Companies
which have caused severe pollution to the environment are required to restore the environment or remedy the effects of the pollution
within a prescribed time limit. If a company fails to report and/or register the environmental pollution it caused, it will receive a
warning or be penalized. Companies that fail to restore the environment or remedy the effects of the pollution within the prescribed
time will be penalized or have their business licenses terminated. Companies that have polluted and endangered the environment must bear
the responsibility for remedying the danger and effects of the pollution, as well as to compensate any losses or damages suffered as
a result of such environmental pollution.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Livestreaming
Ecommerce Regulations</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government extensively regulates the telecommunications industry, and we may be subject to new laws and regulations revised or promogulated
from time to time that will require us to obtain additional licenses and permits.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Telecommunications Regulations of the PRC (2016 Revision) amended on February 6, 2016 distinguished &#8220;basic telecommunication services&#8221;
from &#8220;value-added telecommunications services.&#8221; The value-added telecommunications service provider shall obtain an operating
license from provincial Ministry of Industry and Information Technology (&#8220;MIIT&#8221;) offices prior to its commencement of operations.
The Administrative Measures for Telecommunication Business Operating License, promulgated by the MIIT with latest amendments becoming
effective in September 2017, set forth the types of licenses required for value-added telecommunication services and the qualifications
and procedures for obtaining such licenses. Moreover, the Administrative Measures on Internet Information Services (2011 Revision), amended
on January 8, 2011 by the State Council, further provided that commercial internet information services providers shall obtain an Internet
Content Provider License (&#8220;ICP&#8221;) License, from competent government authorities before providing any commercial internet
content services within the PRC. The Catalog of Classification of Telecommunications Services (2015 Edition) amended in June 2019 further
defined internet information services, which includes information publication platform and delivery services, information search and
inquiry services, information community&#8217;s platform services, instant message services, and information security and management
services. As a SaaS provider, we cooperated with dozens of livestreaming platforms. As of the date of this annual report, we are not
required to hold a valid ICP License.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Besides,
the Ministry of Culture (replaced by the Ministry of Culture and Tourism of PRC) promulgated Interim Administrative Provisions on Internet
Culture, or the Internet Culture Provisions, on May 10, 2003, and amended on December 15, 2017 which stipulates that providers of internet
cultural products or services including but not limited internet entertainment, internet games, internet shows or programs and internet
animations shall obtain operating permit on internet culture. If any entity engages in commercial internet culture activities without
approval, the cultural administration authorities may order such entity to cease to operate internet culture activities as well as levying
penalties including administrative warning and fines up to RMB30,000 depending on the severity of cases. As a SaaS provider, we cooperated
with dozens of livestreaming platforms. As of the date of this annual report, we are not required to hold a valid operating permit on
internet culture activities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Government
Regulations Relating to Foreign Exchange Controls</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal regulation governing foreign exchange in the PRC is the Foreign Currency Administration Rules and a series of implementing
rules and regulations, as amended. Under these rules, the Renminbi, the PRC&#8217;s currency, is freely convertible for trade and service
related foreign exchange transactions (such as normal purchases and sales of goods and services from providers in foreign countries),
but not for direct investment, loan or investment in securities outside of China unless the prior approval of the State Administration
for Foreign Exchange, or SAFE, of the PRC is obtained. Foreign investment enterprises, or FIEs, are required to apply to the SAFE for
Foreign Exchange Registration Certificates for FIEs. With such registration certificates, which need to be renewed annually, FIEs are
allowed to open foreign currency accounts including a basic account and capital account. Currency translation within the scope of the
basic account, such as remittance of foreign currencies for payment of dividends, can be effected without requiring the approval of the
SAFE. Such transactions are subject to the consent of PRC banks which are authorized by the SAFE to review basic account currency transactions.
However, conversion of currency in the capital account, including capital items such as direct investment, loans and securities, still
require approval of the SAFE. On November 21, 2005, the SAFE issued Circular No. 75 on Relevant Issues Concerning Foreign Exchange Control
on Domestic Residents Corporate Financing and Roundtrip Investment Through Offshore Special Purpose Vehicles. Circular No. 75 confirms
that the use of offshore special purpose vehicles as holding companies for PRC investments are permitted, but proper foreign exchange
registration applications are required to be reviewed and accepted by the SAFE.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Regulation
of Foreign Currency Exchange</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
currency exchange in the PRC is governed by a series of regulations, including, without limitation, the Foreign Currency Administrative
Rules (1996), as amended, and the Administrative Regulations Regarding Settlement, Sale and Payment of Foreign Exchange (1996), as amended.
Under these regulations, the Renminbi is freely convertible for trade and service-related foreign exchange transactions, but not for
direct investment, loans or investments in securities outside China without the prior approval of the SAFE. Pursuant to the Administrative
Regulations Regarding Settlement, Sale and Payment of Foreign Exchange, foreign-invested enterprises in China may purchase foreign exchange
without the approval of the SAFE for trade and service-related foreign exchange transactions by providing commercial documents evidencing
these transactions. They may also retain foreign exchange, subject to a cap approved by SAFE, to satisfy foreign exchange liabilities
or to pay dividends. However, the relevant Chinese government authorities may limit or eliminate the ability of foreign-invested enterprises
to purchase and retain foreign currencies in the future. In addition, foreign exchange transactions for direct investment, loan and investment
in securities outside China are still subject to limitations and require approvals from the SAFE. On August 29, 2008, SAFE issued Circular
No. 142 on Relevant Business Operations Issues Concerning Improving the Administration of the Payment and Settlement of Foreign Exchange
Capital of Foreign-Invested Enterprises, with respect to the administration of conversion of foreign exchange capital contributions of
FIEs into Renminbi, unless otherwise permitted by PRC laws or regulations, Renminbi converted from foreign exchange capital contributions
can only be applied to activities within the approved business scope of FIEs and cannot be used for domestic equity investment or acquisitions.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Regulation
of Dividend Distribution</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal laws and regulations in China governing distribution of dividends by foreign-invested companies include:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Sino-foreign Equity
    Joint Venture Law (1979), as amended;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Regulations for the
    Implementation of the Sino-foreign Equity Joint Venture Law (1983), as amended;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Sino-foreign Cooperative
    Enterprise Law (1988), as amended;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Detailed Rules for
    the Implementation of the Sino-foreign Cooperative Enterprise Law (1995), as amended;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Foreign Investment
    Enterprise Law (1986), as amended; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Regulations of Implementation
    of the Foreign Investment Enterprise Law (1990), as amended.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
these regulations, foreign-invested enterprises in China may pay dividends only out of their accumulated profits, if any, determined
in accordance with Chinese accounting standards and regulations. In addition, wholly foreign-owned enterprises in China are required
to set aside at least 10% of their respective accumulated profits each year, if any, to fund certain reserve funds unless such reserve
funds have reached 50% of their respective registered capital. These reserves are not distributable as cash dividends.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Insurance</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not purchased insurance coverage for product liability or third party liability and are therefore not covered or compensated by
insurance in respect of losses, damages, claims and liabilities arising from or in connection with product liability or third party liability.
In addition, we currently do not maintain business interruption insurance. As a result, our business and prospects could be adversely
affected in the event of such problems in our operations and may suffer losses that could have a material adverse effect on our business,
financial condition, results of operations, or cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Organizational Structure</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following chart illustrates Antelope Enterprises&#8217; organizational structure as of December 31, 2023:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="chart_3.jpg" alt=""/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Corporate
Structure and Background</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
previous principal PRC-based operating subsidiary, Hengda, was established on September 30, 1993 under the laws of PRC. All of the equity
interests in Hengda are 100% owned by Stand Best. Hengda is a wholly foreign-owned enterprise in China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hengdali
was established on May 4, 2008 under the laws of PRC. All of the equity interests in Hengdali are 100% owned by Hengda.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stand
Best was established on January 17, 2008 under the laws of Hong Kong. Stand Best acquired the entire shareholdings of Hengda on April
1, 2008 for consideration of RMB 58,980,000. As a result of this acquisition, Hengda became the wholly owned subsidiary of Stand Best.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Success
Winner was established on May 29, 2009 under the laws of British Virgin Islands with Mr. Wong Kung Tok as its sole shareholder and sole
director.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 30, 2009, pursuant to the capitalization agreement dated June 30, 2009, Success Winner was issued the 9,999 shares allotted by Stand
Best as per the capitalization exercise of a shareholder&#8217;s loan of HK$67.9 million (RMB 58.9 million). On the same date, the shareholder
of Stand Best, Mr. Wong Kung Tok transferred all his shareholdings in Stand Best to Success Winner. Therefore, Mr. Wong Kung Tok, from
June 30, 2009 to November 20, 2009, indirectly owned 100% of Stand Best and in turn, 100% of Hengda.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHAC
was incorporated in Delaware on June 22, 2007 and was organized as a blank check company for the purpose of acquiring, through a stock
exchange, asset acquisition or other similar business combination, or controlling, through contractual arrangements, an operating business
that had its principal operations in Asia, with a focus on potential acquisition target in China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms of a merger and stock purchase agreement dated August 19, 2009, on November 20, 2009, CHAC merged with and into Antelope
Enterprises, its wholly owned British Virgin Islands subsidiary, and immediately thereafter, as part of the same integrated transaction,
Antelope Enterprises acquired all of the outstanding securities of Success Winner.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to Antelope Enterprises&#8217; acquisition of Success Winner, neither CHAC nor Antelope Enterprises had any operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 19, 2009, Hengda entered into a definitive acquisition agreement to acquire a new production facility in Gaoan, Jiangxi Province,
PRC by purchasing 100% of the equity interests in Hengdali. The closing of the acquisition was subject to the Gaoan City Administration
for Industry and Commerce transferring the registration and business license of Hengdali from Hengdali&#8217;s former shareholders to
Hengda. The transfer occurred on January 8, 2010. Hengda appointed an executive officer to take control over Hengdali&#8217;s operating
and financing activities on the same day. In total, Hengda assumed loans of RMB 60.0 million and paid cash consideration of RMB 185.5
million for the acquisition, of which RMB 145.4 million was advanced to Hengdali&#8217;s former shareholders by December 31, 2009.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 22, 2017, Success Winner incorporated a 100% owned subsidiary Vast Elite Limited (&#8220;Vast Elite&#8221;) in Hong Kong with
initial registered capital of HKD1. Vast Elite is engaged in the trading of building materials but during the year ended December 31,
2020, Vast Elite had no operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 20, 2019, Vast Elite incorporated a 100% owned subsidiary Chengdu Future Talented Management and Consulting Co, Ltd (&#8220;Chengdu
Future&#8221;) in China. Chengdu Future is engaged in business management and consulting services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 3, 2019, Success Winner incorporated a 100% owned subsidiary Antelope Enterprise Holdings Limited (&#8220;Antelope Holdings&#8221;)
in Hong Kong. Antelope Holdings only serves the purpose of a holding company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 9, 2020, Antelope HK incorporated a 100% owned subsidiary Antelope Holdings (Chengdu) Co., Ltd in China, Antelope Chengdu is engaged
in computer consulting and software development.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 10, 2021, Antelope HK incorporated a 100% owned subsidiary Hainan Antelope Holdings Co., Ltd (&#8220;Antelope Hainan&#8221;) in
China. Antelope Hainan is engaged in business management and consulting services. Antelope Hainan does not have any operations as of
this report date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 11, 2021, Antelope HK incorporated a 100% owned subsidiary Antelope Future (Yangpu) Investment Co., Ltd (&#8220;Antelope Yangpu&#8221;)
in China. Antelope Yangpu is engaged in business management and consulting services. Antelope Yangpu does not have any operations as
of this report date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 23, 2021, Antelope Hainan incorporated a 100% owned subsidiary Antelope Investment (Hainan) Co., Ltd (&#8220;Antelope Investment&#8221;)
in China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antelope
Investment is engaged in business management and consulting services. Antelope Investment does not have any operations as of the date
of this annual report.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 9, 2021, Antelope Future incorporated a 100% owned subsidiary Antelope Ruicheng Investment (Hainan) Co., Ltd (&#8220;Antelope
Ruicheng&#8221;) in China. Antelope Ruicheng is engaged in business management and consulting services. Antelope Ruicheng does not have
any operations as of this report date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 18, 2021, Antelope Ruicheng incorporated a 51% owned subsidiary Hainan Kylin Cloud Services Technology Co., Ltd (&#8220;Hainan
Kylin&#8221;) in China. Hainan Kylin is engaged in the livestreaming ecommerce industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 28, 2022, Hainan Kylin incorporated a 100% owned subsidiary Hangzhou Kylin Cloud Services Technology Co., Ltd (&#8220;Hangzhou
Kylin&#8221;) in China. Hangzhou Kylin is engaged in the livestreaming ecommerce industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 2, 2022, Hainan Kylin incorporated a 100% owned subsidiary Anhui Kylin Cloud Sevices Technology Co., Ltd (&#8220;Anhui Kylin&#8221;)
in China. Anhui Kylin is engaged in the livestreaming ecommerce industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 30, 2022, Stand Best and an unaffiliated entity, New Stonehenge Limited, entered into a purchase agreement, pursuant to which,
Stand Best agreed to sell 100% equity interests in Hengda to New Stonehenge Limited, in exchange for a 5% unsecured promissory note with
a principal amount of <span style="background-color: white">US$8.5 </span>million. The promissory note will mature in four years and
the 5% interest and principal amount on the note is to be paid in four annual installments. On February 21, 2023, the Company&#8217;s
shareholders approved this transaction. On April 28, 2023, this transaction was closed. The has transferred its ownership of the ceramic
tile manufacturing business to New Stonehenge Limited, and New Stonehenge Limited has become the 100% owner of Hengda, which is the 100%
owner of Hengdali.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 4, 2023, Antelope USA was incorporated under the laws of Delaware.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 15, 2023, Hainan Kylin incorporated a 100% owned subsidiary Hubei Kylin Cloud Sevices Technology Co., Ltd (&#8220;Hubei Kylin&#8221;)
in China. Hubei Kylin is engaged in the livestreaming ecommerce industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 18, 2023, Hainan Kylin incorporated a 100% owned subsidiary Jiangxi Kylin Cloud Sevices Technology Co., Ltd (&#8220;Jiangxi Kylin&#8221;)
in China. Jiangxi Kylin is engaged in the livestreaming ecommerce industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 27, 2024, Antelope USA has acquired 100% equity interests of AEHL US at a nominal price. The Company is planning to launch its
energy supply business through AEHL US.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Property, plant and equipment</b>&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 25, 2024, we entered into a lease agreement for an office space of four thousand fifty-seven (4,057) rentable square feet in
Manhattan, New York. for sixty-three (63) months, unless terminated earlier pursuant to the terms thereof. The annual fixed rent is
(i) $300,218 for the first year ending on June 24, 2025, (ii) $308,474 for the second year ending on June 24, 2026, (iii) $316,957
for the third year ending on June 24, 2027, (iv) $325,673 for the fourth year ending on June 24, 2028, and (v) $334,629 for the
fifth year ending on June 24, 2029.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">On March 25,
2024, AEHL US purchased two used Waukesha 1450 KW generators and two chillers for a total of $594,150. On April 8, 2024, AEHL US
purchased two additional used Fairbanks Morse 3MW generators for a total of $690,000. On April 17, 2024, AEHL US purchased two D
Volt transformers each with capacity of 2,600 KVA for $94,000. The generators, chillers and the transformers will be used in the
operation of our energy supply business.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_006"></span>ITEM 4A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>UNRESOLVED STAFF COMMENTS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_007"></span>ITEM 5.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MANAGEMENT&#8217;S
DISCUSSION AND ANALYSIS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a British Virgin Islands limited liability company with no material operations. Our operations were conducted in China by our subsidiaries.
We provide livestreaming ecommerce services, business management and information systems consulting services. In April 2023, we disposed
of our legacy ceramic tile manufacturing business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Livestreaming
Ecommerce Business</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
livestreaming ecommerce business is operated in China through our 51% owned subsidiary, Hainan Kylin and its subsidiaries, Hangzhou
Kylin and Anhui Kylin. We aim to provide a one-stop solution for our customers to enable them to utilize the growing sales channel
of livestreaming ecommerce. We believe that livestreaming ecommerce is an important growth engine for consumer good brands as it
leverages the content of livestreaming to boost customer engagement and sales as it combines instant purchasing of a featured
product and audience participation through a chat function or reaction buttons. Our customers usually include consumer brand goods,
merchants, and small-scale ecommerce platforms. Our product management office assesses and selects the products from our customers.
We then connect with different suppliers, usually staffing agencies that have a growing and diverse pool of hosts and influencers.
We work with our suppliers to retain, grow and train the pool of hosts and influencers to provide engaging content in livestream.
The hosts and influencers promote our customers&#8217; products on various platform through livestreaming after they register and
claim the tasks for livestreaming for our customers&#8217; products via Hainan Kylin&#8217;s SaaS platform. We track the sales of
products of each host on the SaaS platform and report the sales results to our customers. We charge our commissions based on the final sales results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, services and promotion fees paid to social media and e-commerce platforms are a material part of the costs of livestreaming
ecommerce business in China. By leveraging our network and resources in the e-commerce industry, we provide cost-efficient promotion
and placement services to our customers by offering a discounted price of DUO+, which is an advertising option available to users of
Douyin, China&#8217;s most downloaded video-sharing platform (the mainland Chinese counterpart of TikTok). DOU+ is a content promotion
and targeting tool developed by Douyin and available for purchase by users to boost the reach and engagement for any videos or livestreaming
on its platform. We also customize the timing and target audience of the promotion placed through DOU+ for our customers to realize the
optimal engagement and retention based on our industry experience. We bring even more traffic to customers which purchased DOU+ through
us by engaging our own community of viewers to further boost the exposure.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hainan
Kylin&#8217;s SaaS platform also includes a job-listing page designed especially for our enterprise customers to retain and engage freelancers
and independent contractors at a cost-efficient way. We expect to further develop this function of the SaaS platform to provide value-added
services to our livestreaming ecommerce customers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hainan
Kylin started its business in September 2021. For the year ended December 31, 2023, Hainan Kylin comprised most of our ongoing business
operations and accounted for 98.1% of our total revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Ceramic
Tile Business</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
historically operated a ceramic tile business which are used for exterior siding and for interior flooring and design in residential
and commercial buildings. We are manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential
and commercial buildings in China. The ceramic tiles, sold under the &#8220;HD&#8221; or &#8220;Hengda,&#8221; brands are available in
over two thousand styles, colors and size combinations. Currently, we have five principal product categories: (i) porcelain tiles, (ii)
glazed tiles, (iii) glazed porcelain tiles, (iv) rustic tiles, and (v) polished glazed tiles.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, we did not produce any ceramic tiles and only had sales from our existing inventory, as compared with
the year ended December 31, 2022, when we utilized production facilities capable of producing 1.4 million square meters and generated
sales from newly manufactured products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
the last two years, the Company enacted a strategic transition to pivot towards high growth technology areas which included the acquisition
of a livestreaming ecommerce business. In December 2022, the Company&#8217;s Board of Directors unanimously agreed to divest its ceramic
tile building materials business. A special meeting of the Company&#8217;s shareholders was held on February 21, 2023, and the shareholders
approved the sale of this business. On April 28, 2023, this transaction closed, and the Company transferred its ownership of the ceramic
tile manufacturing business to New Stonehenge Limited, which, as a result, assumed all of its assets and liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Business
Management and Consulting Business</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also provide business management and consulting services which consists of computer consulting services and software development
through our subsidiaries in China, including Hubei Kylin, Wenzhou Kylin, Chengdu Future and Antelope Chengdu. We diagnose
difficulties in infrastructure and enterprise systems and addresses business challenges that enterprises confront by developing
strategies to surmount such hurdles to ensure the healthy growth and development of our customers&#8217; businesses. Our consulting
teams have advanced technological knowledge and capabilities to implement workflow solutions via proprietary software products and
services to provide our customers with customized solutions to help them solve complex business problems.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
of Presentation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion and analysis of our financial condition and results of operations is based on the selected financial information
as of and for the year ended December 31, 2023 and has been prepared based on the consolidated financial statements of Antelope Enterprise
Holdings Limited and its subsidiaries. The consolidated financial statements of Antelope Enterprise Holdings Limited and its subsidiaries
have been prepared in accordance with IFRS as issued by the International Accounting Standards Board, or &#8220;IASB.&#8221; The consolidated
financial statements have been prepared on the historical cost basis, except for derivative financial instruments that have been measured
at fair value.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth our financial results for the years ended December 31, 2023, 2022 and 2021, respectively:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows the Company&#8217;s operations by business lines for the years ended December 31, 2023, 2022 and 2021, respectively:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-decoration: underline; text-align: left">Continuing operations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">5,293</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">90</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">34</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">6</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">42</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(160</td><td style="text-align: left">)</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Description
of Selected Income Statement Items</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenues</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue
from sales of livestreaming ecommerce business</i>. Beginning in September 2021, we started to generate revenue from our livestreaming
ecommerce business which is operated by Hainan Kylin and its subsidiaries. For the years ended December 31, 2023 and 2022, respectively,
we generated RMB 503.4 million (US$ 71.1 million) and RMB 273.7 million (US$ 40.7 million) in revenue from this business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue
from sales of ceramic tile products.</i> We historically generated revenue from the sales of ceramic tiles, including porcelain tiles,
glazed porcelain tiles, glazed tiles, rustic tiles and polished glazed tiles, net of rebates and discounts. For the years ended December
31, 2023 and 2022, respectively, we generated RMB 2.7 million (US$ 0.4 million) and RMB 37.7 million (US$ 5.6 million) in revenue from
this business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue
from business management and information system consulting services.</i> We also generated revenue from business management consulting,
information system technology consulting services, including the sales of software use rights for digital data deposit platforms and
asset management systems. For the years ended December 31, 2023 and 2022, we generated RMB 7.1 million (US$ 1.0 million) and RMB 12.7
million (US$ 1.9 million).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cost
of revenues</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost
of revenues for livestreaming ecommerce</i>. Cost of sales for the livestreaming ecommerce was RMB 443.6 million (US$ 62.7 million) and
RMB 245.6 million (US$ 36.5 million) for the years ended December 31, 2023 and 2022, mainly consisting of professional costs for outsourcing
technology services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost
of revenues for tile products</i>. Cost of revenues for tile products consists of costs directly attributable to production, including
the cost of clay, color materials, glaze materials, coal, salaries for staff engaged in production activity, electricity, depreciation,
packing materials and related expenses. For the years ended December 31, 2023 and 2022, we had cost of revenues related to tile products
of RMB 7.6 million (US$ 1.1 million) and RMB 41.2 million (US$ 6.1 million), respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost
of revenues for business management and information system consulting services</i>. For the years ended December 31, 2023 and 2022, we
had cost of revenues related to business management and consulting income of RMB 13.9 million (US$ 2.0 million) and RMB 12.8 million
(US$ 1.9 million), which mainly consisted of professional costs for outsourcing technology services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
income and other expenses</i>. Other income consists of interest income, foreign exchange gain/loss, gain on disposal of equipment and
rental income by leasing out one of its production lines. Other expenses primarily consist of the loss on disposal of equipment and the
depreciation by leasing out one of our production lines.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Selling
and distribution expenses</i>. Selling and distribution expenses consist of payroll, travel expenses, transportation and advertising
expenses incurred by our selling and distribution team.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Administrative
expenses</i>. Administrative expenses consist primarily of R&amp;D expense, employee remuneration, payroll taxes and benefits, general
office expenses and depreciation. We expect administrative expenses to remain constant as compared to the prior year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Income
taxes</i>. Our subsidiaries in the PRC are subject to the PRC Enterprise Income Tax Law, from January 1, 2021 to December 31, 2021, small
and low-profit enterprises with annual taxable income not exceeding RMB 1 million, the actual income to be taxed was further lowered
to 12.5% of annual taxable income, and the tax rate will be 20%; From January 1, 2022 to December 31, 2024, small and low-profit enterprises
with annual taxable income exceeding RMB 1 million but not more than RMB 3 million, the actual income to be taxed will be further lowered
at 25% of annual taxable income, and the corporate income tax is paid at the rate of 20%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Results
of Operations</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
Ended December 31, 2023 Compared to the Year Ended December 31, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue
from livestreaming ecommerce</i>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023 and 2022, revenue from the livestreaming ecommerce was RMB 503.4 million (US$ 71.1 million) and RMB
273.7 million (US$ 40.7 million), representing an increase of RMB 229.7 million, or 84%. The significant increase was because the rapid
growth of livestreaming industry ecommerce in China, and increase of our clientele base. In the year of 2023, the Company had business
engagements with more than 70 clients, which represented an increase of nearly 13 clients compared to the same period in 2022. Among
these clients, the top five major clients generated revenue of RMB 389 million in the year of 2023. Additionally, the sales of customized DOU+ services to the Company&#8217;s customers contributed revenue of over RMB 38.2 million (US$ 5.4 million). </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue
from sales of tile products</i>.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from sales of tile products was RMB 2.7 million (US$ 0.4 million) for the year ended December 31, 2023, compared to RMB 37.7 million
(US$ 5.6 million) for the year ended December 31, 2022, representing a decrease of RMB 35.0 million, or 92.8%. The decrease in revenue
was primarily due to the continued slow real estate and construction industry in China, as a result, we discontinued operation of this
segment in April 2023.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue
from business management and information system consulting services.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from business management and information system consulting services was RMB 7.1 million (US$ 1.0 million) for the year ended December
31, 2023, compare to RMB 12.7 million (US$ 1.9 million) for the year ended December 31, 2022, representing a decrease of RMB 5.5 million
or 44%. The decrease in revenue was mainly from Chengdu Future. Due to intense market competition and lack of efficient marketing and
promotional efforts, Chengdu Future was unable to attract and obtain new customers for the year ended December 31, 2023, and this segment
only generated revenue from the service contracts that were previously entered into; we recorded consulting revenue over the service
term, however, there were a few service agreements that were early terminated. In addition, management focused more attention and allocated
more resources to the livestreaming ecommerce segment.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost
of revenues for livestreaming ecommerce</i>.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
of sales for the livestreaming ecommerce was RMB 443.6 million (US$ 62.7 million) and RMB 245.6 million (US$ 36.5 million) for the
years ended December 31, 2023 and 2022. For the year ended December 31, 2023 and 2022, our cost of sales mainly consisted of
professional costs for outsourcing technology services. The increase in the cost of revenues for our livestreaming ecommerce
resulted from the rapid growth of this business. In addition, the cost for the sales of customized DOU+ was RMB
37.9 million (US$ 5.3 million).&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost
of revenues for sales of tile products</i>.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
of revenues for sales of tile products was RMB 7.6 million (US$ 1.1 million) for the year ended December 31, 2023 compared to RMB 41.3
million (US$ 6.1 million) for the year ended December 31, 2022, representing a decrease of RMB 33.7 million, or 82%. The decrease in
cost of sales was primarily due to discontinued operations of this segment.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost
of revenues for business management and information system consulting services.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
of revenues for business management and consulting services was RMB 13.9 million (US$ 2.0 million) and RMB 12.8 million (US$ 1.9 million)
for the year ended December 31, 2023 and 2022. We amortized prepaid consulting expenses to our service provider over the service term.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gross
profit for livestreaming ecommerce</i>. Gross profit for the livestreaming ecommerce was RMB 59.8 million (US$ 8.4 million) and RMB 28.1
million (US$ 4.2 million) for the years ended December 31, 2023 and 2022.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gross
loss for sales of tile products. </i>Gross loss for the tile products was RMB 4.9 million (US$ 0.7 million) and RMB 3.5 million (US$
0.5 million) for the years ended December 31, 2023 and 2022.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gross
loss for business management and consulting. </i>Gross loss for the business management and consulting services was RMB 6.7 million (US$
0.9 million) and RMB 0.2 million (US$ 23,331) for the year ended December 31, 2023 and 2022.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
income. </i>Other income for the year ended December 31, 2023 was RMB 3.7 million (US$ 0.5 million), as compared to RMB 3.0 million (US$
0.4 million) for the same period of 2022. For the year ended December 31, 2023, other income mainly consisted of a government grant of
RMB 303,000, interest income of RMB 2.1 million, loan forgiveness of RMB 1.2 million and other income RMB 127,000. For the year ended
December 31, 2022, other income mainly consisted of a government grant of RMB 0.8 million and waiver of payment for VAT receivable of
1.4 million from Hainan Kylin, interest income of RMB 0.7 million and exchange gain of RMB 73,203.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
both 2023 and 2022, we had other income from the discontinued operation of RMB 5.7 million (US$ 0.8 million) and RMB 14.2 million (US$2.1
million), which were mainly attributable to the income from leasing out one of the production lines from our Hengdali facility pursuant
to an eight-year lease contract.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Selling
and distribution expenses.</i> Selling and distribution expenses were RMB 52.4 million (US$ 7.4 million) for the year ended December
31, 2023, compared to RMB 16.4 million (US$ 2.4 million) for the year ended December 31, 2022, representing an increase of RMB 36.0 million,
or 220%. The increase in selling and distribution expenses was primarily due to an increased advertising and promotion expense of RMB
38.0 million, an increased payroll expense of RMB 0.2 million, and an increased travel expense of RMB 0.2 million, due to the significant
growth of our livestreaming ecommerce business which was partly offset by decreased commission expense of RMB 2.6 million. For the years
ended December 31, 2023 and 2022, we had selling and distribution expenses RMB 1.5 million (US$ 0.2 million) and RMB 5.9 million (US$
0.9 million) from our discontinued operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Administrative
expenses.</i> Administrative expenses were RMB 89.0 million (US$ 12.6 million) for the year ended December 31, 2023, compared to RMB
22.8 million (US$ 3.4 million) for the year ended December 31, 2022, representing an increase of RMB 66.3 million, or 291%. The increase
in administrative expenses was primarily due to an increase in (i) stock compensation expense of RMB 30.5 million, (ii) an RMB 0.2 million
increase in research and development expenses, (iii) an RMB 4.9 million increase in payroll expenses, (iv) an RMB 1.2 million increase
in legal fee, (v) an RMB 15.2 million increase in professional fee, (vi) an RMB 0.2 million increase in business appraisal fee, (vii)
an RMB 10.5 million increase in business entertainment and promotion expense resulting from our new subsidiaries and increased sales,
(ix) an RMB 0.3 million increase in office expenses, (x) an RMB 0.3 million increase in Nasdaq listing fee, (xi) an RMB 0.6 million increase
in rent expense, (xii) an RMB 0.3 million increase in the annual meeting fee, (xiii) an RMB 0.7 million increase in standstill fee on
note, (xv) an RMB 0.4 million increase in amortization of OID expense, and (xvi) an RMB 1.0 million increase in other G&amp;A expenses
due to the increased expense resulting from our new subsidiaries. For the years ended December 31, 2023 and 2022, we had administrative
expenses of RMB 1.4 million (US$ 0.2 million) and RMB 51.3 million (US$ 7.6 million) from discontinued operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bad
debt expense (reversal).</i> Bad debt reversal was RMB nil (US$ nil) for the year ended December 31, 2023, compared to RMB 2.8 million
(US$ 0.4 million) for the year ended December 31, 2022. We recognize a loss allowance for expected credit loss on our financial assets,
primarily on trade receivables, which are subject to impairment under IFRS 9, Financial Instruments, first effective for year 2018. We
believe that we have undertaken appropriate measures to resolve the bad debt expense. For the year ended December 31, 2023 and 2022,
we have bad debt reversal of RMB 1.0 million (US$ 0.1 million) and bad debt expense of RMB 33.4 million (US$ 5.0 million) from discontinued
operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Finance
costs.</i> Finance costs were RMB 1.0 million (US$ 0.1 million) for the year ended December 31, 2023, compared to RMB 25,000 (US$ 3,715)
for the year ended December 31, 2022. The increase was mainly due to the increase of interest expense on convertible note. For the years
ended December 31, 2023 and 2022, we had a financial cost of RMB 0.3 million (US$ 42,290) and RMB 1.5 million (US$ 0.2 million) from
discontinued operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
expenses. Other expenses were RMB 1.2 million (US$ 0.2 million) for the year ended December 31, 2023, as compared to RMB 42,000 (US$
6,000) for the year ended December 31, 2022, representing an increase of RMB 1.2 million or 2,767%. The increased other expenses were
mainly due to a loss from conversion of note payable in 2023.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Income
(loss) before taxation.</i> Loss before taxation was RMB 86.8 million (US$ 12.3 million) for the year ended December 31, 2023, as compared
to RMB 5.4 million (US$ 0.8 million) for the year ended December 31, 2022. The increase in loss before taxation was mainly due to an
increase in selling and distribution expense, increased administrative expenses, and a decrease in the reversal of the bad debt expense
of our continued operations, which was partly offset by increased gross profit as described above. For the years ended December 31, 2023
and 2022, we had a loss before taxation of RMB 1.4 million (US$ 0.2 million) and RMB 48.0 million (US$ 7.1 million) from discontinued
operations. In addition, we had a RMB 73.8 million (US$ 10.6 million) gain from disposal of our tile subsidiaries.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Income
taxes.</i> We incurred an income tax expense of RMB 83,000 (US$ 12,000) for the year ended December 31, 2023 compared to an income tax
expense of RMB 209,000 (US$ 31,000) for the year ended December 31, 2022.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net
loss attributable to equity holders of the Company</i>. Net loss attribute to equity holders of the Company was RMB 14.3 million (US$
2.0 million) for the year ended December 31, 2023, as compared to a loss attributable to the Company&#8217;s shareholders of RMB 57.9
million (US$ 8.1 million) for the year ended December 31, 2022. The decrease in net loss attributable to shareholders in 2023 was attributable
to the gain on disposal of discontinued operations of RMB 73.8 million (US$ 10.4 million).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net
income (loss</i>) <i>attributed to non-controlling interest. </i>Net loss attributed to non-controlling interest was RMB 119,000 (US$
17,000) and net income of RMB 4.3 million (US$ 0.6 million) for the years ended December 31, 2023 and 2022. The non-controlling interest
represents the 49% ownership of Hainan Kylin and its subsidiaries.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fiscal
Year Ended 2022 Compared to the Fiscal Year Ended 2021</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue
from livestreaming ecommerce</i>. For the years ended December 31, 2022 and 2021, revenue from the livestreaming ecommerce was RMB 273.7
million (US$ 40.7 million) and RMB 58.5 million (US$ 9.1 million), representing an increase of RMB 215.2 million, or 368%. The significant
increase was because we started operating the livestreaming ecommerce business in September 2021. The revenue generated from livestreaming
ecommerce business increased significantly as a result of the rapid growth of e-commence livestreaming industry in China.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue
from sales of tile products</i>. The following table sets forth the breakdown of revenue, by product categories, for the years ended
December 31, 2022 and 2021.</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Revenue RMB (000)</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Percentage</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Percentage</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
from sales of tile products was RMB 37.7 million (US$ 5.6 million) for the year ended December 31, 2022, compared to RMB 144.7 million
(US$ 22.4 million) for the year ended December 31, 2021, representing a decrease of RMB 107.0 million, or 74.0%. The decrease in revenue
was primarily due to the decrease in sales volume of 78.5% and which was only partially offset by an increase in the average selling
price of 20.8%. The decrease in sales resulted from the continued slowdown of China&#8217;s economy, and both the manufacturing sector
and the real estate industry were affected by the weaker economy and the adverse impact of the COVID-19 outbreak. Moreover, the Company
leased out its Hengdali facility beginning in November 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost
of revenues for livestreaming ecommerce</i>. Cost of sales for the livestreaming ecommerce was RMB 245.6 million (US$ 36.5 million) and
RMB 55.5 million (US$ 8.6 million) for the years ended December 31, 2022 and 2021. For the years ended December 31, 2022 and 2021, our
cost of sales mainly consisted of professional costs for outsourcing technology services. The increase in the cost of revenues for our
livestreaming ecommerce resulted from the rapid growth of this business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost
of revenues for sales of tile products</i>. The following table sets forth the breakdown of cost of sales, by product segment, for the
years ended December 31, 2022 and 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost
of revenues for sales of tile products was RMB 41.3 million (US$ 6.1 million) for the year ended December 31, 2022 compared to RMB 83.4
million (US$ 12.9 million) for the year ended December 31, 2021, representing a decrease of RMB 42.2 million, or 50.6%. The decrease
in cost of sales was primarily due to decreased sales and production, which was partly offset by the decrease in the reversal of an inventory
impairment provision.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost
of revenues for business management and information system consulting services.</i> Cost of sales for business management and consulting
services was RMB 12.8 million (US$ 1.9 million) and RMB 10.0 million (US$ 1.6 million) for the years ended December 31, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gross
profit for livestreaming ecommerce</i>. Gross profit for the livestreaming ecommerce was RMB 28.1 million (US$ 4.2 million) and RMB 3.0
million (US$ 0.5 million) for the years ended December 31, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gross
profit (loss) for sales of tile products.</i> The following table sets forth the breakdown of our gross profit (loss) and gross profit
(loss) margin by product segment for the years ended December 31, 2022 and 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
loss was RMB 3.5 million (US$ 0.5 million) for the year ended December 31, 2022, as compared to a gross profit of RMB 61.3 million (US$
9.5 million) for the year ended December 31, 2021, an increase loss of RMB 64.9 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gross
profit (loss) for business management and consulting. </i>Gross profit (loss) for the business management and consulting services was
RMB (157,000) (US$ (23,331)) and RMB 3.0 million (US$ 0.5 million) for the years ended December 31, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
income.</i> Other income for the year ended December 31, 2022 was RMB 3.0 million (US$ 0.4 million), as compared to RMB 32,000 (US$ 4,500)
for the same period of 2021. For the year ended December 31, 2022, other income mainly consists of a government grant of RMB 0.8 million
and VAT receivable of 1.4 million from Hainan Kylin, and exchange gain of RMB 73,203.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
both 2022 and 2021, we had other income from discontinued operation of RMB 14.2 million (US$ 2.1million) and RMB 9.4 million (US$1.5
million) was mainly attributable to the income from leasing out one of the production lines from our Hengdali facility pursuant to an
eight-year lease contract.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Selling
and distribution expenses.</i> Selling and distribution expenses were RMB 16.4 million (US$ 2.4 million) for the year ended December
31, 2022, compared to RMB 24,000 (US$ 4,000) for the year ended December 31, 2021, representing an increase of RMB 16.4 million. The
increase in selling and distribution expenses was primarily due to an increased advertising expense of RMB 7.0 million and the increased
commission expense of RMB 9.3 million due to the significant growth of our livestreaming ecommerce business. For the years ended December
31, 2022 and 2021, we had selling and distribution expenses RMB 5.9 million (US$ 0.9 million) and RMB 6.3 million (US$ 1.0 million) from
discontinued operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Administrative
expenses.</i> Administrative expenses were RMB 22.8 million (US$ 3.4 million) for the year ended December 31, 2022, compared to RMB 16.0
million (US$ 2.5 million) for the year ended December 31, 2021, representing an increase of RMB 6.8 million, or 42.5%. The increase in
administrative expenses was primarily due to an increase in (i) insurance expense of RMB 2.1 million, (ii) an RMB 1.3 million increase
in research and development expenses, (iii) an RMB 1.4 million increase in payroll expenses, (iv) an RMB 1.3 million increase in other
compensation expense, (v) an RMB 71,000 increase in auto expense, (vi) an RMB 0.2 million increase in depreciation expense and an RMB
0.5 million increase in other G&amp;A expenses due to the increased expense resulting from our new subsidiaries. For the years ended
December 31, 2022 and 2021, we have administrative expenses of RMB 51.3 million (US$ 7.6 million) and RMB 131.9 million (US$ 20.8 million)
from discontinued operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bad
debt expense (reversal).</i> Bad debt reversal was RMB 2.8 million (US$ 0.4 million) for the year ended December 31, 2022, compared to
bad debt expense of RMB 10.1 million (US$ 1.6 million) for the year ended December 31, 2021. We recognize a loss allowance for expected
credit loss on our financial assets, primarily on trade receivables, which are subject to impairment under IFRS 9, Financial Instruments,
first effective for year 2018. We believe that we have undertaken appropriate measures to resolve the bad debt expense. We will continue
to review each of our customers for credit quality as well as assiduously test their accounts receivables balances in each upcoming fiscal
period. For the years ended December 31, 2022 and 2021, we have bad debt reversal of RMB 33.4 million (US$ 4.95 million) and bad debt
expense of RMB 115.4 million (US$ 17.9 million) from discontinued operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Finance
costs.</i> Finance costs were RMB 25,000 (US$ 3,715) for the year ended December 31, 2022, compared to RMB 51,000 (US$ 7,906) for the
year ended December 31, 2021. The decrease was mainly due to the decrease of interest expense on lease liabilities. We adopted IFRS 16
during the year ended December 31, 2019, and recognized lease liabilities in relation to leases which had previously been classified
as &#8220;operating leases&#8221;. These liabilities were measured at the present value of the remaining lease payments, discounted using
the lessee&#8217;s incremental borrowing rate as of January 1, 2019. The difference between the actual payment and lease liabilities
was the interest expense. For the years ended December 31, 2022 and 2021, we have financial cost of RMB 1.5 million (US$ 0.2 million)
and RMB 2.2 million (US$ 0.3 million) from discontinued operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
expenses.</i> Other expenses were RMB 42,000 (US$ 6,000) for the year ended December 31, 2022, as compared to RMB 33,000 (US$ 5,000)
for the year ended December 31, 2021, representing an increase of RMB 9,000 or 27.3%. The increased other expenses were mainly due to
an increase in the foreign currency transaction exchange loss. For the years ended December 31, 2022 and 2021, we had a financial cost
of RMB nil (US $nil) and RMB 90,000 (US $13,952) from discontinued operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Loss
before taxation.</i> Loss before taxation was RMB 5.4 million (US$ 0.8 million) for the year ended December 31, 2022, as compared to
a loss before taxation of RMB 20.2 million (US$ 3.1 million) for the year ended December 31, 2021. The decrease in loss before taxation
was mainly due to an increased reversal of the bad debt expense and increased gross profit for the year ended December 31, 2022 which
was partly offset by increased selling and distribution expense and increased administrative expenses as described above. For the years
ended December 31, 2022 and 2021, we had a loss before taxation of RMB 48.0 million (US$ 7.1 million) and RMB 69.7 million (US$ 10.8
million) from discontinued operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Income
taxes.</i> We incurred an income tax expense of RMB 0.2 million (US$ 31,000) for the year ended December 31, 2022 compared to an income
tax expense of RMB 0.2 million (US$ 34,000) for the year ended December 31, 2021. Our PRC statutory enterprise income tax rate was 25%
for the year ended December 31, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net
loss attributable to equity holders of the Company</i>. Net loss attribute to equity holders of the Company from continue operation was
RMB 57.9 million (US$ 8.1 million) for the year ended December 31, 2022, as compared to a loss attributable to the Company&#8217;s shareholders
of RMB 88.8 million (US$ 13.9 million) for the year ended December 31, 2021. The decrease in net loss attributable to shareholders in
2022 was attributable to the reasons described above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net
income (loss</i>) <i>attributed to non-controlling interest. </i>Net income attributed to non-controlling interest was RMB 4.3 million
(US$ 0.6 million) and net loss of RMB 1.3 million (US$ 0.2 million) for the years ended December 31, 2022 and 2021, respectively. Non-controlling
interest represented the 49% ownership of Hainan Kylin and its subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents a summary of our cash flows and beginning and ending cash balances for the years ended December 31, 2023, 2022
and 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(10,490</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,279</td><td style="text-align: left">)</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have historically financed our liquidity requirements mainly through operating cash flow, bank loans and issuance of new shares. We believe
that we will generate sufficient cash from operations to meet our needs for the next twelve months.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
we may sell additional equity or obtain credit facilities to enhance our liquidity position or to increase our cash reserve for future
acquisitions and capital equipment expenditures. The sale of additional equity would result in further dilution of our equity to our
shareholders. The incurrence in indebtedness would result in increased fixed obligations and could result in operating covenants that
would restrict our operations. We cannot provide assurance that financing will be available in amounts or on terms acceptable to us,
if at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 10, 2023, the Company entered into a certain securities purchase agreement with Mr. Weilai (Will) Zhang, the Chief Executive
Officer of the Company, Mr. Ishak Han, a director of the Company, and another sophisticated purchaser, pursuant to which the Company
agreed to sell 1,625,000 ordinary shares (pre-reverse split), at a per share purchase price of $0.80. The offering was unanimously approved
by the disinterested directors and the board of directors of the Company. The gross proceeds to the Company from this offering are $1.3
million, before deducting any fees or expenses. The Company plans to use the net proceeds from this offering for the expansion of its
social ecommerce business and general corporate purposes. The offering closed on January 12, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 13, 2023, the Company entered into a certain securities purchase agreement with a certain purchaser, pursuant to which the Company
agreed to sell 1,234,568 ordinary shares (pre-reverse split), at a per share purchase price of $0.81, the closing price of the Ordinary
Shares on the Nasdaq Capital Market as of January 10, 2023. The gross proceeds to the Company from this Offering are approximately $1
million, before deducting any fees or expenses. The Company plans to use the net proceeds from this offering for the expansion of its
social ecommerce business and for general corporate purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 30, 2023, the Company entered into a certain securities purchase agreement with five sophisticated investors, pursuant to which
the Company agreed to sell 5,681,820 Class A ordinary shares (pre-reverse split), at a per share purchase price of $0.88. The gross proceeds
to the Company from this offering are approximately $5 million, before deducting any fees or expenses. The Company has issued the Shares
on April 12, 2023 and the Offering was closed on the same day as all closing conditions were satisfied. The Company plans to use the
net proceeds from this offering for general corporate purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 2, 2023, Antelope Enterprise Holdings Limited entered into a certain securities purchase agreement with a certain investor, pursuant
to which the Company agreed to sell 2,083,333 Class A ordinary shares (pre-reverse split), at a per share purchase price of $0.48 (the
&#8220;Offering&#8221;). The gross proceeds to the Company from this Offering are approximately $1 million, before deducting any fees
or expenses. The Company has issued the Class A ordinary shares on August 2, 2023 and the Offering was closed on the same day as all
closing conditions were satisfied. The Company plans to use the net proceeds from this Offering for general corporate purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 26, 2023, the Company entered into a Note Purchase Agreement with an investor, pursuant to which the Company issued to the Purchaser
an unsecured Promissory Note of $1,070,000, for $1,000,000 in gross proceeds. The Note included an original issue discount (&#8220;OID&#8221;)
of $50,000 along with $20,000 for investor&#8217;s fees, costs and other transaction expenses in connection with the issuance of the
note. The OID was recognized as a debt discount is amortized over the life of the note. The Note bears interest at 8% per annum compounding
daily, and has a term of 18 months. All outstanding principal and accrued interest on the Note will become due and payable eighteen (18)
months after the purchase price of the Note is delivered by Purchaser to the Company (the &#8220;Purchase Price Date&#8221;). The Company
may prepay all or a portion of the Note at any time by paying 120% of the outstanding balance elected for pre-payment. The Investor has
the right to redeem the Note at any time six (6) months after the Purchase Price Date (the &#8220;Redemption Start Date&#8221;), subject
to maximum monthly redemption amount of $200,000. The Company should pay the applicable redemption amount in cash to the Investor within
three (3) Trading Days following the investor&#8217;s delivery of a redemption notice. Under the Note Purchase Agreement, while the Note
is outstanding, the Company agreed to keep adequate public information available and maintain its Nasdaq listing. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash
flows from operating activities</i>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
net cash used in operating activities was RMB 60.3 million (US$ 8.5 million) for the year ended December 31, 2023, an increase of
RMB 45.0 million as compared to a cash inflow of RMB 15.5 million for the year ended December 31, 2022. The increase of cash outflow
was mainly due to an increase in cash outflow on loan receivable of RMB 36.8 million, an increase in cash outflow on other
receivables and prepayments of RMB 0.3 million, decreased cash inflow on trade receivables of RMB 4.3 million, increased cash
outflow from trade payables of RMB 3.5 million, and an increase in operating cash outflow before working capital changes of RMB 30.4
million, which were partly offset by a decrease in cash outflow from unearned revenue of RMB 15.7 million, a decrease in cash
outflow on accrued liabilities and other payables of 2.8 million, and a decrease in cash outflow on taxes payable of $2.6 million.
Also, there was cash inflow from operating activities of RMB 14.1 million and RMB 5.0 million from our discontinued operations for
the years ended December 31, 2023 and 2022, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
net cash used in operating activities was RMB 15.5 million (US$ 2.3 million) for the year ended December 31, 2022, an increase of RMB
7.3 million as compared to a cash outflow of RMB 8.1 million for the year ended December 31, 2021. The increase of cash outflow was mainly
due to an increase in cash outflow on unearned revenue of RMB 31.1 million, an increase in cash outflow on accrued liabilities and other
payable of RMB 4.8 million and decreased cash inflow from trade payables of RMB 2.1million, which were partly offset by an increase of
cash inflow from inventories of RMB 9.7 million, a decrease in cash outflow from other receivable and prepayments of RMB 19.0 million,
and a decrease in operating cash outflow before working capital changes of RMB 1.4 million. Also, there was cash inflow from operating
activities of RMB 5.0 million and RMB 3.3 million from our discontinued operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash
flows from investing activities.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash generated from investing activities for the year ended December 31, 2023 was RMB 18.5 million (US$ 2.6 million), compared to a cash
outflow of RMB 10.5 million for the year ended December 31, 2022. The decrease in cash outflow was mainly due to the decrease in restricted
cash of RMB 4.1 million, decrease in available-for-sale financial asset of RMB 16.2 million and increase cash inflow on notes receivable
of RMB 9.4 million, which was partly offset by increased cash outflow on acquisition of fixed assets of RMB 0.5 million and increased
cash outflow from cash disposed as a result of disposal of subsidiaries of RMB 0.3 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in investing activities for the year ended December 31, 2022 was RMB 10.5 million (US$ 1.6 million), compared to a cash outflow
of RMB 1.3 million for the year ended December 31, 2021. The increase in cash outflow was mainly due to the increase in restricted cash
and increase in available-for-sale financial asset.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cash
flows from financing activities.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash generated from financing activities was RMB 42.8 million (US$ 6.0 million) for the year ended December 31, 2023, compared to
net cash generated from financing activities of RMB 2.3 million for the year ended December 31, 2022, primarily due to an increase
in the issuance of share capital by RMB 53.2 million for the year ended December 31, 2023, which was partly offset by a decrease in
capital contribution from noncontrolling interest of RMB 2.5 million, increase of due from related parties of RMB 9.3 million,
decrease in proceeds from promissory note of RMB 1.7 million and decrease in payment of lease liabilities of RMB 0.4 million. For
the year ended December 31, 2023 and 2022, net cash used in financing activities includes a cash outflow of RMB 14.3 million (US$
2.1 million) and RMB 14.3 million from our discontinued operations, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash generated from financing activities was RMB 2.3 million (US$ 0.3 million) for the year ended December 31, 2022, compared to RMB
24.4 million for the year ended December 31, 2021, primarily due to a decrease in the issuance of share capital by RMB 23.9 million and
the decrease in proceeds from warrants exercised of RMB 10.3 million for the year ended December 31, 2022, which was partly offset by
an increase in capital contribution from noncontrolling interest of RMB 2.5 million and an increase in proceeds from a promissory note
of RMB 8.8 million. For the years ended December 31, 2022 and 2021, net cash used in financing activities includes a cash outflow of
RMB 14.3 million (US$ 2.1 million) and RMB 14.3 million from our discontinued operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and bank balances from continuing operations were RMB 3.8 million (US$ 0.5 million) as of December 31, 2023, as compared to RMB 3.9 million
as of December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, our total outstanding bank loan amounts were nil.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no commitments for advertising and insurance expenditure as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
our opinion, our working capital, including our cash, income and cash flows from operations, and short-term borrowings, is sufficient
for our present requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
we may sell additional equity or obtain credit facilities to enhance our liquidity position or to increase our cash reserve for future
acquisitions and capital equipment expenditures. The sale of additional equity would result in further dilution of our equity to our
shareholders. The incurrence in indebtedness would result in increased fixed obligations and could result in operating covenants that
would restrict our operations. We cannot provide assurance that financing will be available in amounts or on terms acceptable to us,
if at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit
Management</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Credit
terms from our suppliers</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
typical credit terms from our major vendors are from 1 to 4 months after the service have been delivered.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
average trade payables&#8217; turnover for our livestreaming ecommerce for the year ended December 31, 2023 and 2022 are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Trade payables (RMB&#8217;000)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right">3,079</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade payables turnover (days) <sup>(1)</sup></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    average trade payables&#8217; turnover is computed based on the formula: (simple average opening and closing trade payables balance,
    net of value-added tax in facial year / purchases) &#215; 365days.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Capital
Expenditures</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historically,
our capital expenditures primarily consist of expenditures on property, plant and equipment. The capital expenditures for the years ended
December 31, 2023 and 2022 were RMB 500,000 and RMB 22,000, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Contractual
Obligations</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
contractual obligations consist mainly of debt obligations, operating lease obligations and other purchase obligations and commitments,
and will be paid off with our cash flow from operations. The following table sets forth a breakdown of our contractual obligations (including
both interest and principal cash flows) as of December 31, 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Off-Balance
Sheet Arrangements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not have any outstanding off-balance arrangements and have not entered into any transactions that are established for the purpose
of facilitating off-balance sheet arrangements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Impact
of Inflation</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
general annual inflation rate in China was approximately 2.0% in 2022, and 2.1% in 2023 according to the National Bureau of Statistics.
Our results of operations may be affected by inflation, particularly rising prices for energy, labor costs, raw materials and other operating
costs. See &#8220;Item 3. Key Information &#8212; Risk Factors &#8212; Risks relating to our business. If China&#8217;s inflation increases
or the prices of energy or raw materials increase, we may not be able to pass the resulting increased costs to our customers and this
may adversely affect our profitability or cause us to suffer operating losses.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>FINANCIAL
RISK MANAGEMENT</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to financial risks arising from our operations and the use of financial instruments. The key financial risks included credit
risk, liquidity risk, interest rate risk, foreign currency risk and market price risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not hold or issue derivative financial instruments for trading purposes or to hedge against fluctuations, if any, in interest rates
and foreign exchange rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to us. Our exposure
to credit risk arises primarily from bank balances and trade receivables. For trade receivables, we adopt the policy of dealing only
with customers of appropriate credit history to mitigate credit risk. For other financial assets, we adopt the policy of dealing only
with high credit quality counterparties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
we do not hold any collateral, the maximum exposure to credit risk for each class of financial assets is the carrying amount of that
class of financial assets presented on the consolidated statements of financial position.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
bank deposits are placed with reputable banks in the PRC, Hong Kong and the United States. The credit exposure of our cash and bank balances
(excluding restricted cash) as of December 31, 2023 and 2022 were RMB 3,808,000 and RMB 3,936,000, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity
risk is the risk that we will encounter difficulty in raising funds to meet commitments associated with financial instruments. Liquidity
risk may result from an inability to sell a financial asset quickly at close to its fair value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. Our objective is to
maintain a balance between continuity of funding and flexibility through the use of stand-by credit facilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below summarizes the maturity profile of the liabilities based on contractual undiscounted payments:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    rate risk</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
rate risk is the risk that the fair value or future cash flows of our financial instruments will fluctuate because of changes in market
interest rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
interest-bearing bank deposits and borrowings were nil as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foreign
    currency risk</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency
risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. Currency risk arises
when transactions are denominated in foreign currencies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations are primarily conducted in the PRC. All the sales and purchases transactions are denominated in RMB. As such, our operations
are not exposed to exchange rate fluctuation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023 and 2022, nearly all of our monetary assets and monetary liabilities were denominated in RMB except certain bank
balances, other payables and note payables which were denominated in US dollars and HKD.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Research
    and development, patents and licenses, etc.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
focus our research and development efforts on developing innovative Kylin-Cloud service platform.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costs
associated with research activities are expensed in profit or loss as they incur. Costs that are directly attributable to development
activities are recognized as intangible assets if, and only if, all of the following have been demonstrated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    technical feasibility of completing the intangible asset so that the asset will be available for use or sale;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    intention to complete the intangible asset and use or sell it;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ability to use or sell the intangible asset;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">how
    the intangible asset will generate probable future economic benefits;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ability to measure reliably the expenditure attributable to the intangible asset during its development.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the
intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized,
development expenditure is recognized in profit or loss in the period in which it is incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subsequent
to initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment
losses, on the same basis as intangible assets that are acquired separately.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gains
and losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying
amount of the asset, are recognized in profit or loss when the asset is derecognized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trend
    information</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for
the period from January 1, 2023 to December 31, 2023 that are reasonably likely to have a material effect on our net revenue, income,
profitability, liquidity or capital resources, or that would cause the reported financial information not necessarily to be indicative
of future operating results or financial conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
    Accounting Policies and Judgment</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the consolidated interim financial statements, which have been prepared in accordance with International Accounting Standard
(&#8220;IAS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;), requires us to make estimates, judgments
and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Estimates and judgments are continually
evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be
reasonable under the circumstances. Actual results may materially differ from these estimates under different assumptions or conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Note 2 to our consolidated financial statements, &#8220;Basis of Preparation and Summary of Significant Accounting Policies.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inventories
are carried at the lower of cost and net realizable value. Cost is determined using the weighted average basis, and in the case of work
in progress and finished goods, comprises direct materials, direct labor and an appropriate proportion of overhead.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
realizable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and applicable
selling expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
inventories are sold, the carrying amount of those inventories is recognized as an expense in the period in which the related revenue
is recognized. The amount of any write-down of inventories to net realizable value and all losses of inventories are recognized as an
expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories is recognized as a reduction
in the amount of inventories recognized as an expense in the period in which the reversal occurs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets and financial liabilities are recognized when a group entity becomes a party to the contractual provisions of the instrument.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets and financial liabilities are initially measured at fair value except for trade debtors arising from contracts with customers
which are initially measured in accordance with HKFRS 15 since 1 January 2018. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities (other than financial assets or liabilities at fair value through
profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial
recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through
profit or loss are recognized immediately in profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effective interest method is a method of calculating the amortized cost of a financial asset or financial liability and of allocating
interest income and interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated
future cash receipts and payments (including all fees and points paid or received that form an integral part of the effective interest
rate, transaction costs and other premiums or discounts) through the expected life of the financial asset or financial liability, or,
where appropriate, a shorter period, to the net carrying amount on initial recognition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
income which are derived from the Company&#8217;s ordinary course of business are presented as revenue.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Classification
and subsequent measurement of financial assets (upon application of IFRS 9)</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets that meet the following conditions are subsequently measured at amortized cost:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
the financial asset is held within a business model whose objective is to collect contractual cash flows; and</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
other financial assets are subsequently measured at fair value through profit or loss (&#8220;FVTPL&#8221;).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
financial asset is classified as held for trading if:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
it has been acquired principally for the purpose of selling in the near term; or</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
on initial recognition it is a part of a portfolio of identified financial instruments that the Company manages together and has a recent
actual pattern of short-term profit-taking; or</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
it is a derivative that is not designated and effective as a hedging instrument.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Company may irrevocably designate a financial asset that are required to be measured at the amortized cost as measured
at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
income is recognized using the effective interest method for financial assets measured subsequently at amortized cost. Interest income
is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets
that have subsequently become credit-impaired. For financial assets that have subsequently become credit-impaired, interest income is
recognized by applying the effective interest rate to the amortized cost of the financial asset from the next reporting period. If the
credit risk on the credit-impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income
is recognized by applying the effective interest rate to the gross carrying amount of the financial asset from the beginning of the reporting
period following the determination that the asset is no longer credit impaired.</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets that do not meet the criteria for being measured at amortized cost are measured at FVTPL.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized in profit
or loss. The net gain or loss recognized in profit or loss includes any dividend or interest earned on the financial asset and is included
in the &#8220;other gains and losses&#8221; line item.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
of financial assets (upon application IFRS 9)</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes a loss allowance for expected credit loss (&#8220;ECL&#8221;) on financial assets which are subject to impairment
under IFRS 9 (including trade and other receivables, bank deposits and bank balances). ECLs are based on the difference between the contractual
cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation
of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit
enhancements that are integral to the contractual terms. The amount of ECL is updated at each reporting date to reflect changes in credit
risk since initial recognition.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
approach</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ECLs
are recognized in two measurement bases. For credit exposures for which there has not been a significant increase in credit risk since
initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months
(a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition,
a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default
(a lifetime ECL).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
each reporting date, the Company assesses whether the credit risk on a financial instrument has increased significantly since initial
recognition. When making the assessment, the Company compares the risk of a default occurring on the financial instrument as at the reporting
date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable
and supportable information that is available without undue cost or effort, including historical and forward looking information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Company
may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to
receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial
asset is written off when there is no reasonable expectation of recovering the contractual cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets at amortized cost are subject to impairment under the general approach and they are classified within the following stages for
measurement of ECLs except for trade receivables which apply the simplified approach as detailed below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stage
1 &#8212; Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss
allowance is measured at an amount equal to 12-month ECLs</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stage
2 &#8212; Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired
financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLs</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stage
3 &#8212; Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired)
and for which the loss allowance is measured at an amount equal to lifetime ECLs</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Simplified
approach</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
trade receivables that do not contain a significant financing component or when the Company applies the practical expedient of not adjusting
the effect of a significant financing component, the Company applies the simplified approach in calculating ECLs. Under the simplified
approach, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting
date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company assesses at the end of each reporting period whether there is any objective evidence that a financial asset or a group of financial
assets is impaired. An impairment exists if one or more events that occurred after the initial recognition of the asset have an impact
on the estimated future cash flows of the financial asset or the Company of financial assets that can be reliably estimated. Evidence
of impairment may include indications that a debtor or a group of debtors is experiencing significant financial difficulty, default or
delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganization and
observable data indicating that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic
conditions that correlate with defaults.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets carried at amortized cost</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
financial assets carried at amortized cost, the Company first assesses whether impairment exists individually for financial assets that
are individually significant, or collectively for financial assets that are not individually significant. If the Company determines that
no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the
asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that
are individually assessed for impairment and for which an impairment loss is, or continues to be, recognized are not included in a collective
assessment of impairment.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of any impairment loss identified is measured as the difference between the asset&#8217;s carrying amount and the present value
of estimated future cash flows (excluding future credit losses that have not been incurred). The present value of the estimated future
cash flows is discounted at the financial asset&#8217;s original effective interest rate (i.e., the effective interest rate computed
at initial recognition).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying amount of the asset is reduced through the use of an allowance account and the loss is recognized in profit or loss. Interest
income continues to be accrued on the reduced carrying amount using the rate of interest used to discount the future cash flows for the
purpose of measuring the impairment loss. Loans and receivables together with any associated allowance are written off when there is
no realistic prospect of future recovery and all collateral has been realized or has been transferred to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If,
in a subsequent period, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment
was recognized, the previously recognized impairment loss is increased or reduced by adjusting the allowance account. If a write-off
is later recovered, the recovery is credited to other expenses in the statement of profit or loss.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loans
and receivables</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loans
and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They
are initially recognized at fair value. Subsequent to initial recognition, loans and receivables (including trade and other receivables,
pledged bank deposits, fixed bank deposits with maturity periods over three months and bank balances) are measured at amortized cost
using the effective interest method, less any identified impairment losses).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
of financial assets</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired
when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial
asset, the estimated future cash flows of the financial assets have been affected.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Objective
evidence of impairment could include:</span></p>

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significant financial difficulty of the issuer or counterparty; or</span></p>

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breach of contract, such as a default or delinquency in interest or principal payments; or</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
it becoming probable that the borrower will enter bankruptcy or financial re-organization; or disappearance of an active market for that
financial asset because of financial difficulties.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any such evidence exists, the impairment loss on trade receivables and other current receivables and other financial assets carried at
amortized cost is measured as the difference between the asset&#8217;s carrying amount and the present value of the estimated future
cash flows discounted at the financial asset&#8217;s original effective interest rate (i.e. the effective interest rate computed at initial
recognition of these assets), where the effect of discounting is material. This assessment is made collectively where these financial
assets share similar risk characteristics, such as similar past due status, and have not been individually assessed as impaired. Future
cash flows for financial assets which are assessed for impairment collectively are based on historical loss experience for assets with
credit risk characteristics similar to the collective group.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
in a subsequent period the amount of an impairment loss decreases and the decrease can be linked objectively to an event occurring after
the impairment loss was recognized, the impairment loss is reversed through profit or loss. A reversal of an impairment loss shall not
result in the asset&#8217;s carrying amount exceeding that which would have been determined had no impairment loss been recognized in
prior years.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
losses are written off against the corresponding assets directly, except for impairment losses recognized in respect of trade receivables
included within trade and other receivables and prepayments, whose recovery is considered doubtful, but not remote. In this case, the
impairment losses for doubtful debts are recorded using an allowance account. When the Company is satisfied that recovery is remote,
the amount considered irrecoverable is written off against trade debtors directly and any amounts held in the allowance account relating
to that debt are reversed. Subsequent recoveries of amounts previously charged to the allowance account are reversed against the allowance
account. Other changes in the allowance account and subsequent recoveries of amounts previously written off directly are recognized in
profit or loss.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derecognition
of financial assets</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers
the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Company neither transfers
nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognizes
its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all
the risks and rewards of ownership of a transferred financial asset, the Company continues to recognize the financial asset and recognizes
a collateralized borrowing for the proceeds received.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
derecognition of a financial asset measured at amortized cost, the difference between the asset&#8217;s carrying amount and the sum of
the consideration received and receivable is recognized in profit or loss.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
liabilities and equity instruments</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
and equity instruments issued by a group entity are classified as either financial liabilities or as equity in accordance with the substance
of the contractual arrangements and the definitions of a financial liability and an equity instrument.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity
instruments</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
interest method</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over
the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees
and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts)
through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial
recognition.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
expense is recognized on an effective interest basis.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
liabilities</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest-bearing
borrowings are recognized initially at fair value less attributable transaction costs. They are subsequently stated at amortized cost
with any difference between the amount initially recognized and redemption value being recognized in profit or loss over the period of
the borrowings, together with any interest and fees payable, using the effective interest method.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
and other payables are initially recognized at fair value. They are subsequently stated at amortized cost unless the effect of discounting
would be immaterial, in which case they are stated at cost.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derecognition</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
derecognition of a financial asset in its entirety, the difference between the asset&#8217;s carrying amount and the sum of the consideration
received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income and accumulated in equity
is recognized in profit or loss.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company derecognizes a financial liability when, and only when, the Company&#8217;s obligations are discharged, cancelled or expire.
The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized
in profit or loss.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative
financial instruments</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial
recognition and subsequent measurement</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
use derivative financial instruments, such as forward currency contracts, for investment purposes. Such derivative financial instruments
are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at
fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value
is negative.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leases</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
leases refers to the situation that the economic ownership of a leased asset is transferred to the lessee if the lessee bears substantially
all the risks and rewards of ownership of the leased asset.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
other leases are treated as operating leases. Where we have the right to use of assets held under operating leases, payments made under
the leases are charged to profit or loss on a straight line basis over the lease terms except where an alternative basis is more representative
of the time pattern of benefits to be derived from the leased assets. Lease incentives received are recognized in profit or loss as an
integral part of the aggregate net lease payments made. Contingent rentals are charged to profit or loss in the accounting period in
which they are incurred. Operating leases were treated in accordance to IFRS 16 commencing January 1, 2019.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our leases are operating leases for the years ended December 31, 2023, 2022 and 2021.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
recognition</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
comprises the fair value of the consideration received or receivable for the sale of goods, net of rebates and discounts. No such rebates
were paid to distributors since year 2013. Provided it is probable that the economic benefits will flow to us and the revenue and costs,
if applicable, can be measured reliably, revenue is recognized as follows:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
Sales of goods are recognized upon transfer of the significant risks and rewards of ownership to the customer. This is usually taken
as the time when the goods are delivered and the customer has accepted the goods. Once goods are accepted by a customer, there is no
continuing management involvement with the goods and we do not have the obligation to accept the return of the goods to us from the customer.
Consulting service and livestreaming ecommerce service are recognized upon providing of the services to customers.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
Rental income is recognized based upon our annual rental over the life of the lease under operating lease, using the straight-line method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
Interest income is recognized on a time-proportion basis using the effective interest method.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
of non-financial assets</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
testing is made on our goodwill at each reporting date. Property, plant and equipment and land use rights are tested for impairment if
there is any indication that the assets may be impaired at the balance sheet date.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any indication exists, or when annual impairment testing for an asset is required, we estimate the asset&#8217;s recoverable amount.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculation
of recoverable amount</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
asset&#8217;s recoverable amount is the greater of an asset&#8217;s or cash-generating unit&#8217;s fair value less costs of disposal
and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where an asset
does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest
group of assets that generates cash inflows independently (i.e. a cash-generating unit).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recognition
of impairment losses</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
impairment loss is recognized in profit or loss whenever the carrying amount of an asset, or the cash-generating unit to which it belongs,
exceeds its recoverable amount. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying
amount of any goodwill allocated to that cash-generating unit (or group of units), and then, to reduce on a pro rata basis the carrying
amount of the other assets in the unit (or group of units), except that the carrying amount of an asset will not be reduced below its
individual fair value less costs of disposal (if measurable) or value in use (if determinable).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reversal
of impairment losses</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
respect of assets other than goodwill, an impairment loss is reversed if there has been a favorable change in the estimates used to determine
the recoverable amount. An impairment loss in respect to goodwill is not reversed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
reversal of an impairment loss is limited to the asset&#8217;s carrying amount that would have been determined had no impairment loss
been recognized in prior years. Reversals of impairment losses are credited to profit or loss in the year in which the reversals are
recognized.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
employee remuneration</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate equity-settled share-based remuneration plans for its employees. None of our plans feature any options for a cash settlement.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of share options granted to employees is recognized as an employee cost with a corresponding increase in the share-based payment
reserve within equity. The fair value is measured at the grant date using the Black Scholes Option Pricing Model, taking into account
the terms and conditions upon which the options were granted. Where the employees have to meet vesting conditions before becoming unconditionally
entitled to the share options, the total estimated fair value of the share options is spread over the vesting period, taking into account
the probability that the options will vest.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the vesting period, the number of share options expected to vest is reviewed. Any resulting adjustment to the cumulative fair value recognized
in prior years is charged/credited to the profit or loss for the year under review, unless the original employee expenses qualify for
recognition as an asset, with a corresponding adjustment to the share-based payment reserve. On the vesting date, the amount recognized
as an expense is adjusted to reflect the actual number of share options that vest (with a corresponding adjustment to the share-based
payment reserve) except where forfeiture is only due to not achieving vesting conditions that relate to the market price of our shares.
The equity amount is recognized in the share-based payment reserve until either the option is exercised (when it is transferred to the
share premium account) or the option expires (when it is released directly to retained earnings).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting
for income taxes</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
tax comprises current tax and deferred tax.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
tax and movements in deferred tax assets and liabilities are recognized in profit or loss except to the extent that they relate to items
recognized in other comprehensive income or directly in equity, in which case the relevant amounts of tax are recognized in other comprehensive
income or directly in equity, respectively.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the
reporting period, and any adjustment to tax payable in respect of previous years.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax is calculated using the liability method on temporary differences at the reporting date between the carrying amounts of assets and
liabilities in the financial statements and their respective tax bases. Deferred tax liabilities are generally recognized for all taxable
temporary differences. Deferred tax assets are recognized for all deductible temporary differences, tax losses available to be carried
forward as well as other unused tax credits, to the extent that it is probable that taxable profit, including existing taxable temporary
differences, will be available against which the deductible temporary differences, unused tax losses and unused tax credits can be utilized.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from initial recognition (other than
in a business combination) of assets and liabilities in a transaction that affects neither taxable nor accounting profit or loss.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries, associates and joint ventures,
except where we are able to control the reversal of the temporary differences and it is probable that the temporary differences will
not reverse in the foreseeable future.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
tax is calculated, without discounting, at tax rates that are expected to apply in the period the liability is settled or the asset realized,
based on tax rate (and tax laws) that have been enacted or substantively enacted at the reporting date.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying amount of a deferred tax asset is reviewed at the end of each reporting period and is reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow the related tax benefit to be utilized. Any such reduction is reversed
to the extent that it becomes probable that sufficient taxable profits will be available.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
income taxes that arise from the distribution of dividends are recognized when the liability to pay the related dividends is recognized.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
tax assets and current tax liabilities are presented in net if we have the legally enforceable right to set off the recognized amounts
and the following additional conditions are met:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)
in the case of current tax assets and liabilities, we intend either to settle on a net basis, or to realize the asset and settle the
liability simultaneously; or</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b)
in the case of deferred tax assets and liabilities, if they relate to income taxes levied by the same taxation authority on either:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
the same taxable entity; or</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
different taxable entities, which, in each future period in which significant amounts of deferred tax liabilities or assets are expected
to be settled or recovered, intend either to settle current tax liabilities and realize the current tax assets on a net basis, or to
settle the liabilities and realize the assets simultaneously.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.
    </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
    accounting estimates and assumptions</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related
actual results. The key sources of estimation uncertainty and key assumptions concerning the future at the end of the reporting period,
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial
year are discussed below:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Useful
lives and impairment assessment of property, plant and equipment</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property,
plant and equipment are stated at cost less accumulated depreciation and identified impairment losses. The estimation of useful lives
impacts the level of annual depreciation expenses recorded. Property, plant and equipment are evaluated for possible impairment on a
specific asset basis or in groups of similar assets, as applicable. This process requires management&#8217;s estimate of future cash
flows generated by each asset or group of assets. For any instance where this evaluation process indicates impairment, the relevant asset&#8217;s
carrying amount is written down to the recoverable amount and the amount of the write-down is charged against profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Useful
lives and impairment assessment of investment property</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investment
properties are stated at cost less accumulated depreciation and identified impairment losses. The estimation of useful lives impacts
the level of annual depreciation expenses recorded. Investment properties are evaluated for possible impairment on a specific asset basis
or in groups of similar assets, as applicable. This process requires management&#8217;s estimate of future cash flows generated by each
asset or group of assets. For any instance where this evaluation process indicates impairment, the relevant asset&#8217;s carrying amount
is written down to the recoverable amount and the amount of the write-down is charged against profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Impairment
loss recognized in respect of property, plant and equipment</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the net carrying amount of property, plant and equipment was approximately RMB 1,146,000 (2022: RMB 1,006,000).
No impairment loss was recognized for the years ended December 31, 2023 and 2022. Determining whether property, plant and equipment are
impaired requires an estimation of the recoverable amount of the property, plant and equipment. Such an estimate was based on certain
assumptions which are subject to uncertainty and might materially differ from the actual results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Income
tax</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has exposure to income taxes in the PRC. Significant judgment is required in determining the provision for income taxes. There
are certain transactions and computations for which the ultimate tax determination is uncertain during the ordinary course of business.
The Company recognizes liabilities for expected tax issues based on estimates of whether additional taxes will be due. When the final
tax outcome of these matters is different from the amounts that were initially recognized, such differences will impact the income tax
and deferred tax provisions in the period in which such determination is made.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Impairment
of financial assets (trade receivables)</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes a loss allowance for expected credit loss (&#8220;ECL&#8221;) on financial assets which are subject to impairment
under IFRS 9 (including trade and other receivables, amounts due from related parties, restricted cash, bank balances and cash). The
amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lifetime
ECL represents the ECL that will result from all possible default events over the expected life of the relevant instrument. In contrast,
12-month ECL (&#8220;12m ECL&#8221;) represents the portion of lifetime ECL that is expected to result from default events that are possible
within 12 months after the reporting date. Assessment are done based on the Company&#8217;s historical credit loss experience, adjusted
for factors that are specific to the debtors, general economic conditions and an assessment of both the current conditions at the reporting
date as well as the forecast of future conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company applies the IFRS 9 simplified approach to measure ECL which uses a lifetime ECL for all trade receivables. The ECL on these assets
are assessed individually for debtors with significant balances and/or collectively using a provision matrix with appropriate groupings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
all other instruments, the Company measures the loss allowance equal to 12m ECL, unless when there has been a significant increase in
credit risk since initial recognition, the Company recognizes lifetime ECL. The assessment of whether lifetime ECL should be recognized
is based on significant increases in the likelihood or risk of a default occurring since initial recognition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognized bad debts reversal of RMB nil and RMB 2.8 million for the years ended December 31, 2023 and 2022, respectively. The
Company&#8217;s discontinued operation recognized bad debts reversal of RMB 1.0 million and RMB 74.9 million for the years ended December
31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Share-based
payment transaction</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the
date at which they are granted. Estimating fair value for share-based payment transactions requires determining the most appropriate
valuation model which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate
inputs to the valuation model including the expected life of the stock option, volatility and dividend yield, and the assumptions as
to these components.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_001"></span>ITEM
    6.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DIRECTORS,
    SENIOR MANAGEMENT AND EMPLOYEES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors
    and senior management</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
current directors and executive officers are:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 36%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 8%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 52%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weilai
    (Will) Zhang</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chair
    of the Board and Chief Executive Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hen
    Man Edmund</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dian
    Zhang <sup>(1)(2)(3)(4)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ishak
    Han<sup>(1)(2)(3)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Huashu
    Yuan <sup>(1)(2)(3)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Song Chungen <sup>(1)(2)(3)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tingting
    Zhang</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Director and Corporate Secretary</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xiaoying
    Song</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Junjie
    Dong</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Houyou
    Zhang</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Director </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit
    committee financial expert</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Weilai Zhang has served as our Chief Executive Officer since January 2023 and joined our Board in February 2023. From 2011 to 2020, he
acted as the chairman of Huitong Tianxia Investment Ltd., an investment company. Since 2020, Mr. Zhang has acted as the chairman of Jinke
Yulv Technology Co., Ltd., which is an International Technology firm in China. Mr. Zhang completed the course and obtained a Diploma
in Capital and M&amp;A Entrepreneurship from Fudan University in 2021, and a Diploma in Finance and Capital Investment from Southwest
University in Finance and Economics in 2014.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Hen Man Edmund has served as our Chief Financial Officer since November 20, 2009. Mr. Hen is responsible for the corporate finance
function and oversees matters relating to compliance and reporting obligation of our company. Prior to joining us, Mr. Hen was a
Financial Controller of a switchgear manufacturer in Sichuan PRC and was responsible for the corporate finance function of the
company. Prior to that, Mr. Hen was the accountant of Dickson Concepts (International) Ltd., a public listed company in Hong Kong
and oversaw the accounting and financial administration of the company. He also worked at a variety of international accountancy
firms, including Deloitte Touche Tohmatsu, in assurance and advisory services during the period from 1995 to 2001. Mr. Hen obtained
his Bachelor&#8217;s Degree in Science from the University of East Anglia, United Kingdom in 1995, and a Master&#8217;s Degree in
Professional Accounting from University College London in 2022. He is a member of the Institute of Chartered Accountants in
England and Wales and a member of the Hong Kong Institute of Certified Public Accountants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Dian Zhang joined our Board in November 2022. Mr. Dian Zhang is currently Chief Financial Officer of Baiya International Group Inc.,
an SaaS (software as a service) platform company in China. Previously, Mr. Zhang worked at Eaton Square from 2014 to 2020, an M&amp;A
advisory firm, where he was responsible for investments in new ventures and their financing in the Chinese market. Previous to that,
Mr. Zhang worked at the Chengdu branch of ShineWing Certified Public Accountants from 2009 to 2013 where his responsibilities included
the auditing of annual reports of publicly listed companies and due diligence for IPO projects. Mr. Zhang holds a Bachelor&#8217;s degree
in Management Accounting from Aston University, a Master&#8217;s degree in Banking and Finance from Monash University, and a Master&#8217;s
degree in Financial Management from the Australian National University.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Ishak Han joined our Board in November 2022. Mr. Han is the General Manager of Shenzhen Baisifu Industrial Co., Ltd., which engages in
property management and leasing, management services for catering businesses, and enterprise management consulting. Having founded the
firm in 2017, Mr. Han developed Shenzhen Baisifu Industrial Co., Ltd.&#8217;s marketing strategy, management policies, financial budgeting,
and corporate planning activities. From 2011 to 2016, Mr. Han was the General Manager of Shenzhen Baisi Technology Co., Ltd. which engages
in the development of self-service website application systems, the training and development of online ventures, online marketing training,
and e-commerce product consignments. As the founder of Shenzhen Baisi Technology Co., Ltd., Mr. Han oversaw its financial budgeting and
corporate planning functions, and was responsible for its overall marketing strategy. Mr. Han graduated with a higher degree diploma
in marketing from Guangdong Open University in 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr. Song Chungen joined our Board in November 2019 as an independent member of the Board as well as a member of Audit, Compensation and Nominating
Committees, to fill the vacancy following Liu Jun&#8217;s resignation. From 2009 to present, Song Chungen has been a practicing lawyer
at Guangdong Weihao Law firm. He obtained his law license in May 2003, and in November 2009, he obtained Securities Qualification in
China. Song Chungen holds a Bachelor&#8217;s degree in Law from Sun Yat Sen University (2007).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Huashu Yuan joined our Board in March 2023. Ms. Yuan has been the marketing specialist of Vesta living corp. since March 2022. Ms. Yuan
served as an outside consultant providing marketing advice to the Company from June 2021 to February 2023. Ms. Yuan served as the marketing
manager for American Tianfu-Wenhui Publishing Company from March 2021 to February 2022. Ms. Yuan worked at Strands Haircare Inc. as a
social media intern from October 2020 to February 2021. Ms. Yuan obtained her Master&#8217;s degree in Emerging Media Studies from Boston
University in 2020 and obtained her Bachelor&#8217;s degree in Communication Science and Rhetoric Studies from University of Wisconsin-Madison
in 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Tingting Zhang joined our Board in October 2022. Ms. Zhang joined China Mobile&#8217;s digital content subsidiary Migo Co Ltd in 2021
at its Xiamen headquarters as the manager of its post-production department. Her current responsibilities include video production of
programs including the 2022 Winter Olympics, the Golden Rooster Award and other large-scale China award productions. Previous to that,
from 2018 to 2021, Ms. Zhang worked as a multimedia designer at 4399 Networks Ltd., where she was responsible for media productions.
Ms. Zhang graduated with a Bachelor&#8217;s degree in Design from Asia University Taiwan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
Xiaoying Song has extensive experience in business administration and operations as well as investment management, and has been a co-founder
of several companies. From 2020 to 2023, she has acted as the chief executive officer and the co-founder of Sichuan Huanyu Interchange
Group Co., Ltd, which operates as a bidding agency for contracts, and engages in engineering supervision, construction labor subcontracting
and other related businesses. From 2016 to 2019, Ms. Song has acted as the chief executive officer and the co-founder of Chengdu Houshi
Technology Co., Ltd, which engages in technology development, technical services and information technology consulting service. From
2013 to 2016, Ms. Song has acted as the chief executive officer and the co-founder of Chengdu Huaxin Wealth Management Co., Ltd, an investment
management, investment consulting, and business services firm. Ms. Song obtained an Associate&#8217;s Degree in Air Crew from Nanchang
Institute of Technology in 2013.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Junjie Dong is currently the Chief Technology Officer of Antelope Holdings (Chengdu) Co., Ltd., a wholly owned subsidiary of the Company
that is engaged in computer consulting and software development. Mr. Dong is responsible for its strategic direction and overseeing its
technological advancements, and he has held this position since July 2023. From February 2018 to July 2023, Mr. Dong was the Chief Executive
Officer (&#8220;CEO&#8221;) of Shenzhen Hongtaiju Technology Development Co., Ltd., an information technology company, where he was mainly
responsible for the company&#8217;s strategic planning and operational management. From August 2015 to December 2018, Mr. Dong was CEO
of Shenzhen Weidai Yingxing Financial Services Co., Ltd, a company that provides financial services. From May 2013 to July 2015, he was
the CEO of Shenzhen Hongtaiju Investment Consulting Co., Ltd., a company that provides financial services. Mr. Dong attended Hainan Vocational
College of Science and Technology from March 2015 to December 2018, and received the junior college degree.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Houyou Zhang has been a director of YiXiang International LLC since March 2023, where he secures projects for investment and conducted
due diligence. From May 2017 to October 2022, Mr. Zhang was the chairman of Shanghai KKM Asset Management Cok., Ltd., a firm that he
founded and where he was engaged in investment and asset management. Mr. Zhang is experienced in quantitative trading in China with 20
years of experience in the finance industry, and he has published widely on finance and investments. Mr. Zhang received a Bachelor&#8217;s
degree in Engineering from Sichuan University in 2002.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no family relationships among our directors or officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
business address of each party described above is Suite 7540, The Empire State Building, 350 Fifth Avenue, New York, New York 10118.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation
Committee Interlocks and Insider Participation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
member of our compensation committee has at any time been our officer or employee, or our subsidiaries. No interlocking relationship
exists between our board of directors or compensation committee and the board of directors or compensation committee of any other company,
nor has any interlocking relationship existed in the past.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the last fiscal year, none of our officers and employees, and none of our former officers participated in deliberations of our Board
of Directors concerning executive officer compensation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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following table sets forth all of the compensation paid by us or our significant subsidiaries in 2023 to each of our non-employee directors
for such person&#8217;s service as a director (including contingent or deferred compensation accrued during 2023):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Executive
Officers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth all of the compensation paid by us or our significant subsidiaries in 2023 to each of our officers for such
person&#8217;s service as an officer (including contingent or deferred compensation accrued during 2023, but not including any amounts
paid to such persons for their services as directors):</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">Value of Stock</td><td style="font-weight: bold"><sup>&#160;</sup></td><td>&#160;</td>
    <td colspan="2" style="text-align: center">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Bonus</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Compensation</td><td style="padding-bottom: 1.5pt; font-weight: bold"><sup>&#160;</sup></td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name and Principal Position</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 38%; text-align: left">Weilai Zhang, CEO</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right">602,218</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right">&#160;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right">5,431,424</td><td style="width: 3%; text-align: left"><sup>(1)</sup></td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right">6,033,641</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Hen Man Edmund, CFO</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">744,038</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">638,991</td><td style="text-align: left"><sup>(2)</sup></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,383,029</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="width: 0.25in">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weilai Zhang received 27,080 Class A ordinary shares and 107,721 Class
B ordinary shares as his compensation for the year ended on December 31, 2023.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td>&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hen Man Edmund received 28,378 Class A ordinary shares as his compensation
for the year ended on December 31, 2023.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Retirement
Benefits</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, we have contributed to the government-mandated employee welfare and retirement benefit plan and provided pension,
retirement or similar benefits to its employees. The PRC regulations require us to pay the local labor administration bureau a monthly
contribution at a stated contribution rate based on the monthly basic compensation of qualified employees. The local labor administration
bureau, which manages various investment funds, will take care of employee retirement, medical and other fringe benefits. We have no
further commitments beyond our monthly contribution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employment
Agreements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
entered into employment agreements with the following officers: Weilai Zhang, CEO and Hen Man Edmund, CFO,</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    term of the employment agreements is three years (January 5, 2023 to January 4, 2026 for Weilai Zhang), three years (October 1, 2022
    to September 30, 2025 for Hen Man Edmund).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weilai
    Zhang&#8217;s employment agreement was amended on April 1 to reflect that he shall receive 500,000 Class B Ordinary Shares per year,
    starting from January 1, 2024. The board of directors of the Company approved to issue 1,500,000 Class B ordinary shares in advance,
    to Mr. Zhang, as the compensation for his services for the three years commencing on January 1, 2024 and ending on December 31, 2026,
    provided that, in the event Mr. Zhang&#8217;s employment is terminated earlier than December 31, 2026, Mr. Zhang shall return the
    Class B ordinary shares proportionately.</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may dismiss any of the above officers if any of the following events occurs with respect to the officer: (1) failure to show up for
    work, (2) failure to provide required documents, (3) falsification of documents, criminal record, etc., (4) serious violation of
    such officers&#8217; labor rules and of regulations, (5) serious lapse of duties and responsibilities, (6) activities that violate
    regulations, resulting in loss of more than RMB 4,000, (7) operation of his own business during the term of his employment, (8) criminal
    prosecution and labor punishment, (9) request by the officer to resign, (10) causing us to sign or change any contract through fraud,
    coercion and other fraudulent means, or (11) other situations stipulated by law and statutes.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
    officer is subject to the non-compete provisions of the agreement for a period of three years following termination of the employment
    agreement and non-solicitation provisions of the agreement for a period of two years following termination of the employment agreement.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Other
Employees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compensation
for our senior executives is comprised of four elements: a base salary, an annual performance bonus, equity and benefits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
developing salary ranges, potential bonus payouts, equity awards and benefit plans, it is anticipated that our compensation committee
takes into account: 1) competitive compensation among comparable companies and for similar positions in the market, 2) relevant ways
to incentivize and reward senior management for improving shareholder value while building a successful company, 3) individual performance,
4) how best to retain key executives, 5) the overall performance of us and our various key component entities, 6) our ability to pay
and 7) other factors deemed to be relevant at the time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
senior management have discussed our above-mentioned planned process for executive compensation and the four compensation components.
Specific compensation plans for our key executives are negotiated and established by our compensation committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not entered into any service contracts with any of our officers, directors or employees that contain any provisions for benefits
upon termination of employment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Antelope
Enterprise Holdings Limited 2024 Equity Compensation Plan</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 26, 2024, the Board of Directors of the Company (the &#8220;Board&#8221;) approved the 2024 Equity Compensation Plan (the &#8220;Plan&#8221;)
is to attract and retain outstanding individuals as employees, directors and consultants of the Company and its subsidiaries, to recognize
the contributions made to the Company and its Subsidiaries by such individuals and to provide them with additional incentive to expand
and improve the profits and achieve the objectives of the Company</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2024 Plan is administered by the Board. The Board, in its sole discretion, will determine the eligible individuals to whom, and the time
or times at which awards will be granted, the form and amount of each award, the expiration date of each award, the time or times within
which the awards may be exercised, the cancellation of the awards and the other limitations, restrictions, terms and conditions applicable
to the grant of the awards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total number of shares that may be issued under the 2024 Plan is (i) initially 1,000,506 Class A ordinary shares. The Board may, in its
discretion, (a) grant shares under the 2024 Plan to any participant without consideration from such Participant or (b) sell shares under
the 2024 Plan to any participant for such amount of cash, shares or other consideration as the Board deems appropriate. Notwithstanding
any of the provisions of the 2024 Plan or any outstanding award agreement, upon a Change in Control of the Company, the Board is authorized
and has sole discretion to provide that all restrictions applicable to all awards shall terminate or lapse in order that Participants
may fully realize the benefits thereunder. Awards granted under the 2024 Plan, and any rights and privileges pertaining thereto, may
not be transferred, assigned, pledged or hypothecated in any manner, or be subject to execution, attachment or similar process, by operation
of law or otherwise, other than by will or by the laws of descent and distribution. The Board may terminate, suspend, or amend the Plan,
in whole or in part, from time to time. The Board also has the authority to amend any award agreement at any time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has filed a Form S-8 (File No. 333-278348) to register the 2024 Equity Incentive Plan and has issued 131,650 Class A ordinary
shares pursuant to this S-8 as of the date of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Antelope
Enterprise Holdings Limited 2023 Equity Compensation Plan</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 2, 2023, the Board of Directors of the Company (the &#8220;Board&#8221;) approved the 2023 Equity Compensation Plan (the &#8220;2023
Plan&#8221;) is to attract and retain outstanding individuals as employees, directors and consultants of the Company and its subsidiaries,
to recognize the contributions made to the Company and its Subsidiaries by such individuals and to provide them with additional incentive
to expand and improve the profits and achieve the objectives of the Company</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2023 Plan is administered by the Board. The Board, in its sole discretion, will determine the eligible individuals to whom, and the time
or times at which awards will be granted, the form and amount of each award, the expiration date of each award, the time or times within
which the awards may be exercised, the cancellation of the awards and the other limitations, restrictions, terms and conditions applicable
to the grant of the awards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
total number of shares that may be issued under the 2023 Plan is (i) initially 2,700,000 Class A ordinary shares (pre-reverse split).
The Board may, in its discretion, (a) grant shares under the Plan to any participant without consideration from such Participant or (b)
sell shares under the 2023 Plan to any participant for such amount of cash, shares or other consideration as the Board deems appropriate.
Notwithstanding any of the provisions of the 2023 Plan or any outstanding award agreement, upon a Change in Control of the Company, the
Board is authorized and has sole discretion to provide that all restrictions applicable to all awards shall terminate or lapse in order
that Participants may fully realize the benefits thereunder. Awards granted under the 2023 Plan, and any rights and privileges pertaining
thereto, may not be transferred, assigned, pledged or hypothecated in any manner, or be subject to execution, attachment or similar process,
by operation of law or otherwise, other than by will or by the laws of descent and distribution. The Board may terminate, suspend, or
amend the Plan, in whole or in part, from time to time. The Board also has the authority to amend any award agreement at any time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has filed a Form S-8 (File No. 333-272024) to register the 2023 Equity Compensation Plan and has issued 2,700,000 Class A ordinary
shares (pre-reverse split) pursuant to this S-8 as of the date of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Board Practices</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
term of each director is until their resignation or removal.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has established an audit committee, a compensation committee and a governance and nominating committee.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Audit
Committee. </i>The audit committee consists of Dian Zhang (Chair and the Audit Committee financial expert), Huashu Yuan and Song Chungen.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
board of directors has adopted an audit committee charter, providing for the following responsibilities of the audit committee:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointing
    and replacing our independent auditors and pre-approving all auditing and permitted non-auditing services to be performed by the
    independent auditors;</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and discussing the annual audited financial statements with management and the independent auditors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">annually
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
    other matters that are specifically delegated to our audit committee by our board of directors from time to time;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">meeting
    separately and periodically with management, the internal auditors and the independent auditors; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reporting
    regularly to the board of directors.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
copy of the audit committee charter is available on our website at <span style="text-decoration: underline">http://aehltd.com/Corporate-Governance.html</span>. The information
contained on our website is not a part of this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Compensation
Committee</i>. Our compensation committee consists of Huashu Yuan (Chair), Ishak Han, Song Chungen and Dian Zhang. Our board of directors
adopted a compensation committee charter, providing for the following responsibilities of the compensation committee:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and making recommendations to the board regarding our compensation policies and forms of compensation provided to our directors and
    officers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and making recommendations to the board regarding bonuses for our officers and other employees;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">administering
    our incentive-compensation plans for our directors and officers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and assessing the adequacy of the charter annually;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">administering
    our share option plans, if they are established in the future, in accordance with the terms thereof; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">such
    other matters that are specifically delegated to the compensation committee by our board of directors from time to time.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
copy of the compensation committee charter is available on our website at <span style="text-decoration: underline">http://aehltd.com/Corporate-Governance.html</span>. The information
contained on our website is not a part of this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Governance
and Nominating Committee</i>. Our governance and nominating committee consists Huashu Yuan (Chair), Ishak Han, Song Chungen and Dian
Zhang. Our board of directors adopted a governance and nominating committee charter, providing for the following responsibilities of
the governance and nominating committee:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">overseeing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
copy of the governance and nominating committee charter is available on our website at http://aehltd.com/Corporate-Governance.html. The
information contained on our website is not a part of this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
making nominations, the governance and nominating committee is required to submit candidates who have the highest personal and professional
integrity, who have demonstrated exceptional ability and judgment and who shall be most effective, in conjunction with the other nominees
to the board, in collectively serving the long-term interests of the shareholders. In evaluating nominees, the governance and nominating
committee is required to take into consideration the following attributes, which are desirable for a member of the board: leadership,
independence, interpersonal skills, financial acumen, business experiences, industry knowledge, and diversity of viewpoints.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Code
of Ethics</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2010, our board of directors adopted a code of ethics that applies to our directors, officers and employees. Our code of ethics is
available on our website at http://aehltd.com/Corporate-Governance.html.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Director
Independence</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board is subject to the independence requirements of the Nasdaq Stock Market (&#8220;Nasdaq&#8221;). The Board undertakes periodic reviews
of director independence. During this review, the Board considers transactions and relationships between each director or any member
of his immediate family, the Company and its affiliates to determine whether any such relationships or transactions exist that are inconsistent
with a determination that the director is independent. Our Board has determined that all current members of the Audit Committee, the
Compensation Committee and the Nominating and Governance Committee (Song Chungen, Roy Tan Choon Kang, and Shen Cheng Liang) are &#8216;&#8216;independent&#8221;
in accordance with the Nasdaq independence requirements. Our Chairman and Chief Executive Officer does not serve on any of the Board
committees. The majority of the Board is comprised of independent directors. The Board based these determinations primarily on a review
of the responses of the directors and executive officers to questions regarding employment and transaction history, affiliations and
family and other relationships and on discussions with the directors and the fact that no director previously reported a change in circumstances
that could affect his independence.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Board
Diversity</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below provides certain information regarding the diversity of our board of directors as of the date of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.25pt; padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Country
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    Private Issuer</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.25pt; padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure
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    <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.25pt; padding-right: 0.5pt; padding-left: 0.25pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.25pt; padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Number of Directors</span></td>
    <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.25pt; padding-right: 0.5pt; padding-left: 0.25pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding: 0.25pt 0.5pt 1.5pt; width: 56%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 7%; padding-top: 0.25pt; padding-right: 0.5pt; padding-left: 0.25pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Female</b></span></td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Disclose</b></span></p>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.25pt; padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Part
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.25pt; padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.25pt; padding-right: 0.5pt; padding-left: 0.25pt; text-align: center">7</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.25pt; padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Part
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    <td colspan="4" style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.25pt; padding-right: 0.5pt; padding-left: 0.25pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 0.25pt; padding-right: 0.5pt; padding-left: 0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Underrepresented
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employees</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below provides information as to the total number of employees at the end of the last three fiscal years. We have no contracts
or collective bargaining agreements with labor unions and have never experienced work stoppages due to labor dispute. We consider our
relations with our employees to be good.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%">Number of Employees</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">63</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">43</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Item 7 below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Disclosure
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_002"></span>ITEM
    7.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MAJOR
    SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Major
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth certain information regarding beneficial ownership of our shares by each person who is known by us to beneficially
own more than 5% of our shares. The table also identifies the share ownership of each of our directors, each of our named executive officers,
and all directors and officers as a group. Except as otherwise indicated, the shareholders listed in the table have sole voting and investment
powers with respect to the shares indicated. Our major shareholders do not have different voting rights than any other holder of our
shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
which an individual or group has a right to acquire within 60 days pursuant to the exercise or conversion of options, warrants or other
similar convertible or derivative securities are deemed to be outstanding for the purpose of computing the percentage ownership of such
individual or group, but are not deemed to be outstanding for the purpose of computing the percentage ownership of any other person shown
in the table.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
ownership is determined in accordance with the rules of the Securities and Exchange Commission and generally includes voting and investment
power. Except as otherwise indicated below, each beneficial owner holds voting and investment power directly. The percentage of ownership
is based on 6,865,124 Class A ordinary shares and 2,005,497 Class B ordinary shares issued and outstanding as of May 6, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
  <tr style="vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated, the business address of each of the individuals The business address of each party described above is Suite 7540,
The Empire State Building, 350 Fifth Avenue, New York, New York 10118.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
Each Class A ordinary share is entitled to one (1) vote, and each Class B ordinary share is entitled to twenty (20) votes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
The mailing address for this individual is 2302 Bldg. 2 Renheng, Binhewan No. 88, Jinjiang District, Chengdu, China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)
The mailing address for this individual is 3950 Mahaila Ave C12, San Diego, CA 92122.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)
The business address for Seener Enterprise Limited is 3rd Floor, Johnson`s Ghut, Tortola, British Virgin Islands. The sole director
and shareholder of Seener Enterprise Limited is Di Wu, an employee and director of AEHL US, a wholly owned subsidiary of our company.
</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    Party Transactions</b></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apart
from those discussed elsewhere in these financial statements, the following are significant related party transactions entered into between
the Company and its related parties at agreed rates:&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Due
from related parties</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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    <td colspan="3" style="font-weight: bold; text-align: center">2022</td></tr>
  <tr style="vertical-align: bottom">
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    <td colspan="3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB&#8217;000</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">-</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">On<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">
December 31, 2023, the Company assessed whether the credit risk on a financial instrument has increased significantly since initial
recognition, and concluded no loss allowance for ECL needs to be recorded for due from related parties under IFRS 9 as a result of
the guaranteed repayment from the Company&#8217;s senior officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, the Company had due to Weilai Zhang, (the Company&#8217;s CEO) of RMB 553,000 ($78,000), no interest,
unsecured, and payable upon demand.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interests
    of Experts and Counsel</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_003"></span>ITEM
    8.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
    INFORMATION</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consolidated
    Statements and Other Financial Information.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Item 18 for our audited consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
Proceedings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time in the ordinary course of our business, we may be involved in legal proceedings, the outcomes of which may not be determinable.
The results of litigation are inherently unpredictable. Any claims against us, whether meritorious or not, could be time consuming, result
in costly litigation, require significant amounts of management time and result in diversion of significant resources. We are not able
to estimate an aggregate amount or range of reasonably possible losses for those legal matters for which losses are not probable and
estimable, primarily for the following reasons: (i) many of the relevant legal proceedings are in preliminary stages, and until such
proceedings develop further, there is often uncertainty regarding the relevant facts and circumstances at issue and potential liability;
and (ii) many of these proceedings involve matters of which the outcomes are inherently difficult to predict. We have insurance policies
covering potential losses where such coverage is cost effective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not at this time involved in any legal proceedings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividend
Policy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors has discretion to pay dividends. The form, frequency and amount will depend upon our future operations and earnings,
capital requirements and surplus, general financial condition, contractual restrictions and other factors that our Board of Directors
may deem relevant. Although we have paid dividends in the past, there is no assurance that we will continue to pay dividends in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 25, 2014, we announced two semi-annual cash dividends of $0.0125 per share. The first dividend of $0.0125 per share was paid
on July 14, 2014 and the second of $0.0125 per share was paid on January 14, 2015, with record dates of June 13, 2014 and December 12,
2014, respectively. No dividends were paid subsequent to January 14, 2015. The Company does not anticipate paying dividends in the near
future.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a holding company incorporated in the British Virgin Islands operating our business through our subsidiaries in China. As a holding
company, we may rely on dividends and other distributions on equity paid by our subsidiary in Hong Kong, and the subsidiaries in China,
for our cash and financing requirements. The payment of dividends to Antelope Enterprises by our Chinese subsidiaries is affected by
means of dividends by those entities to their Hong Kong direct parent and a redividend by that Hong Kong entity to Antelope Enterprises.
Such dividends are effected by resolution of the board of directors of each such entity (after provision for applicable tax obligations).
China is a foreign exchange administration country. Capital injections, cross-border trade and services transactions settled in foreign
exchange, overseas financing and profit repatriations are subject to the foreign exchange administration regulations. A Chinese subsidiary
owned by foreign company must apply for registration of foreign exchange with the SAFE after the issuance of a business license and obtain
a foreign exchange registration certificate. When the Chinese subsidiaries apply for repatriating dividends to foreign shareholders,
it must submit the application form to SAFE with the proof that such dividends have been subjected to all applicable tax withholding.
A Chinese subsidiary can only distribute dividends out of its accumulated profits, which means that any accumulated losses must be more
than offset by its profits in other years, including the current year. Please refer to &#8220;Item 4 Information on the Company &#8211;
History and Development of the Company - Cash Transfers Within Our Organization&#8221; for more information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as disclosed elsewhere in this Annual Report, we have not experienced any significant changes since the date of our audited consolidated
financial statements included in this Annual Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_004"></span>ITEM
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offer
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Class A ordinary shares are listed on the Nasdaq Capital Market under the symbol &#8220;AEHL&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Plan of Distribution</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Markets</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Class A ordinary shares are listed on the NASDAQ Capital Market since October 15, 2020 under the symbol &#8220;AEHL&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Previously,
our shares had been listed on the NASDAQ Stock Market under the symbol &#8220;CCCL&#8221; since January 18, 2011. Our shares were listed
on the NASDAQ Capital Market from November 3, 2010 through January 17, 2011 and were relisted on the NASDAQ Capital Market on March 23,
2016 following the listing transfer where it is trading now under the same symbol &#8220;CCCL.&#8221; Our shares were listed on the NASDAQ
Global Market from January 18, 2011 until March 22, 2016.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
shares were previously quoted on the OTC Bulletin Board from December 29, 2009 through November 2, 2010. Prior to December 29, 2009,
our shares were traded on NYSE Amex, under the symbols &#8220;HOL&#8221; and &#8220;CHAC&#8221;. CHAC&#8217;s shares commenced to trade
on December 17, 2007.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Selling
    Shareholders</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dilution</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expenses
    of the Issue</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_005"></span>ITEM
    10.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ADDITIONAL
    INFORMATION</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
    Capital</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
Applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Memorandum
    and Articles of Association</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incorporate by reference into this annual report the description of our amended and restated memorandum and articles of association and
the description of differences in corporate laws, Exhibits 1.1 and 2.3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
    Contracts</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not entered into any material contracts other than in the ordinary course of business and other than those described in &#8220;Item
4. Information on the Company,&#8221; &#8220;Item 7. Major Shareholders and Related Party Transactions&#8212;B. Related Party Transactions,&#8221;
or elsewhere in this annual report on Form 20-F.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exchange
    controls</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
British Virgin Islands law, there are currently no restrictions on the export or import of capital, including foreign exchange controls
or restrictions that affect the remittance of dividends, interest or other payments to nonresident holders of our shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summary of the material PRC and U.S. federal income tax consequences of the acquisition, ownership and disposition of Antelope
Enterprises shares, sometimes referred to as &#8220;securities,&#8221; is based upon laws and relevant interpretations thereof in effect
as of the date of this Annual Report, all of which are subject to change. This summary does not deal with all possible tax consequences
relating to an investment in Antelope Enterprises&#8217; securities, such as the tax consequences under state, local and other tax laws.
For purposes of this discussion, references to &#8220;Antelope Enterprises,&#8221; &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221;
refer only to Antelope Enterprises Co., Ltd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">PRC
Taxation</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following discussion summarizes the material PRC income tax considerations relating to the acquisition, ownership and disposition of
Antelope Enterprises&#8217; securities. You should consult with your own tax adviser regarding the PRC tax consequences of the acquisition,
ownership and disposition of Antelope Enterprises&#8217; securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Resident
Enterprise Treatment</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 16, 2007, the Fifth Session of the Tenth National People&#8217;s Congress passed the Enterprise Income Tax Law of the PRC (&#8220;EIT
Law&#8221;), which became effective on January 1, 2008. Under the EIT Law, enterprises are classified as &#8220;resident enterprises&#8221;
and &#8220;non-resident enterprises.&#8221; Pursuant to the EIT Law and its implementing rules, enterprises established outside China
whose &#8220;de facto management bodies&#8221; are located in China are considered &#8220;resident enterprises&#8221; and subject to
the uniform 25% enterprise income tax rate on their worldwide taxable income. According to the implementing rules of the EIT Law, &#8220;de
facto management body&#8221; refers to a managing body that in practice exercises overall management control over the production and
business, personnel, accounting and assets of an enterprise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 22, 2009, the State Administration of Taxation issued the Notice on the Issues Regarding Recognition of Enterprises that are Domestically
Controlled as PRC Resident Enterprises Based on the De Facto Management Body Criteria, which was retroactively effective as of January
1, 2008. This notice provides that an overseas incorporated enterprise that is controlled by PRC domestic companies will be recognized
as a &#8220;tax-resident enterprise&#8221; if it satisfies all of the following conditions: (i) the senior management responsible for
daily production/business operations are primarily located in the PRC, and the location(s) where such senior management execute their
responsibilities are primarily in the PRC; (ii) strategic financial and personnel decisions are made or approved by organizations or
personnel located in the PRC; (iii) major properties, accounting ledgers, company seals and minutes of board meetings and stockholder
meetings, etc., are maintained in the PRC; and (iv) 50% or more of the board members with voting rights or senior management habitually
reside in the PRC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Given
the short history of the EIT Law and lack of applicable legal precedent, it remains unclear how the PRC tax authorities will determine
the resident enterprise status of a company organized under the laws of a foreign (non-PRC) jurisdiction. If the PRC tax authorities
determine that a certain company is a &#8220;resident enterprise&#8221; under the EIT Law, a number of tax consequences could follow.
First, that company could be subject to the enterprise income tax at a rate of 25% on its worldwide taxable income, as well as PRC enterprise
income tax reporting obligations. Second, the EIT Law provides that dividend income between &#8220;qualified resident enterprises&#8221;
is exempt from income tax. As a result, if that company is treated as a &#8220;qualified resident enterprise,&#8221; all dividends paid
from its PRC subsidiaries, should be exempt from the PRC enterprise income tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this Annual Report, there has not been a definitive determination by Antelope Enterprises, Success Winner or the PRC tax
authorities as to the &#8220;resident enterprise&#8221; or &#8220;non-resident enterprise&#8221; status of Antelope Enterprises and Success
Winner. However, since it is not anticipated that Antelope Enterprises and Success Winner would receive dividends or generate other income
in the near future, Antelope Enterprises and Success Winner are not expected to have any income that would be subject to the 25% enterprise
income tax on worldwide taxable income in the near future. Antelope Enterprises and Success Winner will make any necessary tax payment
if Antelope Enterprises or Success Winner (based on future clarifying guidance issued by the PRC), or the PRC tax authorities, determine
that Antelope Enterprises or Success Winner is a resident enterprise under the EIT Law, and if Antelope Enterprises or Success Winner
were to have income in the future.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividends
that Non-PRC Resident Investors Receive From Antelope Enterprises; Gain on the Sale or Transfer of Antelope Enterprises&#8217; Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are determined to be a resident enterprise under the EIT Law and dividends payable to (or gains realized by) Antelope Enterprises&#8217;
investors that are not tax residents of the PRC (&#8220;non-resident investors&#8221;) are treated as income derived from sources within
the PRC, then the dividends that the non-resident investors receive from us and any such gain derived by such investors on the sale or
transfer of Antelope Enterprises&#8217; securities may be subject to income tax under the PRC tax laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the PRC tax laws, PRC withholding tax at the rate of 10% is applicable to dividends payable to non-resident investors that are enterprises,
but not individuals, and that (i) do not have an establishment or place of business in the PRC or (ii) have an establishment or place
of business in the PRC but the relevant income is not effectively connected with the establishment or place of business, to the extent
that such dividends are deemed to be sourced within the PRC. Similarly, any gain realized on the transfer of Antelope Enterprises&#8217;
securities by such investors also is subject to 10% PRC income tax if such gain is regarded as income derived from sources within the
PRC.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
dividends paid by us to such non-resident investors with respect to Antelope Enterprises&#8217; securities, or gain such non-resident
investors may realize from the sale or transfer of Antelope Enterprises&#8217; securities, may be treated as PRC-sourced income and,
as a result, may be subject to PRC tax at a rate of 10%. In such event, Antelope Enterprises may be required to withhold a 10% PRC tax
on any dividends paid to such non-resident investors. In addition, such non-resident investors in Antelope Enterprises&#8217; securities
may be responsible for paying PRC tax at a rate of 10% on any gain realized from the sale or transfer of Antelope Enterprises&#8217;
securities if such non-resident investors and the gain satisfy the requirements under the PRC tax laws. However, under the PRC tax laws,
Antelope Enterprises would not have an obligation to withhold PRC income tax in respect of the gains that such non-resident investors
(including U.S. enterprise investors) may realize from the sale or transfer of Antelope Enterprises&#8217; securities. Also, if Antelope
Enterprises is determined to be a &#8220;resident enterprise,&#8221; its non-resident investors who are individuals may also be subject
to potential PRC individual income tax at a rate of 20% with respect to dividends received from Antelope Enterprises and/or gains derived
by them from the sale or transfer of Antelope Enterprises&#8217; securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
Antelope Enterprises were to pay any dividends in the future, and if Antelope Enterprises (based on future clarifying guidance issued
by the PRC), or the PRC tax authorities, determine that Antelope Enterprises must withhold PRC tax on any dividends payable by Antelope
Enterprises under the PRC tax laws, Antelope Enterprises will make any necessary tax withholding on dividends payable to its non-resident
investors. If non-resident investors as described under the PRC tax laws (including U.S. investors) realize any gain from the sale or
transfer of Antelope Enterprises&#8217; securities and if such gain were considered as PRC-sourced income, such non-resident investors
would be responsible for paying the applicable PRC income tax on the gain from the sale or transfer of Antelope Enterprises&#8217; securities.
As indicated above, under the PRC tax laws, Antelope Enterprises would not have an obligation to withhold PRC income tax in respect of
the gains that non-resident investors (including U.S. investors) may realize from the sale or transfer of Antelope Enterprises&#8217;
securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 10, 2009, the SAT released Circular Guoshuihan No. 698 (&#8220;Circular 698&#8221;) that reinforces the taxation of certain
equity transfers by non-resident investors through overseas holding vehicles. Circular 698 addresses indirect equity transfers as well
as other issues. Circular 698 is retroactively effective from January 1, 2008. According to Circular 698, where a non-resident investor
who indirectly holds an equity interest in a PRC resident enterprise through a non-PRC offshore holding company indirectly transfers
an equity interest in the PRC resident enterprise by selling an equity interest in the offshore holding company, and the latter is located
in a country or jurisdiction where the actual tax burden is less than 12.5% or where the offshore income of its residents is not taxable,
the non-resident investor is required to provide the PRC tax authority in charge of that PRC resident enterprise with certain relevant
information within 30 days of the execution of the equity transfer agreement. The tax authorities in charge will evaluate the offshore
transaction for tax purposes. In the event that the PRC tax authorities determine that such transfer is abusing forms of business organization
and a reasonable commercial purpose for the offshore holding company other than the avoidance of PRC income tax liability is lacking,
the PRC tax authorities will have the power to re-assess the nature of the equity transfer under the doctrine of substance over form.
A reasonable commercial purpose may be established when the overall international (including U.S.) offshore structure is set up to comply
with the requirements of supervising authorities of international (including U.S.) capital markets. If the SAT&#8217;s challenge of a
transfer is successful, it may deny the existence of the offshore holding company that is used for tax planning purposes and subject
the seller to PRC tax on the capital gain from such transfer. Since Circular 698 has a short history, there is uncertainty as to its
application. Antelope Enterprises (or a non-resident investor) may become at risk of being taxed under Circular 698 and may be required
to expend valuable resources to comply with Circular 698 or to establish that Antelope Enterprises (or such non-resident investor) should
not be taxed under Circular 698, which could have a material adverse effect on Antelope Enterprises&#8217; financial condition and results
of operations (or such non-resident investor&#8217;s investment in Antelope Enterprises).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the PRC resident enterprise may be required to provide necessary assistance to support the enforcement of Circular 698.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 3, 2015, the State Administration of Tax issued a Public Notice Regarding Certain Corporate Income Tax Matters on Indirect Transfer
of Properties by Non-tax Resident Enterprise, or Public Notice 7. Public Notice 7 has introduced a new tax regime that is significantly
different from that under Circular 698. Public Notice 7 extends its tax jurisdiction to not only indirect transfers set forth under Circular
698 but also transactions involving transfer of other taxable assets, through the offshore transfer of a foreign intermediate holding
company. In addition, Public Notice 7 provides clearer criteria the Circular 698 on how to assess reasonable commercial purposes and
has introduced safe harbors for internal group restructurings and the purchase and sale of equity through a public securities market.
Public Notice 7 also brings challenges to both the foreign transferor and transferee (or other person who is obligated to pay for the
transfer) of the taxable assets. Where a non-resident enterprise conducts an &#8220;indirect transfer&#8221; by transferring the taxable
assets indirectly by disposing of the equity interests of an overseas holding company, the non-resident enterprise being the transferor,
or the transferee, or the PRC entity which directly owned the taxable assets may report to the relevant tax authority such indirect transfer.
Using a &#8220;substance over form&#8221; principle, the PRC tax authority may re-characterize such indirect transfer as a direct transfer
of the equity interests in the PRC tax resident enterprise and other properties in China. As a result, gains derived from such indirect
transfer may be subject to PRC enterprise income tax, and the transferee or other person who is obligated to pay for the transfer is
obligated to withhold the applicable taxes, currently at a rate of up to 10% for the transfer of equity interests in a PRC resident enterprise.
Both the transferor and the transferee may be subject to penalties under PRC tax laws if transferee fails to withhold the taxes and the
transferor fails to pay the taxes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
face uncertainties with respect to the reporting and consequences of private equity financing transactions, share exchange or other transactions
involving the transfer of shares in our company by investors that are non-PRC resident enterprises, or sale or purchase of shares in
other non-PRC resident companies or other taxable assets by us. Our company and other non-resident enterprises in our group may be subject
to filing obligations or being taxed if our company and other non-resident enterprises in our group are transferors in such transactions,
and may be subject to withholding obligations if our company and other non-resident enterprises in our group are transferees in such
transactions, under Circular 698 and Public Notice 7. For the transfer of shares to our company by investors that are non-PRC resident
enterprises, our PRC subsidiaries may be requested to assist in the filing under Circular 698 and Public Notice 7. As a result, we may
be required to expend valuable resources to comply with Circular 698 and Public Notice 7 to request the relevant transferors from whom
we purchase taxable assets to comply with these circulars, or to establish that our company and other non-resident enterprises in our
group should not be taxed under these circulars, which may have a material adverse effect on our financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC tax authorities have the discretion under Circular 698 and Public Notice 7 to make adjustments to the taxable capital gains based
on the difference between the fair value of the taxable assets transferred and the cost of investment. If the PRC tax authorities make
adjustments to the taxable income of the transactions under Circular 698 and Public Notice 7, our income tax costs associated with such
potential acquisitions will be increased, which may have an adverse effect on our financial condition and results of operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Penalties
for Failure to Pay Applicable PRC Income Tax</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-resident investor in us may be responsible for paying PRC tax on any gain realized from the sale or transfer of Antelope Enterprises&#8217;
securities if such non-resident investor and the gain satisfy the requirements under the PRC tax laws, as described above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the EIT Law and its implementing rules, the PRC Individual Income Tax Law and its implementing rules, the PRC Tax Administration Law
(the &#8220;Tax Administration Law&#8221;) and its implementing rules, the Provisional Measures for the Administration of Withholding
of Enterprise Income Tax for Non-resident Enterprises (the &#8220;Administration Measures&#8221;) and other applicable PRC laws or regulations
(collectively the &#8220;Tax Related Laws&#8221;), where any gain derived by a non-resident investor from the sale or transfer of Antelope
Enterprises&#8217; securities is subject to any income tax in the PRC, and such non-resident investor fails to file any tax return or
pay tax in this regard pursuant to the Tax Related Laws, such investor may be subject to certain fines, penalties or punishments, including
without limitation: (1) if the non-resident investor fails to file a tax return and present the relevant information in connection with
tax payments, the competent tax authorities shall order it to do so within the prescribed time limit and may impose a fine up to RMB
2,000, and in egregious cases, may impose a fine ranging from RMB 2,000 to RMB 10,000; (2) if the non-resident investor fails to file
a tax return or fails to pay all or part of the amount of tax payable, the non-resident investor shall be required to pay the unpaid
tax amount payable, a surcharge on overdue tax payments (the daily surcharge is 0.05% of the overdue amount, beginning from the day the
deferral begins) and a fine ranging from 50% to 500% of the unpaid amount of the tax payable; (3) if the non-resident investor fails
to file a tax return and to pay the tax within the prescribed time limit according to the order by the PRC tax authorities, the PRC tax
authorities may collect and check information about the income receivable by the non-resident investor in the PRC from other payers (the
&#8220;Other Payers&#8221;) who will pay amounts to such non-resident investor, and send a &#8220;Notice of Tax Issues&#8221; to the
Other Payers to collect and recover the tax payable and overdue fines imposed on such non-resident investor from the amounts otherwise
payable to such non-resident investor by the Other Payers; (4) if the non-resident investor fails to pay the tax payable within the prescribed
time limit as ordered by the PRC tax authorities, a fine may be imposed on the non-resident investor ranging from 50% to 500% of the
unpaid tax payable, and the PRC tax authorities may, upon approval by the director of the tax bureau (or sub-bureau) of, or higher than,
the county level, take the following compulsory measures: (i) notify in writing the non-resident investor&#8217;s bank or other financial
institution to withhold from the account thereof for payment of the amount of tax payable, and (ii) detain, seal off, or sell by auction
or on the market the non-resident investor&#8217;s commodities, goods or other property in a value equivalent to the amount of tax payable;
or (5) if the non-resident investor fails to pay all or part of the amount of tax payable or surcharge for overdue tax payment, and cannot
provide a guarantee to the PRC tax authorities, the tax authorities may notify the frontier authorities to prevent the non-resident investor
or its legal representative from leaving the PRC.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">United
States Federal Income Taxation</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of the material U.S. federal income tax consequences of the acquisition, ownership and disposition of Antelope
Enterprises&#8217; securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
discussion below of the U.S. federal income tax consequences to &#8220;U.S. Holders&#8221; will apply to a beneficial owner of Antelope
Enterprises&#8217; securities that is for U.S. federal income tax purposes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    individual citizen or resident of the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    corporation (or other entity treated as a corporation) that is created or organized (or treated as created or organized) in or under
    the laws of the United States, any state thereof or the District of Columbia;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    estate whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    trust if (i) a U.S. court can exercise primary supervision over the trust&#8217;s administration and one or more U.S. persons are
    authorized to control all substantial decisions of the trust, or (ii) it has a valid election in effect under applicable U.S. Treasury
    regulations to be treated as a U.S. person.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
beneficial owner of our securities that is described above is referred to herein as a &#8220;U.S. Holder.&#8221; If a beneficial owner
of Antelope Enterprises&#8217; securities is not described as a U.S. Holder and is not an entity treated as a partnership or other pass-through
entity for U.S. federal income tax purposes, such owner will be considered a &#8220;Non-U.S. Holder.&#8221; The material U.S. federal
income tax consequences applicable specifically to Non-U.S. Holders are described below under the heading &#8220;Non-U.S. Holders.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
summary is based on the Internal Revenue Code of 1986, as amended, or the &#8220;Code,&#8221; its legislative history, Treasury regulations
promulgated thereunder, published rulings and court decisions, all as currently in effect. These authorities are subject to change or
differing interpretations, possibly on a retroactive basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion does not address all aspects of U.S. federal income taxation that may be relevant to any particular holder of Antelope Enterprises&#8217;
securities based on such holder&#8217;s individual circumstances. In particular, this discussion considers only holders that own and
hold Antelope Enterprises&#8217; securities as capital assets within the meaning of Section 1221 of the Code. This discussion also does
not address the alternative minimum tax. In addition, this discussion does not address the U.S. federal income tax consequences to holders
that are subject to special rules, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial
    institutions or financial services entities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that are subject to the mark-to-market accounting rules under Section 475 of the Code;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt
    entities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    or agencies or instrumentalities thereof;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">insurance
    companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulated
    investment companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">real
    estate investment trusts;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">certain
    expatriates or former long-term residents of the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that acquired Antelope Enterprises&#8217; securities pursuant to an exercise of employee share options, in connection with employee
    share incentive plans or otherwise as compensation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that hold Antelope Enterprises&#8217; securities as part of a straddle, constructive sale, hedging, conversion or other integrated
    transaction;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">controlled
    foreign corporations; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">passive
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion does not address any aspect of U.S. federal non-income tax laws, such as gift or estate tax laws, or state, local or non-U.S.
tax laws, or, except as discussed herein, any tax reporting obligations of a holder of Antelope Enterprises&#8217; securities. Additionally,
this discussion does not consider the tax treatment of partnerships or other pass-through entities or persons who hold Antelope Enterprises&#8217;
securities through such entities. If a partnership (or other entity classified as a partnership for U.S. federal income tax purposes)
is the beneficial owner of Antelope Enterprises&#8217; securities, the U.S. federal income tax treatment of a partner in the partnership
will generally depend on the status of the partner and the activities of the partnership. This discussion also assumes that any distribution
made (or deemed made) in respect to the Antelope Enterprises&#8217; securities and any consideration received (or deemed received) by
a holder in connection with the sale or other disposition of such securities will be in U.S. dollars.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antelope
Enterprises has not sought, and will not seek, a ruling from the Internal Revenue Service, or &#8220;IRS,&#8221; or an opinion of counsel,
as to any U.S. federal income tax consequence described herein. The IRS may disagree with the description herein, and its determination
may be upheld by a court. Moreover, there can be no assurance that future legislation, regulations, administrative rulings or court decisions
will not adversely affect the accuracy of the statements in this discussion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S.
Holders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation
of Cash Distributions Paid on Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the passive foreign investment company, or &#8220;PFIC,&#8221; rules discussed below, a U.S. Holder generally will be required to
include in gross income as ordinary income the amount of any cash dividend paid on the shares of Antelope Enterprises. A cash distribution
on such shares generally will be treated as a dividend for U.S. federal income tax purposes to the extent the distribution is paid out
of current or accumulated earnings and profits of Antelope Enterprises (as determined for U.S. federal income tax purposes). Such dividend
generally will not be eligible for the dividends received deduction generally allowed to U.S. corporations in respect of dividends received
from other U.S. corporations. The portion of such cash distribution, if any, in excess of such earnings and profits will be applied against
and reduce (but not below zero) the U.S. Holder&#8217;s adjusted basis in its shares in Antelope Enterprises. Any remaining excess generally
will be treated as gain from the sale or other taxable disposition of such shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to non-corporate U.S. Holders, such dividends may be subject to U.S. federal income tax at the lower applicable regular long-term
capital gains tax rate (see &#8220;&#8212;Taxation on the Disposition of Securities&#8221; below) provided that (1) the shares of Antelope
Enterprises are readily tradable on an established securities market in the United States or, in the event Antelope Enterprises is deemed
to be a Chinese &#8220;resident enterprise&#8221; under the EIT Law, Antelope Enterprises is eligible for the benefits of the Agreement
between the Government of the United States of America and the Government of the People&#8217;s Republic of China for the Avoidance of
Double Taxation and the Prevention of Tax Evasion with Respect to Taxes on Income, or the &#8220;U.S.-PRC Tax Treaty,&#8221; (2) Antelope
Enterprises is not a PFIC, as discussed below, for either the taxable year in which the dividend was paid or the preceding taxable year,
and (3) certain holding period requirements are met. Under published IRS authority, shares are considered for purposes of clause (1)
above to be readily tradable on an established securities market in the United States only if they are listed on certain exchanges, which
presently include the NASDAQ Stock Market. Although Antelope Enterprises&#8217; shares are currently listed and traded on the NASDAQ
Stock Market, it cannot guarantee that its shares will continue to be listed or traded on the NASDAQ Stock Market. U.S. Holders should
consult their own tax advisors regarding the availability of the lower rate for any dividends paid with respect to the shares of Antelope
Enterprises.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a PRC income tax applies to any cash dividends paid to a U.S. Holder on the shares of Antelope Enterprises, such tax may be treated as
a foreign tax eligible for a deduction from such holder&#8217;s U.S. federal taxable income or a foreign tax credit against such holder&#8217;s
U.S. federal income tax liability (subject to applicable conditions and limitations). In addition, if such PRC tax applies to such dividends,
such U.S. Holder may be entitled to certain benefits under the U.S.-PRC Tax Treaty if such holder is considered a resident of the United
States for purposes of, and otherwise meets the requirements of, the U.S.-PRC Tax Treaty. U.S. Holders should consult their own tax advisors
regarding the deduction or credit for any such PRC tax and their eligibility for the benefits of the U.S.-PRC Tax Treaty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation
on the Disposition of Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
a sale or other taxable disposition of the securities in Antelope Enterprises, and subject to the PFIC rules discussed below, a U.S.
Holder generally will recognize capital gain or loss in an amount equal to the difference between the amount realized and the U.S. Holder&#8217;s
adjusted tax basis in the securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
regular U.S. federal income tax rate on capital gains recognized by U.S. Holders generally is the same as the regular U.S. federal income
tax rate on ordinary income, except that long-term capital gains recognized by non-corporate U.S. Holders are generally subject to U.S.
federal income tax at a maximum regular rate of 20%. Capital gain or loss will constitute long-term capital gain or loss if the U.S.
Holder&#8217;s holding period for the securities exceeds one year. The deductibility of capital losses is subject to various limitations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a PRC income tax applies to any gain from the disposition of the securities in Antelope Enterprises by a U.S. Holder, such tax may be
treated as a foreign tax eligible for a deduction from such holder&#8217;s U.S. federal taxable income or a foreign tax credit against
such holder&#8217;s U.S. federal income tax liability (subject to applicable conditions and limitations). In addition, if such PRC tax
applies to any gain, such U.S. Holder may be entitled to certain benefits under the U.S.-PRC Tax Treaty if such holder is considered
a resident of the United States for purposes of, and otherwise meets the requirements of, the U.S.-PRC Tax Treaty. U.S. Holders should
consult their own tax advisors regarding the deduction or credit for any such PRC tax and their eligibility for the benefits of the U.S.-PRC
Tax Treaty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Additional
Taxes</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Holders that are individuals, estates or trusts and whose income exceeds certain thresholds generally will be subject to a 3.8% Medicare
contribution tax on unearned income, including, without limitation, dividends on, and gains from the sale or other taxable disposition
of, Antelope Enterprises&#8217; securities, subject to certain limitations and exceptions. Under regulations, in the absence of a special
election, such unearned income generally would not include income inclusions under the qualified electing fund, or QEF, rules discussed
below under &#8220; Passive Foreign Investment Company Rules,&#8221; but would include distributions of earnings and profits from a QEF.
U.S. Holders should consult their own tax advisors regarding the effect, if any, of such tax on their ownership and disposition of Antelope
Enterprises&#8217; securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Passive
Foreign Investment Company Rules</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
foreign (i.e., non-U.S.) corporation will be a PFIC if at least 75% of its gross income in a taxable year of the foreign corporation,
including its pro rata share of the gross income of any corporation in which it is considered to own at least 25% of the shares by value,
is passive income. Alternatively, a foreign corporation will be a PFIC if at least 50% of its assets in a taxable year of the foreign
corporation, ordinarily determined based on fair market value and averaged quarterly over the year, including its pro rata share of the
assets of any corporation in which it is considered to own at least 25% of the shares by value, are held for the production of, or produce,
passive income. Passive income generally includes dividends, interest, rents and royalties (other than certain rents or royalties derived
from the active conduct of a trade or business) and gains from the disposition of passive assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the composition (and estimated values) of the assets and the nature of the income of Antelope Enterprises and its subsidiaries during
its 2022 taxable year, Antelope Enterprises does not believe that it was treated as a PFIC for such year. However, because Antelope Enterprises
has not performed a definitive analysis as to its PFIC status for its 2015 taxable year, there can be no assurance in respect to its
PFIC status for such year. There also can be no assurance with respect to Antelope Enterprises&#8217; status as a PFIC for its current
(2023) taxable year or any future taxable year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
Antelope Enterprises is determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a
U.S. Holder of Antelope Enterprises&#8217; shares and, the U.S. Holder did not make a timely QEF election for Antelope Enterprises&#8217;
first taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) shares, a QEF election along with a purging election
or a mark-to-market election, each as described below, such holder generally will be subject to special rules for regular U.S. federal
income tax purposes with respect to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    gain recognized by the U.S. Holder on the sale or other disposition of its shares; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    &#8220;excess distribution&#8221; made to the U.S. Holder (generally, any distributions to such U.S. Holder during a taxable year
    of the U.S. Holder that are greater than 125% of the average annual distributions received by such U.S. Holder in respect of the
    shares of Antelope Enterprises during the three preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder&#8217;s
    holding period for the shares).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
these rules:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    U.S. Holder&#8217;s gain or excess distribution will be allocated ratably over the U.S. Holder&#8217;s holding period for the shares;</span></td></tr>
</table>

<p style="margin: 0">&#160;</p>

<p style="margin: 0"></p>

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<p style="margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount allocated to the U.S. Holder&#8217;s taxable year in which the U.S. Holder recognized the gain or received the excess distribution
    or to the period in the U.S. Holder&#8217;s holding period before the first day of the first taxable year of Antelope Enterprises
    in which Antelope Enterprises qualified as a PFIC will be taxed as ordinary income;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount allocated to other taxable years (or portions thereof) of the U.S. Holder and included in its holding period will be taxed
    at the highest tax rate in effect for that year and applicable to the U.S. Holder; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each such other
    taxable year of the U.S. Holder.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, if we are determined to be a PFIC, a U.S. Holder may avoid the PFIC tax consequences described above in respect to its shares
in Antelope Enterprises by making a timely QEF election (or a QEF election along with a purging election). Pursuant to the QEF election,
a U.S. Holder generally will be required to include in income its pro rata share of Antelope Enterprises&#8217; net capital gains (as
long-term capital gain) and other earnings and profits (as ordinary income), on a current basis, in each case whether or not distributed,
in the taxable year of the U.S. Holder in which or with which Antelope Enterprises&#8217; taxable year ends if Antelope Enterprises is
treated as a PFIC for that taxable year. A U.S. Holder may make a separate election to defer the payment of taxes on undistributed income
inclusions under the QEF rules, but if deferred, any such taxes will be subject to an interest charge.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
QEF election is made on a shareholder-by-shareholder basis and, once made, can be revoked only with the consent of the IRS. A U.S. Holder
generally makes a QEF election by attaching a completed IRS Form 8621 (Information Return by a Shareholder of a Passive Foreign Investment
Company or Qualified Electing Fund), including the information provided in a PFIC annual information statement, to a timely filed U.S.
federal income tax return for the taxable year to which the election relates. Retroactive QEF elections generally may be made only by
filing a protective statement with such return and if certain other conditions are met or with the consent of the IRS.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to comply with the requirements of a QEF election, a U.S. Holder must receive certain information from Antelope Enterprises. Upon
request from a U.S. Holder, Antelope Enterprises will endeavor to provide to the U.S. Holder, no later than 90 days after the request,
such information as the IRS may require, including a PFIC annual information statement, in order to enable the U.S. Holder to make and
maintain a QEF election. However, there is no assurance that Antelope Enterprises will have timely knowledge of its status as a PFIC
in the future or of the required information to be provided.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a U.S. Holder has made a QEF election with respect to its shares in Antelope Enterprises, and the special tax and interest charge rules
do not apply to such shares (because of a timely QEF election for Antelope Enterprises&#8217; first taxable year as a PFIC in which the
U.S. Holder holds (or is deemed to hold) such shares or a QEF election, along with a purge of the PFIC taint pursuant to a purging election,
as described below), any gain recognized on the sale or other taxable disposition of such shares generally will be taxable as capital
gain and no interest charge will be imposed. As discussed above, for regular U.S. federal income tax purposes, U.S. Holders of a QEF
generally are currently taxed on their pro rata shares of the QEF&#8217;s earnings and profits, whether or not distributed. In such case,
a subsequent distribution of such earnings and profits that were previously included in income generally should not be taxable as a dividend
to such U.S. Holders. The adjusted tax basis of a U.S. Holder&#8217;s shares in a QEF will be increased by amounts that are included
in income, and decreased by amounts distributed but not taxed as dividends, under the above rules. Similar basis adjustments apply to
property if by reason of holding such property the U.S. Holder is treated under the applicable attribution rules as owning shares in
a QEF.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
a determination as to Antelope Enterprises&#8217; PFIC status will be made annually, an initial determination that it is a PFIC generally
will apply for subsequent years to a U.S. Holder who held shares of Antelope Enterprises while it was a PFIC, whether or not it met the
test for PFIC status in those subsequent years. A U.S. Holder who makes the QEF election discussed above for Antelope Enterprises&#8217;
first taxable year as a PFIC in which the U.S. Holder holds (or is deemed to hold) shares in Antelope Enterprises, however, will not
be subject to the PFIC tax and interest charge rules discussed above in respect to such shares. In addition, such U.S. Holder will not
be subject to the QEF inclusion regime with respect to such shares for any taxable year of Antelope Enterprises that ends within or with
a taxable year of the U.S. Holder and in which Antelope Enterprises is not a PFIC. On the other hand, if the QEF election is not effective
for each of the taxable years of Antelope Enterprises in which Antelope Enterprises is a PFIC and during which the U.S. Holder holds
(or is deemed to hold) shares in Antelope Enterprises, the PFIC rules discussed above will continue to apply to such shares unless the
holder files on a timely filed U.S. income tax return (including extensions) a QEF election and a purging election to recognize under
the rules of Section 1291 of the Code any gain that the U.S. Holder would otherwise recognize if the U.S. Holder had sold its shares
for their fair market value on the &#8220;qualification&#8221; date. The qualification date is the first day of Antelope Enterprises&#8217;
tax year in which it qualifies as a QEF with respect to such U.S. Holder. The purging election can only be made if such U.S. Holder held
shares on the qualification date. The gain recognized by the purging election will be subject to the special tax and interest charge
rules treating the gain as an excess distribution, as described above. As a result of the purging election, the U.S. Holder will increase
the adjusted tax basis in its shares by the amount of the gain recognized and will also have a new holding period in the shares for purposes
of the PFIC rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternatively,
if a U.S. Holder, at the close of its taxable year, owns shares in a PFIC that are treated as marketable stock, the U.S. Holder may make
a mark-to-market election with respect to such shares for such taxable year. If the U.S. Holder makes a valid mark-to-market election
for the first taxable year of the U.S. Holder in which the U.S. Holder holds (or is deemed to hold) shares in Antelope Enterprises and
for which Antelope Enterprises is determined to be a PFIC, such holder generally will not be subject to the PFIC rules described above
in respect to its shares as long as such shares continue to be treated as marketable stock. Instead, in general, the U.S. Holder will
include as ordinary income for each year that Antelope Enterprises is treated as a PFIC, the excess, if any, of the fair market value
of its shares at the end of its taxable year over the adjusted tax basis in its shares. The U.S. Holder also will be allowed to take
an ordinary loss in respect of the excess, if any, of the adjusted tax basis of its shares over the fair market value of its shares at
the end of its taxable year (but only to the extent of the net amount of previously included income as a result of the mark-to-market
election). The U.S. Holder&#8217;s adjusted tax basis in its shares will be adjusted to reflect any such income or loss amounts, and
any further gain recognized on a sale or other taxable disposition of the shares in a taxable year in which Antelope Enterprises is treated
as a PFIC generally will be treated as ordinary income. Special tax rules may apply if a U.S. Holder makes a mark-to-market election
for a taxable year after the U.S. Holder holds (or is deemed to hold) the shares and for which Antelope Enterprises is determined to
be a PFIC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
mark-to-market election is available only for stock that is regularly traded on a national securities exchange that is registered with
the Securities and Exchange Commission, including the NASDAQ Stock Market, or on a foreign exchange or market that the IRS determines
has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. Although Antelope Enterprises&#8217;
shares are currently listed and traded on the NASDAQ Stock Market, it cannot guarantee that its shares will continue to be listed or
traded on the NASDAQ Stock Market. U.S. Holders should consult their own tax advisors regarding the availability and tax consequences
of a mark-to-market election in respect to the shares of Antelope Enterprises under their particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
Antelope Enterprises is a PFIC and, at any time, has a foreign subsidiary that is classified as a PFIC, a U.S. Holder of Antelope Enterprises&#8217;
shares generally should be deemed to own a portion of the shares of such lower-tier PFIC, and generally could incur liability for the
deferred tax and interest charge described above if Antelope Enterprises receives a distribution from, or disposes of all or part of
its interest in, or the U.S. Holder were otherwise deemed to have disposed of an interest in, the lower-tier PFIC. Upon request, Antelope
Enterprises will endeavor to cause any lower-tier PFIC to provide to a U.S. Holder no later than 90 days after the request the information
that may be required to make or maintain a QEF election with respect to the lower- tier PFIC. However, there is no assurance that Antelope
Enterprises will have timely knowledge of the status of any such lower-tier PFIC or will be able to cause the lower-tier PFIC to provide
the required information. A mark-to-market election generally would not be available with respect to such a lower-tier PFIC. U.S. Holders
are urged to consult their own tax advisors regarding the tax issues raised by lower-tier PFICs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder that owns (or is deemed to own) shares in a PFIC during any taxable year of the U.S. Holder may have to file an IRS Form
8621 (whether or not a QEF election or mark-to-market election is or has been made) with such U.S. Holder&#8217;s U.S. federal income
tax return and provide such other information as may be required by the U.S. Treasury Department.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rules dealing with PFICs and with the QEF and mark-to-market elections are very complex and are affected by various factors in addition
to those described above. Accordingly, U.S. Holders of shares in Antelope Enterprises should consult their own tax advisors concerning
the application of the PFIC rules to such shares under their particular circumstances.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-U.S.
Holders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
dividends paid or deemed paid to a Non-U.S. Holder in respect to its securities in Antelope Enterprises generally will not be subject
to U.S. federal income tax, unless the dividends are effectively connected with the Non-U.S. Holder&#8217;s conduct of a trade or business
within the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed
base that such holder maintains or maintained in the United States).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, a Non-U.S. Holder generally will not be subject to U.S. federal income tax on any gain attributable to a sale or other taxable
disposition of securities in Antelope Enterprises unless such gain is effectively connected with its conduct of a trade or business in
the United States (and, if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base that
such holder maintains or maintained in the United States) or the Non-U.S. Holder is an individual who is present in the United States
for 183 days or more in the taxable year of such sale or other disposition and certain other conditions are met (in which case, such
gain from U.S. sources generally is subject to U.S. federal income tax at a 30% rate or a lower applicable tax treaty rate).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
and gains that are effectively connected with the Non-U.S. Holder&#8217;s conduct of a trade or business in the United States (and, if
required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base that such holder maintains or
maintained in the United States) generally will be subject to regular U.S. federal income tax at the same regular U.S. federal income
tax rates applicable to a comparable U.S. Holder and, in the case of a Non-U.S. Holder that is a corporation for U.S. federal income
tax purposes, may also be subject to an additional branch profits tax at a 30% rate or a lower applicable tax treaty rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Backup
Withholding and Information Reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, information reporting for U.S. federal income tax purposes should apply to distributions made on the securities of Antelope
Enterprises within the United States to a U.S. Holder (other than an exempt recipient) and to the proceeds from sales and other dispositions
of securities of Antelope Enterprises by a U.S. Holder (other than an exempt recipient) to or through a U.S. office of a broker. Payments
made (and sales and other dispositions effected at an office) outside the United States will be subject to information reporting in limited
circumstances. In addition, certain information concerning a U.S. Holder&#8217;s adjusted tax basis in its securities and adjustments
to that tax basis and whether any gain or loss with respect to such securities is long-term or short-term also may be required to be
reported to the IRS, and certain holders may be required to file an IRS Form 8938 (Statement of Specified Foreign Financial Assets) to
report their interest in our securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
backup withholding of U.S. federal income tax at a rate of 28% generally will apply to dividends paid on the securities of Antelope Enterprises
to a U.S. Holder (other than an exempt recipient) and the proceeds from sales and other dispositions of securities of Antelope Enterprises
by a U.S. Holder (other than an exempt recipient), in each case who (a) fails to provide an accurate taxpayer identification number;
(b) is notified by the IRS that backup withholding is required; or (c) in certain circumstances, fails to comply with applicable certification
requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Non-U.S. Holder generally may eliminate the requirement for information reporting and backup withholding by providing certification of
its foreign status, under penalties of perjury, on a duly executed applicable IRS Form W-8 or by otherwise establishing an exemption.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
withholding is not an additional tax. Rather, the amount of any backup withholding will be allowed as a credit against a U.S. Holder&#8217;s
or a Non-U.S. Holder&#8217;s U.S. federal income tax liability and may entitle such holder to a refund, provided that certain required
information is timely furnished to the IRS. Holders are urged to consult their own tax advisors regarding the application of backup withholding
and the availability of and procedures for obtaining an exemption from backup withholding in their particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividends
    and paying agents</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>G.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statement
    by experts</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>H.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Documents
    on display</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
file annual reports and other information with the U.S. Securities and Exchange Commission. We file annual reports on Form 20-F and
submit other information under cover of Form 6-K. As a foreign private issuer, we are exempt from the proxy requirements of Section
14 of the Exchange Act and our officers, directors and principal shareholders are exempt from the insider short-swing disclosure and
profit recovery rules of Section 16 of the Exchange Act. You may call the Commission at 1-800-SEC-0330 for further information on
the operation of the public reference rooms and you can request copies of the documents upon payment of a duplicating fee, by
writing to the Commission. In addition, the Commission maintains a web site that contains reports and other information regarding
registrants (including us) that file electronically with the Commission which can be assessed at http://www.sec.gov.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>I.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsidiary
    Information</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>J.
    </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual
    Report to Security Holders</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_006"></span>ITEM
    11.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>QUANTITATIVE
    AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
Rate Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
exposure to interest rate risk primarily relates to our outstanding debts and interest income generated by excess cash, which is mostly
held in interest-bearing bank deposits. Interest-earning instruments carry a degree of interest rate risk. As of December 31, 2023, our
total outstanding loans for the continuing operations amounted to RMB nil. We have not been exposed, nor do we anticipate being exposed,
to material risks due to changes in market interest rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Currency Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, nearly all of our monetary assets and monetary liabilities were denominated in RMB except for certain bank balances,
bank borrowings and other payables which were denominated in US dollars. However, in the future, a proportion of our sales may be denominated
in other currencies as we expand into overseas markets. In such circumstances, we anticipate our primary market risk, if any, to be related
to fluctuations in exchange rates. Exchange rate risk may arise if we are required to use different currencies for various aspects of
its operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Renminbi&#8217;s exchange rate with the U.S. dollar and other currencies is affected by, among other things, changes in China&#8217;s
political and economic conditions. The exchange rate for conversion of Renminbi into foreign currencies is heavily influenced by intervention
in the foreign exchange market by the People&#8217;s Bank of China. From 1995 until July 2005, the People&#8217;s Bank of China intervened
in the foreign exchange market to maintain an exchange rate of approximately 8.3 Renminbi per U.S. dollar. On July 21, 2005, the PRC
government changed this policy and began allowing modest appreciation of the Renminbi versus the U.S. dollar. However, the Renminbi is
restricted to a rise or fall of no more than 0.5% per day versus the U.S. dollar, and the People&#8217;s Bank of China continues to intervene
in the foreign exchange market to prevent significant short-term fluctuations in the Renminbi exchange rate. On March 17, 2014, the People&#8217;s
Bank of China announced that the RMB exchange rate flexibility increased to 2% in order to proceed further with reform of the RMB exchange
rate regime. These could result in a further and more significant floatation in the RMB&#8217;s value against the U.S. dollar. The international
reaction to the RMB revaluation has generally been positive. But, international pressure continues to be placed on the Chinese government
to adopt an even more flexible currency policy, which could result in significant fluctuation of the RMB against the U.S. dollar.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
limited hedging transactions are available in China to reduce our exposure to exchange rate fluctuations. While we have no present intention
to enter into currency hedging transactions in the future. we may decide to enter into hedging transactions if we are exposed to foreign
currency risk. The availability and effectiveness of these hedging transactions may be limited and we may not be able to successfully
hedge our exposure at all. In addition, our currency exchange losses may be magnified by PRC exchange control regulations that restrict
our ability to convert Renminbi into foreign currency.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_007"></span>ITEM
    12.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DESCRIPTION
    OF SECURITIES OTHER THAN EQUITY SECURITIES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
required.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_008"></span>PART
II</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_009"></span>ITEM
    13.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DEFAULTS,
    DIVIDEND ARREARAGES AND DELINQUENCIES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
has been no default of any indebtedness nor is there any arrearage in the payment of dividends.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_010"></span>ITEM
    14.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MATERIAL
    MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_011"></span>ITEM
    15.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CONTROLS
    AND PROCEDURES</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Disclosure
Controls and Procedures</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management, with the participation of our Chief Executive Officer and Chief Financial Officer, has performed an evaluation of the effectiveness
of the design and operation of our disclosure controls and procedures as of December 31, 2023. Based on that evaluation, management,
including our Chief Executive Officer and Chief Financial Officer, has concluded that our disclosure controls and procedures as of December
31, 2023 were effective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure
controls and procedures are designed to ensure that information required to be disclosed by us in reports that we file or submit under
the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission
rules and forms, and is accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions
regarding required disclosure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management&#8217;s
annual report on internal control over financial reporting</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f)
and 15d-15(f) under the Securities and Exchange Act of 1934. Our internal control over financial reporting is a process designed by,
or under the supervision of, our Chief Executive Officer and Chief Financial Officer and effected by our management and other personnel
to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of our financial statements
for external reporting purposes in accordance with IFRS. Internal control over financial reporting includes policies and procedures that
pertain to the maintenance of records that in reasonable detail accurately reflect the transactions and dispositions of our assets; provide
reasonable assurance that transactions are recorded as necessary to permit preparation of our financial statements in accordance with
generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with the authorization
of our board of directors and management; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use or disposition of our assets that could have a material effect on our financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of inherent limitations, internal control over financial reporting may not prevent or detect misstatement. Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with our policies and procedures may deteriorate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, management
conducted an evaluation of the effectiveness of our internal control over financial reporting based on the criteria established in Internal
Control &#8212; Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Management has concluded
that our internal control over financial reporting was effective as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Changes
in Internal Controls over Financial Reporting</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2023, there were no changes in the company&#8217;s internal control over financial reporting that have materially
affected, or are reasonably likely to materially affect our company&#8217;s internal control over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
should be noted that while our management believes that our disclosure controls and procedures provide a reasonable level of assurance;
our management does not expect that our disclosure controls and procedures or internal financial controls will prevent all errors or
fraud. A control system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives
of the control system are met.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_012"></span>ITEM
    16.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RESERVED</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_013"></span>ITEM
    16A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AUDIT
    COMMITTEE FINANCIAL EXPERT.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors has determined that Mr. Dian Zhang is an audit committee financial expert as that term is defined in Item 16A(b) of
Form 20-F, and &#8220;independent&#8221; as that term is defined in the NASDAQ listing standards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_014"></span>ITEM
    16B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CODE
    OF ETHICS.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have adopted a Code of Business Conduct and Ethics that applies to our directors, officers and employees, including our principal executive
officer, principal financial officer, and principal accounting officer. A copy of the Code of Business Conduct and Ethics is available
on our website, http://aehltd.com/Corporate-Governance.html&#160;. The information on our corporate website is not a part of this Annual
Report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_015"></span>ITEM
    16C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PRINCIPAL
    ACCOUNTANT FEES AND SERVICES.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table represents the approximate aggregate billed fees for services rendered by ARK, for the periods indicated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; border-collapse: collapse; width: 80%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">2023</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">2022</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB&#8217;000</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">RMB&#8217;000</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Audit Fees &#8211; ARK PRO CPA &amp; CO</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">361</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Audit Related Fees&#8211; ARK PRO CPA &amp; CO</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Audit Fees &#8211; Centurion ZD CPA &amp; Co.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,780</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,787</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Audit Related Fees&#8211; Centurion ZD CPA &amp; Co.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">216</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Tax Fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">All Other Fees</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Total Fees</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,141</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">2,003</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audit
Fees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARK
PRO CPA &amp; CO&#8217;s audit fees for 2023 consisted of fees in relation to the audit of our financial statements for the year ended
December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Centurion
ZD CPA &amp; Co.&#8217;s audit fees for 2022 consisted of fees in relation to the audit of our financial statements for the year ended
December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audit
Related Fees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Centurion
ZD CPA &amp; Co. audited related fees for 2022 consisted of fees in relation to the reviews and consents for Form 6-K filings for the
year ended December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax
Fees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no tax fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>All
Other Fees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no other fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pre-Approval
of Services</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit committee evaluated and approved in advance the scope and cost of the engagement of an auditor before the auditor rendered its
audit and non-audit services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_016"></span>ITEM
    16D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXEMPTIONS
    FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_017"></span>ITEM
    16E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PURCHASES
    OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
purchase of our securities were made by us or our affiliates in 2023.&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_018"></span>ITEM
    16F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CHANGES
    IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT.</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 27, 2023, the Company dismissed its independent registered public accounting firm, Centurion ZD CPA &amp; Co., and appointed ARK
PRO CPA &amp; CO as its new independent registered public accounting firm to audit and review the Company&#8217;s financial statements
for the fiscal year ended December 31, 2023. Centurion ZD CPA &amp; Co.&#8217;s report on the Company&#8217;s consolidated financial
statements as of and for either of the past two fiscal years did not contain an adverse opinion or a disclaimer of opinion, and was not
qualified or modified as to uncertainty, audit scope or accounting principles. See the Form 6-K filed with the SEC on August 1, 2023
for more details.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_019"></span>ITEM
    16G.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CORPORATE
    GOVERNANCE</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Home
Country Practice Exemption as a Foreign Private Issuer</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the home country rule exemption set forth under Nasdaq Listing Rule 5615, we elected to be exempt from the requirement under NASDAQ
Listing Rule 5635 to obtain shareholder approval for (i) certain acquisitions of stock or assets of another company; (ii) an issuance
of shares that will result in a change of control of the company; (iii) the establishment or amendment of certain equity based compensation
plans and arrangements; and (iv) certain transactions (other than a public offering) involving issuances of a 20% or more of our outstanding
shares. Our shares are listed on the NASDAQ Capital Market (&#8220;NASDAQ&#8221;). As such, we are subject to corporate governance requirements
imposed by NASDAQ. Under NASDAQ rules, listed non-US companies may, in general, follow their home country corporate governance practices
in lieu of some of the NASDAQ corporate governance requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq
Listing Rule 5605(b)(1) requires listed companies to have, among other things, a majority of its board members be independent. As a foreign
private issuer, however, we are permitted to, and we may follow home country practice in lieu of the above requirements. The corporate
governance practice in our home country, the British Virgin Islands, does not require a majority of our board to consist of independent
directors. Currently, a majority of our board members are independent. However, if we change our board composition such that independent
directors do not constitute a majority of our board of directors, our shareholders may be afforded less protection than they would otherwise
enjoy under Nasdaq&#8217;s corporate governance requirements applicable to U.S. domestic issuers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
for the foregoing, we endeavor to comply with the NASDAQ corporate governance practices and except for the foregoing, there is no significant
difference between our corporate governance practices and what the NASDAQ requires of domestic U.S. companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_020"></span>ITEM
    16H.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>MINE
    SAFETY DISCLOSURE</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_021"></span>ITEM
    16I.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DISCLOSURE
    REGARDING FOREIGN JURISDICTIONS THAT PREVENUE INSPECTION</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
see the supplemental basis documentation pursuant to Item 16I(a) of Form 20-F, attached as Exhibit 99.1 to this annual report, to establish
that the Company, organized in British Virgin Islands, is not owned or controlled by a governmental entity in the British Virgin Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
our fiscal year 2022, we were conclusively listed by the SEC as a Commission-Identified Issuer under the HFCA Act following the
filing of our Annual Report on Form 20-F for the fiscal year ended December 31, 2022. Our former auditor Centurion ZD CPA &amp; Co.
for the years ended 2022 and 2021, is a registered public accounting firm that the PCAOB was not able to inspect or investigate
completely in 2021 according to the PCAOB&#8217;s December 16, 2021 determinations. Centurion ZD CPA &amp; Co. issued the audit
report for us for the fiscal year ended December 31, 2021. Our current auditor ARK PRO CPA &amp; CO for the years ended December 31,
2023 is not on such list of the firms that PCAOB was not able to inspect or investigate.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 15, 2022, the PCAOB issued a HFCA Act determination report that vacated its December
16, 2021 determinations and removed mainland China and Hong Kong from the list of jurisdictions where it had been unable to completely
inspect or investigate the registered public accounting firms. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
jurisdictions in which our consolidated foreign operating entities are incorporated include mainland China, Hong Kong, and British Virgin
Islands. We hold 100% equity interests in its consolidated operating entities, except for Hainan Kylin Cloud Services Technology Co.,
Ltd., in which the Company indirectly holds 51% equity interest. We reviewed (i) the shareholder register provided by Transhare Corporation,
our transfer agent, and (ii) Schedules 13D and 13G filed by the shareholders, the absence of any Schedule 13D or 13G filing made by any
foreign governmental entity with respect to the Company&#8217;s securities, and the absence of foreign government representation on its
board of directors, we have no awareness or belief that we are owned or controlled by a government entity in mainland China.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
received written confirmations from the directors of the Company and its consolidated foreign operating entities and each of them represented
that he/she is not an official of the Chinese Communist Party. The currently effective memorandum and articles of association of our
Company and equivalent organizing documents of our consolidated foreign operating entities do not contain any charter of the Chinese
Communist Party.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therefore,
as of the date of this annual report, to the best of our knowledge, (i)
no governmental entities in the British Virgina Islands (BVI) or in China own shares of our Company or any of our subsidiaries, (ii) the
governmental entities in China or in the BVI do not have a controlling financial interest in our Company or any of our subsidiaries, (iii)
none of the members of the board of directors of our Company or any of our subsidiaries is an official of the Chinese Communist Party,
and (iv) none of the currently effective memorandum and articles of association (or equivalent organizing document) of our Company or
any of our subsidiaries contains any charter of the Chinese Communist Party.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="v_001"></span>ITEM 16J.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INSIDER
                                            TRADING POLICIES</b></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable. We will be required to comply with disclosure requirements under this Item 16J for the fiscal year ending on December 31,
2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.75in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="v_002"></span>ITEM 16K.
</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CYBERSECURITY</b></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
Management and Strategy </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
recognize the importance of safeguarding the security of our computer systems, software, networks, and other technology assets. We have
implemented cybersecurity measures and protocols for assessing, identifying, and managing material risks from cybersecurity threats,
which are integrated into our overall risk management framework. We aim to ensure a comprehensive and proactive approach to safeguarding
our assets and operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this annual report, we have not experienced any material&#160;cybersecurity&#160;incidents or identified any material&#160;cybersecurity&#160;threats
that have affected or are reasonably likely to materially affect us, our business strategy, results of operations or financial condition.
&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Governance</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors is responsible for overseeing risks related to cybersecurity. Our board of directors shall (i) maintain oversight
of the disclosure related to cybersecurity matters in current reports or periodic reports of our company, (ii) review updates to the
status of any material cybersecurity incidents or material risks from cybersecurity threats to our company, and the disclosure issues,
if any, presented by our management on a quarterly basis, and (iii) review disclosure concerning cybersecurity matters in our annual
report on Form 20-F presented by our management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the management level, our CEO, CFO and the head of the departments in connection with cybersecurity-related matters are responsible for
assessing, identifying and managing cybersecurity risks and monitoring the prevention, detection, mitigation, and remediation of cybersecurity
incidents. Our CEO and CFO report to our board of directors (i) timely updates to the status of any material cybersecurity incidents
or material risks from cybersecurity threats to our company, and the disclosure issues, if any, and (ii) in connection with disclosure
concerning cybersecurity matters in our annual report on Form 20-F.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a cybersecurity incident occurs, our cybersecurity-related departments will promptly organize personnel for internal assessment. If it
is further determined that the incident could potentially be a material cybersecurity event, the cybersecurity-related departments will
promptly report the incident and assessment results to our CEO and CFO, and, to the extent appropriate, seek advice from external experts
and legal counsels. If it is determined that the incident could potentially be a material cybersecurity event, our CEO and CFO will decide
on relevant response measures and management shall promptly prepare disclosure material on the cybersecurity incident for review and
approval by our board of directors before it is disseminated to the public.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_022"></span>PART
III</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_023"></span>ITEM
    17.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
    STATEMENTS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have elected to provide financial statements pursuant to Item 18.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_024"></span>ITEM
    18.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FINANCIAL
    STATEMENTS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements are filed as part of this Annual Report beginning on page F-1.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="ja_025"></span>ITEM
    19.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>EXHIBITS</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
    No.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1470683/000149315223014967/ex1-1.htm" style="-sec-extract: exhibit">Amended and Restated Memorandum and Articles of Association of Antelope Enterprise Holdings Limited, effective on February 23, 2023 (1)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1470683/000149315223014967/ex2-2.htm" style="-sec-extract: exhibit">Specimen of Class A Ordinary Shares (2)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1470683/000149315223014967/ex2-3.htm" style="-sec-extract: exhibit">Description of Securities (3)</a></span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1470683/000110465919075035/tm1926540d1_ex10-1.htm" style="-sec-extract: exhibit">Form of Securities Purchase Agreement (5).</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1470683/000149315224011791/ex10-1.htm" style="-sec-extract: exhibit">2024 Incentive Award Plan (6)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1470683/000110465922106247/tm2227365d1_ex10-1.htm" style="-sec-extract: exhibit">Form of Securities Purchase Agreement dated September 30, 2022 (7)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1470683/000110465922106247/tm2227365d1_ex10-2.htm" style="-sec-extract: exhibit">Form of Investor Warrant dated September 30, 2022 (7)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1470683/000110465922106247/tm2227365d1_ex10-3.htm" style="-sec-extract: exhibit">Form of Placement Agent Warrant dated September 30, 2022 (7)</a></span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1470683/000110465922123478/tm2231541d1_ex10-1.htm" style="-sec-extract: exhibit">Director Offer Letter dated December 1, 2022 (8)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1470683/000110465922126684/tm2232403d1_ex10-1.htm" style="-sec-extract: exhibit">Purchase Agreement, dated December 12, 2022 (9)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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</table>

<p style="margin: 0">&#160;</p>



<p style="margin: 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1470683/000110465923004079/tm233544d1_ex10-1.htm" style="-sec-extract: exhibit">Form of Securities Purchase Agreement, dated January 13, 2023 (12)</a></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1470683/000149315223011020/ex10-1.htm" style="-sec-extract: exhibit">Form of Securities Purchase Agreement, dated March 30, 2023 (15)</a></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1470683/000149315223027019/ex10-1.htm" style="-sec-extract: exhibit">Form of Securities Purchase Agreement (17)</a></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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</table>

<p style="margin: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.21</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1470683/000149315223043302/ex10-1.htm" style="-sec-extract: exhibit">Director Offer Letter to Mr. Junjie Dong (20)</a></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.22</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1470683/000149315224004187/ex4-1.htm" style="-sec-extract: exhibit">The Note, dated January 29, 2024 (21)</a></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1470683/000149315224004187/ex10-1.htm" style="-sec-extract: exhibit">The Purchase Agreement, dated January 25, 2024 (21)</a></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.25</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1470683/000149315224007352/ex10-1.htm" style="-sec-extract: exhibit">Form of Warrant Exchange Agreement (22)</a></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.26</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1470683/000149315224010782/ex10-1.htm" style="-sec-extract: exhibit">Form of Securities Purchase Agreement (23)</a></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.27</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1470683/000149315224011978/ex10-1.htm" style="-sec-extract: exhibit">Form of Standby Equity Subscription Agreement (24)</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">97</td>
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 0.5in">(1)</td>
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</table>

<p style="margin: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(3)</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(4)</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated by reference to Exhibit 11.1 of Antelope Enterprises&#8217;
Annual Report on Form 20-F filed with the Securities and Exchange Commission on May 17, 2010.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(5)</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Antelope Enterprises&#8217; Report on Form 6-K filed with the SEC on December 20, 2019.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(6)</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Antelope Enterprises&#8217; Report on Form S-8 filed with the SEC on March 28, 2024</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(7)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Antelope Enterprises&#8217; Report on Form 6-K filed with the SEC on October 5, 2022.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(8)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Antelope Enterprises&#8217; Report on Form 6-K filed with the SEC on December 1, 2022.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(9)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Antelope Enterprises&#8217; Report on Form 6-K filed with the SEC on December 13, 2022.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(10)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Antelope Enterprises&#8217; Report on Form 6-K filed with the SEC on January 5, 2023.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(11)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Antelope Enterprises&#8217; Report on Form 6-K filed with the SEC on January 12, 2023.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(12)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Antelope Enterprises&#8217; Report on Form 6-K filed with the SEC on January 17, 2023.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(13)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Antelope Enterprises&#8217; Report on Form 6-K filed with the SEC on February 27, 2023. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(14)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Antelope Enterprises&#8217; Report on Form 6-K filed with the SEC on March 31, 2023.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(15)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Antelope Enterprises&#8217; Report on Form 6-K filed with the SEC on April 5, 2023.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(16)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Antelope Enterprises&#8217; Report on Form 6-K filed with the SEC on July 31, 2023.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(17)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Antelope Enterprises&#8217; Report on Form 6-K filed with the SEC on August 7, 2023.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(18)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
                                            by reference to Antelope Enterprises&#8217; Report on Form 6-K filed with the SEC on September
                                            1, 2023.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(19)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Antelope Enterprises&#8217; Report on Form 6-K filed with the SEC on September 8, 2023.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(20)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Antelope Enterprises&#8217; Report on Form 6-K filed with the SEC on December 1, 2023.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(21)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Antelope Enterprises&#8217; Report on Form 6-K filed with the SEC on January 29, 2024.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(22)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Antelope Enterprises&#8217; Report on Form 6-K filed with the SEC on February 21, 2024.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(23)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Antelope Enterprises&#8217; Report on Form 6-K filed with the SEC on March 21, 2024.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(24)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Antelope Enterprises&#8217; Report on Form 6-K filed with the SEC on March 29, 2024.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(25)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Antelope Enterprises&#8217; Report on Form 6-K filed with the SEC on April 3, 2024.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(26)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Antelope Enterprises&#8217; Report on Form 6-K filed with the SEC on April 5, 2024.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">(27)</td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporated
    by reference to Antelope Enterprises&#8217; Report on Form 6-K filed with the SEC on April 18, 2024.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
    herein</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furnished
    herein</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ANTELOPE
    ENTERPRISE HOLDINGS LIMITED</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    10, 2024</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Weilai (Will) Zhang</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weilai
    (Will) Zhang</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer (Principal Executive Officer) and Chairman</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ANTELOPE
    ENTERPRISE HOLDINGS LIMITED</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 10, 2024</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Hen Man Edmund</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hen
    Man Edmund</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant
in the capacities on May 10, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    Weilai (Will) Zhang</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
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    Hen Man Edmund</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hen
    Man Edmund</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Tingting Zhang</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tingting
    Zhang</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Song Chungen</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Song Chungen</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Dian Zhang</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dian
    Zhang</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Houyou Zhang</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Houyou
    Zhang</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Ishak Han</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ishak
    Han</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Huashu Yuan</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Huashu
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
                                            Junjie Dong</i></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Junjie
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
                                            Xiaoying Song</i></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
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  <tr style="font: 10pt Times New Roman, Times, Serif">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img src="form20-f_004.jpg" alt=""/></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><span style="text-decoration: underline">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Board of Directors and Shareholders of Antelope Enterprise Holdings Limited</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated statements of financial position of Antelope Enterprises Holdings Limited and subsidiaries
(the &#8220;Company&#8221;) as of December 31, 2023, and the related consolidated statements of comprehensive income (loss), changes
in equity and cash flows for the year ended December 31, 2023, and the related notes (collectively referred to as the &#8220;consolidated
financial statements&#8221;). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2023, and the results of its operations and its cash flows for the year ended December 31,
2023, in conformity with International Financial Reporting Standards issued by the International Accounting Standards Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion
on the Company&#8217;s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
Audit Matters</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required
to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements
and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt">
<tr style="vertical-align: top">
  <td style="border-bottom: Black 1.5pt solid; width: 50%">/s/ ARK Pro CPA &amp; Co</td>
  <td style="width: 50%"/></tr>
<tr style="vertical-align: top">
  <td><span id="xdx_904_edei--AuditorName_c20230101__20231231_zssbc9e7qtCa"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000057" name="dei:AuditorName">ARK Pro CPA &amp; Co</ix:nonNumeric></span></td>
  <td>&#160;</td></tr>
<tr style="vertical-align: top">
  <td>We have served as the Company&#8217;s auditor since 2023.</td>
  <td>&#160;</td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span id="xdx_908_edei--AuditorLocation_c20230101__20231231_zMAEHcwAK4Pg"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000058" name="dei:AuditorLocation">Hong Kong, China</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">May 10, 2024</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">PCAOB Firm ID: <span id="xdx_907_edei--AuditorFirmId_c20230101__20231231_zu24OOVEtE4k"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000059" name="dei:AuditorFirmId">3299</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><img src="form20-f_005.jpg" alt=""/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 12%; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="image_001.jpg" alt="" style="height: 101px; width: 70px"/></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 88%; vertical-align: bottom"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#20013;&#27491;&#36948;&#26371;&#35336;&#24107;&#20107;&#21209;&#25152;</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Centurion
    ZD CPA &amp; Co.</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certified
    Public Accountants (Practising)</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unit
1304, 13/F, Two Harbourfront, 22 Tak Fung Street, Hunghom, Hong Kong.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#39321;&#28207;
&#32005;&#30945; &#24503;&#35920;&#34903;22&#34399; &#28023;&#28657;&#24291;&#22580;&#20108;&#26399; 13&#27155;1304&#23460;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel
&#38651;&#35441;: (852) 2126 2388 Fax &#20659;&#30495;: (852) 2122 9078</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email
&#38651;&#37109;: info@czdcpa.com</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Board of Directors and Shareholders of Antelope Enterprise Holdings Limited</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated statements of financial position of Antelope Enterprises Holdings Limited and subsidiaries
(the &#8220;Company&#8221;) as of December 31, 2022, and the related consolidated statements of comprehensive income (loss),
changes in equity and cash flows for each of the two years in the period ended December 31, 2022, and the related notes (collectively
referred to as the &#8220;consolidated financial statements&#8221;). In our opinion, the consolidated financial statements present fairly,
in all material respects, the financial position of the Company as of December 31, 2022, and the results of its operations and
its cash flows for each of the two years in the period ended December 31, 2022, in conformity with International Financial Reporting
Standards issued by the International Accounting Standards Board.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
consolidated financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion
on the Company&#8217;s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
Audit Matters</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements
that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are
material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The
communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole,
and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the
accounts or disclosures to which they relate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Inventory
write-down in discontinued operations</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described in Note 2.8 of the consolidated financial statements, inventories are stated at the lower of cost and net realizable value,
with cost determined on a weighted-average basis. Write-down of potential obsolete or slow moving inventories is recorded based on management&#8217;s
assumptions about future demands, product trends and market conditions. As described in Note 16 of the consolidated financial statements,
the Company recorded a reversal of inventory impairment charges on inventories held by discontinued operations of RMB 4.0 million for
the year ended December 31, 2022. Inventories include items that have been written down to the Company&#8217;s best estimate of their
realizable value, which includes consideration of various factors. The net inventories amounting to RMB 28.7 million were held by Jinjiang
Hengda Ceramics Co., Limited, a subsidiary of a disposal group whose assets were classified as held for sale as of December 31, 2022, as described in Note 30.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
identified the inventory write-down in discontinued operations as a critical audit matter. The Company&#8217;s determination of future
markdowns is subjective. Specifically, there was a high degree of subjective auditor judgment in evaluating how the Company&#8217;s merchandising
strategy considerations and related inventory markdown assumptions affected the realizable value of inventory.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Addressing
the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated
financial statements. These procedures included the following, among others: (i) observing the physical condition of inventories during
inventory counts; (ii) evaluating the appropriateness of management&#8217;s process for developing the estimates of net realizable value;
(iii) testing the reliability of reports used by management by agreeing to underlying records; (iv) testing the reasonableness of the
assumptions about quality, damages, future demand, selling prices and market conditions by considering with historical trends and consistency
with evidence obtained in other areas of the audit; and corroborating the assumptions with individuals within the product team; (v) assessing
the Company&#8217;s adjustments of inventory costs to net realizable value for slow-moving and obsolete inventories by (1) comparing
the historical estimate for net realizable value adjustments to actual adjustments of inventory costs, and (2) analyzing sales subsequent
to the measurement date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Measurement
of expected credit losses on trade receivables in discontinued operations</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described in Note 17 and 30 to the consolidated financial statements, net trade receivables in discontinued operations of disposal group
classified as held for sale amounted to RMB 11.7 million. The valuation of trade receivables requires management judgement due to the
credit risks associated with each individual trade receivable account. Management assesses the recoverability of trade receivables by
reviewing customers&#8217; aging profile, credit history, collection period and status of subsequent settlement, and determines whether
an impairment provision is required.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
identified the expected credit loss (&#8220;ECL&#8221;) as a critical audit matter. The Company&#8217;s determination of future credit
loss is subjective. Specifically, there was a high degree of subjective auditor judgment in evaluating how the Company&#8217;s credit
granting policies and related accounts receivable written down assumptions affected the net accounts receivable balance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Addressing
the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated
financial statements. These procedures included the following, among others: (i) obtaining an understanding of the Company&#8217;s credit
control procedures and assessing the design, implementation and operating effectiveness of key internal controls over granting of credit
to customers; (ii) evaluating the appropriateness of management&#8217;s process for developing the ECL model, related assumptions and
considerations; (iii) testing a sample of the data used in the ECL model to the underlying records; (iv) evaluating the ECL model calculations,
agreeing the data inputs and checking the mathematical accuracy of the calculations; (v) comparing the Company&#8217;s definition of
default, as outlined in the accounting policy against the definition that Company uses for credit risk management; (vi) assessing the
Company&#8217;s adjustments of provision for credit loss to net accounts receivable collection period for slow-collecting and aging outstanding
accounts receivable balance by (1) comparing the historical estimate for net provision value adjustments to actual adjustments of accounts
receivable balance, (2) analyzing accounts receivable collection and recovery time subsequent to the measurement date; and (3) assessing
the disclosures in the consolidated financial statements are appropriate and adequate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 50%"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">/s/
                                            <span id="xdx_90F_edei--AuditorName_c20220101__20221231_z8Tfbd2EBiYd"><ix:nonNumeric contextRef="From2022-01-012022-12-31" id="Fact000060" name="dei:AuditorName">Centurion ZD CPA &amp; Co.</ix:nonNumeric></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>Centurion
    ZD CPA &amp; Co.</span></b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">May
                                            1, 2023</p></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PCAOB
ID: <span><span id="xdx_906_edei--AuditorFirmId_c20220101__20221231_zeQq3u8GeUA7"><ix:nonNumeric contextRef="From2022-01-012022-12-31" id="Fact000062" name="dei:AuditorFirmId">2769</ix:nonNumeric></span></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANTELOPE
ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" id="xdx_307_111_pn3n3_zNQ2pIOfUru1" summary="xdx: Statement - Consolidated Statements of Financial Position" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eifrs-full--CurrentAssetsAbstract_i01B_zsw9OhWTsdk3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CURRENT
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eifrs-full--CurrentValueAddedTaxReceivables_i02I_maCAOTAz53y_zmpjaZ017eFg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VAT
    receivables</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0091">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentValueAddedTaxReceivables" contextRef="AsOf2022-12-31" id="Fact000092" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">142</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eifrs-full--CurrentPrepaymentsAndOtherCurrentAssets_i02I_maCAOTAz53y_z2F7YSxLhNgl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentPrepaymentsAndOtherCurrentAssets" contextRef="AsOf2023-12-31" id="Fact000094" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">20,380</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_400_eifrs-full--FinancialAssetsAvailableforsale_i02I_maCAOTAz53y_zyyPepTTdB2c" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Available-for-sale
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialAssetsAvailableforsale" contextRef="AsOf2022-12-31" id="Fact000098" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">8,523</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eifrs-full--TradeAndOtherReceivablesDueFromRelatedParties_i02I_maCAOTAz53y_zsbtrskgsOVf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left">Due from related parties</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0101">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eifrs-full--CurrentRestrictedCashAndCashEquivalents_i02I_maCAOTAz53y_z4n6WzXAaXhb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0103">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentRestrictedCashAndCashEquivalents" contextRef="AsOf2022-12-31" id="Fact000104" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">2,069</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40C_eifrs-full--CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners_i02TI_maAzWCL_maCALzkxp_mtCAOTAz53y_zYV31rpRyYr" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eifrs-full--CurrentLiabilitiesAbstract_iB_zKnBTTumJ42" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CURRENT
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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  <tr id="xdx_40F_eifrs-full--TradeAndOtherCurrentPayablesToRelatedParties_i01I_maCLOTLzHDW_zoNW307sbmH8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentLeaseLiabilities" contextRef="AsOf2022-12-31" id="Fact000137" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">328</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentTaxLiabilities" contextRef="AsOf2022-12-31" id="Fact000140" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">582</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eifrs-full--CurrentLiabilitiesOtherThanLiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale_i01TI_mtCLOTLzHDW_maLzK6g_msCALzkxp_zIm7d6nfFOD1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentLiabilitiesOtherThanLiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" contextRef="AsOf2022-12-31" id="Fact000143" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">6,079</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eifrs-full--CurrentAssetsLiabilities_iTI_mtCALzkxp_zJWwSP1CUl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NET
    CURRENT ASSETS</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentAssetsLiabilities" contextRef="AsOf2023-12-31" id="Fact000145" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">22,365</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentAssetsLiabilities" contextRef="AsOf2022-12-31" id="Fact000146" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">27,771</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_eifrs-full--NoncurrentLiabilitiesAbstract_iB_zYk8byjUSpvj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NONCURRENT
    LIABILITIES</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eifrs-full--NoncurrentLeaseLiabilities_i01I_maNLzNtj_zp0rYLeJ4k81" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
    liabilities</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0151">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentLeaseLiabilities" contextRef="AsOf2022-12-31" id="Fact000152" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">157</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_eifrs-full--NoncurrentPayables_i01I_maNLzNtj_zS8Bo8cSYXI5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
    payable</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentPayables" contextRef="AsOf2023-12-31" id="Fact000154" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">7,394</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentPayables" contextRef="AsOf2022-12-31" id="Fact000155" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">8,775</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eifrs-full--NoncurrentLiabilities_i01TI_maLzK6g_mtNLzNtj_zxaZwS1finRj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentLiabilities" contextRef="AsOf2022-12-31" id="Fact000158" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">8,932</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eifrs-full--LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale_iI_maLzK6g_zIM3Y4liWcfg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eifrs-full--EquityAbstract_iB_zvg6kqqW1kGc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANTELOPE
ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_400_eifrs-full--ProfitLossAttributableToAbstract_iB" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_404_eifrs-full--ProfitLossAttributableToOwnersOfParent_i01_maPLzkAf_zO1Zb5brvuvj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity
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  <tr id="xdx_405_eifrs-full--ProfitLossAttributableToNoncontrollingInterests_i01_maPLzkAf_zphEhrRNSgWk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-controlling
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  <tr id="xdx_40C_eifrs-full--ProfitLoss_i01T_mtPLzkAf_zsVe92TeGs46" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_404_eifrs-full--ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityAbstract_iB_zEoFhhECj6a4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_409_eifrs-full--ProfitLossFromContinuingOperationsAttributableToOrdinaryEquityHoldersOfParentEntity_i01_ztQuiUtKYAl7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_eifrs-full--ProfitLossFromDiscontinuedOperationsAttributableToOrdinaryEquityHoldersOfParentEntity_i01_zxojDG9P0APk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discontinued
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ProfitLossFromDiscontinuedOperationsAttributableToOrdinaryEquityHoldersOfParentEntity" contextRef="From2022-01-012022-12-31" id="Fact000274" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="CNY">47,994</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ProfitLossFromDiscontinuedOperationsAttributableToOrdinaryEquityHoldersOfParentEntity" contextRef="From2021-01-012021-12-31" id="Fact000275" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="CNY">69,675</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eifrs-full--OtherComprehensiveIncomeAbstract_iB_zvOb9gzxmX0k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eifrs-full--GainsLossesOnExchangeDifferencesOnTranslationNetOfTax_i01_maCIzNSH_zZ2djqKDMkm5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
    differences on translation of financial statements of foreign operations</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" contextRef="From2023-01-01to2023-12-31" id="Fact000281" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="CNY">1,838</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" contextRef="From2022-01-012022-12-31" id="Fact000282" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">198</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" contextRef="From2021-01-012021-12-31" id="Fact000283" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">585</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_406_eifrs-full--ComprehensiveIncome_i01T_mtCIzNSH_zd9JFguZgFFg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2023-01-01to2023-12-31" id="Fact000285" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="CNY">16,297</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ComprehensiveIncome" contextRef="From2022-01-012022-12-31" id="Fact000286" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="CNY">53,446</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_eifrs-full--ComprehensiveIncomeAttributableToAbstract_iB_zx1Ogrr4gNUc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40F_eifrs-full--ComprehensiveIncomeAttributableToOwnersOfParent_i01_maCIztfA_z3bR5Bma0065" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_408_eifrs-full--ComprehensiveIncomeContinuingAndDiscontinuedOperationsAbstract_iB_zVBI2vws1aOg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_407_eifrs-full--ComprehensiveIncomeFromContinuingOperations_i01_zJxPCY6TANp2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continuing
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ComprehensiveIncomeFromContinuingOperations" contextRef="From2023-01-01to2023-12-31" id="Fact000309" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="CNY">88,758</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ComprehensiveIncomeFromContinuingOperations" contextRef="From2022-01-012022-12-31" id="Fact000310" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="CNY">5,452</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discontinued
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ComprehensiveIncomeFromDiscontinuedOperations" contextRef="From2023-01-01to2023-12-31" id="Fact000313" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">72,461</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:ComprehensiveIncomeFromDiscontinuedOperations" contextRef="From2022-01-012022-12-31" id="Fact000314" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="CNY">47,994</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANTELOPE
ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<table cellpadding="0" cellspacing="0" id="xdx_304_114_pn3n3_zooBx3ANG9c3" summary="xdx: Statement - Consolidated Statements of Changes in Equity" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" id="xdx_4BC_ifrs-full--ComponentsOfEquityAxis_ifrs-full--SharePremiumMember_zELePDOi88df" style="font: 8pt Times New Roman, Times, Serif; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Share</span></p>
                                                                                <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">premium</span></p></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B8_ifrs-full--ComponentsOfEquityAxis_custom--ReverseRecapitalizationReserveMember_zvghL29hm6ml" style="font: 8pt Times New Roman, Times, Serif; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Reverse</span></p>
                                                                                <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">recapitalization</span></p>
                                                                                <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">reserve</span></p></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" id="xdx_4BB_ifrs-full--ComponentsOfEquityAxis_ifrs-full--MergerReserveMember_z1B68ojanxbd" style="font: 8pt Times New Roman, Times, Serif; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Merger</span></p>
                                                                                <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">reserve</span></p></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B7_ifrs-full--ComponentsOfEquityAxis_ifrs-full--ReserveOfSharebasedPaymentsMember_zqEXGQOkgtmi" style="font: 8pt Times New Roman, Times, Serif; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Share-based</span></p>
                                                                                <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">payment</span></p>
                                                                                <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">reserves</span></p></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" id="xdx_4BD_ifrs-full--ComponentsOfEquityAxis_ifrs-full--StatutoryReserveMember_z2hB0EfflmFe" style="font: 8pt Times New Roman, Times, Serif; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Statutory</span></p>
                                                                                <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">reserve</span></p></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" id="xdx_4BA_ifrs-full--ComponentsOfEquityAxis_ifrs-full--CapitalReserveMember_zVUBm79Hm745" style="font: 8pt Times New Roman, Times, Serif; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Capital</span></p>
                                                                                <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">reserve</span></p></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B1_ifrs-full--ComponentsOfEquityAxis_ifrs-full--RetainedEarningsMember_z2Xw1Zatnbfb" style="font: 8pt Times New Roman, Times, Serif; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Retained</span></p>
                                                                                <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">earnings</span></p></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" id="xdx_4BD_ifrs-full--ComponentsOfEquityAxis_ifrs-full--ReserveOfExchangeDifferencesOnTranslationMember_zBeUg2TUjJqa" style="font: 8pt Times New Roman, Times, Serif; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Currency</span></p>
                                                                                <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">translation</span></p>
                                                                                <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">reserve</span></p></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" id="xdx_4BB_ifrs-full--ComponentsOfEquityAxis_ifrs-full--EquityAttributableToOwnersOfParentMember_z5gvfjZLwt72" style="font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B8_ifrs-full--ComponentsOfEquityAxis_ifrs-full--NoncontrollingInterestsMember_zVKCYSSYYrMg" style="font: 8pt Times New Roman, Times, Serif; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Noncontrolling</span></p>
                                                                                <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Interest</span></p></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" id="xdx_4B3_ifrs-full--ComponentsOfEquityAxis_custom--TotalEquityMember_zno0MONVhA2d" style="font: 8pt Times New Roman, Times, Serif; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total</span></p>
                                                                                <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Equity</span></p></td><td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 8pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">RMB&#8217;000</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">RMB&#8217;000</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">RMB&#8217;000</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">RMB&#8217;000</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">RMB&#8217;000</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">RMB&#8217;000</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">RMB&#8217;000</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">RMB&#8217;000</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">RMB&#8217;000</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt"><b>RMB&#8217;</b></span><b>000</b></p></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">RMB&#8217;000</span></td><td style="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td></tr>
  <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 8pt Times New Roman, Times, Serif; width: 23%"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Notes</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">26</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
    <td style="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 4%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td><td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">&#160;</span></td>
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  <tr id="xdx_40E_eifrs-full--ComprehensiveIncome_i_pn3n3" style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 8pt">Exchange
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  <tr id="xdx_40F_eifrs-full--ComprehensiveIncome_zysjXvbBWj49" style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANTELOPE
ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSOLIDATED
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
    value gain on unlisted financial assets</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0655">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40E_ecustom--GainLossOnDisposalOfSubsidiaries_i02N_di_msCzejU_z1VtbEFHdRX2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40E_ecustom--LoanForgivenessByRelatedParty_i02N_di_msCzejU_z0ugjsMLngAg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40C_ecustom--LossOnConvertibleNote_i02_maCzejU_zmQZacACZbAf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CASH
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0797">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40E_eifrs-full--ProceedsFromIssueOfBondsNotesAndDebentures_i01_maCzUL4_zpCuxoqJNULk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" contextRef="From2023-01-01to2023-12-31" id="Fact000799" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">7,100</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_402_ecustom--ProceedsFromRelatedParties_i01_maCzUL4_zOcM0pnX9wrg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0809">-</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eifrs-full--CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations_i01_maCzUL4_zWdv6oSnKlRg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ANTELOPE
ENTERPRISE HOLDINGS LIMITED AND ITS SUBSIDIARIES</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the Three Years Ended December 31, 2021, 2022 and 2023</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000853" name="ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory"><p id="xdx_805_eifrs-full--DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_zVNPUAlvoWN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>1.
<span id="xdx_823_zc0RgteVrtOh">GENERAL INFORMATION</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Antelope
Enterprise Holdings Limited (&#8220;Antelope Enterprises&#8221; or the &#8220;Company&#8221;), formerly known as China Ceramics Co.,
Ltd (&#8220;CCCL&#8221;), is a British Virgin Islands company operating under the BVI Business Companies Act (2004) with its shares listed
on the NASDAQ (&#8220;symbol: AEHL&#8221;). Its predecessor company, China Holdings Acquisition Corp. (&#8220;CHAC&#8221;), was incorporated
in Delaware on June 22, 2007, and was organized as a blank check company for the purpose of acquiring, through a stock exchange, asset
acquisition or other similar business combination, or controlling, through contractual arrangements, an operating business, that has
its principal operations in Asia. The Company has no operations and has no assets or liabilities of consequence outside its investments
in its operating subsidiaries. The head office of the Company is located at Junbing Industrial Zone, Jinjiang City, Fujian Province,
the People&#8217;s Republic of China (&#8220;PRC&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
November 20, 2009, CHAC merged with and into Antelope Enterprises, its wholly owned British Virgin Islands subsidiary, with Antelope
Enterprise surviving the merger (the &#8220;Redomestication&#8221;). On the same day, pursuant to the terms of a merger and stock purchase
agreement dated August 19, 2009 (the &#8220;acquisition agreement&#8221;), Antelope Enterprise acquired all of the outstanding securities
of Success Winner Limited (&#8220;Success Winner&#8221;) held by Mr. Wong Kung Tok in exchange for US$<span id="xdx_90B_ecustom--BusinessCombinationconsiderationExchangePriceOfShare_iI_pid_uUSDPShares_c20091120__ifrs-full--BusinessCombinationsAxis__custom--SuccessWinnerLimitedMember_zQ0otqHLWrS" title="Business combination, consideration, exchange price of share"><ix:nonFraction name="aehl:BusinessCombinationconsiderationExchangePriceOfShare" contextRef="AsOf2009-11-20_custom_SuccessWinnerLimitedMember" id="Fact000855" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> and <span id="xdx_909_ecustom--BusinessCombinationConsiderationNumberOfOutstandingSharesAcquired_iI_pid_c20091120__ifrs-full--BusinessCombinationsAxis__custom--SuccessWinnerLimitedMember_z7iPs1pvY2E9" title="Business combination, consideration, number of outstanding shares acquired"><ix:nonFraction name="aehl:BusinessCombinationConsiderationNumberOfOutstandingSharesAcquired" contextRef="AsOf2009-11-20_custom_SuccessWinnerLimitedMember" id="Fact000857" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,743,320</ix:nonFraction></span> shares of Antelope
Enterprise (the &#8220;Success Winner Acquisition&#8221;). The total number of issued and outstanding shares of Antelope Enterprise immediately
after the acquisition was <span id="xdx_900_eifrs-full--NumberOfSharesOutstanding_iI_pid_c20091120__ifrs-full--BusinessCombinationsAxis__custom--SuccessWinnerLimitedMember_zbLWtEADVOAk" title="Number of shares outstanding"><ix:nonFraction name="ifrs-full:NumberOfSharesOutstanding" contextRef="AsOf2009-11-20_custom_SuccessWinnerLimitedMember" id="Fact000859" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">8,950,171</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Prior
to the Success Winner Acquisition on November 20, 2009, neither CHAC nor Antelope Enterprises had an operating business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Jinjiang
Hengda Ceramics Co., Ltd. (&#8220;Hengda&#8221;), which became the operating entity of Antelope Enterprise in connection with the Success
Winner Acquisition, was established on September 30, 1993 under the laws of PRC with <span id="xdx_90B_eifrs-full--ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_pid_dp_uPure_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--FujianProvinceJinjiangCityAnhaiJunbingHengdaConstructionMaterialFactoryMember_zMf5R2Jc3pSj" title="Proportion of ownership interests held by non-controlling interests"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" contextRef="From2023-01-012023-12-31_custom_FujianProvinceJinjiangCityAnhaiJunbingHengdaConstructionMaterialFactoryMember" id="Fact000861" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15</ix:nonFraction></span>% of its equity interest owned by Fujian Province
Jinjiang City Anhai Junbing Hengda Construction Material Factory (&#8220;Anhai Hengda&#8221;) and <span id="xdx_90F_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_uPure_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ChiWahTradingImportAndExportCompanyMember_zxZJOyUxvnI5" title="Proportion of ownership interest in subsidiary"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_ChiWahTradingImportAndExportCompanyMember" id="Fact000863" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">85</ix:nonFraction></span>% owned by Chi Wah Trading Import
and Export Company (&#8220;Chi Wah&#8221;). Chi Wah is a sole proprietor under the laws of Hong Kong with its legal and equitable interest
solely owned by Mr. Wong Kung Tok. Anhai Hengda was owned by Mr. Wong Kung Tok&#8217;s family, which was considered an act-in-concert
party of Mr. Wong Kung Tok for accounting purposes. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Hengda
is principally engaged in the manufacture and sale of ceramic tiles used for exterior siding and for interior flooring and design in
residential and commercial buildings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Hengda&#8217;s
owners reorganized the corporate structure in 2008 and 2009 (the &#8220;Hengda Reorganization&#8221; or the &#8220;Reorganization&#8221;),
as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Stand
Best Creation Limited (&#8220;Stand Best&#8221;) was established on January 17, 2008 under the laws of Hong Kong with its paid-up share
capital being HK$<span id="xdx_90D_eifrs-full--IssuedCapital_iI_uHKD_c20080117__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MrWongKungTokMember_zUNwmpUocQM2" title="Par value per share"><ix:nonFraction name="ifrs-full:IssuedCapital" contextRef="AsOf2008-01-17_custom_MrWongKungTokMember" id="Fact000865" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1.00</ix:nonFraction></span> divided into <span id="xdx_900_eifrs-full--ParValuePerShare_iI_pid_uCNYPShares_c20080117__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MrWongKungTokMember_zkRwwagi5vv9" title="Par value per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2008-01-17_custom_MrWongKungTokMember" id="Fact000867" format="ixt:numdotdecimal" decimals="INF" unitRef="CNYPShares">1</ix:nonFraction></span> ordinary share solely owned by Mr. Wong Kung Tok. Stand Best acquired <span id="xdx_90A_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_uPure_c20080401__ifrs-full--BusinessCombinationsAxis__custom--AnhaiHengdaMember_zjFspUuDNMib" title="Percentage of voting equity interests acquired"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2008-04-01_custom_AnhaiHengdaMember" id="Fact000869" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of Hengda&#8217;s equity
interest from Anhai Hengda and Chi Wah on April 1, 2008 at the consideration of RMB <span id="xdx_907_eifrs-full--AcquisitiondateFairValueOfTotalConsiderationTransferred_iI_uCNY_c20080401__ifrs-full--BusinessCombinationsAxis__custom--AnhaiHengdaAndChiWahMember_zESQdbHgl3La" title="Consideration transferred, acquisition-date fair value"><ix:nonFraction name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" contextRef="AsOf2008-04-01_custom_AnhaiHengdaAndChiWahMember" id="Fact000871" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">58,980,000</ix:nonFraction></span>. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Success
Winner Limited (&#8220;Success Winner&#8221;) was incorporated in the British Virgin Islands on May 29, 2009 as a limited liability company.
Its paid-up and issued capital is US$<span id="xdx_906_eifrs-full--IssuedCapital_iI_uUSD_c20090529__ifrs-full--BusinessCombinationsAxis__custom--SuccessWinnerLimitedMember_zJUibEL6uc9a" title="Issued capital"><ix:nonFraction name="ifrs-full:IssuedCapital" contextRef="AsOf2009-05-29_custom_SuccessWinnerLimitedMember" id="Fact000873" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1</ix:nonFraction></span> divided into <span id="xdx_904_eifrs-full--ParValuePerShare_iI_pid_uCNYPShares_c20090529__ifrs-full--BusinessCombinationsAxis__custom--SuccessWinnerLimitedMember__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MrWongKungTokMember_zZqbY2SzC7Rg" title="Par value per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2009-05-29_custom_SuccessWinnerLimitedMember_custom_MrWongKungTokMember" id="Fact000875" format="ixt:numdotdecimal" decimals="INF" unitRef="CNYPShares">1</ix:nonFraction></span> ordinary share solely owned by Mr. Wong Kung Tok.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
June 30, 2009, through a capitalization agreement between Mr. Wong Kung Tok and Stand Best, Stand Best capitalized a shareholder loan
due to Mr. Wong Kung Tok in the amount of HK$ <span id="xdx_907_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_pn5n6_uHKD_c20090630__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MrWongKungTokMember_zbpnZnS7DiQ1" title="Amounts payable, related party transactions"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2009-06-30_custom_MrWongKungTokMember" id="Fact000877" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="HKD">67.9</ix:nonFraction></span> million (equivalent to approximately RMB <span id="xdx_90B_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_pn5n6_uCNY_c20090630__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MrWongKungTokMember_z53GxldyLdSg" title="Amounts payable, related party transactions"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2009-06-30_custom_MrWongKungTokMember" id="Fact000879" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="CNY">58.9</ix:nonFraction></span> million) through the issuance of an
aggregate of <span id="xdx_903_ecustom--StockIssuedDuringPeriodSharesToRelatedParties_pid_c20090630__20090630__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MrWongKungTokMember_zjCS2yhJSOc6" title="Stock issued during period, shares to related parties"><ix:nonFraction name="aehl:StockIssuedDuringPeriodSharesToRelatedParties" contextRef="From2009-06-302009-06-30_custom_MrWongKungTokMember" id="Fact000881" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">9,999</ix:nonFraction></span> ordinary shares of HK$ <span id="xdx_90F_eifrs-full--ParValuePerShare_iI_pid_uHKDPShares_c20090630__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MrWongKungTokMember_zMKCxmmj36Mb" title="Par value per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2009-06-30_custom_MrWongKungTokMember" id="Fact000883" format="ixt:numdotdecimal" decimals="INF" unitRef="HKDPShares">1.00</ix:nonFraction></span> par value which Mr. Wong Kung Tok allotted to Success Winner.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 101; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
the same date, Mr. Wong Kung Tok transferred his ownership of the remaining 1 ordinary share of Stand Best to Success Winner, thus making
Success Winner the sole parent company of Stand Best.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
January 8, 2010, Hengda completed the acquisition of all voting equity interests of Jiangxi Hengdali Ceramic Materials Co., Ltd. (&#8220;Hengdali&#8221;
or the &#8220;Gaoan Facility&#8221;), located in Gaoan, Jiangxi Province (the &#8220;Hengdali Acquisition&#8221;). Hengdali manufactures
and sells ceramics tiles used for exterior siding and for interior flooring. In total, Hengda assumed loans of RMB <span id="xdx_902_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLoans_iI_pn5n6_c20100108__ifrs-full--BusinessCombinationsAxis__custom--JiangxiHengdaliCeramicMaterialsCoLtdMember_zdcGt4R2YNIe" title="Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans"><ix:nonFraction name="aehl:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLoans" contextRef="AsOf2010-01-08_custom_JiangxiHengdaliCeramicMaterialsCoLtdMember" id="Fact000885" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="CNY">60.0</ix:nonFraction></span> million and paid
cash consideration of RMB <span id="xdx_904_eifrs-full--ConsiderationPaidReceived_pn5n6_c20100108__20100108__ifrs-full--BusinessCombinationsAxis__custom--JiangxiHengdaliCeramicMaterialsCoLtdMember_zslUXsWFMc02" title="Consideration paid (received)"><ix:nonFraction name="ifrs-full:ConsiderationPaidReceived" contextRef="From2010-01-082010-01-08_custom_JiangxiHengdaliCeramicMaterialsCoLtdMember" id="Fact000887" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="CNY">185.5</ix:nonFraction></span> million for the acquisition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
September 22, 2017, Success Winner incorporated a <span id="xdx_904_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_uPure_c20170922__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--VastEliteLimitedMember_z6IUASuhJWfd" title="Percentage of voting equity interests acquired"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2017-09-22_custom_VastEliteLimitedMember" id="Fact000889" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% owned subsidiary Vast Elite Limited (&#8220;Vast Elite&#8221;) in Hong Kong with
an initial registered capital of HKD<span id="xdx_90E_eifrs-full--IssuedCapital_iI_uHKD_c20170922__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--VastEliteLimitedMember_zsZW7BI9gSPk" title="Issued capital"><ix:nonFraction name="ifrs-full:IssuedCapital" contextRef="AsOf2017-09-22_custom_VastEliteLimitedMember" id="Fact000891" format="ixt:numdotdecimal" decimals="0" unitRef="HKD">1</ix:nonFraction></span>. Vast Elite is a holding company and had no material operations during the year ended December
31, 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
November 20, 2019, Vast Elite incorporated a <span id="xdx_90B_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_uPure_c20191120__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--ChengduFutureTalentedManagementAndConsultingCoLtdMember_zy334tAFxrQg" title="Percentage of voting equity interests acquired"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2019-11-20_custom_ChengduFutureTalentedManagementAndConsultingCoLtdMember" id="Fact000893" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% owned subsidiary Chengdu Future Talented Management and Consulting Co, Ltd (&#8220;Chengdu
Future&#8221;) in China. Chengdu Future is engaged in business management and consulting services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
December 3, 2019, Success Winner incorporated a <span id="xdx_903_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_uPure_c20191203__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AntelopeEnterpriseHKHoldingsLimitedMember_zBgSbpX0skL7"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2019-12-03_custom_AntelopeEnterpriseHKHoldingsLimitedMember" id="Fact000894" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% owned subsidiary Antelope Enterprise (HK) Holdings Limited (&#8220;Antelope HK&#8221;)
in Hong Kong. Antelope HK only serves the purpose of a holding company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
May 5, 2020, Antelope HK incorporated a <span id="xdx_90E_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_uPure_c20200505__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AntelopeHoldingsChengduCo.LtdMember_z2ylMQsTF8X8" title="Percentage of voting equity interests acquired"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2020-05-05_custom_AntelopeHoldingsChengduCo.LtdMember" id="Fact000896" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% owned subsidiary Antelope Holdings (Chengdu) Co., Ltd (&#8220;Antelope Chengdu&#8221;) in
China. Antelope Chengdu is engaged in business management and consulting services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
August 10, 2021, Antelope HK incorporated a <span id="xdx_903_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_uPure_c20210810__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HainanAntelopeHoldingsCo.LtdMember_znVOyzlhrPUe"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2021-08-10_custom_HainanAntelopeHoldingsCo.LtdMember" id="Fact000897" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% owned subsidiary Hainan Antelope Holdings Co., Ltd (&#8220;Antelope Hainan&#8221;) in
China. Antelope Hainan is engaged in business management and consulting services. Antelope Hainan does not have any operations as of
this report date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
August 11, 2021, Antelope HK incorporated a <span id="xdx_903_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_uPure_c20210811__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AntelopeFutureYangpuInvestmentCo.LtdMember_z8ImFX7IfMG7" title="Percentage of voting equity interests acquired"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2021-08-11_custom_AntelopeFutureYangpuInvestmentCo.LtdMember" id="Fact000899" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% owned subsidiary Antelope Future (Yangpu) Investment Co., Ltd (&#8220;Antelope Yangpu&#8221;)
in China. Antelope Yangpu is engaged in business management and consulting services. Antelope Yangpu does not have any operations as
of this report date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
August 23, 2021, Antelope Hainan incorporated a <span id="xdx_90E_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_uPure_c20210823__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AntelopeInvestmentHainanCo.LtdMember_zDms0WiVgSq6" title="Percentage of voting equity interests acquired"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2021-08-23_custom_AntelopeInvestmentHainanCo.LtdMember" id="Fact000901" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% owned subsidiary Antelope Investment (Hainan) Co., Ltd (&#8220;Antelope Investment&#8221;)
in China. Antelope Investment is engaged in business management and consulting services. Antelope Investment does not have any operations
as of this report date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
September 9, 2021, Antelope Future incorporated a <span id="xdx_908_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_uPure_c20210909__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AntelopeRuichengInvestmentHainanCo.LtdMember_zXbMzZAHre11" title="Percentage of voting equity interests acquired"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2021-09-09_custom_AntelopeRuichengInvestmentHainanCo.LtdMember" id="Fact000903" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% owned subsidiary Antelope Ruicheng Investment (Hainan) Co., Ltd (&#8220;Antelope
Ruicheng&#8221;) in China. Antelope Ruicheng is engaged in business management and consulting services. Antelope Ruicheng does not have
any operations as of this report date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
September 18, 2021, Antelope Ruicheng incorporated a <span id="xdx_905_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_uPure_c20210918__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HainanKylinCloudServicesTechnologyCo.LtdMember_zGUafwLHWJe3"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2021-09-18_custom_HainanKylinCloudServicesTechnologyCo.LtdMember" id="Fact000904" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">51</ix:nonFraction></span>% owned subsidiary Hainan Kylin Cloud Services Technology Co., Ltd ((&#8220;Hainan
Kylin&#8221;) in China. Hainan Kylin is engaged in the business management and consulting services for livestreaming ecommerce industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
October 28, 2022, Hainan Kylin incorporated a <span id="xdx_90F_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_uPure_c20221028__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HangzhouKylinCloudServicesTechnologyCo.LtdMember_zwf6zTvLC0O9"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2022-10-28_custom_HangzhouKylinCloudServicesTechnologyCo.LtdMember" id="Fact000905" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% owned subsidiary Hangzhou Kylin Cloud Services Technology Co., Ltd (&#8220;Hangzhou
Kylin&#8221;) in China. Hangzhou Kylin is engaged in business management and consulting services for the livestreaming ecommerce industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
November 2, 2022, Hainan Kylin incorporated a <span id="xdx_902_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_uPure_c20221102__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AnhuiKylinCloudServicesTechnologyCo.LtdMember_zY0lyAFq4Wp8"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2022-11-02_custom_AnhuiKylinCloudServicesTechnologyCo.LtdMember" id="Fact000906" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% owned subsidiary Anhui Kylin Cloud Services Technology Co., Ltd (&#8220;Anhui Kylin&#8221;)
in China. Anhui Kylin is engaged in business management and consulting services for the livestreaming ecommerce industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
January 4, 2023, Antelope Enterprise Holdings Limited incorporated a <span id="xdx_906_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_uPure_c20230104__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AntelopeEnterpriseHoldingUSAIncMember_zHxATrnp1VAf"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2023-01-04_custom_AntelopeEnterpriseHoldingUSAIncMember" id="Fact000907" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% owned subsidiary Antelope Enterprise Holding USA Inc (Antelope
USA) in Delaware. Antelope USA is a holding company with no material operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
February 15, 2023, Hainan Kylin incorporated a <span id="xdx_904_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_uPure_c20230215__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WenzhouKylinCloudServicesTechnologyCoLtdMember_z0LT9bpCpAT2"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2023-02-15_custom_WenzhouKylinCloudServicesTechnologyCoLtdMember" id="Fact000908" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% owned subsidiary Wenzhou Kylin Cloud Services Technology Co., Ltd (&#8220;Wenzhou
Kylin&#8221;) in China. Wenzhou Kylin is engaged in business management and consulting services for the livestreaming ecommerce industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
August 15, 2023, Hainan Kylin incorporated a <span id="xdx_90C_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_uPure_c20230815__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HubeiKylinCloudServicesTechnologyCoLtdMember_z0vPt52SxFYj"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2023-08-15_custom_HubeiKylinCloudServicesTechnologyCoLtdMember" id="Fact000909" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% owned subsidiary Hubei Kylin Cloud Services Technology Co., Ltd (&#8220;Hubei Kylin&#8221;)
in China. Hubei Kylin is engaged in business management and consulting services for the livestreaming ecommerce industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
August 18, 2023, Hainan Kylin incorporated a <span id="xdx_904_eifrs-full--PercentageOfVotingEquityInterestsAcquired_iI_pid_dp_uPure_c20230818__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--JiangxiKylinCloudServicesTechnologyCoLtdMember_zLdVbEOvohvj"><ix:nonFraction name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" contextRef="AsOf2023-08-18_custom_JiangxiKylinCloudServicesTechnologyCoLtdMember" id="Fact000910" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% owned subsidiary Jiangxi Kylin Cloud Services Technology Co., Ltd (&#8220;Jiangxi Kylin&#8221;)
in China. Jianxi Kylin is engaged in business management and consulting services for the livestreaming ecommerce industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Since
the ceramic tiles manufacturing business of the Company has experienced significant hurdles due to the significant slowdown of the real
estate sector and the impacts of COVID-19 in China, the Company plans to divest its ceramic tiles manufacturing business, which is conducted
through the Company&#8217;s subsidiaries, Stand Best, Hengda and Hengdali (the &#8220;Target&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
December 30, 2022, Stand Best and an unaffiliated entity, New Stonehenge Limited, entered into a purchase agreement, pursuant to which,
Stand Best agreed to sell <span id="xdx_908_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_c20221230__20221230__ifrs-full--CounterpartiesAxis__custom--NewStonehengeLimitedMember_zSDWuwkhLi44" title="Ownership percent"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2022-12-302022-12-30_custom_NewStonehengeLimitedMember" id="Fact000912" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% equity interests in Hengda to New Stonehenge Limited, in exchange for a <span id="xdx_90F_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20221230_zpsl9OT5CG9" title="Borrowings interest rate"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2022-12-30" id="Fact000914" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span>% unsecured promissory note with
a principal amount of US$<span id="xdx_903_ecustom--UnsecuredPromissoryNote_iI_pn5n6_c20221230_zAs5THaNrVxh" title="Unsecured Promissory note"><ix:nonFraction name="aehl:UnsecuredPromissoryNote" contextRef="AsOf2022-12-30" id="Fact000916" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="CNY">8.5</ix:nonFraction></span> million. The promissory note will mature in four years and the <span id="xdx_901_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20221230_zM3XFxFuOrqj" title="Borrowings interest rate"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2022-12-30" id="Fact000918" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span>% interest and principal amount on the note
is to be paid in four annual installments. On February 21, 2023, the Company&#8217;s shareholders approved this transaction. On April
28, 2023, this transaction was closed. The has transferred its ownership of the ceramic tile manufacturing business to the New Stonehenge
Limited, and New Stonehenge Limited has become the <span id="xdx_902_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_uPure_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HengdaCeramicsCoLtdMember_zwhWDIoTzAq3" title="Ownership percent"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_HengdaCeramicsCoLtdMember" id="Fact000920" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% owner of Hengda, which is the <span id="xdx_909_eifrs-full--ProportionOfOwnershipInterestInSubsidiary_pid_dp_uPure_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HengdaliCeramicMaterialsCoLtdMember_zAxQuSVjh0Of" title="Ownership percent"><ix:nonFraction name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_HengdaliCeramicMaterialsCoLtdMember" id="Fact000922" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% owner of Hengdali.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
February 21, 2023, the shareholders of the Company approved and adopted an amended and restated memorandum and articles of association
(the &#8220;Amended M&amp;A&#8221;), which changed the authorized issued share capital of the Company from US$<span id="xdx_906_eifrs-full--ProceedsFromIssueOfOrdinaryShares_pn3d_c20230220__20230221__ifrs-full--CounterpartiesAxis__custom--MemorandumAndArticlesOfAssociationMember_zlqsUZL8UDA3" title="Proceeds from issue of ordinary shares"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2023-02-202023-02-21_custom_MemorandumAndArticlesOfAssociationMember" id="Fact000924" format="ixt:numdotdecimal" decimals="-3" unitRef="CNY">4,800,000</ix:nonFraction></span> divided into
<span id="xdx_90B_eifrs-full--NumberOfSharesAuthorised_iI_pid_c20230221__ifrs-full--CounterpartiesAxis__custom--MemorandumAndArticlesOfAssociationMember_zcC9w1vsJ0ad" title="Number of shares authorized"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2023-02-21_custom_MemorandumAndArticlesOfAssociationMember" id="Fact000926" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000,000</ix:nonFraction></span> ordinary shares with a par value of US$<span id="xdx_90A_eifrs-full--ParValuePerShare_iI_c20230221__ifrs-full--CounterpartiesAxis__custom--MemorandumAndArticlesOfAssociationMember_zUjiifuylRj7" title="Par value per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2023-02-21_custom_MemorandumAndArticlesOfAssociationMember" id="Fact000928" format="ixt:numdotdecimal" decimals="INF" unitRef="CNYPShares">0.024</ix:nonFraction></span> each, to (i) <span id="xdx_907_eifrs-full--NumberOfSharesIssued_iI_pid_c20230221__ifrs-full--CounterpartiesAxis__custom--MemorandumAndArticlesOfAssociationMember_zCVyWVhsqX0g" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-02-21_custom_MemorandumAndArticlesOfAssociationMember" id="Fact000930" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000,000</ix:nonFraction></span> ordinary shares re-designated as (a) <span id="xdx_90A_eifrs-full--NumberOfSharesIssued_iI_pid_c20230221__ifrs-full--ClassesOfOrdinarySharesAxis__custom--ClassAOrdinarySharesMember_zo4U5aPQdKla" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-02-21_custom_ClassAOrdinarySharesMember" id="Fact000932" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000,000</ix:nonFraction></span> Class
A ordinary shares with no par value each, and (b) <span id="xdx_904_eifrs-full--NumberOfSharesIssued_iI_pid_c20230221__ifrs-full--ClassesOfOrdinarySharesAxis__custom--ClassBOrdinarySharesMember_zUqByEujWYW4" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-02-21_custom_ClassBOrdinarySharesMember" id="Fact000934" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000,000</ix:nonFraction></span> Class B ordinary shares with no par value each, and (ii) <span id="xdx_900_ecustom--PreferredSharesIssuedCapital_pid_c20230220__20230221_zluweBYONgb8" title="Preferred shares issued capital"><ix:nonFraction name="aehl:PreferredSharesIssuedCapital" contextRef="From2023-02-202023-02-21" id="Fact000936" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000,000</ix:nonFraction></span> preferred
shares with no par value each, (the &#8220;Re-Designation of the Authorized Capital&#8221;). Each Class A ordinary share is entitled
to one (1) vote and each Class B ordinary share is entitled to twenty (20) votes. In connection with the Re-Designation of the Authorized
Capital, <span id="xdx_905_eifrs-full--NumberOfSharesAuthorised_iI_c20230221_zmFSpevh0dEj" title="Number of shares authorized"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2023-02-21" id="Fact000938" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">977,755</ix:nonFraction></span> ordinary shares owned by Mr. Weilai (Will) Zhang then were converted into <span id="xdx_90B_eifrs-full--NumberOfSharesOutstanding_iI_c20230221__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBOrdinarySharesMember_zh27cXwquYI8" title="Number of shares outstanding"><ix:nonFraction name="ifrs-full:NumberOfSharesOutstanding" contextRef="AsOf2023-02-21_custom_ClassBOrdinarySharesMember46037750" id="Fact000940" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">977,755</ix:nonFraction></span> Class B ordinary shares, and the rest
of the then outstanding and issued outstanding ordinary shares were converted into Class A ordinary shares on an one-for-one basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Antelope
Enterprise Holdings Limited and its subsidiaries&#8217; (the &#8220;Company&#8221;) corporate structure as of December 31, 2023 is as
follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="fin_001.jpg" alt=""/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000942" name="aehl:DisclosureOfDetailedInformationAboutSignificantInvestmentsInSubsidiariesExplanatory"><p id="xdx_895_ecustom--DisclosureOfDetailedInformationAboutSignificantInvestmentsInSubsidiariesExplanatory_zXI1W79vvrK" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span><span id="xdx_8B9_zHVcZlcd5MS8" style="display: none">SCHEDULE OF CHINA CERAMICS AND ITS SUBSIDIARIES CORPORATE STRUCTURE</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    Kylin Cloud Services Technology Co., Ltd (note 8)</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eifrs-full--PrincipalPlaceOfBusinessOfSubsidiary_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HainanKylinCloudServicesTechnologyCo.LtdMember_z4TxcmXlIR6i" title="Place and date of incorporation or establishment/operations"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_HainanKylinCloudServicesTechnologyCo.LtdMember" id="Fact001046" name="ifrs-full:PrincipalPlaceOfBusinessOfSubsidiary">PRC,
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    <td id="xdx_983_eifrs-full--IssuedCapital_iI_pp0p0_c20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HainanKylinCloudServicesTechnologyCo.LtdMember_zL4CWTQ9AkYk" title="Nominal value of issued ordinary share/registered capital" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IssuedCapital" contextRef="AsOf2023-12-31_custom_HainanKylinCloudServicesTechnologyCo.LtdMember" id="Fact001048" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CNY">5,000,000</ix:nonFraction>&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98D_ecustom--ProportionOfIndirectOwnershipInterestInSubsidiary_pid_dp_uPure_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HainanKylinCloudServicesTechnologyCo.LtdMember_zPz5FnZqRIDl" title="Percentage of equity attributable to the Company Indirect" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="aehl:ProportionOfIndirectOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_HainanKylinCloudServicesTechnologyCo.LtdMember" id="Fact001050" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">51</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eifrs-full--DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HainanKylinCloudServicesTechnologyCo.LtdMember_zTXJmbEPARR" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_HainanKylinCloudServicesTechnologyCo.LtdMember" id="Fact001052" name="ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities">Business
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98D_ecustom--ProportionOfIndirectOwnershipInterestInSubsidiary_pid_dp_uPure_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HangzhouKylinCloudServicesTechnologyCo.LtdMember_zJ1K6irGiyZ6" title="Percentage of equity attributable to the Company Indirect" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="aehl:ProportionOfIndirectOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_HangzhouKylinCloudServicesTechnologyCo.LtdMember" id="Fact001060" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">51</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eifrs-full--DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HangzhouKylinCloudServicesTechnologyCo.LtdMember_zwDwvNOntAGe" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_HangzhouKylinCloudServicesTechnologyCo.LtdMember" id="Fact001062" name="ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities">Business
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td>
    <td id="xdx_986_eifrs-full--IssuedCapital_iI_pp0p0_c20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AnhuiKylinCloudServicesTechnologyCo.LtdMember_zCvCkkbkKMEi" title="Nominal value of issued ordinary share/registered capital" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IssuedCapital" contextRef="AsOf2023-12-31_custom_AnhuiKylinCloudServicesTechnologyCo.LtdMember" id="Fact001068" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CNY">5,000,000</ix:nonFraction>&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_986_ecustom--ProportionOfIndirectOwnershipInterestInSubsidiary_pid_dp_uPure_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AnhuiKylinCloudServicesTechnologyCo.LtdMember_zMEt1Ax417X2" title="Percentage of equity attributable to the Company Indirect" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="aehl:ProportionOfIndirectOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_AnhuiKylinCloudServicesTechnologyCo.LtdMember" id="Fact001070" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">51</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eifrs-full--DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--AnhuiKylinCloudServicesTechnologyCo.LtdMember_zAJJGSb5S1S1" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_AnhuiKylinCloudServicesTechnologyCo.LtdMember" id="Fact001072" name="ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities">Business
    management and consulting services</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eifrs-full--NameOfSubsidiary_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WenzhouKylinCloudServicesMember_z0T2JppYZhu6" title="Name"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_WenzhouKylinCloudServicesMember" id="Fact001074" name="ifrs-full:NameOfSubsidiary">Wenzhou
    Kylin Cloud Services (note 11)</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eifrs-full--PrincipalPlaceOfBusinessOfSubsidiary_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WenzhouKylinCloudServicesMember_z67ef7ylCH0j" title="Place and date of incorporation or establishment/operations"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_WenzhouKylinCloudServicesMember" id="Fact001076" name="ifrs-full:PrincipalPlaceOfBusinessOfSubsidiary">PRC,
    February 15, 2023</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td>
    <td id="xdx_983_eifrs-full--IssuedCapital_iI_pp0p0_c20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WenzhouKylinCloudServicesMember_zz1gsOaRHvzk" title="Nominal value of issued ordinary share/registered capital" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IssuedCapital" contextRef="AsOf2023-12-31_custom_WenzhouKylinCloudServicesMember" id="Fact001078" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CNY">5,000,000</ix:nonFraction>&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_ecustom--ProportionOfIndirectOwnershipInterestInSubsidiary_pid_dp_uPure_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WenzhouKylinCloudServicesMember_zCxJmazr0685" title="Percentage of equity attributable to the Company Indirect" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="aehl:ProportionOfIndirectOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_WenzhouKylinCloudServicesMember" id="Fact001080" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">51</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eifrs-full--DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--WenzhouKylinCloudServicesMember_zUo1mqMp3pl7" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_WenzhouKylinCloudServicesMember" id="Fact001082" name="ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities">Business
    management and consulting services</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eifrs-full--NameOfSubsidiary_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HubeiKylinCloudServicesTechnologyCoLtdMember_z9Odr6lrunKd" title="Name"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_HubeiKylinCloudServicesTechnologyCoLtdMember" id="Fact001084" name="ifrs-full:NameOfSubsidiary">Hubei
    Kylin Cloud Services Technology Co., Ltd (note 12)</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eifrs-full--PrincipalPlaceOfBusinessOfSubsidiary_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HubeiKylinCloudServicesTechnologyCoLtdMember_z6dz533EiHUg" title="Place and date of incorporation or establishment/operations"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_HubeiKylinCloudServicesTechnologyCoLtdMember" id="Fact001086" name="ifrs-full:PrincipalPlaceOfBusinessOfSubsidiary">PRC,
    August 15, 2023</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td>
    <td id="xdx_981_eifrs-full--IssuedCapital_iI_pp0p0_c20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HubeiKylinCloudServicesTechnologyCoLtdMember_zZpNLcSUbtXl" title="Nominal value of issued ordinary share/registered capital" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IssuedCapital" contextRef="AsOf2023-12-31_custom_HubeiKylinCloudServicesTechnologyCoLtdMember" id="Fact001088" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CNY">5,000,000</ix:nonFraction>&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_981_ecustom--ProportionOfIndirectOwnershipInterestInSubsidiary_pid_dp_uPure_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HubeiKylinCloudServicesTechnologyCoLtdMember_zVGDsDBHfdPd" title="Percentage of equity attributable to the Company Indirect" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="aehl:ProportionOfIndirectOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_HubeiKylinCloudServicesTechnologyCoLtdMember" id="Fact001090" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">51</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eifrs-full--DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--HubeiKylinCloudServicesTechnologyCoLtdMember_zAmYf7oFvv12" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_HubeiKylinCloudServicesTechnologyCoLtdMember" id="Fact001092" name="ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities">Business
    management and consulting services</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eifrs-full--NameOfSubsidiary_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--JiangxiKylinCloudServicesTechnologyCoLtdMember_zwthsr8YPB7i" title="Name"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_JiangxiKylinCloudServicesTechnologyCoLtdMember" id="Fact001094" name="ifrs-full:NameOfSubsidiary">Jiangxi
    Kylin Cloud Services Technology Co., Ltd (note 13)</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eifrs-full--PrincipalPlaceOfBusinessOfSubsidiary_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--JiangxiKylinCloudServicesTechnologyCoLtdMember_zyKnqa3i7AZk" title="Place and date of incorporation or establishment/operations"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_JiangxiKylinCloudServicesTechnologyCoLtdMember" id="Fact001096" name="ifrs-full:PrincipalPlaceOfBusinessOfSubsidiary">PRC,
    August 18, 2023</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB</span></td>
    <td id="xdx_98C_eifrs-full--IssuedCapital_iI_pp0p0_c20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--JiangxiKylinCloudServicesTechnologyCoLtdMember_zF7iLTBKyHf2" title="Nominal value of issued ordinary share/registered capital" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IssuedCapital" contextRef="AsOf2023-12-31_custom_JiangxiKylinCloudServicesTechnologyCoLtdMember" id="Fact001098" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CNY">5,000,000</ix:nonFraction>
    &#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_ecustom--ProportionOfIndirectOwnershipInterestInSubsidiary_pid_dp_uPure_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--JiangxiKylinCloudServicesTechnologyCoLtdMember_zbnDYXDTJ0Ul" title="Percentage of equity attributable to the Company Indirect" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="aehl:ProportionOfIndirectOwnershipInterestInSubsidiary" contextRef="From2023-01-012023-12-31_custom_JiangxiKylinCloudServicesTechnologyCoLtdMember" id="Fact001100" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">51</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eifrs-full--DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--JiangxiKylinCloudServicesTechnologyCoLtdMember_zYFbZ03JOOz6" title="Principal activities"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_JiangxiKylinCloudServicesTechnologyCoLtdMember" id="Fact001102" name="ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities">Business
    management and consulting services</ix:nonNumeric></span></span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Note:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    registered capital of Hengda, Hengdali, Vast Elite and Antelope HK had been fully paid up.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chengdu
    Future is allowed to pay the registered capital in full before November 12, 2049.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antelope
    Chengdu is allowed to pay the registered capital in full before April 13, 2060.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hainan
    Antelope is allowed to pay the registered capital in full before December 31, 2041.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antelope
    Future is allowed to pay the registered capital in full before December 31, 2051.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antelope
    Investment is allowed to pay the registered capital in full before December 31, 2041.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Antelope
    Ruicheng is allowed to pay the registered capital in full before December 31, 2051.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hainan
    Kylin is allowed to pay the registered capital in full before September 16, 2050.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hangzhou
    Kylin is allowed to pay the registered capital in full before October 21, 2042.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anhui
    Kylin is allowed to pay the registered capital in full before October 31, 2042.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wenzhou
    Kylin is allowed to pay the registered capital in full before February 15, 2043.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hubei
    Kylin is allowed to pay the registered capital in full before August 15, 2045.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jiangxi
    Kylin is allowed to pay the registered capital in full before August 15, 2053.</span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A2_zskV5tu7RAod" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
September 3, 2020, the <span id="xdx_902_ecustom--EquityReverseStockSplit_c20200903__20200903_zn8rlgxLpEU6" title="Equity, Reverse Stock Split"><ix:nonNumeric contextRef="From2020-09-032020-09-03" id="Fact001104" name="aehl:EquityReverseStockSplit">Company effected a reverse stock split, every three issued and outstanding ordinary shares as of the effective
date will automatically be combined into one issued and outstanding share</ix:nonNumeric></span>. Consequently, the reverse stock split will reduce the number
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value per share will increase from $<span id="xdx_903_eifrs-full--ParValuePerShare_iI_pid_uCNYPShares_c20200903__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zikcHylwk8Kg" title="Par value per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-09-03_ifrs-full_BottomOfRangeMember" id="Fact001110" format="ixt:numdotdecimal" decimals="INF" unitRef="CNYPShares">0.008</ix:nonFraction></span> to $<span id="xdx_906_eifrs-full--ParValuePerShare_iI_pid_uCNYPShares_c20200903__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zs4x4HULdPxh" title="Par value per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2020-09-03_ifrs-full_TopOfRangeMember" id="Fact001112" format="ixt:numdotdecimal" decimals="INF" unitRef="CNYPShares">0.024</ix:nonFraction></span>. All outstanding stock options, warrants and other rights to purchase the Company&#8217;s
ordinary shares will be adjusted proportionately as a result of the reverse stock split.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
September 18, 2023, the Company effected a one-for-ten reverse split of its issued and outstanding Class A ordinary shares. The consolidated
statements of financial position as of December 31, 2023 and 2022, and consolidated statements of comprehensive loss for the years ended
December 31, 2023, 2022 and 2021 were retroactively restated to reflect this reverse split.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001114" name="aehl:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory"><p id="xdx_80F_ecustom--DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_zdhQwCv4EBhi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>2.
<span id="xdx_828_z7Xjek0y953j">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001116" name="aehl:DescriptionOfAccountingPolicyForBasisOfPreparationExplanatory"><p id="xdx_848_ecustom--DescriptionOfAccountingPolicyForBasisOfPreparationExplanatory_zzmTMvFIk4O6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.1
<span id="xdx_868_z5w5lKSGUT02">Basis of preparation</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (&#8220;IFRSs&#8221;)
as issued by the International Accounting Standards Board (&#8220;IASB&#8221;), which collective term includes all applicable individual
International Financial Reporting Standards, International Accounting Standards and Interpretations issued by the IASB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
significant accounting policies that have been used in the preparation of these consolidated financial statements are summarized below.
These policies have been consistently applied to all the years presented unless otherwise stated. The adoption of new or amended IFRSs
and the impacts on the Company&#8217;s financial statements, if any, are disclosed in Note 3.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
COVID-19 pandemic has created and may continue to create significant uncertainty in macroeconomic conditions, which may cause further
business slowdowns or shutdowns, depress demand for the Company&#8217;s business, and adversely impact its results of operations. During
the years ended December 31, 2022 and 2021, the Company faced increasing uncertainties around its estimates of revenue collectability,
accounts receivable credit losses, impairment of inventory and long-lived assets. The Company expects uncertainties around its key accounting
estimates to continue to evolve depending on the duration and degree of impact associated with the COVID-19 pandemic. Its estimates may
change as new events occur and additional information emerges, and such changes are recognized or disclosed in its consolidated financial
statements. Judgments made by management in the application of IFRSs that have significant effect on the financial statements and major
sources of estimation uncertainty are discussed in Note 4. However, Since January 2023, China has dropped all COVID restrictions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
consolidated financial statements have been prepared on the historical cost basis, except for derivative financial instruments that have
been measured at fair value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
preparation of financial statements in conformity with IFRSs requires management to make judgments, estimates and assumptions that affect
the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions
are based on historical experience and various other factors believed to be reasonable under the circumstances, the results of which
form the basis of making the judgements about carrying amounts of assets and liabilities not readily apparent from other sources. Actual
results may differ from these estimates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period
in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the
revision affects both current and future periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Judgments
made by management in the application of IFRSs that have significant effect on the financial statements and major sources of estimation
uncertainty are discussed in Note 4.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
consolidated financial statements were approved and authorized for issue by the Board of Directors on </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
XX, 2024<span style="background-color: white">.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001118" name="aehl:DescriptionOfAccountingPolicyForBasisOfConsolidationTextBlock"><p id="xdx_843_ecustom--DescriptionOfAccountingPolicyForBasisOfConsolidationTextBlock_zF8qzOMYRqme" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.2
<span id="xdx_863_zW8e8ltg98ol">Basis of consolidation</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">(i)
100% owned Subsidiaries</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Success Winner Acquisition on November 22, 2009 has been accounted for as a reverse recapitalization. The acquisition agreement resulted
in the former owner of Success Winner obtaining effective operating and financial control of the combined entity. Prior to the acquisition,
Antelope Enterprise had no operating business. Accordingly, the acquisition does not constitute a business combination for accounting
purposes and is accounted for as a capital transaction. That is, the transaction is in substance a reverse recapitalization, equivalent
to the issuance of equity interests by Success Winner for the net monetary assets of Antelope Enterprise accompanied by a recapitalization.
The consolidated financial statements are a continuation of the financial statements of Success Winner. The assets and liabilities of
Antelope Enterprise are recognized at their carrying amounts at the date of acquisition with a corresponding credit to the consolidated
equity and no goodwill or other intangible assets are recognized. The equity of the combined entity recognized at the date of acquisition
represents the equity balances of Success Winner together with the deemed proceeds from the reverse recapitalization determined as described
above. However, the equity structure presented in the consolidated financial statements (number and values of equity instruments issued)
reflects the equity structure of the legal parent, Antelope Enterprise. Costs directly attributable to the transaction have been debited
to equity to the extent of net monetary assets received. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Success
Winner and its subsidiaries as a group is regarded as a continuing entity resulting from the Hengda Reorganization since the management
of all the entities which took part in the Reorganization were controlled by the same director and shareholder before and immediately
after the Reorganization. Immediately after the Reorganization, there was a continuation of the control over the entities&#8217; financial
and operating policy decision and risk and benefits to the ultimate shareholders that existed prior to the Reorganization. Accordingly,
the reorganization has been accounted for as a reorganization under common control and the financial statements of Success Winner, Stand
Best and Hengda have been combined on the basis of merger accounting for all periods presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
assets and liabilities of the combining entities or businesses are combined using the existing book values from the controlling party&#8217;s
perspective. No amount is recognized as consideration for goodwill or excess of the acquirer&#8217;s interest in the net fair values
of the acquiree&#8217;s identifiable assets, liabilities and contingent liabilities over cost at the time of the common control combination.
The consolidated statement of comprehensive income includes the results of each of the combining entities or businesses from the earliest
date presented or the date of their incorporation/establishment or since the date when the combining entities or businesses first came
under common control, where this is a shorter period, regardless of the date of the common control combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Hengdali Acquisition on January 8, 2010 has been accounted for as a business combination using the acquisition method. Hengdali is a
subsidiary of the Company, and the Company has the power to govern the financial and operating policies which accompanies its shareholding
of 100% of the voting rights in Hengdali. Therefore, Hengdali as a subsidiary is fully consolidated from January 8, 2010, the date on
which control was transferred to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
accounting for the Hengdali Acquisition under the acquisition method, treats the consideration transferred for the acquisition of Hengdali
as the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Company. The consideration
transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related
costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in this business combination
are measured initially at their fair values at the acquisition date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
excess of the consideration transferred over the fair value of the identifiable net assets acquired is recorded as goodwill.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s financial statements consolidate those of the Company and all of its subsidiaries as of December 31, 2023. Subsidiaries
are entities controlled by the Company. The Company controls an entity when it is exposed, or has rights, to variable returns from its
involvement with the entity and has the ability to affect those returns through its power over the entity. When assessing whether the
Company has power, only substantive rights (held by the Company and other parties) are considered. All subsidiaries have a reporting
date of December 31.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">An
investment in a subsidiary is consolidated into the consolidated financial statements form the date that control commences until the
date that control ceases. Inter-company transactions, balances and unrealized gains or losses on transactions between group companies
are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted
by the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">(ii)
Non-controlling interests</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Antelope
Ruicheng owns 51% of Hainan Kylin, while non-controlling interest owns 49% of Hainan Kylin. Hainan Kylin 100% owns Hangzhou Kylin, Anhui
Kylin, Wenzhou Kylin, Hubei Kylin and Jiangxi Kylin. Non-controlling interests in the financial results and equity of subsidiaries are
shown separately in the Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Financial Position and Consolidated
Statements of Changes in Equity respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001120" name="ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory"><p id="xdx_840_eifrs-full--DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_zrZEwKAmDWVk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.3
<span id="xdx_866_zgM3mZEXdeRg">Foreign currency translation</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
financial statements are presented in RMB (to the nearest thousand), being the currency that best reflects the economic substance of
the underlying events and circumstances relevant to the Company. The Company&#8217;s operations are conducted through the subsidiaries
in the People&#8217;s Republic of China (&#8220;PRC&#8221;). The functional currency of these subsidiaries in China is Renminbi (&#8220;RMB&#8221;).
The functional currency of Antelope Enterprise and Antelope HK is the United State dollars (US$). The functional currency of Vast Elite
is Hong Kong dollar.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
the individual financial statements of the consolidated entities, foreign currency transactions are translated into the functional currency
of the individual entity using the exchange rates prevailing at the dates of the transactions. At the reporting date, monetary assets
and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at that date. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the reporting date retranslation of monetary assets and
liabilities are recognized in profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Non-monetary
items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the
fair value was determined and are reported as part of the fair value gain or loss. Non-monetary items that are measured in terms of historical
cost in a foreign currency are not retranslated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
the consolidated financial statements, all individual financial statements of foreign operations, originally presented in a currency
different from the Company&#8217;s presentation currency, have been converted into Renminbi. Assets and liabilities have been translated
into Renminbi at the closing rates at the reporting date. Income and expenses have been converted into Renminbi at the exchange rates
ruling at the transaction dates, or at the average rates over the reporting period provided that the exchange rates do not fluctuate
significantly. Any differences arising from this procedure have been recognized in other comprehensive income and accumulated separately
in the currency translation reserve in equity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">When
a foreign operation is sold, such exchange differences are reclassified from equity to profit or loss as part of the gain or loss on
sale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
translation of certain RMB amounts as of and for the year ended December 31, 2023 into US$ is included in these financial statements
solely for the convenience of readers and was made at the rate of RMB <span id="xdx_90D_ecustom--ShareIssuedPricePerShare_iI_pid_uCNYPShares_c20231231_zCFiE23OrPk2" title="Share issued price per share"><ix:nonFraction name="aehl:ShareIssuedPricePerShare" contextRef="AsOf2023-12-31" id="Fact001122" format="ixt:numdotdecimal" decimals="INF" unitRef="CNYPShares">7.10</ix:nonFraction></span> to US$<span id="xdx_905_ecustom--ShareIssuedPricePerShare_iI_pid_uUSDPShares_c20231231_zT363jKkGlK3" title="Share issued price per share"><ix:nonFraction name="aehl:ShareIssuedPricePerShare" contextRef="AsOf2023-12-31" id="Fact001124" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span>, which was based on the noon buying rate on December
31, 2023 in the City of New York cable transfers of RMB as certified for customers purposes by the Federal Reserve Bank of New York.
Such translation should be construed as representation that RMB amounts could be converted, realized or settled into US$ at the rate
stated above or at any other rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 108; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001126" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"><p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_zG7337tHOHDg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.4
<span id="xdx_868_zKkAMt4U9bj3">Property, plant and equipment</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Leasehold
land and buildings for own use</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">When
a lease includes both land and building elements, the Company assesses the classification of each element as a finance or an operating
lease separately based on the assessment as to whether substantially all the risks and rewards incidental to ownership of each element
have been transferred to the Company, unless it is clear that both elements are operating leases in which case the entire lease is classified
as an operating lease. Specifically, the minimum lease payments (including any lump sum upfront payments) are allocated between the land
and the building elements in proportion to the relative fair values of the leasehold interests in the land element and building element
of the lease at the inception of the lease.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">To
the extent the allocation of the lease payments can be made reliably, interest in leasehold land that is accounted for as an operating
lease is presented as &#8220;land use rights&#8221; in the consolidated statements of financial position and is amortized over the lease
term on a straight-line basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">All
buildings are depreciated over their expected useful lives of <span id="xdx_907_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--BuildingsMember_zcWSlYcwuMO7" title="Useful life measured as period of time, property, plant and equipment"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_BuildingsMember" format="ixt-sec:duryear" id="Fact001128" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">40</ix:nonNumeric></span> years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Other
property, plant and equipment</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Property,
plant and equipment are stated in the consolidated statements of financial position at cost less any accumulated depreciation and any
accumulated impairment losses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001130" name="aehl:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipmentTableTextBlock"><p id="xdx_890_ecustom--UsefulLivesOrDepreciationRatesPropertyPlantAndEquipmentTableTextBlock_zEYoZm0M0n55" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Depreciation
is provided to write off the cost less their residual values over their estimated useful lives as follows, using the straight-line method:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BC_z2zP3EIpwRng" style="display: none">SCHEDULE OF DEPRECIATION USING STRAIGHT-LINE METHOD</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plant
    and machinery</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__custom--PlantAndMachineriesMember_zIUPFfrHLMLh"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_PlantAndMachineriesMember" format="ixt-sec:duryear" id="Fact001131" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">10</ix:nonNumeric></span>
                                            years</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Motor
    vehicles</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--MotorVehiclesMember_zRoRK4HFfCJ"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_MotorVehiclesMember" format="ixt-sec:duryear" id="Fact001132" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">10</ix:nonNumeric></span>
                                            years</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
    equipment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--OfficeEquipmentMember_ztUZrVY5JAg8"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_OfficeEquipmentMember" format="ixt-sec:duryear" id="Fact001133" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">5</ix:nonNumeric></span>
                                            years</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A4_zp5tgOpm4Ms3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
assets&#8217; residual values, depreciation methods and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting
period, with the effect of any changes in estimate accounted for on a prospective basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Historical
cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset&#8217;s
carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated
with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is
derecognized. All other costs, such as repairs and maintenance, are charged to profit or loss during the financial period in which they
are incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">An
asset&#8217;s carrying amount is written down immediately to its recoverable amount if the asset&#8217;s carrying amount is greater than
its estimated recoverable amount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
gain or loss arising on retirement or disposal is determined as the difference between the sales proceeds and the carrying amount of
the asset and is recognized in profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001135" name="ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory"><p id="xdx_844_eifrs-full--DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory_zWcrM8bU5nIl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.5
<span id="xdx_867_zuTE33UqEZGf">Investment property</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Investment
properties are properties held to earn rentals or for capital appreciation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Investment
properties are initially measured at historical cost, including any directly attributable expenditure. Subsequent to initial recognition,
investment properties are measured at their historical cost less any accumulated depreciation and any accumulated impairment losses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Historical
cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset&#8217;s
carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated
with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is
derecognized. All other costs, such as repairs and maintenance, are charged to profit or loss during the financial period in which they
are incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">An
asset&#8217;s carrying amount is written down immediately to its recoverable amount if the asset&#8217;s carrying amount is greater than
its estimated recoverable amount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
gain or loss arising on retirement or disposal is determined as the difference between the sales proceeds and the carrying amount of
the asset and is recognized in profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">An
investment property is derecognized upon disposal or when the investment property is permanently withdrawn from use or no future economic
benefits are expected from its disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between
the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the item is derecognized.
As a result of disposal subsidiaries, the investment property balance on the balance sheet date became zero. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001137" name="ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory"><p id="xdx_840_eifrs-full--DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory_zz57Qj6kalf2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.6
<span id="xdx_869_zbNhINLrqRz9">Land use rights</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Upfront
payments made to acquire land held under an operating lease are stated at cost less accumulated amortization and any accumulated impairment
losses. Amortization is calculated on a straight line basis over the leasing period of <span id="xdx_903_ecustom--AmortizationPeriodMeasuredAsPointOfTimeLandUseRights_dtY_c20230101__20231231_zx7OhMHSm03b" title="Amortization period of land use rights"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:duryear" id="Fact001139" name="aehl:AmortizationPeriodMeasuredAsPointOfTimeLandUseRights">50</ix:nonNumeric></span> years. The carrying amounts of land used rights
were reclassified to right-of-use assets to conform to IFRS 16. As a result of disposal subsidiaries, the land use rights balance on
the balance sheet date became zero.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001141" name="ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory"><p id="xdx_843_eifrs-full--DescriptionOfAccountingPolicyForGoodwillExplanatory_zaLS29Oc81k5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.7
<span id="xdx_867_z1DK9lzmEFEl">Goodwill</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Goodwill
arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business less accumulated
impairment losses, if any.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">For
the purposes of impairment testing, goodwill is allocated to each of the Company&#8217;s cash-generating units, or groups of cash-generating
units, that is expected to benefit from the synergies of the combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">A
cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently whenever there is indication
that the unit may be impaired. If some or all of the goodwill allocated to a cash-generating unit was acquired in a business combination
during the current annual period, that unit shall be tested for impairment before the end of the current annual period. If the recoverable
amount of the cash-generating unit is less than the carrying amount, the impairment loss is allocated first to reduce the carrying amount
of any goodwill allocated to the unit and then to the other assets of the unit on a pro &#8211; rata basis based on the carrying amount
of each asset in the unit. Any impairment loss for goodwill is recognized directly in profit or loss. An impairment loss recognized for
goodwill is not reversed in subsequent periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
disposal of the relevant cash generating unit, the attributable amount of goodwill is included in the determination of the profit or
loss on disposal.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001143" name="ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories"><p id="xdx_84E_eifrs-full--DescriptionOfAccountingPolicyForMeasuringInventories_zBbf23ztKvpl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.8
<span id="xdx_867_zcV9kYor4CFg">Inventories</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Inventories
are carried at the lower of cost and net realizable value. Cost is determined using the weighted average basis, and in the case of work
in progress and finished goods, comprises direct materials, direct labor and an appropriate proportion of overhead.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Net
realizable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and applicable
selling expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">When
inventories are sold, the carrying amount of those inventories is recognized as an expense in the period in which the related revenue
is recognized. The amount of any write-down of inventories to net realizable value and all losses of inventories are recognized as an
expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories is recognized as a reduction
in the amount of inventories recognized as an expense in the period in which the reversal occurs. As a result of disposal subsidiaries,
the inventory balance on the balance sheet date became zero.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001145" name="ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory"><p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory_z4uC9oEmepn" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.9
<span id="xdx_86F_zZXhVktzAXP">Cash and cash equivalents</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Cash
and cash equivalents include cash at bank and in hand, demand deposits with banks and short term highly liquid investments with original
maturities of three months or less that are readily convertible into known amounts of cash and which are subject to an insignificant
risk of changes in value. For the purpose of the statement of cash flows presentation, cash and cash equivalents include bank overdrafts
which are repayable on demand and form an integral part of the Company&#8217;s cash management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001147" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory"><p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForFinancialAssetsExplanatory_zdBifdYpL1ye" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.10
<span id="xdx_868_zPUxhxusbui5">Financial instruments</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Financial
assets and financial liabilities are recognized when a group entity becomes a party to the contractual provisions of the instrument.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Financial
assets and financial liabilities are initially measured at fair value except for trade debtors arising from contracts with customers
which are initially measured in accordance with HKFRS 15 since 1 January 2019. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities (other than financial assets or liabilities at fair value through
profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial
recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through
profit or loss are recognized immediately in profit or loss. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
effective interest method is a method of calculating the amortized cost of a financial asset or financial liability and of allocating
interest income and interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated
future cash receipts and payments (including all fees and points paid or received that form an integral part of the effective interest
rate, transaction costs and other premiums or discounts) through the expected life of the financial asset or financial liability, or,
where appropriate, a shorter period, to the net carrying amount on initial recognition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Interest
income which are derived from the Company&#8217;s ordinary course of business are presented as revenue.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Financial
assets</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Classification
and subsequent measurement of financial assets (upon application of IFRS 9)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Financial
assets that meet the following conditions are subsequently measured at amortized cost:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    financial asset is held within a business model whose objective is to collect contractual cash flows; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
    amount outstanding.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">All
other financial assets are subsequently measured at fair value through profit or loss (&#8220;FVTPL&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">A
financial asset is classified as held for trading if:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
    has been acquired principally for the purpose of selling in the near term; or</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">on
    initial recognition it is a part of a portfolio of identified financial instruments that the Company manages together and has a recent
    actual pattern of short-term profit-taking; or</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
    is a derivative that is not designated and effective as a hedging instrument.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
addition, the Company may irrevocably designate a financial asset that are required to be measured at the amortized cost as measured
at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">(i)
Amortized cost and interest income</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Interest
income is recognized using the effective interest method for financial assets measured subsequently at amortized cost. Interest income
is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets
that have subsequently become credit-impaired. For financial assets that have subsequently become credit-impaired, interest income is
recognized by applying the effective interest rate to the amortized cost of the financial asset from the next reporting period. If the
credit risk on the credit-impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income
is recognized by applying the effective interest rate to the gross carrying amount of the financial asset from the beginning of the reporting
period following the determination that the asset is no longer credit impaired.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">(ii)
Financial assets at FVTPL</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Financial
assets that do not meet the criteria for being measured at amortized cost are measured at FVTPL.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Financial
assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized in profit
or loss. The net gain or loss recognized in profit or loss includes any dividend or interest earned on the financial asset and is included
in the &#8220;other gains and losses&#8221; line item.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Impairment
of financial assets (upon application IFRS 9) </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company recognizes a loss allowance for expected credit loss (&#8220;ECL&#8221;) on financial assets which are subject to impairment
under IFRS 9 (including trade and other receivables, bank deposits and bank balances). ECLs are based on the difference between the contractual
cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation
of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit
enhancements that are integral to the contractual terms. The amount of ECL is updated at each reporting date to reflect changes in credit
risk since initial recognition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">General
approach</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">ECLs
are recognized in two measurement bases. For credit exposures for which there has not been a significant increase in credit risk since
initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months
(a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition,
a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default
(a lifetime ECL).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">At
each reporting date, the Company assesses whether the credit risk on a financial instrument has increased significantly since initial
recognition. When making the assessment, the Company compares the risk of a default occurring on the financial instrument as at the reporting
date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable
and supportable information that is available without undue cost or effort, including historical and forward looking information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Company
may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to
receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial
asset is written off when there is no reasonable expectation of recovering the contractual cash flows.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Financial
assets at amortized cost are subject to impairment under the general approach and they are classified within the following stages for
measurement of ECLs except for trade receivables which apply the simplified approach as detailed below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Stage
1 &#8212; Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss
allowance is measured at an amount equal to 12-month ECLs</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Stage
2 &#8212; Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired
financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLs</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Stage
3 &#8212; Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired)
and for which the loss allowance is measured at an amount equal to lifetime ECLs</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Simplified
approach</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">For
trade receivables that do not contain a significant financing component or when the Company applies the practical expedient of not adjusting
the effect of a significant financing component, the Company applies the simplified approach in calculating ECLs. Under the simplified
approach, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting
date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company assesses at the end of each reporting period whether there is any objective evidence that a financial asset or a group of financial
assets is impaired. An impairment exists if one or more events that occurred after the initial recognition of the asset have an impact
on the estimated future cash flows of the financial asset or the Company of financial assets that can be reliably estimated. Evidence
of impairment may include indications that a debtor or a group of debtors is experiencing significant financial difficulty, default or
delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganization and
observable data indicating that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic
conditions that correlate with defaults.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Financial
assets carried at amortized cost</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">For
financial assets carried at amortized cost, the Company first assesses whether impairment exists individually for financial assets that
are individually significant, or collectively for financial assets that are not individually significant. If the Company determines that
no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the
asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that
are individually assessed for impairment and for which an impairment loss is, or continues to be, recognized are not included in a collective
assessment of impairment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
amount of any impairment loss identified is measured as the difference between the asset&#8217;s carrying amount and the present value
of estimated future cash flows (excluding future credit losses that have not been incurred). The present value of the estimated future
cash flows is discounted at the financial asset&#8217;s original effective interest rate (i.e., the effective interest rate computed
at initial recognition).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
carrying amount of the asset is reduced through the use of an allowance account and the loss is recognized in profit or loss. Interest
income continues to be accrued on the reduced carrying amount using the rate of interest used to discount the future cash flows for the
purpose of measuring the impairment loss. Loans and receivables together with any associated allowance are written off when there is
no realistic prospect of future recovery and all collateral has been realized or has been transferred to the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">If,
in a subsequent period, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment
was recognized, the previously recognized impairment loss is increased or reduced by adjusting the allowance account. If a write-off
is later recovered, the recovery is credited to other expenses in the statement of profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Classification
and subsequent measurement of financial assets (before application of IFRS 9 on January 1, 2018)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s financial assets are loans and receivables. The classification depends on the nature and purpose of the financial assets
and is determined at the time of initial recognition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Loans
and receivables</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Loans
and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They
are initially recognized at fair value. Subsequent to initial recognition, loans and receivables (including trade and other receivables,
pledged bank deposits, fixed bank deposits with maturity periods over three months and bank balances) are measured at amortized cost
using the effective interest method, less any identified impairment losses).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Impairment
of financial assets</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Financial
assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired
when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial
asset, the estimated future cash flows of the financial assets have been affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Objective
evidence of impairment could include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">significant
    financial difficulty of the issuer or counterparty; or</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">breach
    of contract, such as a default or delinquency in interest or principal payments; or</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
    becoming probable that the borrower will enter bankruptcy or financial re-organization; or disappearance of an active market for
    that financial asset because of financial difficulties.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">If
any such evidence exists, the impairment loss on trade receivables and other current receivables and other financial assets carried at
amortized cost is measured as the difference between the asset&#8217;s carrying amount and the present value of the estimated future
cash flows discounted at the financial asset&#8217;s original effective interest rate (i.e. the effective interest rate computed at initial
recognition of these assets), where the effect of discounting is material. This assessment is made collectively where these financial
assets share similar risk characteristics, such as similar past due status, and have not been individually assessed as impaired. Future
cash flows for financial assets which are assessed for impairment collectively are based on historical loss experience for assets with
credit risk characteristics similar to the collective group.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">If
in a subsequent period the amount of an impairment loss decreases and the decrease can be linked objectively to an event occurring after
the impairment loss was recognized, the impairment loss is reversed through profit or loss. A reversal of an impairment loss shall not
result in the asset&#8217;s carrying amount exceeding that which would have been determined had no impairment loss been recognized in
prior years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Impairment
losses are written off against the corresponding assets directly, except for impairment losses recognized in respect of trade receivables
included within trade and other receivables and prepayments, whose recovery is considered doubtful but not remote. In this case, the
impairment losses for doubtful debts are recorded using an allowance account. When the Company is satisfied that recovery is remote,
the amount considered irrecoverable is written off against trade debtors directly and any amounts held in the allowance account relating
to that debt are reversed. Subsequent recoveries of amounts previously charged to the allowance account are reversed against the allowance
account. Other changes in the allowance account and subsequent recoveries of amounts previously written off directly are recognized in
profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Derecognition
of financial assets</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers
the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Company neither transfers
nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognizes
its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all
the risks and rewards of ownership of a transferred financial asset, the Company continues to recognize the financial asset and recognizes
a collateralized borrowing for the proceeds received.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
derecognition of a financial asset measured at amortized cost, the difference between the asset&#8217;s carrying amount and the sum of
the consideration received and receivable is recognized in profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Financial
liabilities and equity instruments</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Debt
and equity instruments issued by a group entity are classified as either financial liabilities or as equity in accordance with the substance
of the contractual arrangements and the definitions of a financial liability and an equity instrument.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Equity
instruments</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">An
equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Effective
interest method</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over
the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees
and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts)
through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial
recognition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Interest
expense is recognized on an effective interest basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Financial
liabilities</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Interest-bearing
borrowings are recognized initially at fair value less attributable transaction costs. They are subsequently stated at amortized cost
with any difference between the amount initially recognized and redemption value being recognized in profit or loss over the period of
the borrowings, together with any interest and fees payable, using the effective interest method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Trade
and other payables are initially recognized at fair value. They are subsequently stated at amortized cost unless the effect of discounting
would be immaterial, in which case they are stated at cost.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Derecognition</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
derecognition of a financial asset in its entirety, the difference between the asset&#8217;s carrying amount and the sum of the consideration
received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income and accumulated in equity
is recognized in profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company derecognizes a financial liability when, and only when, the Company&#8217;s obligations are discharged, cancelled or expire.
The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized
in profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"></p>

<ix:exclude><!-- Field: Page; Sequence: 115; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001149" name="ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory"><p id="xdx_843_eifrs-full--DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory_zPbKhVmOMYM7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.11
<span id="xdx_861_zn3ljOhGCUkc">Derivative financial instruments</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Initial
recognition and subsequent measurement</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company uses derivative financial instruments, such as forward currency contracts, for investment purposes. Such derivative financial
instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently re-measured
at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair
value is negative.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Any
gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001151" name="ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory"><p id="xdx_843_eifrs-full--DescriptionOfAccountingPolicyForLeasesExplanatory_zlnooook4EWj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.12
<span id="xdx_869_zApbwYhd5Jo5">Leases</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Finance
leases refers to the situation that the economic ownership of a leased asset is transferred to the lessee if the lessee bears substantially
all the risks and rewards of ownership of the leased asset.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">All
other leases are treated as operating leases. Where the Company has the use of assets under operating leases, payments made under the
leases are charged to profit or loss on a straight line basis over the lease terms except where an alternative basis is more representative
of the time pattern of benefits to be derived from the leased assets. Lease incentives received are recognized in profit or loss as an
integral part of the aggregate net lease payments made. Contingent rental are charged to profit or loss in the accounting period in which
they are incurred. Operating leases were treated in accordance to IFRS 16 commencing January 1, 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">All
the leases of the Company are operating leases for the years ended December 31, 2023, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001153" name="ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory"><p id="xdx_84D_eifrs-full--DescriptionOfAccountingPolicyForProvisionsExplanatory_zKKEAoKQV625" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.13
<span id="xdx_863_zfgm6YTZCux2">Provisions and contingencies</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Provisions
for product warranties, legal disputes, onerous contracts or other claims are recognized when the Company has a present obligation (legal
or constructive) as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the
obligation and a reliable estimate of the amount of the obligation can be made. Where the time value of money is material, provisions
are stated at the present value of the expenditure expected to settle the obligation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">All
provisions are reviewed at each reporting date and adjusted to reflect the current best estimate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Where
it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation
is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose
existence will only be confirmed by the occurrence or non-occurrence of one or more future uncertain events not wholly within the control
of the Company are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001155" name="aehl:DescriptionOfAccountingPolicyForShareCapitalTextBlock"><p id="xdx_844_ecustom--DescriptionOfAccountingPolicyForShareCapitalTextBlock_z96fmDiPNBgc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.14
<span id="xdx_863_zC9jssKTyQA8">Share capital</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Ordinary
shares are classified as equity. Share capital is determined using the nominal value of shares that have been issued. The Company&#8217;s
Class A ordinary shares, Class B ordinary shares and Preferred share have no par value as a result of amended and restated memorandum
and articles of association effective on February 21, 2023. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Any
transaction costs associated with the issuing of shares are deducted from share premium (net of any related income tax benefit) to the
extent they are incremental costs directly attributable to the equity transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001157" name="ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue"><p id="xdx_846_eifrs-full--DescriptionOfAccountingPolicyForRecognitionOfRevenue_zdQOoTMvW0H1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.15
<span id="xdx_86A_zo7o8GyRvJmg">Revenue recognition</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="background-color: white">The
Company follows IFRS 15 for revenue recognition, recognises revenue to depict the transfer of promised goods or services to the customer
in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="background-color: white">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="background-color: white">To
recognise revenue under IFRS 15, an entity applies the following five steps:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="background-color: white"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">identify
    the contract(s) with a customer.</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">identify
    the performance obligations in the contract. Performance obligations are promises in a contract to transfer to a customer goods or
    services that are distinct.</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">determine
    the transaction price. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange
    for transferring promised goods or services to a customer. If the consideration promised in a contract includes a variable amount,
    an entity must estimate the amount of consideration to which it expects to be entitled in exchange for transferring the promised
    goods or services to a customer.</span></td></tr>
  <tr style="vertical-align: top">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#9679;</span></td>
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    the transaction price to each performance obligation on the basis of the relative stand-alone selling prices of each distinct good
    or service promised in the contract.</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#9679;</span></td>
    <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">recognise
    revenue when a performance obligation is satisfied by transferring a promised good or service to a customer (which is when the customer
    obtains control of that good or service). A performance obligation may be satisfied at a point in time (typically for promises to
    transfer goods to a customer) or over time (typically for promises to transfer services to a customer). For a performance obligation
    satisfied over time, an entity would select an appropriate measure of progress to determine how much revenue should be recognised
    as the performance obligation is satisfied.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Consulting
service and livestreaming ecommerce service are recognized <span style="background-color: white">when </span> <span style="background-color: white">performance obligation is satisfied
by providing the service to customers, usually at a point in time, the transaction price for each performance obligation is determined</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Interest
income is recognized on a time-proportion basis using the effective interest method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001159" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory"><p id="xdx_84C_eifrs-full--DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_zYW8n197Go53" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.16
<span id="xdx_86B_ziX7rNyA7rBj">Impairment of non-financial assets</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Impairment
testing is made on the Company&#8217;s goodwill at each reporting date. Property, plant and equipment and land use rights are tested
for impairment if there is any indication that the assets may be impaired at the balance sheet date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">If
any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset&#8217;s recoverable
amount.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Calculation
of recoverable amount</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">An
asset&#8217;s recoverable amount is the greater of an asset&#8217;s or cash-generating unit&#8217;s fair value less costs of disposal
and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where an asset
does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest
group of assets that generates cash inflows independently (i.e. a cash-generating unit). </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Recognition
of impairment losses</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">An
impairment loss is recognized in profit or loss whenever the carrying amount of an asset, or the cash-generating unit to which it belongs,
exceeds its recoverable amount. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying
amount of any goodwill allocated to that cash-generating unit (or group of units), and then, to reduce on a pro rata basis the carrying
amount of the other assets in the unit (or group of units), except that the carrying amount of an asset will not be reduced below its
individual fair value less costs of disposal (if measurable) or value in use (if determinable).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Reversal
of impairment losses</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
respect of assets other than goodwill, an impairment loss is reversed if there has been a favorable change in the estimates used to determine
the recoverable amount. An impairment loss in respect of goodwill is not reversed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">A
reversal of an impairment loss is limited to the asset&#8217;s carrying amount that would have been determined had no impairment loss
been recognized in prior years. Reversals of impairment losses are credited to profit or loss in the year in which the reversals are
recognized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001161" name="ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory"><p id="xdx_841_eifrs-full--DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory_z8qQC7b3fcgg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.17
<span id="xdx_867_zTnY3BQkOEd3">Employee benefits</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Retirement
benefits</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
employees of the Company&#8217;s PRC subsidiaries are required to participate in a central pension scheme operated by the local municipal
government. Contributions are recognized as an expense in profit or loss as employees render services during the year. The Company&#8217;s
obligation under these plans is limited to the fixed percentage contributions payable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Share-based
employee remuneration</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company operates equity-settled share-based remuneration plans for its employees. None of the Company&#8217;s plans feature any options
for a cash settlement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
fair value of share options granted to employees is recognized as an employee cost with a corresponding increase in the share-based payment
reserve within equity. The fair value is measured at the grant date using the Black Scholes Option Pricing Model, taking into account
the terms and conditions upon which the options were granted. Where the employees have to meet vesting conditions before becoming unconditionally
entitled to the share options, the total estimated fair value of the share options is spread over the vesting period, taking into account
the probability that the options will vest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During
the vesting period, the number of share options expected to vest is reviewed. Any resulting adjustment to the cumulative fair value recognized
in prior years is charged/credited to the profit or loss for the year under review, unless the original employee expenses qualify for
recognition as an asset, with a corresponding adjustment to the share-based payment reserve. On the vesting date, the amount recognized
as an expense is adjusted to reflect the actual number of share options that vest (with a corresponding adjustment to the share-based
payment reserve) except where forfeiture is only due to not achieving vesting conditions that relate to the market price of the Company&#8217;s
shares. The equity amount is recognized in the share-based payment reserve until either the option is exercised (when it is transferred
to the share premium account) or the option expires (when it is released directly to retained earnings).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001163" name="ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory"><p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForBorrowingCostsExplanatory_zVaYMpTFmPLk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.18
<span id="xdx_868_zZ8yDfURm4og">Borrowing costs</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Borrowing
costs consist of interest and other costs incurred in connection with the borrowing of funds. Borrowing costs directly attributable to
the acquisition, construction or production of qualifying asset which necessarily takes a substantial period of time to get ready for
its intended use or sale are capitalized as part of the cost of that asset until such time as the assets are substantially ready for
their intended use or sale. Other borrowing costs are expensed when incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001165" name="ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory"><p id="xdx_845_eifrs-full--DescriptionOfAccountingPolicyForIncomeTaxExplanatory_z2dldMDKiP9f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.19
<span id="xdx_868_znQII0TIpIej">Accounting for income taxes</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Income
tax comprises current tax and deferred tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Current
tax and movements in deferred tax assets and liabilities are recognized in profit or loss except to the extent that they relate to items
recognized in other comprehensive income or directly in equity, in which case the relevant amounts of tax are recognized in other comprehensive
income or directly in equity, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Current
tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the
reporting period, and any adjustment to tax payable in respect of previous years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Deferred
tax is calculated using the liability method on temporary differences at the reporting date between the carrying amounts of assets and
liabilities in the financial statements and their respective tax bases. Deferred tax liabilities are generally recognized for all taxable
temporary differences. Deferred tax assets are recognized for all deductible temporary differences, tax losses available to be carried
forward as well as other unused tax credits, to the extent that it is probable that taxable profit, including existing taxable temporary
differences, will be available against which the deductible temporary differences, unused tax losses and unused tax credits can be utilized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Deferred
tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from initial recognition (other than
in a business combination) of assets and liabilities in a transaction that affects neither taxable nor accounting profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Deferred
tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries, associates and joint ventures,
except where the Company is able to control the reversal of the temporary differences and it is probable that the temporary differences
will not reverse in the foreseeable future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Deferred
tax is calculated, without discounting, at the tax rates that are expected to apply in the period the liability is settled or the asset
realized, based on tax rate (and tax laws) that have been enacted or substantively enacted at the reporting date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
carrying amount of a deferred tax asset is reviewed at the end of each reporting period and is reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow the related tax benefit to be utilized. Any such reduction is reversed
to the extent that it becomes probable that sufficient taxable profits will be available.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Additional
income taxes that arise from the distribution of dividends are recognized when the liability to pay the related dividends is recognized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Current
tax balances and deferred tax balances, and movements therein, are presented separately from each other and are not offset. Current tax
assets are offset against current tax liabilities, and deferred tax assets are offset against deferred tax liabilities, if the Company
has the legally enforceable right to set off the recognized amounts and the following additional conditions are met:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    the case of current tax assets and liabilities, the Company intends either to settle on a net basis, or to realize the asset and
    settle the liability simultaneously; or</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    the case of deferred tax assets and liabilities, if they relate to income taxes levied by the same taxation authority on either:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    same taxable entity; or</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">different
    taxable entities, which, in each future period in which significant amounts of deferred tax liabilities or assets are expected to
    be settled or recovered, intend either to settle current tax liabilities and realize the current tax assets on a net basis, or to
    settle the liabilities and realize the assets simultaneously.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001167" name="ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory"><p id="xdx_84C_eifrs-full--DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory_zEJg3qiMU5Dj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.20
<span id="xdx_86C_zrC7CSiY61o4">Research and development activities</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Costs
associated with research activities are expensed in profit or loss as they incur. Costs that are directly attributable to development
activities are recognized as intangible assets if, and only if, all of the following have been demonstrated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    technical feasibility of completing the intangible asset so that the asset will be available for use or sale;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    intention to complete the intangible asset and use or sell it;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ability to use or sell the intangible asset;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">how
    the intangible asset will generate probable future economic benefits;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset;
    and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ability to measure reliably the expenditure attributable to the intangible asset during its development.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 119; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
amount initially recognized for internally-generated intangible assets is the sum of the expenditure incurred from the date when the
intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible asset can be recognized,
development expenditure is recognized in profit or loss in the period in which it is incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Subsequent
to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortization and accumulated impairment
losses, on the same basis as intangible assets that are acquired separately.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Gains
and losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying
amount of the asset, are recognized in profit or loss when the asset is derecognized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001169" name="ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory"><p id="xdx_848_eifrs-full--DescriptionOfAccountingPolicyForSegmentReportingExplanatory_zOToBouAP4Nb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.21
<span id="xdx_86E_zKTq84Bjh7Dc">Segment reporting</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company identifies operating segments and prepares segment information based on the regular internal financial information reported to
the Chief Executive Officer and executive directors, who are the Company&#8217;s chief operating decision maker, for their decisions
about the allocation of resources to the Company&#8217;s business components and for their review of the performance of those components.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Business
segment</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company operates principally in the 1) manufacturing and sale of medium to high-end ceramic tiles and 2) providing business management
consulting, information system technology consulting services including the sales of software use rights for digital data deposit platforms
and asset management systems, and online social media platform development and consulting. The Chief Executive Officer and executive
directors regularly review the Company&#8217;s business as two business segments. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Geographical
segment</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
business of the Company is engaged entirely in the PRC. The Chief Executive Officer and executive directors regularly review the Company&#8217;s
business as one geographical segment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001171" name="ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory"><p id="xdx_84D_eifrs-full--DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory_z40Cd1pLNYw9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.22
<span id="xdx_867_ztp5WBNmeh0b">Related parties</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    person, or a close member of that person&#8217;s family, is related to the Company if that person:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">has
    control or joint control over the Company;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">has
    significant influence over the Company; or</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    a member of the key management personnel of the Company.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    entity is related to the Company if any of the following conditions applies:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    entity and the Company are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to
    the others).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
    entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the
    other entity is a member).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Both
    entities are joint ventures of the same third party.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    entity is a post-employment benefit plan for the benefit of employees of either the Company or an entity related to the Company.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    entity is controlled or jointly controlled by a person identified in (a).</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity
    (or of a parent of the entity).</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Close
members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their
dealings with the entity.</span></p>

</ix:nonNumeric><p id="xdx_856_zFMADlnB66s1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.22
Non-current assets (or disposal groups) held for sale and discontinued operations</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Non-current
assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction
rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount
and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets
and investment property that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt
from this requirement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">An
impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell.
A gain is recognised for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess
of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the non-current
asset (or disposal group) is recognised at the date of derecognition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Non-current
assets (including those that are part of a disposal group) are not depreciated or amortised while they are classified as held for sale.
Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognised.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Non-current
assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other
assets in the consolidated statement of financial position. The liabilities of a disposal group classified as held for sale are presented
separately from other liabilities in the consolidated statement of financial position.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">A
discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a
separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of such a line of
business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations
are presented separately in the consolidated statement of comprehensive income. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001173" name="ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory"><p id="xdx_80B_eifrs-full--DisclosureOfChangesInAccountingPoliciesExplanatory_zfVQfrQcOSk5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>3.
<span id="xdx_82A_zjYrA6lt7OS4">CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES</span></b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">3.1
Accounting standards issued but not yet effective</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Up
to the date of issue of these financial statements, the IASB has issued a number of amendments, new standards and interpretations which
are not yet effective for the year ended December 31, 2023 and which have not been adopted in these financial statements. These include
the following which may be relevant to the Group:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments
    to IFRS 10 and IAS 28</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sale
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">Amendments to IAS 1</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">Classification of Liabilities as Current or Non- current and Non-current
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">Amendments to IFRS 16</td>
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    <td style="font: 10pt Times New Roman, Times, Serif">Lease Liability in a Sale and Leaseback (1)</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">1.
Effective for annual periods beginning on or after January 1, 2024</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">2.
The effective date of the amendments has yet to be set by the IASB; however, earlier application of the amendments is permitted</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: -0.05in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
management of the Company anticipate that the application of all the new and amendments to IFRSs will have no material impact on the
consolidated financial statements in the foreseeable future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001175" name="ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory"><p id="xdx_801_eifrs-full--DisclosureOfAccountingJudgementsAndEstimatesExplanatory_zxaozDBMD8Qe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>4.
<span id="xdx_82F_zjfTFuvObmic">CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
preparation of the Company&#8217;s consolidated financial statements requires management to make judgments, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure
of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment
to the carrying amount of assets or liabilities affected in future periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Estimates
and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events
that are believed to be reasonable under the circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the
related actual results. The key sources of estimation uncertainty and key assumptions concerning the future at the end of the reporting
period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year are discussed below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Useful
lives and impairment assessment of property, plant and equipment</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Property,
plant and equipment are stated at cost less accumulated depreciation and identified impairment losses. The estimation of useful lives
impacts the level of annual depreciation expenses recorded. Property, plant and equipment are evaluated for possible impairment on a
specific asset basis or in groups of similar assets, as applicable. This process requires management&#8217;s estimate of future cash
flows generated by each asset or group of assets. For any instance where this evaluation process indicates impairment, the relevant asset&#8217;s
carrying amount is written down to the recoverable amount and the amount of the write-down is charged against profit or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Investment
properties are stated at cost less accumulated depreciation and identified impairment losses. The estimation of useful lives impacts
the level of annual depreciation expenses recorded. Investment properties are evaluated for possible impairment on a specific asset basis
or in groups of similar assets, as applicable. This process requires management&#8217;s estimate of future cash flows generated by each
asset or group of assets. For any instance where this evaluation process indicates impairment, the relevant asset&#8217;s carrying amount
is written down to the recoverable amount and the amount of the write-down is charged against profit or loss. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Impairment
loss recognized in respect of property, plant and equipment</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2023, the net carrying amount of property, plant and equipment was approximately RMB <span id="xdx_900_eifrs-full--PropertyPlantAndEquipment_iI_pn3p0_c20231231_z4T5XxqAYYK8" title="Property, plant and equipment"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2023-12-31" id="Fact001177" format="ixt:numdotdecimal" decimals="-3" scale="0" unitRef="CNY">1,146,000</ix:nonFraction></span> (2022: RMB <span id="xdx_90D_eifrs-full--PropertyPlantAndEquipment_iI_pn3p0_c20221231_zSc2jcEGjdY5" title="Property, plant and equipment"><ix:nonFraction name="ifrs-full:PropertyPlantAndEquipment" contextRef="AsOf2022-12-31" id="Fact001179" format="ixt:numdotdecimal" decimals="-3" scale="0" unitRef="CNY">1,006,000</ix:nonFraction></span>).
<span id="xdx_90F_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_do_c20230101__20231231_zpN5c3Dc17Le" title="Impairment loss recognised in profit or loss, property, plant and equipment"><span id="xdx_90C_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_do_c20220101__20221231_zjaA33KEsIi6" title="Impairment loss recognised in profit or loss, property, plant and equipment"><span id="xdx_902_eifrs-full--ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_do_c20210101__20211231_zzO9zTXwkER7" title="Impairment loss recognised in profit or loss, property, plant and equipment"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2023-01-01to2023-12-31" id="Fact001181" format="ixt-sec:numwordsen" decimals="0" unitRef="CNY"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31" id="Fact001183" format="ixt-sec:numwordsen" decimals="0" unitRef="CNY"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31" id="Fact001185" format="ixt-sec:numwordsen" decimals="0" unitRef="CNY">No</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> impairment loss was recognized against the original carrying amount of property, plant and equipment for the years ended December
31, 2023, 2022 and 2021. Determining whether property, plant and equipment are impaired requires an estimation of the recoverable amount
of the property, plant and equipment. Such estimation was based on certain assumptions, which are subject to uncertainty and might materially
differ from the actual results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 122; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Impairment
loss recognized in respect of investment property</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2023, the net carrying amount of investment property was <span id="xdx_90C_eifrs-full--InvestmentProperty_iI_dxL_c20231231_zMo1zPOzXTXj" title="Investment property::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1187">nil</span></span> (2022: <span id="xdx_901_eifrs-full--InvestmentProperty_iI_dxL_c20221231_zNzpxRi3WGy8" title="Investment property::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1189">nil</span></span>). <span id="xdx_908_eifrs-full--ImpairmentLossRecognisedInProfitOrLossInvestmentProperty_do_c20230101__20231231_z37cV4abdH4" title="Impairment loss recognised in profit or loss, investment property"><span id="xdx_901_eifrs-full--ImpairmentLossRecognisedInProfitOrLossInvestmentProperty_do_c20220101__20221231_zgClBKx747Cd" title="Impairment loss recognised in profit or loss, investment property"><span id="xdx_904_eifrs-full--ImpairmentLossRecognisedInProfitOrLossInvestmentProperty_do_c20210101__20211231_zAYyqlpWGSr" title="Impairment loss recognised in profit or loss, investment property"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossInvestmentProperty" contextRef="From2023-01-01to2023-12-31" id="Fact001191" format="ixt-sec:numwordsen" decimals="0" unitRef="CNY"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossInvestmentProperty" contextRef="From2022-01-012022-12-31" id="Fact001193" format="ixt-sec:numwordsen" decimals="0" unitRef="CNY"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossInvestmentProperty" contextRef="From2021-01-012021-12-31" id="Fact001195" format="ixt-sec:numwordsen" decimals="0" unitRef="CNY">No</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> impairment loss was recognized against the
original carrying amount of investment property for the years ended December 31, 2023, 2022 and 2021, respectively. Determining whether
investment property are impaired requires an estimation of the recoverable amount of the investment property. Such estimation was based
on certain assumptions, which are subject to uncertainty and might materially differ from the actual results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Impairment
loss recognized in respect of land use rights</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2023, the net carrying amount of land use rights was <span id="xdx_904_eifrs-full--RightofuseAssets_iI_dxL_c20231231__ifrs-full--ClassesOfAssetsAxis__custom--LandUseRightsMember_zQCxvSf7e2cj" title="Right-of-use assets::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1197">nil</span></span> (2022: <span id="xdx_902_eifrs-full--RightofuseAssets_iI_dxL_c20221231__ifrs-full--ClassesOfAssetsAxis__custom--LandUseRightsMember_z55gsgVm3z3b" title="Right-of-use assets::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1199">nil</span></span>). <span id="xdx_90B_eifrs-full--ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill_do_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__custom--LandUseRightsMember_zdG150Cwky4i" title="Impairment loss of land use rights"><span id="xdx_908_eifrs-full--ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill_do_c20220101__20221231__ifrs-full--ClassesOfAssetsAxis__custom--LandUseRightsMember_zTFgnXOBThBj" title="Impairment loss of land use rights"><span id="xdx_901_eifrs-full--ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill_do_c20210101__20211231__ifrs-full--ClassesOfAssetsAxis__custom--LandUseRightsMember_zWF4I3DrXSEa" title="Impairment loss of land use rights"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" contextRef="From2023-01-012023-12-31_custom_LandUseRightsMember" id="Fact001201" format="ixt-sec:numwordsen" decimals="0" unitRef="CNY"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" contextRef="From2022-01-012022-12-31_custom_LandUseRightsMember" id="Fact001203" format="ixt-sec:numwordsen" decimals="0" unitRef="CNY"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" contextRef="From2021-01-012021-12-31_custom_LandUseRightsMember" id="Fact001205" format="ixt-sec:numwordsen" decimals="0" unitRef="CNY">No</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> impairment loss was recognized against the original
carrying amount of land use rights for the years ended December 31, 2023, 2022 and 2021. The carrying amounts of land used rights were
reclassified to right-of-use assets to conform to IFRS 16 during the year ended December 31, 2023. Determining whether land use rights
are impaired requires an estimation of the recoverable amount of the land use rights. Such estimation was based on certain assumptions,
which are subject to uncertainty and might materially differ from the actual results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Impairment
of goodwill</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Determining
whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which goodwill has been allocated.
The value in use calculation requires the Company to estimate the future cash flows expected to arise from the cash-generating unit and
a suitable discount rate in order to calculate present value. Where the actual future cash flows are less than expected, a material impairment
loss may arise. <span id="xdx_906_eifrs-full--ImpairmentLossRecognisedInProfitOrLossGoodwill_do_c20230101__20231231_zbN9YBsdKvH7" title="Impairment loss recognised in profit or loss, goodwill"><span id="xdx_902_eifrs-full--ImpairmentLossRecognisedInProfitOrLossGoodwill_do_c20220101__20221231_zEd9fTEP7Xs7" title="Impairment loss recognised in profit or loss, goodwill"><span id="xdx_90E_eifrs-full--ImpairmentLossRecognisedInProfitOrLossGoodwill_do_c20210101__20211231_zocIzTD4HtQl" title="Impairment loss recognised in profit or loss, goodwill"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill" contextRef="From2023-01-01to2023-12-31" id="Fact001207" format="ixt-sec:numwordsen" decimals="0" unitRef="CNY"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill" contextRef="From2022-01-012022-12-31" id="Fact001209" format="ixt-sec:numwordsen" decimals="0" unitRef="CNY"><ix:nonFraction name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill" contextRef="From2021-01-012021-12-31" id="Fact001211" format="ixt-sec:numwordsen" decimals="0" unitRef="CNY">No</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span> impairment was made on goodwill for the years ended December 31, 2023, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Income
tax</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company has exposure to income taxes in the PRC. Significant judgment is required in determining the provision for income taxes. There
are certain transactions and computations for which the ultimate tax determination is uncertain during the ordinary course of business.
The Company recognizes liabilities for expected tax issues based on estimates of whether additional taxes will be due. When the final
tax outcome of these matters is different from the amounts that were initially recognized, such differences will impact the income tax
and deferred tax provisions in the period in which such determination is made. The carrying amounts of the Company&#8217;s income tax
payable as of December 31, 2023 and 2022 were RMB <span id="xdx_900_eifrs-full--CurrentTaxLiabilitiesCurrent_iI_pn3d_c20231231_zN1XVTxKX5a2" title="Income tax payable"><ix:nonFraction name="ifrs-full:CurrentTaxLiabilitiesCurrent" contextRef="AsOf2023-12-31" id="Fact001213" format="ixt:numdotdecimal" decimals="-3" unitRef="CNY">40,000</ix:nonFraction></span> and <span id="xdx_900_eifrs-full--CurrentTaxLiabilitiesCurrent_iI_pn3d_c20221231_z62nX7eUZlw6" title="Income tax payable"><ix:nonFraction name="ifrs-full:CurrentTaxLiabilitiesCurrent" contextRef="AsOf2022-12-31" id="Fact001215" format="ixt:numdotdecimal" decimals="-3" unitRef="CNY">93,000</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Provision
for deferred tax</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Determining
income tax provisions involves judgement on the future tax treatment of certain transactions. The management evaluates tax implications
of transactions and tax provisions are set up accordingly. The tax treatment of such transactions is reconsidered periodically to take
into account all changes in tax legislation. Deferred tax assets are recognized for tax losses not yet used and temporary deductible
differences. As those deferred tax assets can only be recognized to the extent that it is probable that future taxable profit will be
available against which the unused tax credits can be utilized, management&#8217;s judgement is required to assess the probability of
future taxable profits. Management&#8217;s assessment is constantly reviewed and additional deferred tax assets are recognized if it
becomes probable that future taxable profits will allow the deferred tax asset to be recovered.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Impairment
of trade receivables</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company recognizes a loss allowance for expected credit loss (&#8220;ECL&#8221;) on financial assets which are subject to impairment
under IFRS 9 (including trade and other receivables, amounts due from related parties, restricted cash, bank balances and cash). The
amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 123; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Lifetime
ECL represents the ECL that will result from all possible default events over the expected life of the relevant instrument. In contrast,
12-month ECL (&#8220;12m ECL&#8221;) represents the portion of lifetime ECL that is expected to result from default events that are possible
within 12 months after the reporting date. Assessment are done based on the Company&#8217;s historical credit loss experience, adjusted
for factors that are specific to the debtors, general economic conditions and an assessment of both the current conditions at the reporting
date as well as the forecast of future conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company applies the IFRS 9 simplified approach to measure ECL which uses a lifetime ECL for all trade receivables. The ECL on these assets
are assessed individually for debtors with significant balances and/or collectively using a provision matrix with appropriate groupings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">For
all other instruments, the Company measures the loss allowance equal to 12m ECL, unless when there has been a significant increase in
credit risk since initial recognition, the Company recognizes lifetime ECL. The assessment of whether lifetime ECL should be recognized
is based on significant increases in the likelihood or risk of a default occurring since initial recognition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company recognized provision for bad debt (reversal) expense of RMB <span id="xdx_900_ecustom--ProvisionForDoubtfulAccountOfTradeReceivables_pp0p0_dxL_c20230101__20231231_zd8VfpHyIDS9" title="::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1216">nil</span></span> and RMB <span id="xdx_90D_ecustom--ProvisionForDoubtfulAccountOfTradeReceivables_pp0p0_c20220101__20221231_z4f4ShSPkRr3">(<ix:nonFraction name="aehl:ProvisionForDoubtfulAccountOfTradeReceivables" contextRef="From2022-01-012022-12-31" id="Fact001217" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="CNY">2,751,000</ix:nonFraction>)</span> from continuing operations during the years
ended December 31, 2023 and 2022, respectively. The Company recognized provision for bad debt (reversal) expense of RMB <span id="xdx_90B_ecustom--ProvisionForDoubtfulAccountOfTradeReceivablesFromDiscontinuedOperations_pp0p0_c20230101__20231231_zrwSSSWDe3Q1" title="Provision for bad debt (reversal) expense">(<ix:nonFraction name="aehl:ProvisionForDoubtfulAccountOfTradeReceivablesFromDiscontinuedOperations" contextRef="From2023-01-01to2023-12-31" id="Fact001219" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="CNY">1,000,000</ix:nonFraction>)</span> and
RMB <span id="xdx_90D_ecustom--ProvisionForDoubtfulAccountOfTradeReceivablesFromDiscontinuedOperations_pp0p0_c20220101__20221231_zovRaSnmqPQe" title="Provision for bad debt (reversal) expense"><ix:nonFraction name="aehl:ProvisionForDoubtfulAccountOfTradeReceivablesFromDiscontinuedOperations" contextRef="From2022-01-012022-12-31" id="Fact001221" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CNY">33,365,000</ix:nonFraction></span> from discontinued operation during the years ended December 31, 2023 and 2022, respectively. The net carrying amounts
of the Company&#8217;s trade receivables as of December 31, 2023 and 2022 were RMB <span id="xdx_904_eifrs-full--TradeAndOtherCurrentReceivables_iI_pp0p0_dxL_c20231231_zSe5ijrO6nBi" title="::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1222">nil</span></span> and RMB <span id="xdx_908_eifrs-full--TradeAndOtherCurrentReceivables_iI_pp0p0_dxL_c20221231_zQGGWJQ5AAL7" title="::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1223">nil</span></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Net
realizable value of inventories</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Net
realizable value of inventories is the management&#8217;s estimation of future selling price in the ordinary course of business, less
estimated costs of completion and selling expenses. These estimates are based on the current market condition and the historical experience
of selling products of a similar nature. It could change significantly as a result of various market factors. The net carrying amounts
of the Company&#8217;s inventories as of December 31, 2023 and 2022 were RMB <span id="xdx_90A_eifrs-full--Inventories_iI_pp0p0_dxL_c20231231_z1l7oJhe3k1d" title="Current inventories::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1225">nil</span></span> and RMB <span id="xdx_90A_eifrs-full--Inventories_iI_pp0p0_dxL_c20221231_ze1lwKyV4Z8a" title="Current inventories::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1227">nil</span></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Share-based
payment transaction</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the
date at which they are granted. Estimating fair value for share-based payment transactions requires determining the most appropriate
valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate
inputs to the valuation model including the expected life of the stock option, volatility and dividend yield and making assumptions about
them. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in Note 27.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001229" name="ifrs-full:DisclosureOfRevenueExplanatory"><p id="xdx_808_eifrs-full--DisclosureOfRevenueExplanatory_zikIMf45pEf2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>5.
<span id="xdx_820_z1LwjeIZVrh9">REVENUE AND OTHER INCOME</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001231" name="aehl:DisclosureOfDetailedInformationAboutRevenueAndOtherIncomeTextBlock"><p id="xdx_89E_ecustom--DisclosureOfDetailedInformationAboutRevenueAndOtherIncomeTextBlock_zEq9P8qzlsC" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Revenue
comprises the fair value of the consideration received or receivable for the sale of goods. An analysis of the Company&#8217;s revenue
and other income is as follows:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"></p>

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</ix:nonNumeric><p id="xdx_8A8_zQKOcUWE7Tvj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">b)
Segment reporting</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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the Chief Executive Officer and executive directors, who are the Company&#8217;s chief operating decision makers for their decisions
about the allocation of resources to the Company&#8217;s business components and for their review of the performance of those components.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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of the Company&#8217;s operations are considered by the chief operating decision makers to be aggregated into two reportable operating
segments: 1) the manufacture and sale of standard to high-end ceramic tiles, 2) the business management consulting, information system
technology consulting services including the sales of software use rights for digital data deposit platforms and asset management systems,
and online social media platform development and consulting. Operating segments are defined as components of an enterprise for which
separate financial information is available and evaluated regularly by the Company&#8217;s chief operating decision makers in deciding
how to allocate resources and in assessing performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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business as one geographical segment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_ecustom--ProvisionForDoubtfulAccount_hifrs-full--ProductsAndServicesAxis__custom--ConsultingIncomeAndSoftwareMember__ifrs-full--SegmentConsolidationItemsAxis__ifrs-full--OperatingSegmentsMember__ifrs-full--SegmentsAxis__custom--BadDebtExpenseReversalMember_zqb1LEuVc7Pk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="aehl:ProvisionForDoubtfulAccount" contextRef="From2022-01-012022-12-31_custom_ConsultingIncomeAndSoftwareMember_ifrs-full_OperatingSegmentsMember_custom_BadDebtExpenseReversalMember" id="Fact001340" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">1,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Livestreaming
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="aehl:ProvisionForDoubtfulAccount" contextRef="From2022-01-012022-12-31_custom_LiveStreamingecommerceMember_ifrs-full_OperatingSegmentsMember_custom_BadDebtExpenseReversalMember" id="Fact001344" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="CNY">3,751</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_ecustom--ProvisionForDoubtfulAccount_hifrs-full--SegmentConsolidationItemsAxis__ifrs-full--OperatingSegmentsMember__ifrs-full--SegmentsAxis__custom--BadDebtExpenseReversalMember_z3OEuwD5r9Y5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="aehl:ProvisionForDoubtfulAccount" contextRef="From2023-01-012023-12-31_ifrs-full_OperatingSegmentsMember_custom_BadDebtExpenseReversalMember" id="Fact001347" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="CNY">1,000</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="aehl:ProvisionForDoubtfulAccount" contextRef="From2021-01-012021-12-31_ifrs-full_OperatingSegmentsMember_custom_BadDebtExpenseReversalMember" id="Fact001349" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">125,554</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discontinued
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1351">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1352">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consulting
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherExpenseByFunction" contextRef="From2021-01-012021-12-31_custom_ConsultingIncomeAndSoftwareMember_ifrs-full_OperatingSegmentsMember_custom_OtherExpensesMember" id="Fact001357" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">34</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherExpenseByFunction" contextRef="From2021-01-012021-12-31_ifrs-full_OperatingSegmentsMember_custom_OtherExpensesMember" id="Fact001369" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">124</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherIncome" contextRef="From2021-01-012021-12-31_custom_ConsultingIncomeAndSoftwareMember_ifrs-full_OperatingSegmentsMember_custom_OtherIncomesMember" id="Fact001377" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">29</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Livestreaming
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherIncome" contextRef="From2022-01-012022-12-31_custom_LiveStreamingecommerceMember_ifrs-full_OperatingSegmentsMember_custom_OtherIncomesMember" id="Fact001380" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">2,148</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1381">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_401_ecustom--OthersIncome_hifrs-full--ProductsAndServicesAxis__custom--OtherSegmentMember__ifrs-full--SegmentConsolidationItemsAxis__ifrs-full--OperatingSegmentsMember__ifrs-full--SegmentsAxis__custom--OtherIncomesMember_zrVfZ5YHt70d" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40C_eifrs-full--OtherIncome_hifrs-full--SegmentConsolidationItemsAxis__ifrs-full--OperatingSegmentsMember__ifrs-full--SegmentsAxis__custom--OtherIncomesMember_zTBRjjEQSjHg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherIncome" contextRef="From2021-01-012021-12-31_ifrs-full_OperatingSegmentsMember_custom_OtherIncomesMember" id="Fact001389" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">9,420</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt">&#160;</p>

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</ix:nonNumeric><p id="xdx_8A2_zVfiw1DflPG9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:exclude><!-- Field: Page; Sequence: 125; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001426" name="ifrs-full:DisclosureOfFinanceCostExplanatory"><p id="xdx_803_eifrs-full--DisclosureOfFinanceCostExplanatory_zuqz4oumN3j3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>6.
<span id="xdx_826_zXHVsEoVCPGb">FINANCE COSTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001428" name="aehl:DisclosureOfDetailedInformationAboutFinanceCostsTextBlock"><p id="xdx_89F_ecustom--DisclosureOfDetailedInformationAboutFinanceCostsTextBlock_zXyJcyzsJCTj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Finance
costs comprise interest expense recognized from lease liabilities upon application of IFRS 16 and interest expense on convertible note:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span id="xdx_8B4_zI114B4n0Jj9" style="display: none">SCHEDULE OF INTEREST EXPENSE ON THE COMPANY&#8217;S BANK BORROWINGS</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
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  </table>

</ix:nonNumeric><p id="xdx_8A8_zE6sI9RJqCic" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001442" name="ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory"><p id="xdx_80B_eifrs-full--DisclosureOfProfitLossFromOperatingActivitiesExplanatory_z5PI1j4IXXW9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>7.
<span id="xdx_820_zpfYexiVPUn">LOSS BEFORE TAXATION</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001444" name="aehl:DisclosureOfDetailedInformationAboutLossBeforeTaxationExplanatory"><p id="xdx_891_ecustom--DisclosureOfDetailedInformationAboutLossBeforeTaxationExplanatory_zvyVFY93HmVd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s loss before taxation is arrived at after charging:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span id="xdx_8BE_z2Fv3Lyr8Tlf" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF LOSS BEFORE TAXATION</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" id="xdx_49D_20220101__20221231_zzRW9F4rIiJ7" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    of inventories recognized as expense for discontinued operation included staff costs of RMB <span id="xdx_90F_eifrs-full--EmployeeBenefitsExpense_pn3p0_c20230101__20231231__custom--IncomeStatementLocationsAxis__custom--CostOfInventoriesMember_zMmGReliS8s5" title="Employee benefits expense" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIExPU1MgQkVGT1JFIFRBWEFUSU9OIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="ifrs-full:EmployeeBenefitsExpense" contextRef="From2023-01-012023-12-31_custom_CostOfInventoriesMember" id="Fact001519" format="ixt:numdotdecimal" decimals="-3" scale="0" unitRef="CNY">159,000</ix:nonFraction></span>, RMB <span id="xdx_904_eifrs-full--EmployeeBenefitsExpense_pn3p0_c20220101__20221231__custom--IncomeStatementLocationsAxis__custom--CostOfInventoriesMember_zCZrj8yjZBTe" title="Employee benefits expense" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIExPU1MgQkVGT1JFIFRBWEFUSU9OIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="ifrs-full:EmployeeBenefitsExpense" contextRef="From2022-01-012022-12-31_custom_CostOfInventoriesMember" id="Fact001521" format="ixt:numdotdecimal" decimals="-3" scale="0" unitRef="CNY">2,539,000</ix:nonFraction></span> and RMB <span id="xdx_904_eifrs-full--EmployeeBenefitsExpense_pn3p0_c20210101__20211231__custom--IncomeStatementLocationsAxis__custom--CostOfInventoriesMember_zapM7Y1haCt7" title="Employee benefits expense" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIExPU1MgQkVGT1JFIFRBWEFUSU9OIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="ifrs-full:EmployeeBenefitsExpense" contextRef="From2021-01-012021-12-31_custom_CostOfInventoriesMember" id="Fact001523" format="ixt:numdotdecimal" decimals="-3" scale="0" unitRef="CNY">4,065,000</ix:nonFraction></span>,
    retirement scheme contributions of RMB <span id="xdx_900_eifrs-full--PostemploymentBenefitExpenseDefinedContributionPlans_pn3p0_c20230101__20231231__custom--IncomeStatementLocationsAxis__custom--CostOfInventoriesMember_zP1bcmR3aF7" title="Post employment benefit expense" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIExPU1MgQkVGT1JFIFRBWEFUSU9OIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans" contextRef="From2023-01-012023-12-31_custom_CostOfInventoriesMember" id="Fact001525" format="ixt:numdotdecimal" decimals="-3" scale="0" unitRef="CNY">32,000</ix:nonFraction></span>, RMB <span id="xdx_90B_eifrs-full--PostemploymentBenefitExpenseDefinedContributionPlans_pp0p0_c20220101__20221231__custom--IncomeStatementLocationsAxis__custom--CostOfInventoriesMember_z8VTOfFfd998" title="Post employment benefit expense" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIExPU1MgQkVGT1JFIFRBWEFUSU9OIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans" contextRef="From2022-01-012022-12-31_custom_CostOfInventoriesMember" id="Fact001527" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CNY">556,108</ix:nonFraction></span> and RMB <span id="xdx_90A_eifrs-full--PostemploymentBenefitExpenseDefinedContributionPlans_pp0p0_c20210101__20211231__custom--IncomeStatementLocationsAxis__custom--CostOfInventoriesMember_zMS8gD0uAs43" title="Post employment benefit expense" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIExPU1MgQkVGT1JFIFRBWEFUSU9OIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="ifrs-full:PostemploymentBenefitExpenseDefinedContributionPlans" contextRef="From2021-01-012021-12-31_custom_CostOfInventoriesMember" id="Fact001529" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CNY">756,704</ix:nonFraction></span>, depreciation and amortization expense of RMB <span id="xdx_90A_eifrs-full--DepreciationAndAmortisationExpense_dxL_uCNY_c20230101__20231231__custom--IncomeStatementLocationsAxis__custom--CostOfInventoriesMember_zwMdUWxm5wpe" title="Depreciation and amortisation expense::XDX::-" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIExPU1MgQkVGT1JFIFRBWEFUSU9OIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><span style="-sec-ix-hidden: xdx2ixbrl1531">nil</span></span>, RMB
    <span id="xdx_905_eifrs-full--DepreciationAndAmortisationExpense_dxL_uCNY_c20220101__20221231__custom--IncomeStatementLocationsAxis__custom--CostOfInventoriesMember_zoRWkFMFvR07" title="Depreciation and amortisation expense::XDX::-" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIExPU1MgQkVGT1JFIFRBWEFUSU9OIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><span style="-sec-ix-hidden: xdx2ixbrl1533">nil</span></span> and RMB <span id="xdx_905_eifrs-full--DepreciationAndAmortisationExpense_dxL_uCNY_c20210101__20211231__custom--IncomeStatementLocationsAxis__custom--CostOfInventoriesMember_zeeXZsrOKFQc" title="Depreciation and amortisation expense::XDX::-" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIExPU1MgQkVGT1JFIFRBWEFUSU9OIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><span style="-sec-ix-hidden: xdx2ixbrl1535">nil</span></span>, right-of-use asset depreciation/operating lease charges of RMB <span id="xdx_90E_ecustom--OperatingLeasePayment_pn3p0_c20230101__20231231__custom--IncomeStatementLocationsAxis__custom--CostOfInventoriesMember_zHLDoI1Io2X4" title="Operating lease payment" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIExPU1MgQkVGT1JFIFRBWEFUSU9OIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="aehl:OperatingLeasePayment" contextRef="From2023-01-012023-12-31_custom_CostOfInventoriesMember" id="Fact001537" format="ixt:numdotdecimal" decimals="-3" scale="0" unitRef="CNY">4,267,000</ix:nonFraction></span>, RMB <span id="xdx_90D_ecustom--OperatingLeasePayment_pp0p0_c20220101__20221231__custom--IncomeStatementLocationsAxis__custom--CostOfInventoriesMember_zJM9yyiVM2H5" title="Operating lease payment" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIExPU1MgQkVGT1JFIFRBWEFUSU9OIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="aehl:OperatingLeasePayment" contextRef="From2022-01-012022-12-31_custom_CostOfInventoriesMember" id="Fact001539" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CNY">12,801,485</ix:nonFraction></span> and RMB <span id="xdx_90F_ecustom--OperatingLeasePayment_pp0p0_c20210101__20211231__custom--IncomeStatementLocationsAxis__custom--CostOfInventoriesMember_zy4lOYNmhWA9" title="Operating lease payment" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIExPU1MgQkVGT1JFIFRBWEFUSU9OIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="aehl:OperatingLeasePayment" contextRef="From2021-01-012021-12-31_custom_CostOfInventoriesMember" id="Fact001541" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CNY">12,801,485</ix:nonFraction></span>, and
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    2022, and 2021, which amounts are also included in the respective total amounts disclosed separately for each of these types of expenses.</ix:footnote></span></td></tr>
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</ix:nonNumeric><p id="xdx_8A1_zeIqnSlc33vc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 126; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001546" name="ifrs-full:DisclosureOfIncomeTaxExplanatory"><p id="xdx_809_eifrs-full--DisclosureOfIncomeTaxExplanatory_zJRLKZf3k7oe" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>8.
<span id="xdx_82C_z36djEI8yrj">INCOME TAX EXPENSE</span> </b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001548" name="aehl:DisclosureOfDetailedInformationAboutComponentsOfIncomeTaxExpenseBenefitExplanatory"><p id="xdx_894_ecustom--DisclosureOfDetailedInformationAboutComponentsOfIncomeTaxExpenseBenefitExplanatory_zALhrWoPGJX8" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8BD_zJqIlnhpZu12" style="display: none">SCHEDULE
OF INFORMATION ABOUT INCOME TAX EXPENSES</span></b></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td colspan="2" id="xdx_49D_20220101__20221231_zSLjBLRuocI7" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB&#8217;000</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB&#8217;000</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-decoration: underline; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continuing
    operations</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_409_eifrs-full--CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract_iB_zLKJ0AFFJjv9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    Tax:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eifrs-full--CurrentTaxExpenseIncome_pn3n3_zBtICzuyg7T4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A4_zCYexCcqhRZd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Discontinued
operations did not incur any income tax expense for the years ended December 31, 2023, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BE_zLRAH6OYZ7ci" style="display: none">SCHEDULE
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</ix:nonNumeric><p id="xdx_8A9_zDAW0Wx3Oas" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">British
Virgin Islands Profits Tax</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company has not been subject to any taxation in this jurisdiction for the years ended December 31, 2023, 2022 and 2021. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Hong
Kong Profits Tax</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
subsidiary in Hong Kong is subject to tax charged on Hong Kong sourced income with a statutory tax rate of <span id="xdx_905_eifrs-full--ApplicableTaxRate_dp_uPure_c20230101__20231231__ifrs-full--GeographicalAreasAxis__custom--HKMember_zhLhurJ2lR61"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2023-01-012023-12-31_custom_HKMember" id="Fact001595" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8.25</ix:nonFraction></span>% for taxable income up
to HKD <span id="xdx_903_eifrs-full--TaxEffectFromChangeInTaxRate_c20230101__20231231__ifrs-full--GeographicalAreasAxis__custom--HKMember_zmTpaE2b1FGk" title="Taxable income"><ix:nonFraction name="ifrs-full:TaxEffectFromChangeInTaxRate" contextRef="From2023-01-012023-12-31_custom_HKMember" id="Fact001597" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">2,000,000</ix:nonFraction></span>, and a statutory tax rate of <span id="xdx_902_eifrs-full--ApplicableTaxRate_dp_uPure_c20220101__20221231__ifrs-full--GeographicalAreasAxis__custom--HKMember_zdT7lOOdkTFe"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2022-01-012022-12-31_custom_HKMember" id="Fact001598" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">16.5</ix:nonFraction></span>% for taxable income over HKD <span id="xdx_902_eifrs-full--TaxEffectFromChangeInTaxRate_c20220101__20221231__ifrs-full--GeographicalAreasAxis__custom--HKMember_z7CZAV0KHVD7" title="Taxable income"><ix:nonFraction name="ifrs-full:TaxEffectFromChangeInTaxRate" contextRef="From2022-01-012022-12-31_custom_HKMember" id="Fact001600" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">2,000,000</ix:nonFraction></span>. No Hong Kong profits tax has been provided
as the Company has no assessable profit arising in Hong Kong for the years ended December 31, 2023, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">PRC
Income Tax </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Enterprise Income Tax (&#8220;EIT&#8221;) Law of the PRC, domestic enterprises and Foreign Investment Enterprises (the &#8220;FIE&#8221;)
are usually subject to a unified <span id="xdx_90B_eifrs-full--ApplicableTaxRate_dp_uPure_c20230101__20231231_zkE4UwiZjoEk"><ix:nonFraction name="ifrs-full:ApplicableTaxRate" contextRef="From2023-01-01to2023-12-31" id="Fact001601" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">25</ix:nonFraction></span>% EIT rate while preferential tax rates, tax holidays, and even tax exemption may be granted on case-by-case
basis. <span id="xdx_906_ecustom--AnnualTaxableIncomeDescription_c20230101__20231231_zqNPrqujgUfe" title="Annual taxable income description"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact001603" name="aehl:AnnualTaxableIncomeDescription">From January 1, 2021 to December 31, 2021, small and low-profit enterprises with annual taxable income not exceeding RMB 1 million,
the actual income to be taxed was further lowered to 12.5% of annual taxable income, and the tax rate will be 20%; From January 1, 2022
to December 31, 2024, small and low-profit enterprises with annual taxable income exceeding RMB 1 million but not more than RMB 3 million,
the actual income to be taxed will be further lowered at 25% of annual taxable income, and the corporate income tax is paid at the rate
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 127; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Under
the prevailing EIT Law and its relevant regulations, any dividends paid by the Company&#8217;s PRC subsidiaries to an overseas parent
made out of profits earned after January 1, 2008 to non-PRC corporate residents are subject to a <span id="xdx_908_ecustom--DividendWithholdingTaxRate_iI_dp_uPure_c20080101__ifrs-full--GeographicalAreasAxis__custom--CNMember_zXMOb6qzwygc" title="Dividend withholding tax rate"><ix:nonFraction name="aehl:DividendWithholdingTaxRate" contextRef="AsOf2008-01-01_custom_CNMember" id="Fact001605" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% PRC dividend withholding tax, unless
reduced by tax treaties or arrangements. In addition, under the Sino-Hong Kong Double Tax Arrangement and its relevant regulations, a
qualified Hong Kong tax resident will be liable for withholding tax at the rate of <span id="xdx_90E_ecustom--DividendWithholdingTaxRate_iI_dp_uPure_c20080101__ifrs-full--GeographicalAreasAxis__custom--HKMember_zqM4faQIVa88" title="Dividend withholding tax rate"><ix:nonFraction name="aehl:DividendWithholdingTaxRate" contextRef="AsOf2008-01-01_custom_HKMember" id="Fact001607" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span>% for dividend income derived from the PRC if the
Hong Kong tax resident is the &#8220;beneficial owner&#8221; and holds 25% or more of the equity interests of the PRC company. Deferred
tax liabilities have been provided for based on the expected dividends to be distributed from these subsidiaries in the foreseeable future
in respect of the profits generated since 1 January 2008.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Dividends
withholding tax represents tax charged/to be charged by the PRC tax authority on dividends distributed or intended to be distributed
by the Company&#8217;s subsidiaries in Mainland China during the years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company did <span id="xdx_908_eifrs-full--DeferredTaxLiabilityAsset_iI_do_c20231231_zHbl9hPSBFT3"><span id="xdx_905_eifrs-full--DeferredTaxLiabilityAsset_iI_do_c20221231_zvl3r1Zvkqt5"><span id="xdx_906_eifrs-full--DeferredTaxLiabilityAsset_iI_do_c20211231_zv5Rexw1Hevj"><ix:nonFraction name="ifrs-full:DeferredTaxLiabilityAsset" contextRef="AsOf2023-12-31" id="Fact001608" format="ixt-sec:numwordsen" decimals="0" unitRef="CNY"><ix:nonFraction name="ifrs-full:DeferredTaxLiabilityAsset" contextRef="AsOf2022-12-31" id="Fact001609" format="ixt-sec:numwordsen" decimals="0" unitRef="CNY"><ix:nonFraction name="ifrs-full:DeferredTaxLiabilityAsset" contextRef="AsOf2021-12-31" id="Fact001610" format="ixt-sec:numwordsen" decimals="0" unitRef="CNY">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span>t recognize any deferred tax (assets)/liabilities in the consolidated statements of financial position as of December 31,
2023, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s PRC subsidiaries, have cumulative undistributed earnings of RMB <span id="xdx_90B_ecustom--UndistributedEarningsValue_pn3p0_c20230101__20231231__ifrs-full--GeographicalAreasAxis__custom--CNMember_zR2sZW9ftxz2" title="Undistributed earnings value"><ix:nonFraction name="aehl:UndistributedEarningsValue" contextRef="From2023-01-012023-12-31_custom_CNMember" id="Fact001612" format="ixt:numdotdecimal" decimals="-3" scale="0" unitRef="CNY">22,420,000</ix:nonFraction></span>, RMB <span id="xdx_90C_ecustom--UndistributedEarningsValue_pn3p0_c20220101__20221231__ifrs-full--GeographicalAreasAxis__custom--CNMember_ze9qJTfWsgvj" title="Undistributed earnings value"><ix:nonFraction name="aehl:UndistributedEarningsValue" contextRef="From2022-01-012022-12-31_custom_CNMember" id="Fact001614" format="ixt:numdotdecimal" decimals="-3" scale="0" unitRef="CNY">75,114,000</ix:nonFraction></span> and RMB <span id="xdx_907_ecustom--UndistributedEarningsValue_pn3p0_c20210101__20211231__ifrs-full--GeographicalAreasAxis__custom--CNMember_zUwCwosN9qk2" title="Undistributed earnings value"><ix:nonFraction name="aehl:UndistributedEarningsValue" contextRef="From2021-01-012021-12-31_custom_CNMember" id="Fact001616" format="ixt:numdotdecimal" decimals="-3" scale="0" unitRef="CNY">88,164,000</ix:nonFraction></span>, as of
December 31, 2023, 2022 and 2021, which are included in consolidated retained earnings. No provision has been made for deferred taxes
related to future repatriation of the remaining earnings, as the Company controls the dividend policy of these PRC subsidiaries and it
has been determined that it is probable that these profits will not be distributed in the foreseeable future. If the Company were to
distribute these cumulated earnings in the foreseeable future, the deferred tax liabilities of RMB <span id="xdx_909_ecustom--DeferredTaxLiabilitiesFurtherRecognition_pn3p0_c20230101__20231231_znaDv9AsvpZf" title="Deferred tax liabilities"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact001618" name="aehl:DeferredTaxLiabilitiesFurtherRecognition">1,121,003</ix:nonNumeric></span>, RMB <span id="xdx_90D_ecustom--DeferredTaxLiabilitiesFurtherRecognition_pn3p0_c20220101__20221231_zK5AELVVrqja" title="Deferred tax liabilities"><ix:nonNumeric contextRef="From2022-01-012022-12-31" id="Fact001620" name="aehl:DeferredTaxLiabilitiesFurtherRecognition">3,266,000</ix:nonNumeric></span> and RMB <span id="xdx_901_ecustom--DeferredTaxLiabilitiesFurtherRecognition_pn3p0_c20210101__20211231_z2cjGzj9lK01" title="Deferred tax liabilities"><ix:nonNumeric contextRef="From2021-01-012021-12-31" id="Fact001622" name="aehl:DeferredTaxLiabilitiesFurtherRecognition">4,408,000</ix:nonNumeric></span>
would be recognized as of December 31, 2023, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">US
Income Tax</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001626" name="ifrs-full:DisclosureOfEarningsPerShareExplanatory"><p id="xdx_800_eifrs-full--DisclosureOfEarningsPerShareExplanatory_zMe8IHToSeTk" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>9.
<span id="xdx_82C_z4q97AqNY1X5">LOSS PER SHARE</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001628" name="aehl:DisclosureOfDetailedInformationAboutEarningsLossPerShareExplanatory"><p id="xdx_899_ecustom--DisclosureOfDetailedInformationAboutEarningsLossPerShareExplanatory_zdtNvVW26wfb" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8BA_zA9LEIaWLMgc">SCHEDULE
OF LOSS PER SHARE</span></b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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</ix:nonNumeric><p id="xdx_8A5_zEkiOelw7Jo4" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Warrants
to purchase common stock are not included in the diluted loss per share calculations when their effect is antidilutive. For the year
ended December 31, 2023, about <span id="xdx_90A_eifrs-full--NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_iI_pid_uEquityInstruments_c20231231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--PurchaseOfOrdinarySharesMember_zKqnGx37XED9"><ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" contextRef="AsOf2023-12-31_custom_PurchaseOfOrdinarySharesMember" id="Fact001665" format="ixt:numdotdecimal" decimals="INF" unitRef="EquityInstruments">369,522</ix:nonFraction></span> of potential shares of common stock related to outstanding warrants and stock options were excluded
from the calculation of diluted net loss per share from continuing operations as such shares are antidilutive when there is a loss. There
were <span id="xdx_907_eifrs-full--NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_iI_pid_uEquityInstruments_c20221231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--PurchaseOfOrdinarySharesMember_zffA7VtcxLA2"><ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" contextRef="AsOf2022-12-31_custom_PurchaseOfOrdinarySharesMember" id="Fact001666" format="ixt:numdotdecimal" decimals="INF" unitRef="EquityInstruments">370,175</ix:nonFraction></span> and <span id="xdx_902_eifrs-full--NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_iI_pid_uEquityInstruments_c20211231__ifrs-full--ClassesOfOrdinarySharesAxis__custom--PurchaseOfOrdinarySharesMember_zpQ7RCO7DmWk"><ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" contextRef="AsOf2021-12-31_custom_PurchaseOfOrdinarySharesMember" id="Fact001667" format="ixt:numdotdecimal" decimals="INF" unitRef="EquityInstruments">186,841</ix:nonFraction></span> post-reverse split outstanding warrants and stock options were excluded from the calculation of diluted net
loss per share as such shares are antidilutive for the years ended December 31, 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 128; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001669" name="aehl:DisclosureOfLoanReceivablesExplanatory"><p id="xdx_801_ecustom--DisclosureOfLoanReceivablesExplanatory_zjJI0oEJ7uC7" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>10.
<span id="xdx_829_zmBYQCnnsrE4">LOAN RECEIVABLE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">From
March 31, 2023 to June 27, 2023, Anhui Zhongjun Enterprise Management Co., Ltd (&#8220;Anhui Zhongjun&#8221;) borrowed a total of RMB
<span id="xdx_909_eifrs-full--BorrowingCostsIncurred_pn3d_uCNY_c20230331__20230627__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AnhuiZhongjunEnterpriseManagementMember_zje6eGBulPM9"><ix:nonFraction name="ifrs-full:BorrowingCostsIncurred" contextRef="From2023-03-312023-06-27_custom_AnhuiZhongjunEnterpriseManagementMember" id="Fact001670" format="ixt:numdotdecimal" decimals="-3" unitRef="CNY">36,780,000</ix:nonFraction></span>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">from Antelope Enterprise
Holdings (Chengdu) Co., Ltd with annual interest rate of <span id="xdx_909_eifrs-full--BorrowingsInterestRate_iI_pid_dp_uPure_c20230227__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AnhuiZhongjunEnterpriseManagementMember_zKnWDrdEFs67" title="Annual interest rate percentage"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-02-27_custom_AnhuiZhongjunEnterpriseManagementMember" id="Fact001672" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4.35</ix:nonFraction>%</span>. This loan and related interest will be repaid on January 2, 2025.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023, the Company assessed whether the credit risk on a financial instrument has increased significantly since initial recognition,
and concluded no loss allowance for expected credit loss (&#8220;ECL&#8221;) needs to be recorded for loan receivable as a result of
the repayment date is not due yet.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<span id="xdx_82A_zSfXToVd5Qk">NOTE RECEIVABLE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
April 28, 2023, the Company completed the sale of Stand Best Creation Limited and its subsidiaries, Hengda and Hengdali, to New Stonehenge
Limited for a total of RMB <span id="xdx_90C_eifrs-full--LoansAndReceivables_iI_pn3d_c20230428__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--NewStonehengeLimitedMember_zlutrda8Z5Of"><ix:nonFraction name="ifrs-full:LoansAndReceivables" contextRef="AsOf2023-04-28_custom_NewStonehengeLimitedMember" id="Fact001675" format="ixt:numdotdecimal" decimals="-3" unitRef="CNY">58,744,000</ix:nonFraction></span> (equivalent to USD $<span id="xdx_907_eifrs-full--LoansAndReceivables_iI_pn3d_uUSD_c20230428__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--NewStonehengeLimitedMember_zGi9uTl10XLd"><ix:nonFraction name="ifrs-full:LoansAndReceivables" contextRef="AsOf2023-04-28_custom_NewStonehengeLimitedMember" id="Fact001676" format="ixt:numdotdecimal" decimals="-3" unitRef="USD">8,500,000</ix:nonFraction></span>). New Stonehenge Limited has agreed to make the payment in four equal
installments on a date that falls 48 months after the effective date of the transaction, with an annual interest rate of <span id="xdx_907_eifrs-full--BorrowingsInterestRate_iI_pid_dp_c20230428__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--NewStonehengeLimitedMember_zzc501d9NHT9"><ix:nonFraction name="ifrs-full:BorrowingsInterestRate" contextRef="AsOf2023-04-28_custom_NewStonehengeLimitedMember" id="Fact001677" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span>%. For the
year ended December 31, 2023, the Company received repayment of RMB <span id="xdx_90D_eifrs-full--RepaymentsOfCurrentBorrowings_pp0p0_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--NewStonehengeLimitedMember_zzxZqKTyqug7"><ix:nonFraction name="ifrs-full:RepaymentsOfCurrentBorrowings" contextRef="From2023-01-012023-12-31_custom_NewStonehengeLimitedMember" id="Fact001678" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CNY">9,404,000</ix:nonFraction></span> from the buyer and record interest income of RMB <span id="xdx_90A_eifrs-full--InterestRevenueExpense_pp0p0_c20230101__20231231__ifrs-full--SignificantInvestmentsInSubsidiariesAxis__custom--NewStonehengeLimitedMember_zKlmpfOgndk6" title="Interest revenue expense"><ix:nonFraction name="ifrs-full:InterestRevenueExpense" contextRef="From2023-01-012023-12-31_custom_NewStonehengeLimitedMember" id="Fact001680" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CNY">2,006,000</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">At
December 31, 2023, the Company assesse<span style="background-color: white">d</span> whether the credit risk on a financial instrument has increased significantly since initial recognition,
and concluded no loss allowance for ECL needs to be recorded for note receivable under IFRS 9 as a result of continuous timely repayment
from the lender, and no indication of default for future repayment from the lender.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001682" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory"><p id="xdx_809_eifrs-full--DisclosureOfPropertyPlantAndEquipmentExplanatory_zGoo5GdYRCGk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>12.
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<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001684" name="ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"><p id="xdx_897_eifrs-full--DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_zc6wbkawTSc8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8BD_zGfBhcrnMVUg" style="display: none">SCHEDULE
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    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
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  <tr id="xdx_43B_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--AccumulatedImpairmentsMember_eifrs-full--PropertyPlantAndEquipment_iE_pn3n3_zn5U7N46o5M4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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<ix:exclude><!-- Field: Page; Sequence: 129; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">All
property, plant and equipment held by the Company are located in the PRC. The Company&#8217;s buildings are situated on land under medium-term
land use rights and were reclassified as assets held for sale as of December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">For
the buildings owned collectively by the Company and other three unrelated companies, the cost of buildings are stated according to the
amounts paid by the Company for its part of buildings, which represent the Company&#8217;s interests in the buildings. Buildings are
depreciated over their expected useful lives of <span id="xdx_90D_eifrs-full--UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment_dtY_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--BuildingsMember_zPr4JKzJVOQ1" title="Expected useful lives"><ix:nonNumeric contextRef="From2023-01-012023-12-31_ifrs-full_BuildingsMember" format="ixt-sec:duryear" id="Fact001814" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimePropertyPlantAndEquipment">40</ix:nonNumeric></span> years. These buildings&#8217; cost was RMB <span id="xdx_90A_ecustom--PropertyPlantAndEquipmentAtCost_pp0p0_c20230101__20231231__ifrs-full--ClassesOfPropertyPlantAndEquipmentAxis__ifrs-full--BuildingsMember_zeNX8WPkeKGi" title="Buildings cost"><ix:nonFraction name="aehl:PropertyPlantAndEquipmentAtCost" contextRef="From2023-01-012023-12-31_ifrs-full_BuildingsMember" id="Fact001816" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CNY">2,913,000</ix:nonFraction></span>, and accumulated depreciation
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bank borrowings at December 31, 2023 and 2022. As of December 31, 2022, all buildings were reclassified as assets held for sale.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During
the year ended December 31, 2021, Hengdali subleased all its land and buildings. The cost, accumulated depreciation and impairment of
land and buildings were reclassified to investment property, which in turn was reclassified to assets held for sale as of December 31,
2022. The net effect on the consolidated balance sheet was nil. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<span id="xdx_829_zP68lwLqKY92">INVESTMENT PROPERTY</span></b></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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    </tr>
  <tr id="xdx_406_ecustom--TransferredFromPropertyPlantAndEquipment_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zK1sX1jJCfch" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transferred
    from property, plant and equipment</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1834">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr id="xdx_40F_ecustom--TransferredFromRightOfUseAssets_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zXY4Lca4as85" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transferred
    from right-of-use assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1837">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr id="xdx_40D_ecustom--TransferredToAssetsClassifiedAsHeldForSaleCost_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_z0P9umP1xUol" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transferred
    to assets classified as held for sale</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1839">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="aehl:TransferredToAssetsClassifiedAsHeldForSaleCost" contextRef="From2022-01-012022-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001840" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="CNY">401,231</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    </tr>
  <tr id="xdx_403_eifrs-full--InvestmentProperty_iE_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zubk90TOhgTg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of end of the year</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1842">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1843">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr id="xdx_401_eifrs-full--InvestmentProperty_iS_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_z7Oz0Uf3XS94" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of beginning of the year</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1845">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:InvestmentProperty" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact001846" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="CNY">53,987</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    </tr>
  <tr id="xdx_403_eifrs-full--DepreciationInvestmentProperty_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_z2OhUYHjYm26" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
    for the year</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1848">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1849">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr id="xdx_40C_ecustom--TransferredFromPropertyPlantAndEquipment_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_zQ75HjCC3Eh9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transferred
    from property, plant and equipment</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1851">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr id="xdx_40D_ecustom--TransferredFromRightOfUseAssets_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_z07LTI0Mafji" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transferred
    from right-of-use assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1854">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr id="xdx_406_ecustom--TransferredToAssetsClassifiedAsHeldForSaleAccumulatedDepreciation_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_zNnj9HFmvXV5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transferred
    to assets classified as held for sale</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1857">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="aehl:TransferredToAssetsClassifiedAsHeldForSaleAccumulatedDepreciation" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact001858" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">53,987</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr id="xdx_40D_eifrs-full--InvestmentProperty_iE_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_z3VU2YH6g3m9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of end of the year</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1860">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1861">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment
    for the year</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr id="xdx_408_eifrs-full--InvestmentProperty_iS_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedImpairmentMember_zGOyY2hdGj7b" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of beginning of the year</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1863">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:InvestmentProperty" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember" id="Fact001864" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="CNY">347,244</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    </tr>
  <tr id="xdx_407_eifrs-full--InvestmentProperty_iS_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedImpairmentMember_z1wkmqOJBaJa" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Investment property, beginning balance</td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1866">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:InvestmentProperty" contextRef="AsOf2021-12-31_ifrs-full_AccumulatedImpairmentMember" id="Fact001867" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="CNY">347,244</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td>
    </tr>
  <tr id="xdx_409_ecustom--TransferredFromPropertyPlantAndEquipment_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedImpairmentMember_z7o82cF6S7Jh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transferred
    from property, plant and equipment</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1869">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1870">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr id="xdx_405_ecustom--TransferredFromRightOfUseAssets_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedImpairmentMember_zXfNSapSLJS5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transferred
    from right-of-use assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1872">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1873">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr id="xdx_401_ecustom--TransferredToAssetsClassifiedAsHeldForSaleImpairment_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedImpairmentMember_zmOkY4vAjIJ9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transferred
    to assets classified as held for sale</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1875">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="aehl:TransferredToAssetsClassifiedAsHeldForSaleImpairment" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedImpairmentMember" id="Fact001876" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">347,244</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr id="xdx_409_eifrs-full--InvestmentProperty_iE_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedImpairmentMember_z8vfX65RnY44" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of end of the year</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1878">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr id="xdx_402_eifrs-full--InvestmentProperty_iE_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedImpairmentMember_zrlk5v99GQha" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Investment property, ending balance</td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1881">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carrying
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    </tr>
  <tr id="xdx_40E_eifrs-full--InvestmentProperty_iE_pn3n3_zBmQ15o7Gveb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr id="xdx_40B_eifrs-full--InvestmentProperty_iE_pn3n3_z9nPAxewqAFl" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A6_zEjdUFKgFua3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s investment property was reclassified as an asset held for sale as of December 31, 2022 and thus has no fair value. The
fair value of this investment property, which is the estimation of the depreciated replacement cost, as of December 31, 2021 was RMB
<span id="xdx_907_ecustom--FairValueOfInvestmentProperty_iI_pn3d_c20211231_z25XHsIoW3Ji" title="Fair value of investment property"><ix:nonFraction name="aehl:FairValueOfInvestmentProperty" contextRef="AsOf2021-12-31" id="Fact001890" format="ixt:numdotdecimal" decimals="-3" unitRef="CNY">269,900,000</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 130; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">However,
due to the absence of the real estate ownership certificate, the Company assessed the recoverable amount of investment property, and
determined that carrying amount was $ <span id="xdx_906_eifrs-full--InvestmentProperty_iI_dxL_c20231231_zi4I34vhRpei" title="Investment property::XDX::-"><span id="xdx_905_eifrs-full--InvestmentProperty_iI_dxL_c20221231_zgkM9meO6m21" title="Investment property::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1892"><span style="-sec-ix-hidden: xdx2ixbrl1894">nil</span></span></span></span> at December 31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During
the year ended December 31, 2021, Hengdali subleased all its land and buildings. The cost, accumulated depreciation and impairment of
land and buildings were reclassified to investment property. The net effect on the consolidated balance sheet was nil.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001896" name="ifrs-full:DisclosureOfIntangibleAssetsExplanatory"><p id="xdx_804_eifrs-full--DisclosureOfIntangibleAssetsExplanatory_z9GiWYNEPoN2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>14.
<span id="xdx_82A_zoimanTg2Zh4">INTANGIBLE ASSETS</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001898" name="ifrs-full:DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory"><p id="xdx_89E_eifrs-full--DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory_zoCN4cyPPTpj" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B8_zqxEzyEfkUgj" style="display: none">SCHEDULE
OF INTANGIBLE ASSET</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB&#8217;000</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eifrs-full--IntangibleAssetsAndGoodwill_iS_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_z1VxEFOqSntg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:IntangibleAssetsAndGoodwill" contextRef="AsOf2022-12-31_ifrs-full_GrossCarryingAmountMember" id="Fact001900" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">7</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1901">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_eifrs-full--AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_z9L5BD3xIVv8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Addition</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1903">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" contextRef="From2023-01-012023-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact001906" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="CNY">2</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact001907" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="CNY">1</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
  <tr id="xdx_40E_eifrs-full--IntangibleAssetsAndGoodwill_iE_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--GrossCarryingAmountMember_zor0VuC86cye" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eifrs-full--IntangibleAssetsAndGoodwill_iS_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_z5L8HaAaZLK9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40D_eifrs-full--IntangibleAssetsAndGoodwill_iS_pn3n3_hifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__ifrs-full--AccumulatedDepreciationAndAmortisationMember_zfdeIftOP9Wc" style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" contextRef="From2022-01-012022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact001919" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="CNY">1</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(<ix:nonFraction name="ifrs-full:IntangibleAssetsAndGoodwill" contextRef="AsOf2022-12-31_ifrs-full_AccumulatedDepreciationAndAmortisationMember" id="Fact001922" format="ixt:numdotdecimal" decimals="-3" scale="3" sign="-" unitRef="CNY">1</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">Intangible assets and goodwill, ending</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carrying
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
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</ix:nonNumeric><p id="xdx_8A6_zSdoKH9bOce5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Intangible
assets consisted of a purchased software license as of December 31, 2023 and 2022. The amortization expense for the years ended December
31, 2023 and 2022 were RMB <span id="xdx_90D_eifrs-full--AmortisationExpense_pn3n3_c20230101__20231231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--SoftwareLicenseMember_zN7pP4L0J3z9" title="Amortization expense"><ix:nonFraction name="ifrs-full:AmortisationExpense" contextRef="From2023-01-012023-12-31_custom_SoftwareLicenseMember" id="Fact001935" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">2,000</ix:nonFraction></span> and RMB <span id="xdx_90B_eifrs-full--AmortisationExpense_pn3n3_c20220101__20221231__ifrs-full--CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis__custom--SoftwareLicenseMember_z5GLX9loU6q5" title="Amortization expense"><ix:nonFraction name="ifrs-full:AmortisationExpense" contextRef="From2022-01-012022-12-31_custom_SoftwareLicenseMember" id="Fact001937" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">1,000</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001939" name="ifrs-full:DisclosureOfFinancialAssetsExplanatory"><p id="xdx_80F_eifrs-full--DisclosureOfFinancialAssetsExplanatory_z9QaRozCf7H2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>15.
<span id="xdx_82C_z82X8pCpfPI6">FINANCIAL ASSETS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001941" name="aehl:DisclosureOfDetailedInformationAboutAvailableforsaleAssetsExplanatory"><p id="xdx_899_ecustom--DisclosureOfDetailedInformationAboutAvailableforsaleAssetsExplanatory_zl3uWh0Ks2q8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
following is an analysis of financial assets:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B8_zBP3gcFceyxf" style="display: none">SCHEDULE
OF FINANCIAL ASSETS</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_491_20231231_zuHXt7L6eiN4" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" id="xdx_493_20221231_zxBZHma6qVXl" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB&#8217;000</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB&#8217;000</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eifrs-full--FinancialAssetsAvailableforsale_iI_pn3n3_zbRVEyXpZ2D6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlisted
    financial assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialAssetsAvailableforsale" contextRef="AsOf2023-12-31" id="Fact001943" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">700</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:FinancialAssetsAvailableforsale" contextRef="AsOf2022-12-31" id="Fact001944" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">8,523</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AE_zRax6FlsY8qd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2023 and 2022, the fair value of unlisted securities owned by the Company held in the bank amounted to RMB <span id="xdx_90E_eifrs-full--FinancialAssetsAvailableforsale_iI_pn3d_c20231231_zCfXxIhRjmCd" title="Fair value of unlisted securities"><ix:nonFraction name="ifrs-full:FinancialAssetsAvailableforsale" contextRef="AsOf2023-12-31" id="Fact001946" format="ixt:numdotdecimal" decimals="-3" unitRef="CNY">700,000</ix:nonFraction></span>
and RMB <span id="xdx_90C_eifrs-full--FinancialAssetsAvailableforsale_iI_pn3d_c20221231_zMf9XDBbwBo2" title="Fair value of unlisted securities"><ix:nonFraction name="ifrs-full:FinancialAssetsAvailableforsale" contextRef="AsOf2022-12-31" id="Fact001948" format="ixt:numdotdecimal" decimals="-3" unitRef="CNY">8,523,000</ix:nonFraction></span>
is determined based on the valuation determined by the Bank using inputs that are not observable in active market.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During
the year ended December 31, 2022, fair value unrealized gain of unlisted financial assets was RMB <span id="xdx_90A_eifrs-full--FinancialAssetsAtFairValue_iI_pn3d_c20221231_zKn6IPovl66i"><ix:nonFraction name="ifrs-full:FinancialAssetsAtFairValue" contextRef="AsOf2022-12-31" id="Fact001949" format="ixt:numdotdecimal" decimals="-3" unitRef="CNY">130,000</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001951" name="ifrs-full:DisclosureOfInventoriesExplanatory"><p id="xdx_806_eifrs-full--DisclosureOfInventoriesExplanatory_z4mfl3EWwJJc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>16.
<span id="xdx_826_z4PDM9sN5ZSg">INVENTORIES</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001953" name="aehl:DisclosureOfDetailedInformationAboutInventoryExplanatory"><p id="xdx_890_ecustom--DisclosureOfDetailedInformationAboutInventoryExplanatory_zRhTIyLIk4hj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8B5_zae3hOzZhB95" style="display: none">SCHEDULE
OF INFORMATION ABOUT INVENTORIES</span></b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_497_20231231_zXJEc6WDemfh" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RMB&#8217;000</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_496_20221231_zgTc3KAabGk4" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RMB&#8217;000
                                            </b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td colspan="5" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
                                            of December 31, </b></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RMB&#8217;000</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RMB&#8217;000
                                            </b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eifrs-full--RawMaterials_iI_pn3n3_zagGa2anqoY9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Raw
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1955">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1956">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_405_eifrs-full--WorkInProgress_iI_pn3n3_zrnBOxGctdBg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Work
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1958">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1959">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_eifrs-full--FinishedGoods_iI_pn3n3_zoN3CjaDvzBg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

</ix:nonNumeric><p id="xdx_8AC_zI7WKQgHil55" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 131; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001969" name="aehl:DisclosureOfDetailedInformationOfInventoriesRecognisedAsExpenseAndIncludedInProfitOrLossExplanatory"><p id="xdx_89D_ecustom--DisclosureOfDetailedInformationOfInventoriesRecognisedAsExpenseAndIncludedInProfitOrLossExplanatory_zANxhYHniF49" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B2_zmg8evts6CE1" style="display: none">SCHEDULE
OF ANALYSIS OF THE AMOUNT OF INVENTORIES RECOGNIZED AS AN EXPENSE AND INCLUDED IN PROFIT OR LOSS</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr id="xdx_40A_ecustom--CarryingAmountOfInventoriesSold_pn3n3_z4QYXs8YKMXk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Write
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&#160;<span style="display: none; font-family: Times New Roman, Times, Serif">Cost
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="aehl:CostOfInventoriesRecognisedAsExpenseEndingPeriod" contextRef="From2021-01-012021-12-31" id="Fact001981" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">148,929</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A6_zD0PxGsWo662" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001983" name="ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory"><p id="xdx_804_eifrs-full--DisclosureOfTradeAndOtherReceivablesExplanatory_zymWdqWfr9uh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>17.
<span id="xdx_82F_zxw6X7zBvAji">TRADE RECEIVABLES</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001985" name="aehl:DisclosureOfDetailedInformationAboutTradeReceivablesExplanatory"><p id="xdx_89C_ecustom--DisclosureOfDetailedInformationAboutTradeReceivablesExplanatory_zCtjZapXzj3g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8B9_z7oVMFefUvmc" style="display: none">SCHEDULE OF INFORMATION ABOUT TRADE RECEIVABLES</span></b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_497_20231231_zaxcOivTdJG3" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_49E_20221231_zVEWxmsGmsgh" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td colspan="5" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
                                            of December 31,</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RMB&#8217;000</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RMB&#8217;000</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40A_ecustom--CurrentReceivableGross_iI_pn3n3_uCNY_maCTRzCPp_zItJbwE88uI2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
    receivables</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1987">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1988">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_ecustom--ProvisionForDoubtfulAccountForBadDebtAllowance_iI_pn3n3_uCNY_maCTRzCPp_z2wZMQaA3Uh3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:
    provision for bad debt allowance</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1990">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1991">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40D_eifrs-full--CurrentTradeReceivables_iTI_pn3n3_uCNY_mtCTRzCPp_ze2nXmSpvNs8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
    receivables, net&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1993">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl1994">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A6_zYwGxbegz2F5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2022, total trade receivables of discontinued operations were RMB <span id="xdx_90D_eifrs-full--CurrentTradeReceivables_iI_uCNY_c20221231__ifrs-full--ContinuingAndDiscontinuedOperationsAxis__ifrs-full--DiscontinuedOperationsMember_zXcpkQXZw475"><ix:nonFraction name="ifrs-full:CurrentTradeReceivables" contextRef="AsOf2022-12-31_ifrs-full_DiscontinuedOperationsMember" id="Fact001995" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">11,683,000</ix:nonFraction></span> (Note 30).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s trade receivables are denominated in Renminbi and non-interest bearing. As of December 31, 2023 and 2022, the Company
accrued RMB <span id="xdx_903_ecustom--AllowanceOfDoubtfulAccountsOnTradeReceivables_iI_dxL_uCNY_c20231231_zcUvjZIlxAWc" title="Allowance of doubtful accounts::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1997">nil</span></span> and RMB <span id="xdx_904_ecustom--AllowanceOfDoubtfulAccountsOnTradeReceivables_iI_pp0d_uCNY_c20221231_zvAfBCpiKAPh" title="Allowance of doubtful accounts"><ix:nonFraction name="aehl:AllowanceOfDoubtfulAccountsOnTradeReceivables" contextRef="AsOf2022-12-31" id="Fact001999" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">795,000,000</ix:nonFraction></span> , respectively, as a provision for bad debt related to the amount of outstanding trade receivables
that did not conform with the Company&#8217;s credit policy. As of December 31, 2022, the Company had an increase in bad debts of RMB
<span id="xdx_902_ecustom--ReversalOfTradeReceivables_iI_uCNY_c20221231_zKzvvygFdro3" title="Increase in bad debts"><ix:nonFraction name="aehl:ReversalOfTradeReceivables" contextRef="AsOf2022-12-31" id="Fact002001" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">33,365,000</ix:nonFraction></span> in discontinued operations due slower collection of trade receivables.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002003" name="aehl:DisclosureOfOtherReceivablesAndPrepaymentsExplanatory"><p id="xdx_801_ecustom--DisclosureOfOtherReceivablesAndPrepaymentsExplanatory_zBHevvsrWCb8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>18.
<span id="xdx_821_zG00bUCShWWk">OTHER RECEIVABLES AND PREPAYMENTS</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002005" name="aehl:DisclosureOfDetailedInformationAboutOtherReceivablesAndPrepaymentsExplanatory"><p id="xdx_895_ecustom--DisclosureOfDetailedInformationAboutOtherReceivablesAndPrepaymentsExplanatory_zhkgFQy4qcgf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8B9_zGn9eMZPW55a" style="display: none">SCHEDULE OF INFORMATION ABOUT OTHER RECEIVABLES AND PREPAYMENTS</span></b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49E_20231231_zNqMqk92mGh4" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49C_20221231_zOBUtpDMr76g" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr id="xdx_404_eifrs-full--CurrentPrepaymentsAndOtherCurrentAssets_iTI_pn3n3_uCNY_mtCPAOCzvF9_zYM8WHeHe3Rk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8A6_zzLEmhDvfI" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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of December 31, 2022, total other receivables and prepayments of discontinued operations was RMB <span id="xdx_904_eifrs-full--CurrentPrepaymentsAndOtherCurrentAssets_iI_uCNY_c20221231__ifrs-full--ContinuingAndDiscontinuedOperationsAxis__ifrs-full--DiscontinuedOperationsMember_zN3qcnwn8cal"><ix:nonFraction name="ifrs-full:CurrentPrepaymentsAndOtherCurrentAssets" contextRef="AsOf2022-12-31_ifrs-full_DiscontinuedOperationsMember" id="Fact002018" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">3,000,000</ix:nonFraction></span> (Note 30).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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of the other receivables and prepayments are expected to be recovered or recognized as expense within one year. The net carrying value
of these balances is considered a reasonable approximation of fair value. Prepaid expense mainly consisted of advance payment to the
vendors as of December 31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 132; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002020" name="ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory"><p id="xdx_807_eifrs-full--DisclosureOfRestrictedCashAndCashEquivalentsExplanatory_zsOZbFQXoqff" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>19.
<span id="xdx_821_zNulmOY1kQ9d">CASH AND BANK BALANCES</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002022" name="aehl:DisclosureOfDetailedInformationOfRestrictedCashAndCashAndBankBalancesExplanatory"><p id="xdx_890_ecustom--DisclosureOfDetailedInformationOfRestrictedCashAndCashAndBankBalancesExplanatory_zpaSdDrIxzv1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_8B5_zCF0OjwrAx8a" style="display: none">SCHEDULE OF CASH AND BANK BALANCES</span>&#160;</b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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</ix:nonNumeric><p id="xdx_8A2_z18k0wSdfgUj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002033" name="aehl:DisclosureOfDetailedInformationOfRestrictedCashAndCashAndBankBalancesThatAreDenominatedInVariousCurrenciesExplanatory"><p id="xdx_89A_ecustom--DisclosureOfDetailedInformationOfRestrictedCashAndCashAndBankBalancesThatAreDenominatedInVariousCurrenciesExplanatory_zoPt1iyrIlVg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Cash
and bank balances are denominated in the following currencies:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span id="xdx_8BE_z6iYkdUmf1a5" style="display: none">SCHEDULE OF CASH AND BANK BALANCES THAT ARE DENOMINATED IN VARIOUS CURRENCIES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    Kong dollars</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-12-31_currency_HKD" id="Fact002038" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">1</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2022-12-31_currency_HKD" id="Fact002039" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">2</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40F_eifrs-full--CashAndCashEquivalents_iI_pn3n3_uCNY_hsrt--CurrencyAxis__currency--USD_zfhszYNcx5O2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US
    dollars</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-12-31_currency_USD" id="Fact002041" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">188</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2022-12-31_currency_USD" id="Fact002042" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">830</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_eifrs-full--CashAndCashEquivalents_iI_pn3n3_uCNY_zgc2fjVS7BOa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif">Cash
    and cash equivalents<span style="font-size: 10pt">&#160;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2023-12-31" id="Fact002044" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">3,808</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2022-12-31" id="Fact002045" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">3,936</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A9_ztQNyQ1FwzN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2022, total cash and bank balances held by discontinued operations was RMB <span id="xdx_900_eifrs-full--Cash_iI_uCNY_c20221231__ifrs-full--ContinuingAndDiscontinuedOperationsAxis__ifrs-full--DiscontinuedOperationsMember_z1vDT85YN9Kd"><ix:nonFraction name="ifrs-full:Cash" contextRef="AsOf2022-12-31_ifrs-full_DiscontinuedOperationsMember" id="Fact002046" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">306,000</ix:nonFraction></span> (Note 30).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Bank
balances denominated in Renminbi are deposited with banks in the PRC and are not freely convertible to foreign currencies. The conversion
of these RMB denominated balances into foreign currencies is subject to the foreign exchange control rules and regulations promulgated
by the PRC Government.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Bank
balances denominated in US dollars are mainly held in bank accounts in Hong Kong and the United States of America. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Cash
at banks and bank deposits comprise cash held by the Company and short-term bank deposits with an original maturity of three months or
less. The deposits carry interest at prevailing market rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Restricted
cash</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2023, the Company had restricted cash of RMB <span id="xdx_902_eifrs-full--RestrictedCashAndCashEquivalents_iI_dxL_uCNY_c20231231_zFmzFbH7lIW7" title="Restricted cash and cash equivalents::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2048">nil</span></span> (2022: RMB <span id="xdx_900_eifrs-full--RestrictedCashAndCashEquivalents_iI_uCNY_c20221231_zche6mPZSaQ7" title="Restricted cash and cash equivalents"><ix:nonFraction name="ifrs-full:RestrictedCashAndCashEquivalents" contextRef="AsOf2022-12-31" id="Fact002050" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">2,069,000</ix:nonFraction></span>), of which <span id="xdx_907_ecustom--CashCollateralForBankBorrowings_iI_dxL_uCNY_c20231231_ziP0FDkzHvKa" title="Cash collateral for bank borrowings::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2052">nil</span></span> (2022: <span id="xdx_907_ecustom--CashCollateralForBankBorrowings_iI_dxL_uCNY_c20221231_zAnB0O6A8GMc" title="Cash collateral for bank borrowings::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2054">nil</span></span>) was used as collateral
for the Company&#8217;s bank borrowings, and nil was used as collateral for the Company&#8217;s financial derivatives (2022: <span id="xdx_90D_ecustom--CashCollateralForDerivativeFinancialLiability_iI_doxL_uCNY_c20221231_zqnxT5zMA2rj" title="Cash collateral for derivative financial liability::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2056">nil</span></span>). The
nature of restricted cash is that of a term deposit maturing on January 15, 2023. They were temporarily not available for general use
by the Company as of December 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002058" name="ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory"><p id="xdx_80A_eifrs-full--DisclosureOfTradeAndOtherPayablesExplanatory_zhRnxLjPiGGj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>20.
<span id="xdx_823_zedXF0MZOuS">TRADE PAYABLES</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002060" name="aehl:DisclosureOfDetailedInformationAboutTradePayablesExplanatory"><p id="xdx_899_ecustom--DisclosureOfDetailedInformationAboutTradePayablesExplanatory_zggQx64Apkki" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8BA_zWaV7oM3IF3h" style="display: none">SCHEDULE OF INFORMATION ABOUT TRADE PAYABLES</span></b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A5_zqQ8PIDyCEVb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Trade
payables are denominated in Renminbi, non-interest bearing and generally settled within <span id="xdx_90F_ecustom--TermForSettlementOfTradePayables_dtD_c20230101__20231231_zGW4uH0BUAOi"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:durday" id="Fact002065" name="aehl:TermForSettlementOfTradePayables">120</ix:nonNumeric></span>-day terms. All of the trade payables are
expected to be settled within one year. The carrying value of trade payables is considered to be a reasonable approximation of fair value.
There was no trade payables held by discontinued operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 133; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002067" name="ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory"><p id="xdx_800_eifrs-full--DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory_zysKrbER8kAj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>21.
<span id="xdx_822_zFBqtAKhgQyl">ACCRUED LIABILITIES AND OTHER PAYABLES</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002069" name="aehl:DisclosureOfDetailedInformationAboutAccruedLiabilitiesAndOtherPayablesExplanatory"><p id="xdx_89D_ecustom--DisclosureOfDetailedInformationAboutAccruedLiabilitiesAndOtherPayablesExplanatory_zFfrGL0ogHLd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8B9_zfNzlWWfkwe" style="display: none">SCHEDULE OF INFORMATION ABOUT ACCRUED LIABILITIES AND OTHER PAYABLES</span></b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2071">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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</ix:nonNumeric><p id="xdx_8A6_zTmYLIrPyVM" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002083" name="aehl:DisclosureOfDetailedInformationAboutAccruedLiabilitiesAndOtherPayablesThatAreDenominatedInVariousCurrenciesExplanatory"><p id="xdx_89C_ecustom--DisclosureOfDetailedInformationAboutAccruedLiabilitiesAndOtherPayablesThatAreDenominatedInVariousCurrenciesExplanatory_zZK4unx9RDl5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Accrued
liabilities and other payables are denominated in the following currencies:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span id="xdx_8BF_zm5RCghX9gfd" style="display: none">SCHEDULE OF ACCRUED LIABILITIES AND OTHER PAYABLES DENOMINATED IN VARIOUS CURRENCIES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8216;000</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8216;000</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    Renminbi</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98A_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_uCNY_c20231231__srt--CurrencyAxis__custom--RenminbiMember_zfOfuMLeDhK6" title="Current accrued expenses and other current liabilities" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2023-12-31_custom_RenminbiMember" id="Fact002085" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">1,532</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_uCNY_c20221231__srt--CurrencyAxis__custom--RenminbiMember_zhJTOHgLNPwk" title="Current accrued expenses and other current liabilities" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2022-12-31_custom_RenminbiMember" id="Fact002087" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">799</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    US dollars</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_987_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_uCNY_c20231231__srt--CurrencyAxis__custom--UsDollarsMember_zvw3nFrZVIV6" title="Current accrued expenses and other current liabilities" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2089">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_980_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_pn3n3_uCNY_c20221231__srt--CurrencyAxis__custom--UsDollarsMember_zJsKHZA5LMnf" title="Current accrued expenses and other current liabilities" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2091">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A3_z15l3ttynzM3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2022, total accrued liabilities and other payables of discontinued operations was RMB <span id="xdx_902_eifrs-full--CurrentAccruedExpensesAndOtherCurrentLiabilities_iI_uCNY_c20221231__ifrs-full--ContinuingAndDiscontinuedOperationsAxis__ifrs-full--DiscontinuedOperationsMember_zWVWjntNQ7f9"><ix:nonFraction name="ifrs-full:CurrentAccruedExpensesAndOtherCurrentLiabilities" contextRef="AsOf2022-12-31_ifrs-full_DiscontinuedOperationsMember" id="Fact002092" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">19,197,000</ix:nonFraction></span> (Note 30).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Deposits
received represent deposits from the Company&#8217;s distributors. The Company usually requests a deposit from RMB <span id="xdx_90B_ecustom--DepositsReceivedFromDistributors_iI_uCNY_c20221231__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zL79aK0Qf8Wa" title="Deposits received from distributors"><ix:nonFraction name="aehl:DepositsReceivedFromDistributors" contextRef="AsOf2022-12-31_ifrs-full_BottomOfRangeMember" id="Fact002094" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">400,000</ix:nonFraction></span> to RMB <span id="xdx_904_ecustom--DepositsReceivedFromDistributors_iI_uCNY_c20221231__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_ztJsJ65SeNqc" title="Deposits received from distributors"><ix:nonFraction name="aehl:DepositsReceivedFromDistributors" contextRef="AsOf2022-12-31_ifrs-full_TopOfRangeMember" id="Fact002096" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">1,000,000</ix:nonFraction></span>
from new distributors upon signing a distributorship agreement as security for the performance of their obligations under the distributorship
agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Accrued
liabilities consist mainly of accrued rental, wages and utility expenses. Others consist mainly of advance from third-party individuals
and companies, which bear no interest and payable upon demand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
carrying value of accrued liabilities and other payables is considered to be a reasonable approximation of fair value. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002098" name="aehl:DisclosureOfTaxesPayableExplanatory"><p id="xdx_80E_ecustom--DisclosureOfTaxesPayableExplanatory_zVdIzk8sPcba" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>22.
<span id="xdx_826_z3djIhnneQzf">TAXES PAYABLE</span></b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002100" name="aehl:ScheduleOfTaxesPayableExplanatory"><p id="xdx_89A_ecustom--ScheduleOfTaxesPayableExplanatory_zSRuvLPErkr5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;<span id="xdx_8B0_z0PDV0dov3X9" style="display: none">SCHEDULE OF TAXES PAYABLE</span></b></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_491_20231231_zmM0pdrrFZok" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_497_20221231_zHrxXuDKTE05" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31,</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB&#8217;000</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_408_eifrs-full--ValueAddedTaxPayables_iI_pn3n3_uCNY_maCTLzJEn_z9GJbL7ONLjk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">VAT</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ValueAddedTaxPayables" contextRef="AsOf2023-12-31" id="Fact002102" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">1,902</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:ValueAddedTaxPayables" contextRef="AsOf2022-12-31" id="Fact002103" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">436</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_402_ecustom--IncomeTaxPayable_iI_pn3n3_uCNY_maCTLzJEn_zpOZa8SY6tkl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="aehl:IncomeTaxPayable" contextRef="AsOf2023-12-31" id="Fact002105" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">40</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="aehl:IncomeTaxPayable" contextRef="AsOf2022-12-31" id="Fact002106" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">93</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40B_ecustom--PropertyTaxPayable_iI_pn3n3_uCNY_maCTLzJEn_zgQ4gmH2dkal" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
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  <tr id="xdx_40B_ecustom--OtherTaxPayabe_iI_pn3n3_uCNY_maCTLzJEn_z0npBH9vLWN9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxes
    payable&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentTaxLiabilities" contextRef="AsOf2023-12-31" id="Fact002114" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">1,993</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentTaxLiabilities" contextRef="AsOf2022-12-31" id="Fact002115" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">582</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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</ix:nonNumeric><p id="xdx_8A5_zwAZVHjADC64" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2022, total taxes payable of discontinued operations was RMB <span id="xdx_905_eifrs-full--CurrentTaxLiabilities_iI_uCNY_c20221231__ifrs-full--ContinuingAndDiscontinuedOperationsAxis__ifrs-full--DiscontinuedOperationsMember_zMrddVM1kcLg"><ix:nonFraction name="ifrs-full:CurrentTaxLiabilities" contextRef="AsOf2022-12-31_ifrs-full_DiscontinuedOperationsMember" id="Fact002116" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">951,000</ix:nonFraction></span> (Note 30).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002118" name="ifrs-full:DisclosureOfLeasesExplanatory"><p id="xdx_80A_eifrs-full--DisclosureOfLeasesExplanatory_zCyl5acQY1Tl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>23.
<span id="xdx_82B_zWYu5LqpvXv">RIGHT-OF-USE ASSETS AND LEASES LIABILITIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>(a)
Amounts recognized in the consolidated statement of financial position</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002120" name="ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory"><p id="xdx_89A_eifrs-full--DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory_zQKsesNAUmuh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
carrying amounts of right-of-use assets for lease are as below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BE_zBMdvVwtpPSb" style="display: none">SUMMARY OF CARRYING AMOUNTS OF RIGHT-OF-USE ASSETS FOR LEASE</span>&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 49%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
    book amount at January 1, 2022</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 49%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
    book amount at December 31, 2022</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB
    <span id="xdx_903_eifrs-full--RightofuseAssets_iI_pn3d_uCNY_c20221231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--RightofuseAssetsMember_zabVa96joKg" title="Carrying amounts of right-of-use assets"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2022-12-31_ifrs-full_RightofuseAssetsMember" id="Fact002124" format="ixt:numdotdecimal" decimals="-3" unitRef="CNY">469,000</ix:nonFraction></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
    book amount at January 1, 2023</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB
    <span id="xdx_907_eifrs-full--RightofuseAssets_iI_pn3d_uCNY_c20230101__ifrs-full--ClassesOfAssetsAxis__ifrs-full--RightofuseAssetsMember_zI2lvlh7kVpc" title="Carrying amounts of right-of-use assets"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2023-01-01_ifrs-full_RightofuseAssetsMember" id="Fact002126" format="ixt:numdotdecimal" decimals="-3" unitRef="CNY">469,000</ix:nonFraction></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Net
    book amount at December 31, 2023</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB
    <span id="xdx_903_eifrs-full--RightofuseAssets_iI_dxL_uCNY_c20231231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--RightofuseAssetsMember_zCMztX0tZe4d" title="Carrying amounts of right-of-use assets::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2128">nil</span></span></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AD_z42gyLPLqDF9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2022, total net book amount of right-of-use assets of discontinued operations amounts was RMB <span id="xdx_907_eifrs-full--RightofuseAssets_iI_uCNY_c20221231__ifrs-full--ContinuingAndDiscontinuedOperationsAxis__ifrs-full--DiscontinuedOperationsMember_znESl9Le3kCe"><ix:nonFraction name="ifrs-full:RightofuseAssets" contextRef="AsOf2022-12-31_ifrs-full_DiscontinuedOperationsMember" id="Fact002129" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">30,937,000</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 134; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During
the year ended December 31, 2022, Hengdali subleased all its land and buildings. The cost, accumulated depreciation and impairment of
land and buildings were reclassified to investment property. The net effect on the consolidated balance sheet was nil.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002131" name="aehl:DisclosureOfDetailedInformationAboutLeaseLiabilitiesExplanatory"><p id="xdx_89D_ecustom--DisclosureOfDetailedInformationAboutLeaseLiabilitiesExplanatory_zdgvjJMEjw5g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
lease liabilities for continuing operations are as below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BD_zHvcwyNLJmAl" style="display: none">SCHEDULE OF LEASE LIABILITIES</span>&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_499_20231231_zMWDGRxVOUO6" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" id="xdx_49D_20221231_zePtaEd1Aiel" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB&#8217;000</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40B_eifrs-full--CurrentLeaseLiabilities_iI_pn3n3_uCNY_maLLzh7U_zBrrE0rnNaD5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2133">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:CurrentLeaseLiabilities" contextRef="AsOf2022-12-31" id="Fact002134" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">328</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_40C_eifrs-full--NoncurrentLeaseLiabilities_iI_pn3n3_maLLzh7U_zhZU61XP0aI3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2136">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NoncurrentLeaseLiabilities" contextRef="AsOf2022-12-31" id="Fact002137" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">157</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_403_eifrs-full--LeaseLiabilities_iTI_pn3n3_uCNY_mtLLzh7U_z4coqgn3yiF9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="display: none; font-family: Times New Roman, Times, Serif">Total
    lease liabilities</span>&#160;<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2139">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2022-12-31" id="Fact002140" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">485</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A3_zrpv5f9aWHuh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2022, total lease liabilities of discontinued operations was RMB <span id="xdx_902_eifrs-full--LeaseLiabilities_iI_c20221231__ifrs-full--ContinuingAndDiscontinuedOperationsAxis__ifrs-full--DiscontinuedOperationsMember_z6wkjYxF9ol8" title="Lease liabilities"><ix:nonFraction name="ifrs-full:LeaseLiabilities" contextRef="AsOf2022-12-31_ifrs-full_DiscontinuedOperationsMember" id="Fact002142" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">33,325,000</ix:nonFraction></span> (Note 30).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002144" name="ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities"><p id="xdx_893_eifrs-full--MaturityAnalysisForNonderivativeFinancialLiabilities_zhzAqm6P6ore" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Contractual
undiscounted cash flows for the leases:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B4_zHU3f7MHLxl6" style="display: none">SCHEDULE OF CONTRACTUAL UNDISCOUNTED CASH FLOWS FOR THE LEASES</span>&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td colspan="9" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
                                            of December 31, 2023</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 46%"/><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Within
                                            one year</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One
                                            to five years</b></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total
                                            contractual undiscounted cash flow</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RMB&#8217;000</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RMB&#8217;000</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>RMB&#8217;000</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_983_eifrs-full--GrossLeaseLiabilities_iI_pn3n3_uCNY_c20231231__ifrs-full--MaturityAxis__ifrs-full--LaterThanOneYearMember_zndgSAG4FQR7" title="Total contractual undiscounted cash flows" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2146">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eifrs-full--GrossLeaseLiabilities_iI_pn3n3_uCNY_c20231231__ifrs-full--MaturityAxis__custom--LaterThanOneYearsAndNotLaterThanFiveYearsMember_ziVahTMtK7H4" title="Total contractual undiscounted cash flows" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2148">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eifrs-full--GrossLeaseLiabilities_iI_pn3n3_uCNY_c20231231_zeQlGqC1eAYd" title="Total contractual undiscounted cash flows" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2150">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A7_zu8TyQ8Wv9s4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>(b)
Amounts recognized in the consolidated income statement</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002152" name="aehl:ScheduleOfIncomeStatementShowingAmountRelatingToLeaseExplanatory"><p id="xdx_89C_ecustom--ScheduleOfIncomeStatementShowingAmountRelatingToLeaseExplanatory_zs1VI31QbXQi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
consolidated income statement shows the following amounts from continuing operations relating to leases:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span id="xdx_8B3_z7djuvbDvPgg" style="display: none">SUMMARY OF CONSOLIDATED INCOME STATEMENT SHOWING THE AMOUNTS RELATING TO LEASES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
                                            ended</b></span></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
    charge of right-of-use assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_988_eifrs-full--DepreciationRightofuseAssets_pn3n3_uCNY_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--RightofuseAssetsMember_zSKRm1bf6EC4" title="Amortization charge of right-of-use assets" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2154">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98B_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_uCNY_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--RightofuseAssetsMember_zgfS9yMVREmb" title="Interest expense on lease liability" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2156">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    expense</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_984_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_uCNY_c20220101__20221231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--RightofuseAssetsMember_zA3M39gFMZDb" title="Interest expense on lease liability" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2022-01-012022-12-31_ifrs-full_RightofuseAssetsMember" id="Fact002160" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">25</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    ended</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
    charge of right-of-use assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    expense</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_989_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_uCNY_c20210101__20211231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--RightofuseAssetsMember_zZeG2xYQsuHj" title="Interest expense on lease liability" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2021-01-012021-12-31_ifrs-full_RightofuseAssetsMember" id="Fact002164" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">51</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
consolidated income statement shows the following amounts from discontinued operations relating to leases:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ended</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
    charge of right-of-use assets</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98D_eifrs-full--DepreciationRightofuseAssets_pn3n3_uCNY_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--RightofuseAssetsMember__ifrs-full--ContinuingAndDiscontinuedOperationsAxis__ifrs-full--DiscontinuedOperationsMember_zv4UoWqSgZY7" title="Amortization charge of right-of-use assets" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2023-01-012023-12-31_ifrs-full_RightofuseAssetsMember_ifrs-full_DiscontinuedOperationsMember" id="Fact002166" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">4,267</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    expense</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98F_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_uCNY_c20230101__20231231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--RightofuseAssetsMember__ifrs-full--ContinuingAndDiscontinuedOperationsAxis__ifrs-full--DiscontinuedOperationsMember_zWnOTsZhdWHb" title="Interest expense on lease liability" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2023-01-012023-12-31_ifrs-full_RightofuseAssetsMember_ifrs-full_DiscontinuedOperationsMember" id="Fact002168" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">293</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
    charge of right-of-use assets</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98D_eifrs-full--DepreciationRightofuseAssets_pn3n3_uCNY_c20220101__20221231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--RightofuseAssetsMember__ifrs-full--ContinuingAndDiscontinuedOperationsAxis__ifrs-full--DiscontinuedOperationsMember_zNsU249Hc1n5" title="Amortization charge of right-of-use assets" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2022-01-012022-12-31_ifrs-full_RightofuseAssetsMember_ifrs-full_DiscontinuedOperationsMember" id="Fact002170" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">12,801</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    expense</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98C_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_uCNY_c20220101__20221231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--RightofuseAssetsMember__ifrs-full--ContinuingAndDiscontinuedOperationsAxis__ifrs-full--DiscontinuedOperationsMember_zQuneRW1Nzx2" title="Interest expense on lease liability" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2022-01-012022-12-31_ifrs-full_RightofuseAssetsMember_ifrs-full_DiscontinuedOperationsMember" id="Fact002172" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">1,479</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Year
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
    charge of right-of-use assets</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_985_eifrs-full--DepreciationRightofuseAssets_pn3n3_uCNY_c20210101__20211231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--RightofuseAssetsMember__ifrs-full--ContinuingAndDiscontinuedOperationsAxis__ifrs-full--DiscontinuedOperationsMember_zkkhPiXY7nxj" title="Amortization charge of right-of-use assets" style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:DepreciationRightofuseAssets" contextRef="From2021-01-012021-12-31_ifrs-full_RightofuseAssetsMember_ifrs-full_DiscontinuedOperationsMember" id="Fact002174" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">12,801</ix:nonFraction></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    expense</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_98F_eifrs-full--InterestExpenseOnLeaseLiabilities_pn3n3_uCNY_c20210101__20211231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--RightofuseAssetsMember__ifrs-full--ContinuingAndDiscontinuedOperationsAxis__ifrs-full--DiscontinuedOperationsMember_z4P9AtMb0Lvd" title="Interest expense on lease liability" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:InterestExpenseOnLeaseLiabilities" contextRef="From2021-01-012021-12-31_ifrs-full_RightofuseAssetsMember_ifrs-full_DiscontinuedOperationsMember" id="Fact002176" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">2,115</ix:nonFraction></span></td>
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  </table>
</ix:nonNumeric><p id="xdx_8A3_zMAqGwQctt2e" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<ix:exclude><!-- Field: Page; Sequence: 135; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
total cash outflow in financing activities for leases during the years ended December 31, 2023, 2022 and 2021 was RMB <span id="xdx_903_eifrs-full--PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_dxL_uCNY_c20230101__20231231_zZpGLH1f1Q9k" title="Financing activities for leases::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2178">nil</span></span>, RMB <span id="xdx_902_eifrs-full--PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_pn3d_uCNY_c20220101__20221231_zQnhBs73ANKi" title="Financing activities for leases"><ix:nonFraction name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" contextRef="From2022-01-012022-12-31" id="Fact002180" format="ixt:numdotdecimal" decimals="-3" unitRef="CNY">358,000</ix:nonFraction></span>
and RMB <span id="xdx_902_eifrs-full--PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_pn3d_uCNY_c20210101__20211231_z7VP4iUfdfkj" title="Financing activities for leases"><ix:nonFraction name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" contextRef="From2021-01-012021-12-31" id="Fact002182" format="ixt:numdotdecimal" decimals="-3" unitRef="CNY">1,144,000</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
total cash outflow in financing activities from discontinued operations for leases during the years ended December 31, 2023, 2022 and
2021 was RMB <span id="xdx_90B_eifrs-full--PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_pn3d_uCNY_c20230101__20231231__ifrs-full--ContinuingAndDiscontinuedOperationsAxis__ifrs-full--DiscontinuedOperationsMember_zLwVBj7BI2E6" title="Financing activities from discontinued operations for leases"><ix:nonFraction name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" contextRef="From2023-01-012023-12-31_ifrs-full_DiscontinuedOperationsMember" id="Fact002184" format="ixt:numdotdecimal" decimals="-3" unitRef="CNY">14,303,000</ix:nonFraction></span>, RMB <span id="xdx_90E_eifrs-full--PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_pn3d_uCNY_c20220101__20221231__ifrs-full--ContinuingAndDiscontinuedOperationsAxis__ifrs-full--DiscontinuedOperationsMember_zUMIpWpDD6P6" title="Financing activities from discontinued operations for leases"><ix:nonFraction name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" contextRef="From2022-01-012022-12-31_ifrs-full_DiscontinuedOperationsMember" id="Fact002186" format="ixt:numdotdecimal" decimals="-3" unitRef="CNY">14,303,000</ix:nonFraction></span> and RMB <span id="xdx_909_eifrs-full--PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_pn3d_uCNY_c20210101__20211231__ifrs-full--ContinuingAndDiscontinuedOperationsAxis__ifrs-full--DiscontinuedOperationsMember_zFrXgdFTmEYb" title="Financing activities from discontinued operations for leases"><ix:nonFraction name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" contextRef="From2021-01-012021-12-31_ifrs-full_DiscontinuedOperationsMember" id="Fact002188" format="ixt:numdotdecimal" decimals="-3" unitRef="CNY">14,303,000</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002190" name="ifrs-full:DisclosureOfBorrowingsExplanatory"><p id="xdx_80D_eifrs-full--DisclosureOfBorrowingsExplanatory_zEbV6obaJFyg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>24.
<span id="xdx_82B_zCLWEVo1GnVl">NOTE PAYABLE</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><span style="text-decoration: underline">Unsecured
Promissory Note in December 2022</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
December 12, 2022, the Company entered into a Note Purchase Agreement with an investor, pursuant to which the Company issued to the Purchaser
an unsecured Promissory Note of $<span id="xdx_902_ecustom--UnsecuredPromissoryNote_iI_uUSD_c20221212__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementMember_zJLmYTn1nsX5" title="Unsecured Promissory Note"><ix:nonFraction name="aehl:UnsecuredPromissoryNote" contextRef="AsOf2022-12-12_custom_NotePurchaseAgreementMember" id="Fact002192" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,332,500</ix:nonFraction></span>, for $<span id="xdx_90A_ecustom--ProceedsFromPromissoryNotes_uUSD_c20221211__20221212__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementMember_zHbOyRdIrT5h" title="Proceeds from promissory note"><ix:nonFraction name="aehl:ProceedsFromPromissoryNotes" contextRef="From2022-12-112022-12-12_custom_NotePurchaseAgreementMember" id="Fact002194" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,250,000</ix:nonFraction></span> in gross proceeds. The Note included an original issue discount (&#8220;OID&#8221;)
of $<span id="xdx_90D_ecustom--OriginalIssueDiscount_uUSD_c20221211__20221212__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementMember_zy94kcJJDkpc" title="Original issue discount"><ix:nonFraction name="aehl:OriginalIssueDiscount" contextRef="From2022-12-112022-12-12_custom_NotePurchaseAgreementMember" id="Fact002196" format="ixt:numdotdecimal" decimals="0" unitRef="USD">62,500</ix:nonFraction></span> along with $<span id="xdx_90E_ecustom--InvestorsFees_uUSD_c20221211__20221212__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementMember_zbN7lN1WgpAf" title="Investor fees"><ix:nonFraction name="aehl:InvestorsFees" contextRef="From2022-12-112022-12-12_custom_NotePurchaseAgreementMember" id="Fact002198" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,000</ix:nonFraction></span> for investor&#8217;s fees, costs and other transaction expenses in connection with the issuance of the
note. The OID was recognized as a debt discount is amortized over the life of the note. The Note bears interest at <span id="xdx_90E_ecustom--PercentageOfDebtInterest_pid_dp_uPure_c20221211__20221212__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementMember_z7m1tWBu2jr4" title="Debt interest percentage"><ix:nonFraction name="aehl:PercentageOfDebtInterest" contextRef="From2022-12-112022-12-12_custom_NotePurchaseAgreementMember" id="Fact002200" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>% per annum compounding
daily, and has a term of 18 months. All outstanding principal and accrued interest on the Note will become due and payable eighteen (18)
months after the purchase price of the Note is delivered by Purchaser to the Company (the &#8220;Purchase Price Date&#8221;). The Company
may prepay all or a portion of the Note at any time by paying <span id="xdx_90B_ecustom--PrepaymentOutstandingBalancePercentage_pid_dp_uPure_c20221211__20221212__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementMember_zEyX3TPIVoJ8" title="Outstanding balance elected for prepayment"><ix:nonFraction name="aehl:PrepaymentOutstandingBalancePercentage" contextRef="From2022-12-112022-12-12_custom_NotePurchaseAgreementMember" id="Fact002202" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">120</ix:nonFraction></span>% of the outstanding balance elected for pre-payment. The Investor has
the right to redeem the Note at any time six (6) months after the Purchase Price Date (the &#8220;Redemption Start Date&#8221;), subject
to maximum monthly redemption amount of $<span id="xdx_906_ecustom--MaximumMonthlyRedemptionAmount_uUSD_c20221211__20221212__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementMember_zExqCvIF2qTf" title="Redemption amount"><ix:nonFraction name="aehl:MaximumMonthlyRedemptionAmount" contextRef="From2022-12-112022-12-12_custom_NotePurchaseAgreementMember" id="Fact002204" format="ixt:numdotdecimal" decimals="0" unitRef="USD">200,000</ix:nonFraction></span>. The Company should pay the applicable redemption amount in cash to the Investor within
three (3) Trading Days following the investor&#8217;s delivery of a redemption notice. At the end of each month following the Redemption
Start Date, if the Company has not reduced the Outstanding Balance by at least $<span id="xdx_90D_ecustom--OutstandingBalanceOfPromissoryNotes_uUSD_c20221211__20221212__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementMember_z7zwRk5ik1t4" title="Outstanding balance of promissory notes"><ix:nonFraction name="aehl:OutstandingBalanceOfPromissoryNotes" contextRef="From2022-12-112022-12-12_custom_NotePurchaseAgreementMember" id="Fact002206" format="ixt:numdotdecimal" decimals="0" unitRef="USD">200,000</ix:nonFraction></span>, then by the fifth (5th) day of the following
month, the Company must pay in cash to the Investor the difference between $<span id="xdx_90A_ecustom--OutstandingBalanceOfPromissoryNotes_uUSD_c20221211__20221212__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementMember_zc5vwGLgL3Zh" title="Outstanding balance of promissory notes"><ix:nonFraction name="aehl:OutstandingBalanceOfPromissoryNotes" contextRef="From2022-12-112022-12-12_custom_NotePurchaseAgreementMember" id="Fact002208" format="ixt:numdotdecimal" decimals="0" unitRef="USD">200,000</ix:nonFraction></span> and the amount actually redeemed in such month or
the Outstanding Balance will automatically increase by one percent (<span id="xdx_907_ecustom--PercentageOfOutstandingBalance_pid_dp_uPure_c20221211__20221212__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementMember_zIXEaR8wpuVe" title="Outstanding balance percentage"><ix:nonFraction name="aehl:PercentageOfOutstandingBalance" contextRef="From2022-12-112022-12-12_custom_NotePurchaseAgreementMember" id="Fact002210" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1</ix:nonFraction></span>%) as of such fifth (5th) day. Under the Note Purchase Agreement,
while the Note is outstanding, the Company agreed to keep adequate public information available and maintain its Nasdaq listing. Upon
the occurrence of a Trigger Event (as defined in the Note), <span id="xdx_900_ecustom--OutstandingBalanceInterestDescription_c20221212__20221212__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementMember_z56yEIYCpURi" title="Outstanding balance interest description"><ix:nonNumeric contextRef="From2022-12-122022-12-12_custom_NotePurchaseAgreementMember" id="Fact002212" name="aehl:OutstandingBalanceInterestDescription">the Investor shall have the right to increase the balance of the Note by
fifteen percent (15%) for Major Trigger Event (as defined in the Note) and five percent (5%) for Minor Trigger Event (as defined in the
Note). In addition, the Note provides that upon occurrence of an Event of Default, the interest rate shall accrue on the outstanding
balance at the rate equal to the lesser of twenty-two percent (22%) per annum or the maximum rate permitted under applicable law.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During
the year ended December 31, 2023, the Company amortized OID of RMB (US: $<span id="xdx_907_ecustom--AmortizedForDiscount_uUSD_c20230101__20231231__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementOneMember_z7vM8IEta9zc" title="Amortization for discount"><ix:nonFraction name="aehl:AmortizedForDiscount" contextRef="From2023-01-012023-12-31_custom_NotePurchaseAgreementOneMember" id="Fact002214" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,833</ix:nonFraction></span>) and recorded RMB <span id="xdx_908_eifrs-full--InterestExpense_c20230101__20231231__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementOneMember_zouj8sfOLuW6" title="Interest expense"><ix:nonFraction name="ifrs-full:InterestExpense" contextRef="From2023-01-012023-12-31_custom_NotePurchaseAgreementOneMember" id="Fact002216" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">750,932</ix:nonFraction></span> (US: $<span id="xdx_90C_eifrs-full--InterestExpense_uUSD_c20230101__20231231__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementOneMember_zQTQD4sNRp9" title="Interest expense"><ix:nonFraction name="ifrs-full:InterestExpense" contextRef="From2023-01-012023-12-31_custom_NotePurchaseAgreementOneMember" id="Fact002218" format="ixt:numdotdecimal" decimals="0" unitRef="USD">106,050</ix:nonFraction></span>) interest
expense on this Note, and the Company and Lender exchanged these Partitioned Notes of $<span id="xdx_900_ecustom--PartitionalNotes_c20230101__20231231__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementOneMember_zAffJVvZZYRk" title="Partitional notes"><ix:nonFraction name="aehl:PartitionalNotes" contextRef="From2023-01-012023-12-31_custom_NotePurchaseAgreementOneMember" id="Fact002220" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">340,000</ix:nonFraction></span> for the delivery of <span style="background-color: white"><span id="xdx_90E_ecustom--SharesOfCommonStock_c20230101__20231231__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementOneMember_zgfes7k1inY" title="Shares of common stock"><ix:nonFraction name="aehl:SharesOfCommonStock" contextRef="From2023-01-012023-12-31_custom_NotePurchaseAgreementOneMember" id="Fact002222" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">70,867</ix:nonFraction></span></span>
shares of the Company&#8217;s common stock. During the year ended December 31, 2022, the Company amortized OID of RMB <span id="xdx_90D_ecustom--AmortizedForDiscount_c20220101__20221231__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementOneMember_zxLQk1NBFC6j" title="Amortization for discount"><ix:nonFraction name="aehl:AmortizedForDiscount" contextRef="From2022-01-012022-12-31_custom_NotePurchaseAgreementOneMember" id="Fact002224" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">415,624</ix:nonFraction></span> (US:
$<span id="xdx_905_ecustom--AmortizedForDiscount_uUSD_c20220101__20221231__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementOneMember_z8HoLaBARrUh" title="Amortization for discount"><ix:nonFraction name="aehl:AmortizedForDiscount" contextRef="From2022-01-012022-12-31_custom_NotePurchaseAgreementOneMember" id="Fact002226" format="ixt:numdotdecimal" decimals="0" unitRef="USD">60,260</ix:nonFraction></span>) and recorded RMB <span id="xdx_908_eifrs-full--InterestExpense_c20220101__20221231__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementOneMember_zQTMQikCP0vc" title="Interest expense"><ix:nonFraction name="ifrs-full:InterestExpense" contextRef="From2022-01-012022-12-31_custom_NotePurchaseAgreementOneMember" id="Fact002228" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">39,851</ix:nonFraction></span> (US: $<span id="xdx_905_eifrs-full--InterestExpense_uUSD_c20220101__20221231__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementOneMember_zkBVycsvFU4a" title="Interest expense"><ix:nonFraction name="ifrs-full:InterestExpense" contextRef="From2022-01-012022-12-31_custom_NotePurchaseAgreementOneMember" id="Fact002230" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,922</ix:nonFraction></span>) interest expense on this Note. <span style="background-color: white">The Company
recorded RMB<span id="xdx_902_ecustom--LossOnNoteConversion_c20220101__20221231__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementOneMember_z1TQ3AEtQK9l" title="Loss on note conversion"><ix:nonFraction name="aehl:LossOnNoteConversion" contextRef="From2022-01-012022-12-31_custom_NotePurchaseAgreementOneMember" id="Fact002232" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">1,204,000</ix:nonFraction></span> (US: $<span id="xdx_90B_ecustom--LossOnNoteConversion_uUSD_c20220101__20221231__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementOneMember_zUIzQjunLPy6" title="Loss on note conversion"><ix:nonFraction name="aehl:LossOnNoteConversion" contextRef="From2022-01-012022-12-31_custom_NotePurchaseAgreementOneMember" id="Fact002234" format="ixt:numdotdecimal" decimals="0" unitRef="USD">178,863</ix:nonFraction></span>) loss on note conversion in 2023.</span> On September 1, 2023, the Company and the Investor
entered into a standstill agreement with regard to the certain promissory note issued to the Investor dated December 12, 2022.
Pursuant to the standstill agreement, the Investor agreed not to redeem any portion of such promissory note until November 30, 2023.
The Company, in return, agreed to increase the Outstanding Balance of such note by $<span id="xdx_90C_ecustom--OutstandingBalanceOfNotes_uUSD_c20220101__20221231__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementOneMember_zxNYLx5Eai79" title="Outstanding balance of notes"><ix:nonFraction name="aehl:OutstandingBalanceOfNotes" contextRef="From2022-01-012022-12-31_custom_NotePurchaseAgreementOneMember" id="Fact002236" format="ixt:numdotdecimal" decimals="0" unitRef="USD">96,091</ix:nonFraction></span> (the &#8220;Standstill Fee&#8221;) as of
the date thereof. Following the application of the Standstill Fee, as of December 31, 2023, the outstanding principal balance of
this note was RMB <span id="xdx_903_ecustom--PrincipalFaceAmount_c20230101__20231231__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementOneMember_z4kCLKaNU7N5" title="Outstanding principal balance"><ix:nonFraction name="aehl:PrincipalFaceAmount" contextRef="From2023-01-012023-12-31_custom_NotePurchaseAgreementOneMember" id="Fact002238" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">7,596,883</ix:nonFraction></span> (US: $<span id="xdx_904_ecustom--PrincipalFaceAmount_uUSD_c20230101__20231231__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementOneMember_zAhx3O0OCeaf" title="Outstanding principal balance"><ix:nonFraction name="aehl:PrincipalFaceAmount" contextRef="From2023-01-012023-12-31_custom_NotePurchaseAgreementOneMember" id="Fact002240" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,069,999</ix:nonFraction></span>, net of unamortized OID of $<span id="xdx_90B_ecustom--UnamortizedForDiscount_uUSD_c20230101__20231231__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementOneMember_zVQObtlTWdZ2" title="Unamortized original issue discount"><ix:nonFraction name="aehl:UnamortizedForDiscount" contextRef="From2023-01-012023-12-31_custom_NotePurchaseAgreementOneMember" id="Fact002242" format="ixt:numdotdecimal" decimals="0" unitRef="USD">18,593</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 136; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><span style="text-decoration: underline">Unsecured
Promissory Note in July 2023</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
July 26, 2023, the Company entered into a Note Purchase Agreement with an investor, pursuant to which the Company issued to the Purchaser
an unsecured Promissory Note of $<span id="xdx_909_ecustom--UnsecuredPromissoryNote_iI_uUSD_c20230726__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementMember_zkIn0a3N9mf8" title="Unsecured Promissory Note"><ix:nonFraction name="aehl:UnsecuredPromissoryNote" contextRef="AsOf2023-07-26_custom_NotePurchaseAgreementMember" id="Fact002244" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,070,000</ix:nonFraction></span>, for $<span id="xdx_907_ecustom--ProceedsFromPromissoryNotes_uUSD_c20230726__20230726__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementMember_zdCj4V5vDHu1" title="Proceeds from promissory note"><ix:nonFraction name="aehl:ProceedsFromPromissoryNotes" contextRef="From2023-07-262023-07-26_custom_NotePurchaseAgreementMember" id="Fact002246" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000,000</ix:nonFraction></span> in gross proceeds. The Note included an original issue discount (&#8220;OID&#8221;)
of $<span id="xdx_909_ecustom--OriginalIssueDiscount_uUSD_c20230726__20230726__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementMember_ze42Tmj0Lng6" title="Original issue discount"><ix:nonFraction name="aehl:OriginalIssueDiscount" contextRef="From2023-07-262023-07-26_custom_NotePurchaseAgreementMember" id="Fact002248" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000</ix:nonFraction></span> along with $<span id="xdx_90A_ecustom--InvestorsFees_uUSD_c20230726__20230726__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementMember_zG39JN53NT72" title="Investor fees"><ix:nonFraction name="aehl:InvestorsFees" contextRef="From2023-07-262023-07-26_custom_NotePurchaseAgreementMember" id="Fact002250" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,000</ix:nonFraction></span> for investor&#8217;s fees, costs and other transaction expenses in connection with the issuance of the
note. The OID was recognized as a debt discount is amortized over the life of the note. The Note bears interest at <span id="xdx_903_ecustom--PercentageOfDebtInterest_pid_dp_uPure_c20230726__20230726__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementMember_z0SjqXHTydji" title="Debt interest percentage"><ix:nonFraction name="aehl:PercentageOfDebtInterest" contextRef="From2023-07-262023-07-26_custom_NotePurchaseAgreementMember" id="Fact002252" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">8</ix:nonFraction></span>% per annum compounding
daily, and has a term of 18 months. All outstanding principal and accrued interest on the Note will become due and payable eighteen (18)
months after the purchase price of the Note is delivered by Purchaser to the Company (the &#8220;Purchase Price Date&#8221;). The Company
may prepay all or a portion of the Note at any time by paying <span id="xdx_902_ecustom--PrepaymentOutstandingBalancePercentage_pid_dp_uPure_c20230726__20230726__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementMember_zWXoUb7IKNMj" title="Outstanding balance elected for prepayment"><ix:nonFraction name="aehl:PrepaymentOutstandingBalancePercentage" contextRef="From2023-07-262023-07-26_custom_NotePurchaseAgreementMember" id="Fact002254" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">120</ix:nonFraction></span>% of the outstanding balance elected for pre-payment. The Investor has
the right to redeem the Note at any time six (6) months after the Purchase Price Date (the &#8220;Redemption Start Date&#8221;), subject
to maximum monthly redemption amount of $<span id="xdx_904_ecustom--MaximumMonthlyRedemptionAmount_uUSD_c20230726__20230726__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementMember_zAbzSE562u01" title="Redemption amount"><ix:nonFraction name="aehl:MaximumMonthlyRedemptionAmount" contextRef="From2023-07-262023-07-26_custom_NotePurchaseAgreementMember" id="Fact002256" format="ixt:numdotdecimal" decimals="0" unitRef="USD">200,000</ix:nonFraction></span>. The Company should pay the applicable redemption amount in cash to the Investor within
three (3) Trading Days following the investor&#8217;s delivery of a redemption notice. At the end of each month following the Redemption
Start Date, if the Company has not reduced the Outstanding Balance by at least $<span id="xdx_90B_ecustom--OutstandingBalanceOfPromissoryNotes_uUSD_c20230726__20230726__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementMember_zSOKXkG6o8dc" title="Outstanding balance of promissory notes"><ix:nonFraction name="aehl:OutstandingBalanceOfPromissoryNotes" contextRef="From2023-07-262023-07-26_custom_NotePurchaseAgreementMember" id="Fact002258" format="ixt:numdotdecimal" decimals="0" unitRef="USD">160,000</ix:nonFraction></span>, then by the fifth (5th) day of the following
month, the Company must pay in cash to the Investor the difference between $<span id="xdx_907_ecustom--OutstandingBalanceOfPromissoryNotes_uUSD_c20230726__20230726__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementMember_zXuLy6gxrCF8" title="Outstanding balance of promissory notes"><ix:nonFraction name="aehl:OutstandingBalanceOfPromissoryNotes" contextRef="From2023-07-262023-07-26_custom_NotePurchaseAgreementMember" id="Fact002260" format="ixt:numdotdecimal" decimals="0" unitRef="USD">160,000</ix:nonFraction></span> and <span id="xdx_902_ecustom--OutstandingBalanceInterestDescription_iI_c20230726__20230726__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementMember_zckhuf8Prf5g" title="Outstanding balance interest description"><ix:nonNumeric contextRef="From2023-07-262023-07-26_custom_NotePurchaseAgreementMember" id="Fact002262" name="aehl:OutstandingBalanceInterestDescription">the amount actually redeemed in such month or
the Outstanding Balance will automatically increase by one percent (1%) as of such fifth (5th) day. Under the Note Purchase Agreement,
while the Note is outstanding, the Company agreed to keep adequate public information available and maintain its Nasdaq listing.</ix:nonNumeric> </span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During
the year ended December 31, 2023, the Company amortized OID of RMB <span id="xdx_901_ecustom--AmortizedForDiscount_uCNY_c20230101__20231231__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementTwoMember_zSZcn6SasGs3" title="Amortization for discount"><ix:nonFraction name="aehl:AmortizedForDiscount" contextRef="From2023-01-012023-12-31_custom_NotePurchaseAgreementTwoMember" id="Fact002264" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">151,326</ix:nonFraction></span> (US: $<span id="xdx_90F_ecustom--AmortizedForDiscount_uUSD_c20230101__20231231__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementTwoMember_zbOBXPUKT9ne" title="Amortization for discount"><ix:nonFraction name="aehl:AmortizedForDiscount" contextRef="From2023-01-012023-12-31_custom_NotePurchaseAgreementTwoMember" id="Fact002266" format="ixt:numdotdecimal" decimals="0" unitRef="USD">21,371</ix:nonFraction></span>) and recorded RMB <span id="xdx_901_eifrs-full--InterestExpense_uCNY_c20230101__20231231__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementTwoMember_zwxpTFIxJZy8" title="Interest expense"><ix:nonFraction name="ifrs-full:InterestExpense" contextRef="From2023-01-012023-12-31_custom_NotePurchaseAgreementTwoMember" id="Fact002268" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">266,021</ix:nonFraction></span> (US: $<span id="xdx_90C_eifrs-full--InterestExpense_uUSD_c20230101__20231231__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementTwoMember_zdB5UkGmwfw4" title="Interest expense"><ix:nonFraction name="ifrs-full:InterestExpense" contextRef="From2023-01-012023-12-31_custom_NotePurchaseAgreementTwoMember" id="Fact002270" format="ixt:numdotdecimal" decimals="0" unitRef="USD">37,569</ix:nonFraction></span>) interest
expense on this Note. As of December 31, 2023, the outstanding principal balance of this note was RMB <span id="xdx_90A_ecustom--PrincipalFaceAmount_uCNY_c20230101__20231231__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementTwoMember_zKFyzMCjcnWa" title="Outstanding principal balance"><ix:nonFraction name="aehl:PrincipalFaceAmount" contextRef="From2023-01-012023-12-31_custom_NotePurchaseAgreementTwoMember" id="Fact002272" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">7,393,630</ix:nonFraction></span> (US: $<span id="xdx_904_ecustom--PrincipalFaceAmount_uUSD_c20230101__20231231__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementTwoMember_zJ7A23S5ovw1" title="Outstanding principal balance"><ix:nonFraction name="aehl:PrincipalFaceAmount" contextRef="From2023-01-012023-12-31_custom_NotePurchaseAgreementTwoMember" id="Fact002274" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,041,371</ix:nonFraction></span>, net
of unamortized OID of $<span id="xdx_905_ecustom--UnamortizedForDiscount_uUSD_c20230101__20231231__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--NotePurchaseAgreementTwoMember_z6US590Ps6Tb" title="Unamortized original issue discount"><ix:nonFraction name="aehl:UnamortizedForDiscount" contextRef="From2023-01-012023-12-31_custom_NotePurchaseAgreementTwoMember" id="Fact002276" format="ixt:numdotdecimal" decimals="0" unitRef="USD">28,629</ix:nonFraction></span>).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002278" name="ifrs-full:DisclosureOfIssuedCapitalExplanatory"><p id="xdx_808_eifrs-full--DisclosureOfIssuedCapitalExplanatory_zvMBCYKdCVd6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>25.
<span id="xdx_829_z9uzcLogj3sf">SHARE CAPITAL</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
February 21, 2023, the shareholders of the Company approved and adopted an amended and restated memorandum and articles of association
(the &#8220;Amended M&amp;A&#8221;), which changed the authorized issued share capital of the Company from US$<span id="xdx_90A_eifrs-full--ProceedsFromIssueOfOrdinaryShares_uUSD_c20230220__20230221__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--CounterpartiesAxis__custom--MemorandumAndArticlesOfAssociationMember_zbsuIL9LYP8k" title="Authorized issued share capital"><ix:nonFraction name="ifrs-full:ProceedsFromIssueOfOrdinaryShares" contextRef="From2023-02-202023-02-21_custom_NonadjustingEventMember_custom_MemorandumAndArticlesOfAssociationMember" id="Fact002280" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,800,000</ix:nonFraction></span> divided into
<span id="xdx_901_eifrs-full--NumberOfSharesAuthorised_iI_c20230221__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--CounterpartiesAxis__custom--MemorandumAndArticlesOfAssociationMember_zL2ViBDOUDxl" title="Number of shares authorized"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2023-02-21_custom_NonadjustingEventMember_custom_MemorandumAndArticlesOfAssociationMember" id="Fact002282" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000,000</ix:nonFraction></span> ordinary shares with a par value of US$<span id="xdx_907_eifrs-full--ParValuePerShare_iI_pid_uUSDPShares_c20230221__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--CounterpartiesAxis__custom--MemorandumAndArticlesOfAssociationMember_zdYfrbkQPcg" title="Par value per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2023-02-21_custom_NonadjustingEventMember_custom_MemorandumAndArticlesOfAssociationMember" id="Fact002284" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.024</ix:nonFraction></span> each, to (i) <span id="xdx_90E_eifrs-full--NumberOfSharesIssued_iI_pid_c20230221__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--CounterpartiesAxis__custom--MemorandumAndArticlesOfAssociationMember_zqQrzk5Zr6R3" title="Ordinary shares redesignated"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-02-21_custom_NonadjustingEventMember_custom_MemorandumAndArticlesOfAssociationMember" id="Fact002286" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">250,000,000</ix:nonFraction></span> ordinary shares re-designated as (a) <span id="xdx_901_eifrs-full--NumberOfSharesAuthorised_iI_pid_c20230221__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--ClassesOfOrdinarySharesAxis__custom--ClassAOrdinarySharesMember_zO6eug7gtWvc" title="Ordinary shares authorized"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2023-02-21_custom_NonadjustingEventMember_custom_ClassAOrdinarySharesMember" id="Fact002288" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000,000</ix:nonFraction></span> Class
A ordinary shares with no par value each, and (b) <span id="xdx_90A_eifrs-full--NumberOfSharesAuthorised_iI_pid_c20230221__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--ClassesOfOrdinarySharesAxis__custom--ClassBOrdinarySharesMember_zVzygwY4Rt4d" title="Ordinary shares"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2023-02-21_custom_NonadjustingEventMember_custom_ClassBOrdinarySharesMember" id="Fact002290" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000,000</ix:nonFraction></span> Class B ordinary shares with no par value each, and (ii) <span id="xdx_907_ecustom--PreferredSharesAuthorizedCapital_iI_pid_c20230221__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_z4dC31YxUnO5" title="Preferred shares issued capital"><ix:nonFraction name="aehl:PreferredSharesAuthorizedCapital" contextRef="AsOf2023-02-21_custom_NonadjustingEventMember" id="Fact002292" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000,000</ix:nonFraction></span> preferred
shares with no par value each, (the &#8220;Re-Designation of the Authorized Capital&#8221;). Each Class A ordinary share is entitled
to one (1) vote and each Class B ordinary share is entitled to twenty (20) votes. In connection with the Re-Designation of the Authorized
Capital, <span id="xdx_90C_eifrs-full--NumberOfSharesAuthorised_iI_pid_c20230221__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zwNyCj4xxNRe" title="Number of shares authorized"><ix:nonFraction name="ifrs-full:NumberOfSharesAuthorised" contextRef="AsOf2023-02-21_custom_NonadjustingEventMember" id="Fact002294" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">977,755</ix:nonFraction></span> ordinary shares owned by Mr. Weilai (Will) Zhang then were converted into <span id="xdx_90D_eifrs-full--NumberOfSharesOutstanding_iI_pid_c20230221__srt--TitleOfIndividualAxis__custom--MrWeilaiZhangMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_z7rhFqARp4Yi" title="Number of shares outstanding"><ix:nonFraction name="ifrs-full:NumberOfSharesOutstanding" contextRef="AsOf2023-02-21_custom_MrWeilaiZhangMember_custom_NonadjustingEventMember" id="Fact002296" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">977,755</ix:nonFraction></span> Class B ordinary shares, and the rest
of the then outstanding and issued outstanding ordinary shares were converted into Class A ordinary shares on an one-for-one basis.</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002298" name="ifrs-full:DisclosureOfClassesOfShareCapitalExplanatory"><p id="xdx_894_eifrs-full--DisclosureOfClassesOfShareCapitalExplanatory_zFh7y9d7Mdlf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B0_zIjvus1BPtc2" style="display: none">&#160;<span id="xdx_8BD_z6bQLTaoVt21">SCHEDULE
OF INFORMATION ABOUT CLASSES OF SHARE CAPITAL</span></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2023</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, 2022</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
    shares</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
    shares</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized:</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eifrs-full--NumberOfSharesOutstanding_iS_pid_c20220101__20221231_zJNSIQReRxNc" title="Number of shares outstanding beginning" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfSharesOutstanding" contextRef="AsOf2021-12-31" id="Fact002318" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">597,610</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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</ix:nonNumeric><p id="xdx_8AE_zNNaMUL2dTg8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>


<ix:exclude><!-- Field: Page; Sequence: 137; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
September 3, 2020, the Company effected a reverse stock split, every three issued and outstanding ordinary shares as of the effective
date will automatically be combined into one issued and outstanding share. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
September 18, 2023, the Company effected a one-for-ten reverse split of its issued and outstanding Class A ordinary shares. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Equity
Financing </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
February 12, 2021, the Company entered into a Securities Purchase Agreement with certain institutional investors for the sale of <span id="xdx_909_ecustom--AggregateTheNumberOfShareSale_pid_c20210212__20210212_zTYvX0VmuWcf" title="Aggregate the number of share sale"><ix:nonFraction name="aehl:AggregateTheNumberOfShareSale" contextRef="From2021-02-122021-02-12" id="Fact002336" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">588,235</ix:nonFraction></span>
common shares, at a purchase price of $<span id="xdx_90A_ecustom--PurchasePriceOfPerShare_pid_uUSDPShares_c20210212__20210212_z1c4dbp0Vqwa" title="Purchase price of per share"><ix:nonFraction name="aehl:PurchasePriceOfPerShare" contextRef="From2021-02-122021-02-12" id="Fact002338" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.57</ix:nonFraction></span> per share. Concurrently with the sale of the Common Shares, pursuant to the Purchase Agreement
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The net proceeds from the transactions will be approximately US$<span id="xdx_900_ecustom--ProceedsFromOffering_pn4n6_uUSD_c20210212__20210212_zW5wvpYM1pv8" title="Proceeds from offering"><ix:nonFraction name="aehl:ProceedsFromOffering" contextRef="From2021-02-122021-02-12" id="Fact002350" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="USD">1.86</ix:nonFraction></span> million, after deducting certain fees due to the placement agent
and the Company&#8217;s estimated transaction expenses, and will be used for working capital and general corporate purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
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<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" continuedAt="ConU002368-01" escape="true" id="Fact002368" name="aehl:DisclosureOfFairValueOfOtherThanEquityInstrumentExplanatory"><p id="xdx_897_ecustom--DisclosureOfFairValueOfOtherThanEquityInstrumentExplanatory_gL3DOFVOOTEIE-YIA_zYqu6QWVw6j1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BC_z8u4JZq92gf2" style="display: none">SCHEDULE
OF PRINCIPAL ASSUMPTIONS USED IN VALUATION</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grant
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_ecustom--ExpectedDividendYieldPercentageWarrantGranted_pid_dp_uPure_c20210217__20210217_zJsDYDNV54d4" title="Dividend yield"><ix:nonFraction name="aehl:ExpectedDividendYieldPercentageWarrantGranted" contextRef="From2021-02-172021-02-17" id="Fact002382" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    interest rate</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--DescriptionOfRiskFreeInterestRateWarrantGranted_pid_dp_uPure_c20210217__20210217_zaTgMnqXKQk1" title="Risk-free interest rate"><ix:nonFraction name="aehl:DescriptionOfRiskFreeInterestRateWarrantGranted" contextRef="From2021-02-172021-02-17" id="Fact002384" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.57</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average
    fair value at grant date</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eifrs-full--WeightedAverageFairValueAtMeasurementDateOtherEquityInstrumentsGranted_iI_pp3p0_uUSD_c20210217_zbU2vs99CPm5" title="Average fair value at grant date"><ix:nonFraction name="ifrs-full:WeightedAverageFairValueAtMeasurementDateOtherEquityInstrumentsGranted" contextRef="AsOf2021-02-17" id="Fact002386" format="ixt:numdotdecimal" decimals="3" scale="0" unitRef="USD">3.54</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A0_zPvqGhjlBEb9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
June 10, 2021, the Company commenced a registered direct offering of securities, and executed a Securities Purchase Agreement (the &#8220;SPA&#8221;)
with <span id="xdx_90D_ecustom--NumberOfInstitutionalAccreditedInvestors_dc_uInvestors_c20210610__20210610_zlNNSKoDuOsd" title="Number of institutional accredited investors"><ix:nonFraction name="aehl:NumberOfInstitutionalAccreditedInvestors" contextRef="From2021-06-102021-06-10" id="Fact002388" format="ixt-sec:numwordsen" decimals="INF" unitRef="Investors">three</ix:nonFraction></span> institutional accredited investors pursuant to which it sold <span id="xdx_908_eifrs-full--NumberOfSharesIssued_iI_pid_c20210610__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--SecuritiesPurchaseAgreementMember_zLRBB35h7fgc" title="Number of institutional accredited investors"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2021-06-10_custom_SecuritiesPurchaseAgreementMember" id="Fact002390" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">913,875</ix:nonFraction></span> of the Company&#8217;s common shares at the per share
price of $<span id="xdx_90A_ecustom--PurchasePriceOfPerShare_pid_uUSDPShares_c20210610__20210610__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--SecuritiesPurchaseAgreementMember_zoZgHArDZ8vl" title="Purchase price of per share"><ix:nonFraction name="aehl:PurchasePriceOfPerShare" contextRef="From2021-06-102021-06-10_custom_SecuritiesPurchaseAgreementMember" id="Fact002392" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.48</ix:nonFraction></span> (which was priced in excess of the average of the five-day closing price for the Company&#8217;s common shares preceding
execution of the SPA, which was $<span id="xdx_909_ecustom--ClosingPriceForCommonSharesPrecedingExecutionOfSpa_uUSDPShares_c20210610__20210610__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--SecuritiesPurchaseAgreementMember__ifrs-full--ComponentsOfEquityAxis__custom--InvestorWarrantsMember_zYYZ539kuaue" title="Closing price for the common shares preceding execution of the SPA"><ix:nonFraction name="aehl:ClosingPriceForCommonSharesPrecedingExecutionOfSpa" contextRef="From2021-06-102021-06-10_custom_SecuritiesPurchaseAgreementMember_custom_InvestorWarrantsMember" id="Fact002394" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.42</ix:nonFraction></span>). In a concurrent private placement, the Company sold to such investors warrants to purchase <span id="xdx_901_ecustom--WarrantNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20210610__ifrs-full--ComponentsOfEquityAxis__custom--InvestorWarrantsMember_zkh1SUKMgTgb" title="Warrants to purchase shares of common stock"><ix:nonFraction name="aehl:WarrantNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2021-06-10_custom_InvestorWarrantsMember" id="Fact002396" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">913,875</ix:nonFraction></span>
common shares (the &#8220;Investor Warrants&#8221;). The Investor Warrants have an exercise price per share of $<span id="xdx_905_ecustom--WarrantsExercisePricePerShare_iI_pid_uUSDPShares_c20210610__ifrs-full--ComponentsOfEquityAxis__custom--InvestorWarrantsMember_z7gZ1vCNYBcg" title="Purchase price of per share"><ix:nonFraction name="aehl:WarrantsExercisePricePerShare" contextRef="AsOf2021-06-10_custom_InvestorWarrantsMember" id="Fact002398" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.42</ix:nonFraction></span>, subject to adjustment,
and have a term of <span id="xdx_90B_ecustom--WarrantLife_dc_c20210610__20210610__ifrs-full--ComponentsOfEquityAxis__custom--InvestorWarrantsMember_z8EyS0Aal35l" title="Purchase price of per share"><ix:nonNumeric contextRef="From2021-06-102021-06-10_custom_InvestorWarrantsMember" format="ixt-sec:durwordsen" id="Fact002400" name="aehl:WarrantLife">five years</ix:nonNumeric></span>. The transactions yielded gross proceeds to the Company of $<span id="xdx_901_ecustom--ProceedsFromOffering_uUSD_c20210610__20210610__ifrs-full--ComponentsOfEquityAxis__custom--InvestorWarrantsMember_zAxTr7cPN0If" title="Purchase price of per share"><ix:nonFraction name="aehl:ProceedsFromOffering" contextRef="From2021-06-102021-06-10_custom_InvestorWarrantsMember" id="Fact002402" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,180,285</ix:nonFraction></span>, before the payment of commissions
and expenses. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
addition, the Company issued warrants (the &#8220;Placement Agent Warrants&#8221;) to the Placement Agent to purchase a number of common
shares equal to <span id="xdx_90B_ecustom--PercentageOfAggregateNumberOfSharesSoldInOffering_pid_dp_uPure_c20210610__20210610__ifrs-full--ComponentsOfEquityAxis__custom--PlacementAgentWarrantsMember_zuHrtYzkqF0k" title="Percentage of aggregate number of shares sold in offering"><ix:nonFraction name="aehl:PercentageOfAggregateNumberOfSharesSoldInOffering" contextRef="From2021-06-102021-06-10_custom_PlacementAgentWarrantsMember" id="Fact002404" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.0</ix:nonFraction></span>% of the aggregate number of shares sold to the investors in this offering, as well as the warrant shares issuable
upon exercise of the Warrants issued in the concurrent private placement, as additional placement agency compensation. The Placement
Agent Warrants have substantially the same terms as the Investor Warrants, except that the Placement Agent Warrants will have an exercise
price of $<span id="xdx_90D_ecustom--WarrantsExercisePricePerShare_iI_uUSDPShares_c20210610__ifrs-full--ComponentsOfEquityAxis__custom--PlacementAgentWarrantsMember_zmHJAjEmkz5l" title="Warrants exercise price per share"><ix:nonFraction name="aehl:WarrantsExercisePricePerShare" contextRef="AsOf2021-06-10_custom_PlacementAgentWarrantsMember" id="Fact002406" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.35</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_C02_gL3DOFVOOTEIE-YIA_zcCcq6ai4GFg"><ix:continuation continuedAt="ConU002368-02" id="ConU002368-01">&#160;</ix:continuation></span></span></p>

<div id="xdx_C0F_gL3DOFVOOTEIE-YIA_zzpIMwHK386e" style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><ix:continuation continuedAt="ConU002368-03" id="ConU002368-02"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grant
    date (investors and placement agent, respectively)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eifrs-full--DateOfGrantOfSharebasedPaymentArrangement_c20210614__20210614_zmsasJLn2Lyg" title="Grant date"><ix:nonNumeric contextRef="From2021-06-142021-06-14" id="Fact002408" name="ifrs-full:DateOfGrantOfSharebasedPaymentArrangement">June
    14, 2021</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
    price at date of grant (investors and placement agent, respectively)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_pid_uUSDPShares_c20210614__20210614_zIvAtoSLeN1b" title="Share price at date of grant"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2021-06-142021-06-14" id="Fact002410" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.15</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise
    price at date of grant (investors and placement agent, respectively)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eifrs-full--ExercisePriceShareOptionsGranted2019_pid_uUSDPShares_c20210614__20210614__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zCY4pMXJDxwb" title="Exercise price at date of grant"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2021-06-142021-06-14_ifrs-full_BottomOfRangeMember" id="Fact002412" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.42</ix:nonFraction></span>
    &amp; <span id="xdx_906_eifrs-full--ExercisePriceShareOptionsGranted2019_pid_uUSDPShares_c20210614__20210614__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zwfzQSEDSMAk" title="Exercise price at date of grant"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2021-06-142021-06-14_ifrs-full_TopOfRangeMember" id="Fact002414" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.35</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eifrs-full--DescriptionOfExpectedVolatilityShareOptionsGranted_pid_dp_uPure_c20210614__20210614__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zWurcVnRGNl7" title="Volatility"><ix:nonFraction name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" contextRef="From2021-06-142021-06-14_ifrs-full_TopOfRangeMember" id="Fact002416" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">115</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant
    life</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_ecustom--WarrantLife_dtY_c20210614__20210614__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zi2JNtSxCfDe" title="Warrant life"><ix:nonNumeric contextRef="From2021-06-142021-06-14_ifrs-full_TopOfRangeMember" format="ixt-sec:duryear" id="Fact002418" name="aehl:WarrantLife">5</ix:nonNumeric></span>
    years</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
    yield</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_ecustom--ExpectedDividendYieldPercentageWarrantGranted_pid_dp_uPure_c20210614__20210614_zaVC1H6MFnI1" title="Dividend yield"><ix:nonFraction name="aehl:ExpectedDividendYieldPercentageWarrantGranted" contextRef="From2021-06-142021-06-14" id="Fact002420" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk-free
    interest rate</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--DescriptionOfRiskFreeInterestRateWarrantGranted_pid_dp_uPure_c20210614__20210614_zduw0zDmPKpd" title="Risk-free interest rate"><ix:nonFraction name="aehl:DescriptionOfRiskFreeInterestRateWarrantGranted" contextRef="From2021-06-142021-06-14" id="Fact002422" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0.80</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average
    fair value at grant date</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eifrs-full--WeightedAverageFairValueAtMeasurementDateOtherEquityInstrumentsGranted_iI_pp3p0_uUSD_c20210614_zrtpMoFse7J2" title="Average fair value at grant date"><ix:nonFraction name="ifrs-full:WeightedAverageFairValueAtMeasurementDateOtherEquityInstrumentsGranted" contextRef="AsOf2021-06-14" id="Fact002424" format="ixt:numdotdecimal" decimals="3" scale="0" unitRef="USD">2.50</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:continuation></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_C02_gL3DOFVOOTEIE-YIA_zqBREnkrGati"><ix:continuation continuedAt="ConU002368-04" id="ConU002368-03">&#160;</ix:continuation></span></span></p>


<ix:exclude><!-- Field: Page; Sequence: 138; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
September 30, 2022, the Company commenced a registered direct offering of securities, and executed a Securities Purchase Agreement (the
&#8220;SPA&#8221;) with <span id="xdx_90B_ecustom--NumberOfInstitutionalAccreditedInvestors_dc_uInvestors_c20220930__20220930_zkdF0b6RfF5b" title="Number of institutional accredited investors"><ix:nonFraction name="aehl:NumberOfInstitutionalAccreditedInvestors" contextRef="From2022-09-302022-09-30" id="Fact002426" format="ixt-sec:numwordsen" decimals="INF" unitRef="Investors">two</ix:nonFraction></span> institutional accredited investors pursuant to which it sold <span id="xdx_903_eifrs-full--NumberOfSharesIssued_iI_c20220930__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--SecuritiesPurchaseAgreementMember_zifu0w6Z4vXk" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2022-09-30_custom_SecuritiesPurchaseAgreementMember" id="Fact002428" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,666,667</ix:nonFraction></span> of the Company&#8217;s common shares
at the per share price of $<span id="xdx_906_ecustom--PurchasePriceOfPerShare_uUSDPShares_c20220930__20220930__custom--CollaborativeArrangementAndArrangementOtherThanCollaborativeAxis__custom--SecuritiesPurchaseAgreementMember_zSi36RtX34mk" title="Purchase price of per share"><ix:nonFraction name="aehl:PurchasePriceOfPerShare" contextRef="From2022-09-302022-09-30_custom_SecuritiesPurchaseAgreementMember" id="Fact002430" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.60</ix:nonFraction></span>. In a concurrent private placement, the Company sold to such investors warrants to purchase <span id="xdx_90D_ecustom--WarrantNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20220930__ifrs-full--ComponentsOfEquityAxis__custom--InvestorWarrantsMember_zPUrS2ZUZRJl" title="Warrants to purchase shares of common stock"><ix:nonFraction name="aehl:WarrantNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2022-09-30_custom_InvestorWarrantsMember" id="Fact002432" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,666,667</ix:nonFraction></span>
common shares (the &#8220;Investor Warrants&#8221;). The Investor Warrants have an exercise price per share of $<span id="xdx_906_ecustom--WarrantsExercisePricePerShare_iI_uUSDPShares_c20220930__ifrs-full--ComponentsOfEquityAxis__custom--InvestorWarrantsMember_z155FebJjq8c" title="Warrants exercise price per share"><ix:nonFraction name="aehl:WarrantsExercisePricePerShare" contextRef="AsOf2022-09-30_custom_InvestorWarrantsMember" id="Fact002434" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.82</ix:nonFraction></span>, subject to adjustment,
and have a term of five years. The transactions yielded gross proceeds to the Company of $<span id="xdx_909_ecustom--ProceedsFromOffering_uUSD_c20220930__20220930__ifrs-full--ComponentsOfEquityAxis__custom--InvestorWarrantsMember_zkUMIXpF1TPh" title="Proceeds from offering"><ix:nonFraction name="aehl:ProceedsFromOffering" contextRef="From2022-09-302022-09-30_custom_InvestorWarrantsMember" id="Fact002436" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000,000</ix:nonFraction></span>, before the payment of commissions
and expenses. The offering was closed on October 4, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
addition, the Company issued warrants (the &#8220;Placement Agent Warrants&#8221;) to the Placement Agent to purchase a number of common
shares equal to <span id="xdx_907_ecustom--PercentageOfAggregateNumberOfSharesSoldInOffering_pid_dp_uPure_c20220930__20220930__ifrs-full--ComponentsOfEquityAxis__custom--PlacementAgentWarrantsMember_zXxU6V6ps015" title="Percentage of aggregate number of shares sold in offering"><ix:nonFraction name="aehl:PercentageOfAggregateNumberOfSharesSoldInOffering" contextRef="From2022-09-302022-09-30_custom_PlacementAgentWarrantsMember" id="Fact002438" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5.0</ix:nonFraction></span>% of the aggregate number of shares sold to the investors in this offering, as well as the warrant shares issuable
upon exercise of the Warrants issued in the concurrent private placement, as additional placement agency compensation. The Placement
Agent Warrants have substantially the same terms as the Investor Warrants, except that the Placement Agent Warrants will have an exercise
price of $<span id="xdx_901_ecustom--WarrantsExercisePricePerShare_iI_uUSDPShares_c20220930__ifrs-full--ComponentsOfEquityAxis__custom--PlacementAgentWarrantsMember_zZjReHiGejRg" title="Warrants exercise price per share"><ix:nonFraction name="aehl:WarrantsExercisePricePerShare" contextRef="AsOf2022-09-30_custom_PlacementAgentWarrantsMember" id="Fact002440" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.75</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_C0E_gL3DOFVOOTEIE-YIA_zItnBtHM72Ze"><ix:continuation continuedAt="ConU002368-05" id="ConU002368-04">&#160;</ix:continuation></span></span></p>

<div id="xdx_C01_gL3DOFVOOTEIE-YIA_zhhqGIOJx8cd" style="margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><ix:continuation continuedAt="ConU002368-06" id="ConU002368-05"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grant
    date (investors and placement agent, respectively)</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eifrs-full--DateOfGrantOfSharebasedPaymentArrangement_c20221004__20221004_zjfqaZ6ita1d" title="Grant date"><ix:nonNumeric contextRef="From2022-10-042022-10-04" id="Fact002442" name="ifrs-full:DateOfGrantOfSharebasedPaymentArrangement">October
    4, 2022</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
    price at date of grant (investors and placement agent, respectively)</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eifrs-full--NumberOfInstrumentsOtherEquityInstrumentsGranted_pid_uUSDPShares_c20221004__20221004_z4NYbP6dhZu6" title="Share price at date of grant"><ix:nonFraction name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" contextRef="From2022-10-042022-10-04" id="Fact002444" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.58</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise
    price at date of grant (investors and placement agent, respectively)</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eifrs-full--ExercisePriceShareOptionsGranted2019_pid_uUSDPShares_c20221004__20221004__ifrs-full--RangeAxis__ifrs-full--BottomOfRangeMember_zG0cO9IZnq43" title="Exercise price at date of grant"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-10-042022-10-04_ifrs-full_BottomOfRangeMember" id="Fact002446" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.82</ix:nonFraction></span>
    &amp; <span id="xdx_90E_eifrs-full--ExercisePriceShareOptionsGranted2019_pid_uUSDPShares_c20221004__20221004__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zCcN08oL1977" title="Exercise price at date of grant"><ix:nonFraction name="ifrs-full:ExercisePriceShareOptionsGranted2019" contextRef="From2022-10-042022-10-04_ifrs-full_TopOfRangeMember" id="Fact002448" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.75</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eifrs-full--DescriptionOfExpectedVolatilityShareOptionsGranted_pid_dp_uPure_c20221004__20221004__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zwsuuYlLtMsa" title="Volatility"><ix:nonFraction name="ifrs-full:DescriptionOfExpectedVolatilityShareOptionsGranted" contextRef="From2022-10-042022-10-04_ifrs-full_TopOfRangeMember" id="Fact002450" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">104</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant
    life</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_ecustom--WarrantLife_dtY_c20221004__20221004__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zz4lNidPQxVf" title="Warrant life"><ix:nonNumeric contextRef="From2022-10-042022-10-04_ifrs-full_TopOfRangeMember" format="ixt-sec:duryear" id="Fact002452" name="aehl:WarrantLife">5</ix:nonNumeric></span>
    years</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
    yield</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--ExpectedDividendYieldPercentageWarrantGranted_pid_dp_uPure_c20221004__20221004_z4yvDuDjgoQ7" title="Dividend yield"><ix:nonFraction name="aehl:ExpectedDividendYieldPercentageWarrantGranted" contextRef="From2022-10-042022-10-04" id="Fact002454" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">0</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risk-free
    interest rate</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_ecustom--DescriptionOfRiskFreeInterestRateWarrantGranted_pid_dp_uPure_c20221004__20221004_z80i0LWIjbB" title="Risk-free interest rate"><ix:nonFraction name="aehl:DescriptionOfRiskFreeInterestRateWarrantGranted" contextRef="From2022-10-042022-10-04" id="Fact002456" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">3.96</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average
    fair value at grant date</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eifrs-full--WeightedAverageFairValueAtMeasurementDateOtherEquityInstrumentsGranted_iI_pp3p0_uUSD_c20221004_zQ2BVnVNQdDi" title="Average fair value at grant date"><ix:nonFraction name="ifrs-full:WeightedAverageFairValueAtMeasurementDateOtherEquityInstrumentsGranted" contextRef="AsOf2022-10-04" id="Fact002458" format="ixt:numdotdecimal" decimals="3" scale="0" unitRef="USD">0.43</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:continuation></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_C0B_gL3DOFVOOTEIE-YIA_znXqjGNkdNc1"><ix:continuation id="ConU002368-06">&#160;</ix:continuation></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 10, 2023, the Company entered into a certain securities purchase agreement (the &#8220;SPA&#8221;) with Mr. Weilai (Will) Zhang,
the Chief Executive Officer of the Company, Mr. Ishak Han, a director of the Company, and another sophisticated purchaser (collectively,
the &#8220;Purchasers&#8221;), pursuant to which the Company agreed to sell <span id="xdx_900_eifrs-full--NumberOfSharesIssued_iI_pid_c20230110_zA7f56mOXw6i" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-01-10" id="Fact002460" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,625,000</ix:nonFraction></span> ordinary shares (pre-reverse split), par value
$<span id="xdx_904_eifrs-full--ParValuePerShare_iI_pid_uUSDPShares_c20230110_z7TnpmCcqiV" title="Par value per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2023-01-10" id="Fact002462" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.024</ix:nonFraction></span> per share (the &#8220;Ordinary Shares&#8221;), at a per share purchase price of $<span id="xdx_90C_ecustom--ShareIssuedPricePerShare_iI_uUSDPShares_c20230110_ztMvNXJXn80c" title="Share issued price per share"><ix:nonFraction name="aehl:ShareIssuedPricePerShare" contextRef="AsOf2023-01-10" id="Fact002464" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.80</ix:nonFraction></span> (the &#8220;Offering&#8221;). This Offering
was unanimously approved by the disinterested directors and the board of directors of the Company. The gross proceeds to the Company
from this Offering are $<span id="xdx_906_eifrs-full--ProceedsFromIssuingShares_pn5n6_uUSD_c20230110__20230110_zchPrL4lUu57" title="Proceeds from issuing shares"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2023-01-102023-01-10" id="Fact002466" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">1.3</ix:nonFraction></span> million, before deducting any fees or expenses. The Company plans to use the net proceeds from this Offering
for the expansion of its social ecommerce business and for general corporate purposes. The Offering closed on January 12, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 13, 2023, the Company entered into a certain securities purchase agreement (the &#8220;SPA&#8221;) with a certain purchaser (collectively,
the &#8220;Purchasers&#8221;), pursuant to which the Company agreed to sell <span id="xdx_905_eifrs-full--NumberOfSharesIssued_iI_pid_c20230113_z6O2ROj3JUwh" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-01-13" id="Fact002468" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,234,568</ix:nonFraction></span> Class A ordinary shares (pre-reverse split), par
value $<span id="xdx_90B_eifrs-full--ParValuePerShare_iI_pid_uUSDPShares_c20230113_zPVBAzAAcwA" title="Par value per share"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2023-01-13" id="Fact002470" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.024</ix:nonFraction></span> per share (the &#8220;Ordinary Shares&#8221;), at a per share purchase price of $<span id="xdx_90A_ecustom--ShareIssuedPricePerShare_iI_uUSDPShares_c20230113_ztOZfdnPIYSh" title="Share issued price per share"><ix:nonFraction name="aehl:ShareIssuedPricePerShare" contextRef="AsOf2023-01-13" id="Fact002472" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.81</ix:nonFraction></span> (the &#8220;Offering&#8221;), the
closing price of the Ordinary Shares on the Nasdaq Capital Market as of January 10, 2023. The gross proceeds to the Company from this
Offering are approximately $<span id="xdx_902_eifrs-full--ProceedsFromIssuingShares_pn6n6_uUSD_c20230113__20230113_zfd6tE9qIX22" title="Proceeds from issuing shares"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2023-01-132023-01-13" id="Fact002474" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">1</ix:nonFraction></span> million, before deducting any fees or expenses. The Company plans to use the net proceeds from this Offering
for the expansion of its social ecommerce business and for general corporate purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 30, 2023, the Company entered into a certain securities purchase agreement (the &#8220;SPA&#8221;) with five sophisticated investors
(collectively, the &#8220;Purchasers&#8221;), pursuant to which the Company agreed to sell <span id="xdx_90A_eifrs-full--NumberOfSharesIssued_iI_pid_c20230330_zQBRLho68Gdg"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-03-30" id="Fact002475" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,681,820</ix:nonFraction></span> Class A ordinary shares (pre-reverse
split), no par value (the &#8220;Ordinary Shares&#8221;), at a per share purchase price of $<span id="xdx_908_ecustom--ShareIssuedPricePerShare_iI_uUSDPShares_c20230330_zJgrSipTMRpl" title="Share issued price per share"><ix:nonFraction name="aehl:ShareIssuedPricePerShare" contextRef="AsOf2023-03-30" id="Fact002477" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.88</ix:nonFraction></span> (the &#8220;Offering&#8221;). Upon closing
of this offering, these two beneficial owners of the Purchasers will have approximately <span id="xdx_901_eifrs-full--ProportionOfVotingPowerHeldInAssociate_pid_dp_c20230330__20230330_zgmYxa0NFUM7"><ix:nonFraction name="ifrs-full:ProportionOfVotingPowerHeldInAssociate" contextRef="From2023-03-302023-03-30" id="Fact002478" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">15.15</ix:nonFraction></span>% of the total voting power of the Company,
and the Company&#8217;s CEO and Chairman, Weilai (Will) Zhang, will have about <span id="xdx_905_eifrs-full--ProportionOfVotingPowerHeldInAssociate_pid_dp_c20230330__20230330__ifrs-full--CounterpartiesAxis__custom--WeilaiWillZhangMember_z7IqSyg9oOm"><ix:nonFraction name="ifrs-full:ProportionOfVotingPowerHeldInAssociate" contextRef="From2023-03-302023-03-30_custom_WeilaiWillZhangMember" id="Fact002479" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">52.13</ix:nonFraction></span>% of the total voting power of the Company. The gross
proceeds to the Company from this Offering are approximately $<span id="xdx_90B_eifrs-full--ProceedsFromIssuingShares_pn6n6_uUSD_c20230330__20230330_ztJg8RzkxWl8" title="Proceeds from issuing shares"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2023-03-302023-03-30" id="Fact002481" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">5</ix:nonFraction></span> million, before deducting any fees or expenses. The Company has issued
the Class A ordinary shares on April 12, 2023 and the Offering was closed on the same day as all closing conditions were satisfied. The
Company plans to use the net proceeds from this Offering for general corporate purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 139; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
August 2, 2023, </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Company entered <span style="background-color: white">into
a certain securities purchase agreement with an investor, pursuant to which the Company agreed to sell <span id="xdx_90C_eifrs-full--NumberOfSharesIssued_iI_pid_c20230802_zXrKDxPZqzr8" title="Number oif shares sold"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-08-02" id="Fact002483" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,083,333</ix:nonFraction></span> Class A ordinary shares
(pre-reverse split), at a per share purchase price of $<span id="xdx_908_ecustom--ShareIssuedPricePerShare_iI_uUSDPShares_c20230802_zatghxJr9og3" title="Share issued price per share"><ix:nonFraction name="aehl:ShareIssuedPricePerShare" contextRef="AsOf2023-08-02" id="Fact002485" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.48</ix:nonFraction></span> (the &#8220;Offering&#8221;). The gross proceeds to the Company from this
Offering are approximately $<span id="xdx_906_eifrs-full--ProceedsFromIssuingShares_pn6n6_uUSD_c20230802__20230802_zVRm0lnjKVDd" title="Proceeds from issuing shares"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2023-08-022023-08-02" id="Fact002487" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">1</ix:nonFraction></span> million, before deducting any fees or expenses. The Company has issued the Class A ordinary shares on August
2, 2023 and the Offering was closed on the same day as all closing conditions were satisfied. The Company plans to use the net proceeds
from this Offering for general corporate purposes.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Following
is a summary of the warrant activity (post-reverse stock split) for the years ended December 31, 2023 and 2022:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002489" name="aehl:DisclosureOfWarrantActivityExplanatory"><p id="xdx_890_ecustom--DisclosureOfWarrantActivityExplanatory_zBvLcHIScHEi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B7_zGWEoWIOPM29" style="display: none">SCHEDULE OF SUMMARY OF THE WARRANT ACTIVITY</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_ecustom--WeightedAverageRemainingContractualLifeOtherThanOptionOutstanding_dtY_c20210101__20211231_zyOqEEgx5C1" title="Weighted average remaining contractual term in years, outstanding"><ix:nonNumeric contextRef="From2021-01-012021-12-31" format="ixt-sec:duryear" id="Fact002495" name="aehl:WeightedAverageRemainingContractualLifeOtherThanOptionOutstanding">4.14</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement2019_pid_c20230101__20231231_zzmJGMeSBzig" title="Average exercise price, expired"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsExpiredInSharebasedPaymentArrangement2019" contextRef="From2023-01-01to2023-12-31" id="Fact002523" format="ixt:numdotdecimal" decimals="INF" unitRef="CNYPShares">38.1</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8212;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_98C_eifrs-full--NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_iE_c20230101__20231231_zKhRi1YCPc1k" title="Number of warrants, outstanding, ending balance" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" contextRef="AsOf2023-12-31" id="Fact002525" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="EquityInstruments">362,955</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_983_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019_iE_pid_c20230101__20231231_zHWevP7CDwJg" title="Average exercise price, outstanding, ending balance" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" contextRef="AsOf2023-12-31" id="Fact002527" format="ixt:numdotdecimal" decimals="INF" unitRef="CNYPShares">21.32</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_ecustom--WeightedAverageRemainingContractualLifeOtherThanOptionOutstanding_dtY_c20230101__20231231_zlCc6USgkFjc"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:duryear" id="Fact002528" name="aehl:WeightedAverageRemainingContractualLifeOtherThanOptionOutstanding">2.24</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable
    at December 31, 2023</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td id="xdx_986_eifrs-full--NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement_iE_c20230101__20231231_zvIGC8eeiwK2" title="Number of warrants, outstanding, ending balance" style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NumberOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement" contextRef="AsOf2023-12-31" id="Fact002530" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="EquityInstruments">362,955</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eifrs-full--WeightedAverageExercisePriceOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement2019_iE_pid_c20230101__20231231_zMEdHKVDhtLf"><ix:nonFraction name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsExercisableInSharebasedPaymentArrangement2019" contextRef="AsOf2023-12-31" id="Fact002531" format="ixt:numdotdecimal" decimals="INF" unitRef="CNYPShares">21.32</ix:nonFraction></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_ecustom--WeightedAverageRemainingContractualLifeOtherThanOptionExercisiable_dtY_c20230101__20231231_zr6PYmPTWVmg"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:duryear" id="Fact002532" name="aehl:WeightedAverageRemainingContractualLifeOtherThanOptionExercisiable">2.24</ix:nonNumeric></span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AE_z6e8wsXkUh4h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During
the year ended December 31, 2021, a total of <span id="xdx_902_ecustom--NumberOfWarrantsExercised_pid_c20210101__20211231_z0h4NNAtXWMg" title="Warrants exercised"><ix:nonFraction name="aehl:NumberOfWarrantsExercised" contextRef="From2021-01-012021-12-31" id="Fact002534" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">700,516</ix:nonFraction></span> shares of warrants were exercised into <span id="xdx_908_ecustom--SharesIssuedByExerciseOfWarrants_pid_c20210101__20211231_z16YIrLZq1o2" title="Warrants exercised (in shares)"><ix:nonFraction name="aehl:SharesIssuedByExerciseOfWarrants" contextRef="From2021-01-012021-12-31" id="Fact002536" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">685,339</ix:nonFraction></span> shares of the Company&#8217;s common
stock (of which, <span id="xdx_90F_ecustom--NumberOfWarrantsExercisedCashless_pid_c20210101__20211231_zT5EdEEw0AXc" title="Warrants exercised cashless"><ix:nonFraction name="aehl:NumberOfWarrantsExercisedCashless" contextRef="From2021-01-012021-12-31" id="Fact002538" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">32,677</ix:nonFraction></span> shares of warrants were exercised cashless into <span id="xdx_901_ecustom--SharesIssuedByCashlessExerciseOfWarrants_pid_c20210101__20211231_zf19WVPfUUk8" title="Shares issued upon cashless exercise of warrants"><ix:nonFraction name="aehl:SharesIssuedByCashlessExerciseOfWarrants" contextRef="From2021-01-012021-12-31" id="Fact002540" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">17,500</ix:nonFraction></span> common shares) for total proceeds of RMB <span id="xdx_905_eifrs-full--ProceedsFromExerciseOfWarrants_uCNY_c20210101__20211231_zmUatPUYzG3e" title="Warrants exercised"><ix:nonFraction name="ifrs-full:ProceedsFromExerciseOfWarrants" contextRef="From2021-01-012021-12-31" id="Fact002542" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">10,258,000</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>Share-based
Compensation </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">From
January to December 31, 2021, the Company issued aggregate of <span id="xdx_904_ecustom--AggregateOfWarrants_iI_pid_c20211231__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_z7CBEe52bsJa" title="Aggregate of warrants"><ix:nonFraction name="aehl:AggregateOfWarrants" contextRef="AsOf2021-12-31_srt_ChiefFinancialOfficerMember" id="Fact002544" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">33,269</ix:nonFraction></span> shares to its Chief Financial Officer as stock compensation expense.
The fair value of <span id="xdx_90D_ecustom--AggregateOfWarrants_iI_pid_uShares_c20211231__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zqPbaAgsLGc5" title="Aggregate of warrants"><ix:nonFraction name="aehl:AggregateOfWarrants" contextRef="AsOf2021-12-31_srt_ChiefFinancialOfficerMember" id="Fact002546" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">33,269</ix:nonFraction></span> shares was RMB <span id="xdx_909_ecustom--FairValueOfSharesIssued_uCNY_c20210101__20211231__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zB3c9E1rZ1Xk" title="Fair value of shares issued"><ix:nonFraction name="aehl:FairValueOfSharesIssued" contextRef="From2021-01-012021-12-31_srt_ChiefFinancialOfficerMember" id="Fact002548" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">573,000</ix:nonFraction></span>. From January to December 31, 2021, the Company issued aggregate of <span id="xdx_90C_ecustom--AggregateOfWarrants_iI_pid_c20211231__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zlLrSGvD9N7c" title="Aggregate of warrants"><ix:nonFraction name="aehl:AggregateOfWarrants" contextRef="AsOf2021-12-31_srt_ChiefExecutiveOfficerMember" id="Fact002550" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">81,010</ix:nonFraction></span> shares to
its Chief Executive Officer as stock compensation expense. The fair value of <span id="xdx_903_ecustom--AggregateOfWarrants_iI_pid_uShares_c20211231__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zJ9WLyv2BaE5" title="Aggregate of warrants"><ix:nonFraction name="aehl:AggregateOfWarrants" contextRef="AsOf2021-12-31_srt_ChiefExecutiveOfficerMember" id="Fact002552" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">81,010</ix:nonFraction></span> shares was RMB <span id="xdx_904_ecustom--FairValueOfSharesIssued_uCNY_c20210101__20211231__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_z4SdnKjpKcf3" title="Fair value of shares issued"><ix:nonFraction name="aehl:FairValueOfSharesIssued" contextRef="From2021-01-012021-12-31_srt_ChiefExecutiveOfficerMember" id="Fact002554" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">1,262,000</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">From
January to December 31, 2022, the Company issued aggregate of <span id="xdx_902_ecustom--AggregateOfWarrants_iI_pid_c20221231__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zKNEo5EnFtG6" title="Aggregate of warrants"><ix:nonFraction name="aehl:AggregateOfWarrants" contextRef="AsOf2022-12-31_srt_ChiefFinancialOfficerMember" id="Fact002556" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">110,343</ix:nonFraction></span> shares to its Chief Financial Officer as stock compensation expense.
The fair value of <span id="xdx_900_ecustom--AggregateOfWarrants_iI_pid_c20221231__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zvjRzjlRp0u5" title="Aggregate of warrants"><ix:nonFraction name="aehl:AggregateOfWarrants" contextRef="AsOf2022-12-31_srt_ChiefFinancialOfficerMember" id="Fact002558" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">110,343</ix:nonFraction></span> shares was RMB <span id="xdx_90D_ecustom--FairValueOfSharesIssued_uCNY_c20220101__20221231__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zpXlhCioCgoc" title="Fair value of shares issued"><ix:nonFraction name="aehl:FairValueOfSharesIssued" contextRef="From2022-01-012022-12-31_srt_ChiefFinancialOfficerMember" id="Fact002560" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">621,000</ix:nonFraction></span>. From January to December 31, 2022, the Company issued aggregate of <span id="xdx_90B_ecustom--AggregateOfWarrants_iI_pid_c20221231__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_z2kLINpHZcb9" title="Aggregate of warrants"><ix:nonFraction name="aehl:AggregateOfWarrants" contextRef="AsOf2022-12-31_srt_ChiefExecutiveOfficerMember" id="Fact002562" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">268,331</ix:nonFraction></span> shares to
its Chief Executive Officer as stock compensation expense. The fair value of <span id="xdx_901_ecustom--AggregateOfWarrants_iI_pid_c20221231__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zcAwVEb27Nib" title="Aggregate of warrants"><ix:nonFraction name="aehl:AggregateOfWarrants" contextRef="AsOf2022-12-31_srt_ChiefExecutiveOfficerMember" id="Fact002564" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">268,331</ix:nonFraction></span> shares was RMB <span id="xdx_904_ecustom--FairValueOfSharesIssued_c20220101__20221231__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_z3Rl2eOUq27j" title="Fair value of shares issued"><ix:nonFraction name="aehl:FairValueOfSharesIssued" contextRef="From2022-01-012022-12-31_srt_ChiefExecutiveOfficerMember" id="Fact002566" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">1,490,000</ix:nonFraction></span>. From January to December
31, 2022, the Company issued aggregate of <span id="xdx_901_ecustom--AggregateOfWarrants_iI_pid_c20221231__srt--TitleOfIndividualAxis__custom--EmployeeMember_zWXkBLjVxyk9" title="Aggregate of warrants"><ix:nonFraction name="aehl:AggregateOfWarrants" contextRef="AsOf2022-12-31_custom_EmployeeMember" id="Fact002568" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">36,408</ix:nonFraction></span> shares to its employee as stock compensation expense. The fair value of <span id="xdx_90E_ecustom--AggregateOfWarrants_iI_pid_c20221231__srt--TitleOfIndividualAxis__custom--EmployeeMember_zKaBzzz5NJXe" title="Aggregate of warrants"><ix:nonFraction name="aehl:AggregateOfWarrants" contextRef="AsOf2022-12-31_custom_EmployeeMember" id="Fact002570" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">36,408</ix:nonFraction></span> shares
was RMB <span id="xdx_90D_ecustom--FairValueOfSharesIssued_c20220101__20221231__srt--TitleOfIndividualAxis__custom--EmployeeMember_zoM4JEhytHvd" title="Fair value of shares issued"><ix:nonFraction name="aehl:FairValueOfSharesIssued" contextRef="From2022-01-012022-12-31_custom_EmployeeMember" id="Fact002572" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">69,000</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">From
January to December 31, 2023, the Company issued aggregate of <span id="xdx_905_ecustom--AggregateOfWarrants_iI_pid_c20231231__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_znPfJhD11NH8" title="Aggregate of warrants"><ix:nonFraction name="aehl:AggregateOfWarrants" contextRef="AsOf2023-12-31_srt_ChiefFinancialOfficerMember" id="Fact002574" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">29,234</ix:nonFraction></span> shares to its Chief Financial Officer as stock compensation
expense. The fair value of <span id="xdx_90D_ecustom--AggregateOfWarrants_iI_pid_c20231231__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_z1WFCUDwd2i2" title="Aggregate of warrants"><ix:nonFraction name="aehl:AggregateOfWarrants" contextRef="AsOf2023-12-31_srt_ChiefFinancialOfficerMember" id="Fact002576" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">29,234</ix:nonFraction></span> shares was RMB <span id="xdx_900_ecustom--FairValueOfSharesIssued_c20230101__20231231__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zJVuZbtx87jc" title="Fair value of shares issued"><ix:nonFraction name="aehl:FairValueOfSharesIssued" contextRef="From2023-01-012023-12-31_srt_ChiefFinancialOfficerMember" id="Fact002578" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">639,000</ix:nonFraction></span>. From January to December 31, 2023, the Company issued aggregate of <span style="background-color: white"><span id="xdx_90C_ecustom--AggregateOfWarrants_iI_pid_c20231231__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zYSu8C3Hi4ok" title="Aggregate of warrants"><ix:nonFraction name="aehl:AggregateOfWarrants" contextRef="AsOf2023-12-31_srt_ChiefExecutiveOfficerMember" id="Fact002580" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">171,338</ix:nonFraction></span></span>
shares to its Chief Executive Officer as stock compensation expense. The fair value of <span style="background-color: white"><span id="xdx_90A_ecustom--AggregateOfWarrants_iI_pid_c20231231__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zOZc4xJ00Wr9" title="Aggregate of warrants"><ix:nonFraction name="aehl:AggregateOfWarrants" contextRef="AsOf2023-12-31_srt_ChiefExecutiveOfficerMember" id="Fact002582" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">171,338</ix:nonFraction></span></span>
shares was RMB <span id="xdx_90F_ecustom--FairValueOfSharesIssued_c20230101__20231231__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zHFnzFpWj7E7" title="Fair value of shares issued"><ix:nonFraction name="aehl:FairValueOfSharesIssued" contextRef="From2023-01-012023-12-31_srt_ChiefExecutiveOfficerMember" id="Fact002584" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">5,432,000</ix:nonFraction></span>. From January to December 31, 2023, the Company issued aggregate of <span id="xdx_90C_ecustom--AggregateOfWarrants_iI_pid_c20231231__srt--TitleOfIndividualAxis__srt--DirectorMember_z4VCQ28LFpuh" title="Aggregate of warrants"><ix:nonFraction name="aehl:AggregateOfWarrants" contextRef="AsOf2023-12-31_srt_DirectorMember" id="Fact002586" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">168,000</ix:nonFraction></span> shares to its <span style="background-color: white">directors </span>
as stock compensation expense. The fair value of <span id="xdx_904_ecustom--AggregateOfWarrants_iI_pid_c20231231__srt--TitleOfIndividualAxis__srt--DirectorMember_zabBNDsTcc4e" title="Aggregate of warrants"><ix:nonFraction name="aehl:AggregateOfWarrants" contextRef="AsOf2023-12-31_srt_DirectorMember" id="Fact002588" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">168,000</ix:nonFraction></span> shares was RMB <span id="xdx_908_ecustom--FairValueOfSharesIssued_c20230101__20231231__srt--TitleOfIndividualAxis__srt--DirectorMember_zaBbnteuUsj2" title="Fair value of shares issued"><ix:nonFraction name="aehl:FairValueOfSharesIssued" contextRef="From2023-01-012023-12-31_srt_DirectorMember" id="Fact002590" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">7,037,000</ix:nonFraction></span>. <span style="background-color: white">From January to December 31, 2023,
the Company issued aggregate of <span id="xdx_908_ecustom--AggregateOfWarrants_iI_pid_c20231231__srt--TitleOfIndividualAxis__custom--EmployeesMember_zUyBmF1K9Q03" title="Aggregate of warrants"><ix:nonFraction name="aehl:AggregateOfWarrants" contextRef="AsOf2023-12-31_custom_EmployeesMember" id="Fact002592" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">224,793</ix:nonFraction></span> shares to its employees as stock compensation expense. The fair value of <span id="xdx_900_ecustom--AggregateOfWarrants_iI_pid_c20231231__srt--TitleOfIndividualAxis__custom--EmployeesMember_zyek6Qwg1y21" title="Aggregate of warrants"><ix:nonFraction name="aehl:AggregateOfWarrants" contextRef="AsOf2023-12-31_custom_EmployeesMember" id="Fact002594" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">224,793</ix:nonFraction></span> shares was RMB
<span id="xdx_904_ecustom--FairValueOfSharesIssued_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmployeesMember_zlweUOnM14ye" title="Fair value of shares issued"><ix:nonFraction name="aehl:FairValueOfSharesIssued" contextRef="From2023-01-012023-12-31_custom_EmployeesMember" id="Fact002596" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">17,282,000</ix:nonFraction></span>. </span> From January to December 31, 2023, the Company
issued aggregate of <span style="background-color: white"><span id="xdx_90B_ecustom--AggregateOfWarrants_iI_c20231231__srt--TitleOfIndividualAxis__custom--EmployeeMember_z5Qrf3kvMNAc" title="Aggregate of warrants"><ix:nonFraction name="aehl:AggregateOfWarrants" contextRef="AsOf2023-12-31_custom_EmployeeMember" id="Fact002598" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">719,428</ix:nonFraction></span></span> shares to its consultants or consulting firms as stock compensation expense. The fair value of <span style="background-color: white"><span id="xdx_90A_ecustom--AggregateOfWarrants_iI_pid_c20231231__srt--TitleOfIndividualAxis__custom--EmployeeMember_zkus05kRIJUf" title="Aggregate of warrants"><ix:nonFraction name="aehl:AggregateOfWarrants" contextRef="AsOf2023-12-31_custom_EmployeeMember" id="Fact002600" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">719,428</ix:nonFraction></span></span>
shares was RMB <span id="xdx_90E_ecustom--FairValueOfSharesIssued_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmployeeMember_zKpKpY1EUh16" title="Fair value of shares issued"><ix:nonFraction name="aehl:FairValueOfSharesIssued" contextRef="From2023-01-012023-12-31_custom_EmployeeMember" id="Fact002602" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">19,070,000</ix:nonFraction></span>.<span style="background-color: white"></span></span></p>

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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002604" name="ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory"><p id="xdx_80D_eifrs-full--DisclosureOfReservesAndOtherEquityInterestExplanatory_zqsqjk7zZ8M6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>26.
<span id="xdx_828_zdIwvhXDifDb">RESERVES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statutory
    reserve</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    accordance with the relevant laws and regulations of the PRC, the Company&#8217;s PRC subsidiaries are required to transfer <span id="xdx_90C_eifrs-full--PercentageOfEntitysRevenue_pid_dp_uPure_c20230101__20231231_znprEO2nelW7" title="Percentage of entity's revenue"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2023-01-01to2023-12-31" id="Fact002606" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% of
    its profit after taxation prepared in accordance with the accounting regulation of the PRC to the statutory reserve until the reserve
    balance reaches <span id="xdx_90B_eifrs-full--PercentageOfEntitysRevenue_pid_dp_uPure_c20230101__20231231__ifrs-full--RangeAxis__ifrs-full--TopOfRangeMember_zPanpaVY3wBc" title="Percentage of entity's revenue"><ix:nonFraction name="ifrs-full:PercentageOfEntitysRevenue" contextRef="From2023-01-012023-12-31_ifrs-full_TopOfRangeMember" id="Fact002608" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>% of the respective registered capital. Such reserve may be used to offset accumulated losses or increase the registered
    capital of these subsidiaries, subject to the approval from the Board of Directors, and are not available for dividend distribution
    to the shareholders.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency
    translation reserve</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger
    reserve</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    merger reserve of the Company represents the difference between the nominal value of the shares of the subsidiaries acquired in the
    Hengda Reorganization (Note 1) over the nominal value of the shares of the Company issued in exchange thereof.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
    payment reserve</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
                                            the successful consummation of the reverse recapitalization, Mr. Wong Kung Tok, the former
                                            sole shareholder of Success Winner, allotted a total of <span id="xdx_907_eifrs-full--NumberOfSharesIssued_iI_pid_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--TwoFinancialAdvisorsMember_zekP4Vww3tD4" title="Number of shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2023-12-31_custom_TwoFinancialAdvisorsMember" id="Fact002610" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,521,528</ix:nonFraction></span> the Company&#8217;s ordinary
                                            shares (pre-reverse stock split) to two financial advisors for their financial advisory services
                                            related to the recapitalization activities. The shared based payment reserve represents the
                                            fair value of these allotted shares measured based on the average market price over the service
                                            periods.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    share-based payment reserve also represents the equity-settled share options granted to employees (Note 27). The reserve is made
    up of the cumulative value of services received from employees recorded over the vesting period commencing from the grant date of
    equity-settled share options, and is reduced by the expiry or exercise of the share options.</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    share-based payment reserve also represents the shares issued to its senior officers as stock compensation expense.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reverse
    recapitalization reserve</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    reverse recapitalization reserve arises as a result of the method of accounting for the Success Winner Acquisition. In accordance
    with IFRS, the acquisition has been accounted for as a reverse recapitalization.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital
    reverse</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    July 31, 2014, Sound Treasure Limited, the Company&#8217;s largest shareholder and an affiliate of the Company&#8217;s Chief Executive
    Officer, entered into a three party agreement (the &#8220;Novation&#8221;) with the financial institution that originated the foreign
    currency transaction agreements and the Company. Under the Novation, Sound Treasure Limited assumed these agreements and all assets
    (mainly deposits placed with the financial institution) and all existing and future liabilities arising under these agreements, and
    the Company was released from the liabilities arising under the foreign currency transaction agreements. As a result, after July
    31, 2014, the Company is no longer required to fund any losses related to these agreements, and the Company will neither suffer any
    future liabilities arising under those agreements nor enjoy any benefit arising under those agreements.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 49px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
    the time that each of the foreign currency transaction agreements was established with the financial institution, the Company was
    required to deposit monies with the financial institution. RMB <span id="xdx_90B_ecustom--EscrowDeposits_iI_pn5n6_c20231231_zFfV71cY3yBl" title="Escrow deposits"><ix:nonFraction name="aehl:EscrowDeposits" contextRef="AsOf2023-12-31" id="Fact002612" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="CNY">6.7</ix:nonFraction></span> million of a total of RMB <span id="xdx_90C_ecustom--ForegoOfClaimInDeposits_pn5n6_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MrWongKungTokMember_zF0anrD2SBi5" title="Forego of claim in deposits"><ix:nonFraction name="aehl:ForegoOfClaimInDeposits" contextRef="From2023-01-012023-12-31_custom_MrWongKungTokMember" id="Fact002614" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="CNY">15.6</ix:nonFraction></span> million in deposits were funded
    on behalf of the Company by Wong Kung Tok (who is the brother-in-law of the Company&#8217;s Chief Executive Officer) at the request
    of the Chief Executive Officer, and were included in a total of RMB <span id="xdx_905_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_pn5n6_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MrWongKungTokMember_znhEBXoqTa3l" title="Amounts payable, related party transactions"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2023-12-31_custom_MrWongKungTokMember" id="Fact002616" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="CNY">40.2</ix:nonFraction></span> million in loans owed by the Company to Wong Kung Tok as
    of July 9, 2014. In connection with the Novation discussed above, the Company&#8217;s Chief Executive Officer, Sound Treasure Limited
    and Wong Kung Tok entered into an agreement with the Company (the &#8220;Offset Agreement&#8221;) pursuant to which loans totaling
    RMB <span id="xdx_904_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_pn5n6_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--SoundTreasureLimitedMember_zcDqAGaUrDV4" title="Amounts payable, related party transactions"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2023-12-31_custom_SoundTreasureLimitedMember" id="Fact002618" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="CNY">20.7</ix:nonFraction></span> million owed by the Company to Wong Kung Tok as of the date of the Offset Agreement were transferred to Sound Treasure Limited
    and then were forgiven by Sound Treasure Limited; and in return the Company agreed to forego any claim to RMB <span id="xdx_90A_ecustom--ForegoOfClaimInDeposits_pn5n6_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--SoundTreasureLimitedMember_zXKK1wN8ASw4" title="Forego of claim in deposits"><ix:nonFraction name="aehl:ForegoOfClaimInDeposits" contextRef="From2023-01-012023-12-31_custom_SoundTreasureLimitedMember" id="Fact002620" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="CNY">15.6</ix:nonFraction></span> million in deposits
    under the foreign currency transaction agreements which were transferred to Sound Treasure Limited pursuant to the Novation. As a
    result of these transactions, Sound Treasure Limited released the Company from liabilities aggregating RMB <span id="xdx_90C_ecustom--ExtinguishmentOfLiability_pn5n6_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--SoundTreasureLimitedMember_zpsuB9qE8zU4" title="Extinguishment of liability"><ix:nonFraction name="aehl:ExtinguishmentOfLiability" contextRef="From2023-01-012023-12-31_custom_SoundTreasureLimitedMember" id="Fact002622" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="CNY">76.8</ix:nonFraction></span> million and the Company
    transferred ownership of RMB <span id="xdx_907_ecustom--ForegoOfClaimInDeposits_pn5n6_c20230101__20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--SoundTreasureLimitedMember_zKMbB6pe6Ixl" title="Forego of claim in deposits"><ix:nonFraction name="aehl:ForegoOfClaimInDeposits" contextRef="From2023-01-012023-12-31_custom_SoundTreasureLimitedMember" id="Fact002624" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="CNY">15.6</ix:nonFraction></span> million in deposits held at the financial institution from the Company to Sound Treasure Limited.
    Except as disclosed above, neither the Company&#8217;s Chief Executive Officer nor any affiliate of the Chief Executive Officer received
    any remuneration for agreeing to assume the foreign currency transaction agreements. The material terms of the Novation and the Sound
    Treasure Agreement were reviewed and approved by the Audit Committee of the Company. As a result of the Novation and the Offset Agreement,
    approximately RMB <span id="xdx_90A_ecustom--ExtinguishmentOfLiability_pn5n6_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--SoundTreasureLimitedMember_zO5giv0CXH4l" title="Extinguishment of liability"><ix:nonFraction name="aehl:ExtinguishmentOfLiability" contextRef="From2022-01-012022-12-31_custom_SoundTreasureLimitedMember" id="Fact002626" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="CNY">76.8</ix:nonFraction></span> million in liabilities on the Company&#8217;s books were extinguished in 2014 and the Capital Reserve account
    was increased by approximately RMB <span id="xdx_90A_eifrs-full--CapitalReserve_iI_pn5n6_c20231231_zaMt667Bljze" title="Capital reserve"><ix:nonFraction name="ifrs-full:CapitalReserve" contextRef="AsOf2023-12-31" id="Fact002628" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="CNY">61.3</ix:nonFraction></span> million.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002630" name="ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory"><p id="xdx_80D_eifrs-full--DisclosureOfSharebasedPaymentArrangementsExplanatory_zaCZ13Vim0I9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>27.
<span id="xdx_82C_zqtqAByN5hC5">SHARE-BASED EMPLOYEE REMUNERATION</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">(a)
Employee share scheme</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Board of Directors duly adopted and approved the 2019 Equity Compensation Plan (&#8220;the 2019 Plan&#8221;) on December 20, 2019. The
purpose of the 2019 Plan was to attract and retain outstanding individuals as Employees, Directors and Consultants of the Company and
its Subsidiaries, to recognize the contributions made to the Company and its Subsidiaries by Employees, Directors and Consultants, and
to provide such Employees, Directors and Consultants with additional incentive to expand and improve the profits and achieve the objectives
of the Company and its Subsidiaries, by providing such Employees, Directors and Consultants with the opportunity to acquire or increase
their proprietary interest in the Company through receipt of Awards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Board, in its sole discretion, shall determine the Employees, Consultants and Directors to whom, and the time or times at which Awards
will be granted, the form and amount of each Award, the expiration date of each Award, the time or times within which the Awards may
be exercised, the cancellation of the Awards and the other limitations, restrictions, terms and conditions applicable to the grant of
the Awards. To the extent permitted by applicable law, regulation, and rules of a stock exchange on which the Ordinary Shares are listed
or traded, the Board may delegate its authority to grant Awards to Employees or Consultants and to determine the terms and conditions
thereof to its standing committee, e.g., Compensation Committee, as it may determine in its discretion, on such terms and conditions
as it may impose.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
total number of shares that may be issued under the 2019 Plan was <span id="xdx_90C_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pid_uShares_c20230101__20231231__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--EquityCompensationPlan2017Member_ztJ93GfTV7Hk" title="Number of share options granted in share-based payment arrangement"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_EquityCompensationPlan2017Member" id="Fact002632" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">333,333</ix:nonFraction></span>. Such shares may be either be authorized but unissued shares
or treasury shares. In the event of any reorganization, recapitalization, share split, distribution, merger, consolidation, split-up,
spin-off, combination, subdivision, consolidation or exchange of shares, any change in the capital structure of the Company or any similar
corporate transaction, the Board shall make such adjustments as it deems appropriate, in its sole discretion, to preserve the benefits
or intended benefits of the 2019 Plan and Awards granted under the 2019 Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
number of shares issued to Employees, Directors and Consultants is the offer amount divided by the Fair Market Value, meaning (i) if
the principal trading market for the Ordinary Shares is the NASDAQ Capital Market or another national securities exchange, the &#8220;closing
transaction&#8221; price at which shares of Ordinary Shares are traded on such securities exchange on the relevant date or (if there
were no trades on that date) the latest preceding date upon which a sale was reported, (ii) if the Ordinary Shares is not principally
traded on a national securities exchange, but is quoted on the NASD OTC Bulletin Board (&#8220;OTCBB&#8221;) or the Pink Sheets, the
last reported &#8220;closing transaction&#8221; price of Ordinary Shares on the relevant date, as reported by the OTCBB or Pink Sheets,
or, if not so reported, as reported in a customary financial reporting service, as the Committee determines, or (iii) if the Ordinary
Shares is not publicly traded or, if publicly traded, is not subject to reported closing transaction prices as set forth above, the Fair
Market Value per share shall be as determined by the Board. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 142; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">From
January to December 31, 2021, the Company issued aggregate of <span id="xdx_902_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pid_uShares_c20210101__20211231__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zt6OjlqwBvea" title="Number of share options granted in share-based payment arrangement"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2021-01-012021-12-31_srt_ChiefFinancialOfficerMember" id="Fact002634" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">33,269</ix:nonFraction></span> shares to its Chief Financial Officer as stock compensation expense,
and issued aggregate of <span id="xdx_90C_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pid_uShares_c20210101__20211231__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_z6PPzkwJzQhg" title="Number of share options granted in share-based payment arrangement"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2021-01-012021-12-31_srt_ChiefExecutiveOfficerMember" id="Fact002636" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">81,010</ix:nonFraction></span> shares to its Chief Executive Officer as stock compensation expense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">From
January to December 31, 2022, the Company issued aggregate of <span id="xdx_901_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pid_uShares_c20220101__20221231__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zH35yb9KJ2h3" title="Number of share options granted in share-based payment arrangement"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_srt_ChiefFinancialOfficerMember" id="Fact002638" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">110,343</ix:nonFraction></span> shares to its Chief Financial Officer as stock compensation expense,
and issued aggregate of <span id="xdx_905_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pid_uShares_c20220101__20221231__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zb0JV0xGZ2V6" title="Number of share options granted in share-based payment arrangement"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2022-01-012022-12-31_srt_ChiefExecutiveOfficerMember" id="Fact002640" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">268,331</ix:nonFraction></span> shares to its Chief Executive Officer as stock compensation expense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">From
January to December 31, 2023, the Company issued aggregate of <span id="xdx_907_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pid_uShares_c20230101__20231231__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zyd2eNZN2rF4" title="Number of share options granted in share-based payment arrangement"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_srt_ChiefFinancialOfficerMember" id="Fact002642" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">29,234</ix:nonFraction></span> shares to its Chief Financial Officer as stock compensation
expense, and issued aggregate of <span style="background-color: white"><span id="xdx_901_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pid_uShares_c20230101__20231231__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zcjcwJPTNz87" title="Number of share options granted in share-based payment arrangement"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_srt_ChiefExecutiveOfficerMember" id="Fact002644" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">171,338</ix:nonFraction></span></span> shares to its Chief Executive Officer as stock
compensation expense. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">From
January to December 31, 2023, the Company issued aggregate of <span id="xdx_901_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pid_uShares_c20230101__20231231__srt--TitleOfIndividualAxis__srt--DirectorMember_zSelsoCKTaZ6" title="Number of share options granted in share-based payment arrangement"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_srt_DirectorMember" id="Fact002646" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">168,000</ix:nonFraction></span> shares to its directors as stock compensation expense. From January
to December 31, 2023, the Company issued aggregate of <span id="xdx_90E_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pid_uShares_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmployeeMember_zDeElbfUplIc" title="Number of share options granted in share-based payment arrangement"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_EmployeeMember" id="Fact002648" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">224,793</ix:nonFraction></span> shares to its employees as stock compensation expense. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">From
January to December 31, 2023, the Company issued aggregate of <span id="xdx_900_eifrs-full--NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_pid_uShares_c20230101__20231231__srt--TitleOfIndividualAxis__custom--ConsultantsMember_ziYdBEURR1Jb" title="Number of share options granted in share-based payment arrangement"><ix:nonFraction name="ifrs-full:NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" contextRef="From2023-01-012023-12-31_custom_ConsultantsMember" id="Fact002650" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">719,428</ix:nonFraction></span> shares to its consultants or consulting firms as stock compensation
expense.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">For
the years ended December 31, 2023, 2022 and 2021, employee remuneration expense for senior officers, employees and directors (all of
which related to equity-settled share-based payment transactions) of RMB <span id="xdx_90F_ecustom--FairValueOfShareOptionsGranted_iI_pn3p0_c20231231_z2RAGEL2tsVj" title="Fair value of share options granted"><ix:nonFraction name="aehl:FairValueOfShareOptionsGranted" contextRef="AsOf2023-12-31" id="Fact002652" format="ixt:numdotdecimal" decimals="-3" scale="0" unitRef="CNY">30,390,000</ix:nonFraction></span>, RMB <span id="xdx_907_ecustom--FairValueOfShareOptionsGranted_iI_pn3p0_c20221231_zcvFgarFsmo1" title="Fair value of share options granted"><ix:nonFraction name="aehl:FairValueOfShareOptionsGranted" contextRef="AsOf2022-12-31" id="Fact002654" format="ixt:numdotdecimal" decimals="-3" scale="0" unitRef="CNY">2,180,000</ix:nonFraction></span> and RMB <span id="xdx_905_ecustom--FairValueOfShareOptionsGranted_iI_pn3p0_c20211231_z6oZclDbIx8l" title="Fair value of share options granted"><ix:nonFraction name="aehl:FairValueOfShareOptionsGranted" contextRef="AsOf2021-12-31" id="Fact002656" format="ixt:numdotdecimal" decimals="-3" scale="0" unitRef="CNY">1,835,000</ix:nonFraction></span>, respectively, has
been included in profit or loss and credited to the share capital and share-based payment reserve.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">For
the years ended December 31, 2023, 2022 and 2021, consulting expense (all of which related to equity-settled share-based payment transactions)
of RMB <span style="background-color: white"><span id="xdx_90C_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_pn3d_c20230101__20231231__srt--TitleOfIndividualAxis__custom--ConsultingExpenseMember_zHCOernFBHh6" title="Equity settled share based payment transactions"><ix:nonFraction name="ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions" contextRef="From2023-01-012023-12-31_custom_ConsultingExpenseMember" id="Fact002658" format="ixt:numdotdecimal" decimals="-3" unitRef="CNY">19,070,000</ix:nonFraction></span></span>, RMB <span id="xdx_90D_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_dxL_c20220101__20221231__srt--TitleOfIndividualAxis__custom--ConsultingExpenseMember_zmpWulMlgdrk" title="Equity settled share based payment transactions::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2660">nil</span></span> and RMB <span id="xdx_907_eifrs-full--IncreaseDecreaseThroughSharebasedPaymentTransactions_dxL_c20210101__20211231__srt--TitleOfIndividualAxis__custom--ConsultingExpenseMember_zHoFJn01EzU" title="Equity settled share based payment transactions::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2662">nil</span></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002664" name="ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory"><p id="xdx_807_eifrs-full--DisclosureOfTransactionsBetweenRelatedPartiesExplanatory_zHRLOgFLWThd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>28.
<span id="xdx_829_zhu7nldTfm86">SIGNIFICANT RELATED PARTY TRANSACTIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Apart
from those discussed elsewhere in these financial statements, the following are significant related party transactions entered into between
the Company and its related parties at agreed rates:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Due
from related parties</b></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002666" name="aehl:DisclosureOfDetailedInformationRegardingTransactionBetweenRelatedPartiesExplanatory"><p id="xdx_892_ecustom--DisclosureOfDetailedInformationRegardingTransactionBetweenRelatedPartiesExplanatory_zEN1YNFDYb2l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B3_zFfNTJW7qC6f" style="display: none">SCHEDULE
OF DUE FROM RELATED PARTIES</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr id="xdx_406_eifrs-full--TradeAndOtherReceivablesDueFromRelatedParties_iI_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--LipingHuangMember_z88qYakuY0w5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 64%; text-align: left">Liping Huang (CEO&#8217;s spouse)</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 14%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2669">-</span></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eifrs-full--TradeAndOtherReceivablesDueFromRelatedParties_iI_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--LeiDengMember_zeZ7RMkNIsSb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Lei Deng (legal representative of one of the subsidiaries)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="ifrs-full:TradeAndOtherReceivablesDueFromRelatedParties" contextRef="AsOf2023-12-31_custom_LeiDengMember" id="Fact002671" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">1,964</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2672">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eifrs-full--TradeAndOtherReceivablesDueFromRelatedParties_iI_hifrs-full--CategoriesOfRelatedPartiesAxis__custom--XiaorongYangMember_zvEBwRPfsFf6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eifrs-full--TradeAndOtherReceivablesDueFromRelatedParties_iI_zCqsDkGfroXb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt"><p style="margin: 0pt 0pt 0pt 10pt">Total</p></td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2678">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A9_zOPUjd312Of3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2023, the Company assessed whether the credit risk on a financial instrument has increased significantly since initial recognition,
and concluded no loss allowance for ECL needs to be recorded for due from related parties under IFRS 9 as a result of the guaranteed
repayment from the Company&#8217;s senior officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount
owned to related parties</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span>&#160;</span></p>

<div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002680" name="aehl:DisclosureOfDetailedInformationRegardingTransactionAmountOwnedToRelatedPartiesExplanatory"><p id="xdx_89C_ecustom--DisclosureOfDetailedInformationRegardingTransactionAmountOwnedToRelatedPartiesExplanatory_zZzUQDBJfkj3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B6_z3Wis9jguS4d" style="display: none">SCHEDULE
OF SIGNIFICANT RELATED PARTY TRANSACTIONS</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RMB&#8217;000</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_40F_eifrs-full--TradeAndOtherCurrentPayablesToRelatedParties_iI_pn3n3_maCPTRPztPj_zHPM6DZgztIh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
    owed to related parties</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" contextRef="AsOf2023-12-31" id="Fact002682" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">553</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" contextRef="AsOf2022-12-31" id="Fact002683" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">1,291</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr id="xdx_404_ecustom--CurrentPayablesToRelatedPartiesTotal_iTI_pn3n3_mtCPTRPztPj_zaBC4iG0JYGd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif">&#160;<span style="display: none; font-size: 10pt">Current
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="aehl:CurrentPayablesToRelatedPartiesTotal" contextRef="AsOf2023-12-31" id="Fact002685" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">553</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="aehl:CurrentPayablesToRelatedPartiesTotal" contextRef="AsOf2022-12-31" id="Fact002686" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">1,291</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric></div><p id="xdx_8A8_zU1J6k9vvdh9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span>&#160;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2022, total of amounts owed to related parties held by discontinued operations was RMB <span id="xdx_904_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_c20221231__ifrs-full--ContinuingAndDiscontinuedOperationsAxis__ifrs-full--DiscontinuedOperationsMember_zFHXrQuaEFag" title="Amounts owed to related parties"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2022-12-31_ifrs-full_DiscontinuedOperationsMember" id="Fact002688" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">35,057,000</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Mr.
Huang Jia Dong, the prior Chief Executive Officer and a prior director of the company, and Mr. Wong Kung Tok, formerly one of the Company&#8217;s
significant shareholders, provide working capital loans to the Company from time to time during the normal course of its business. These
loans amounted to RMB <span id="xdx_90C_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pp0p0_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--WongKungTokMember_z3bVsAaaWYc4" title="Loans amount"><ix:nonFraction name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" contextRef="From2022-01-012022-12-31_custom_WongKungTokMember" id="Fact002690" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CNY">35,057,000</ix:nonFraction></span> and RMB <span id="xdx_904_eifrs-full--ProceedsFromBorrowingsClassifiedAsFinancingActivities_pp0p0_c20210101__20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--WongKungTokMember_zjPF1tsMz3Kj" title="Loans amount"><ix:nonFraction name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" contextRef="From2021-01-012021-12-31_custom_WongKungTokMember" id="Fact002692" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CNY">35,057,000</ix:nonFraction></span> as of December 31, 2022 and 2021, respectively. These loans are interest free, unsecured
and repayable on demand. Mr. Huang and Mr. Wong are brothers-in-law. The whole of this amount was held by discontinued operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2022, the Company had a loan of US$<span id="xdx_907_eifrs-full--Borrowings_iI_uUSD_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--SoundTreasureLimitedMember_zG5MmxXtLaGe" title="Loan"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31_custom_SoundTreasureLimitedMember" id="Fact002694" format="ixt:numdotdecimal" decimals="0" unitRef="USD">167,000</ix:nonFraction></span> (equivalent to RMB <span id="xdx_906_eifrs-full--Borrowings_iI_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--SoundTreasureLimitedMember_zhmfMUS3Atkb"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31_custom_SoundTreasureLimitedMember" id="Fact002695" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">1,160,000</ix:nonFraction></span>) (2021: US$<span id="xdx_902_eifrs-full--Borrowings_iI_uUSD_c20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--SoundTreasureLimitedMember_zjHInOEpmie1"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2021-12-31_custom_SoundTreasureLimitedMember" id="Fact002696" format="ixt:numdotdecimal" decimals="0" unitRef="USD">167,000</ix:nonFraction></span> (equivalent to RMB <span id="xdx_90C_eifrs-full--Borrowings_iI_c20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--SoundTreasureLimitedMember_zFnyMFZnqnQa"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2021-12-31_custom_SoundTreasureLimitedMember" id="Fact002697" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">1,160,000</ix:nonFraction></span>))
payable to Sound Treasure Limited, an affiliate of Mr. Huang Jia Dong and a shareholder of the Company. This loan is interest free, unsecured
and repayable on demand. As a result of the sale of subsidiaries, the loan was forgiven on the disposal date, and the company recognize
other income totaling US$ <span id="xdx_90E_eifrs-full--OtherIncome_uUSD_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--SoundTreasureLimitedMember_ziEsRdlKx5Kg" title="Other income"><ix:nonFraction name="ifrs-full:OtherIncome" contextRef="From2022-01-012022-12-31_custom_SoundTreasureLimitedMember" id="Fact002699" format="ixt:numdotdecimal" decimals="0" unitRef="USD">167,000</ix:nonFraction></span> (equivalent to RMB <span id="xdx_906_eifrs-full--OtherIncome_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--SoundTreasureLimitedMember_zKG1t8vScOa5" title="Other income"><ix:nonFraction name="ifrs-full:OtherIncome" contextRef="From2022-01-012022-12-31_custom_SoundTreasureLimitedMember" id="Fact002701" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">1,160,000</ix:nonFraction></span>). </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2022, the Company had a loan of US$<span id="xdx_907_eifrs-full--Borrowings_iI_uUSD_c20221231__srt--TitleOfIndividualAxis__custom--AlexNgManShekMember_zldJDIuvi3F6" title="Loan"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31_custom_AlexNgManShekMember" id="Fact002703" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,000</ix:nonFraction></span> (equivalent to RMB <span id="xdx_90F_eifrs-full--Borrowings_iI_uCNY_c20221231__srt--TitleOfIndividualAxis__custom--AlexNgManShekMember_zSZSG3LFJ3Yh" title="Loan"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2022-12-31_custom_AlexNgManShekMember" id="Fact002705" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">131,000</ix:nonFraction></span>) (2021: US$<span id="xdx_904_eifrs-full--Borrowings_iI_uUSD_c20211231__srt--TitleOfIndividualAxis__custom--AlexNgManShekMember_zz4Sk6ce1Ruj" title="Loan"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2021-12-31_custom_AlexNgManShekMember" id="Fact002707" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,000</ix:nonFraction></span> (equivalent to RMB<span id="xdx_90F_eifrs-full--Borrowings_iI_uCNY_c20211231__srt--TitleOfIndividualAxis__custom--AlexNgManShekMember_zze1tHYXhnKa" title="Loan"><ix:nonFraction name="ifrs-full:Borrowings" contextRef="AsOf2021-12-31_custom_AlexNgManShekMember" id="Fact002709" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">131,000</ix:nonFraction></span>))
payable to Alex Ng Man Shek, a former director and corporate secretary of the Company. This loan is interest free, unsecured and repayable
on demand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2023, the Company had due to Weilai Zhang, <span style="background-color: white">(</span>the Company&#8217;s CEO<span style="background-color: white">)</span> of
US$ <span id="xdx_90B_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_uUSD_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MrWeilaiZhangMember_zs47nIOKUzuf"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2023-12-31_custom_MrWeilaiZhangMember" id="Fact002710" format="ixt:numdotdecimal" decimals="0" unitRef="USD">78,000</ix:nonFraction></span>
(equivalent to RMB <span id="xdx_90C_eifrs-full--AmountsPayableRelatedPartyTransactions_iI_uCNY_c20231231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--MrWeilaiZhangMember_zzECC6ZEhex7"><ix:nonFraction name="ifrs-full:AmountsPayableRelatedPartyTransactions" contextRef="AsOf2023-12-31_custom_MrWeilaiZhangMember" id="Fact002711" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">553,000</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><span style="background-color: white">)</span>,
no interest, unsecured and payable upon demand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During
the year ended December 31, 2022, the Company incurred a total of RMB <span id="xdx_90C_ecustom--TotalRelatedPartyExpensesPaid_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AnhuiZhongiunMember_zDuy0BwS7qgg" title="Consultancy fees"><ix:nonFraction name="aehl:TotalRelatedPartyExpensesPaid" contextRef="From2022-01-012022-12-31_custom_AnhuiZhongiunMember" id="Fact002713" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">2,847,000</ix:nonFraction></span> in consultancy fees to Anhui Zhongjun Enterprise Management
Co., Ltd. (&#8220;Anhui Zhongjun&#8221;), of which the whole amount were expensed during the year. During the year ended December 31,
2022, the Company received a total of RMB <span id="xdx_906_eifrs-full--RevenueFromRenderingOfServicesRelatedPartyTransactions_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AnhuiZhongiunEnterpriseManagementMember_ztNhARzR1pud" title="Revenue from rendering of services, related party transactions"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" contextRef="From2022-01-012022-12-31_custom_AnhuiZhongiunEnterpriseManagementMember" id="Fact002715" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">2,635,000</ix:nonFraction></span> in cash from Anhui Zhongjun for the provision of business management services. The
Company completed all performance obligations pertaining to the RMB <span id="xdx_906_ecustom--PerformanceObligationsRevenue_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AnhuiZhongiunEnterpriseManagementMember_zdQSLSp4Mjr8" title="Performance obligations received"><ix:nonFraction name="aehl:PerformanceObligationsRevenue" contextRef="From2022-01-012022-12-31_custom_AnhuiZhongiunEnterpriseManagementMember" id="Fact002717" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">2,635,000</ix:nonFraction></span> received and recognized revenue of RMB <span id="xdx_90B_ecustom--RevenueFromRenderingOfServicesRelatedPartyTransaction_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AnhuiZhongiunEnterpriseManagementMember_zVPzsIWh90Ki" title="Revenue from rendering of services, related party transactions"><ix:nonFraction name="aehl:RevenueFromRenderingOfServicesRelatedPartyTransaction" contextRef="From2022-01-012022-12-31_custom_AnhuiZhongiunEnterpriseManagementMember" id="Fact002719" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">2,486,000</ix:nonFraction></span>, net of
PRC value-added tax of RMB <span id="xdx_907_eifrs-full--ValueAddedTaxReceivables_iI_pp0p0_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AnhuiZhongiunEnterpriseManagementMember_z6B0ADXNAcsj" title="Value added tax receivables"><ix:nonFraction name="ifrs-full:ValueAddedTaxReceivables" contextRef="AsOf2022-12-31_custom_AnhuiZhongiunEnterpriseManagementMember" id="Fact002721" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CNY">149,000</ix:nonFraction></span>. The director of Anhui Zhongjun, Zhang Yonghong is also a director of the Company&#8217;s subsidiary,
Chengdu Future Talented Management and Consulting Co., Ltd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During
the year ended December 31, 2021, the Company paid a total of RMB <span id="xdx_908_ecustom--TotalRelatedPartyExpensesPaid_c20210101__20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AnhuiZhongiunMember_zTcKsFAXsj0g" title="Consultancy fees"><ix:nonFraction name="aehl:TotalRelatedPartyExpensesPaid" contextRef="From2021-01-012021-12-31_custom_AnhuiZhongiunMember" id="Fact002723" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">8,840,000</ix:nonFraction></span> in consultancy fees to Anhui Zhongjun Enterprise Management
Co., Ltd. (&#8220;Anhui Zhongjun&#8221;); of the RMB <span id="xdx_904_ecustom--TotalRelatedPartyExpensesPaid_pp0p0_c20210101__20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AnhuiZhongiunMember_zZG9qisrhIXf" title="Consultancy fees"><ix:nonFraction name="aehl:TotalRelatedPartyExpensesPaid" contextRef="From2021-01-012021-12-31_custom_AnhuiZhongiunMember" id="Fact002725" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CNY">8,840,000</ix:nonFraction></span> total consultancy fees, RMB <span id="xdx_903_ecustom--RelatedPartyExpensesDuringPeriod_c20210101__20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AnhuiZhongiunMember_zhwjDZ1W1DO7" title="Expensed during the year"><ix:nonFraction name="aehl:RelatedPartyExpensesDuringPeriod" contextRef="From2021-01-012021-12-31_custom_AnhuiZhongiunMember" id="Fact002727" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">5,993,000</ix:nonFraction></span> were expensed during the year. The
remaining RMB <span id="xdx_906_eifrs-full--CurrentPrepayments_iI_c20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AnhuiZhongiunMember_zp8MiHNF2Cz4" title="Prepayments under current assets"><ix:nonFraction name="ifrs-full:CurrentPrepayments" contextRef="AsOf2021-12-31_custom_AnhuiZhongiunMember" id="Fact002729" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">2,847,000</ix:nonFraction></span> was recorded under prepayments under current assets as of December 31, 2021. During the year ended December 31,
2022, the Company expensed the remaining RMB <span id="xdx_903_eifrs-full--CurrentPrepayments_iI_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AnhuiZhongiunMember_zweNlkX3zBW3" title="Prepayments under current assets"><ix:nonFraction name="ifrs-full:CurrentPrepayments" contextRef="AsOf2022-12-31_custom_AnhuiZhongiunMember" id="Fact002731" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">2,847,000</ix:nonFraction></span> prepayment. During the year ended December 31, 2022, the Company received a total
of RMB <span id="xdx_900_eifrs-full--RevenueFromRenderingOfServicesRelatedPartyTransactions_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AnhuiZhongiunMember_zf0MRzWY10c6" title="Revenue from rendering of services, related party transactions"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" contextRef="From2022-01-012022-12-31_custom_AnhuiZhongiunMember" id="Fact002733" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">2,486,000</ix:nonFraction></span> from Anhui Zhongjun for the provision of business management services. The Company completed all performance obligations
pertaining to the RMB <span id="xdx_900_ecustom--PerformanceObligationsReceived_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AnhuiZhongiunMember_z51AsV904ZTa" title="Performance obligations received"><ix:nonFraction name="aehl:PerformanceObligationsReceived" contextRef="From2022-01-012022-12-31_custom_AnhuiZhongiunMember" id="Fact002735" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">2,635,000</ix:nonFraction></span> received and recognized revenue of RMB <span id="xdx_908_eifrs-full--RevenueFromRenderingOfServicesRelatedPartyTransactions_c20220101__20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AnhuiZhongiunMember_zyIQ1EEbwNZ3" title="Revenue from rendering of services, related party transactions"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" contextRef="From2022-01-012022-12-31_custom_AnhuiZhongiunMember" id="Fact002737" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">2,486,000</ix:nonFraction></span>, net of PRC value-added tax of RMB <span id="xdx_903_eifrs-full--ValueAddedTaxReceivables_iI_pp0p0_c20221231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AnhuiZhongiunMember_zwWhiu7hvfcf" title="Value added tax receivables"><ix:nonFraction name="ifrs-full:ValueAddedTaxReceivables" contextRef="AsOf2022-12-31_custom_AnhuiZhongiunMember" id="Fact002739" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CNY">149,000</ix:nonFraction></span>. During the
year ended December 31, 2021, the Company received a total of RMB <span id="xdx_907_eifrs-full--AmountsReceivableRelatedPartyTransactions_iI_c20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AnhuiZhongiunMember_zbmxVquqBEzk" title="Amounts receivable, related party transactions"><ix:nonFraction name="ifrs-full:AmountsReceivableRelatedPartyTransactions" contextRef="AsOf2021-12-31_custom_AnhuiZhongiunMember" id="Fact002741" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">1,460,000</ix:nonFraction></span> from Anhui Zhongjun for the provision of business management
services. The Company completed all performance obligations pertaining to the RMB <span id="xdx_90B_eifrs-full--AmountsReceivableRelatedPartyTransactions_iI_c20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AnhuiZhongiunMember_zZdaDU54uOn9" title="Amounts receivable, related party transactions"><ix:nonFraction name="ifrs-full:AmountsReceivableRelatedPartyTransactions" contextRef="AsOf2021-12-31_custom_AnhuiZhongiunMember" id="Fact002743" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">1,460,000</ix:nonFraction></span> received and recognized revenue of RMB <span id="xdx_906_eifrs-full--RevenueFromRenderingOfServicesRelatedPartyTransactions_pp0p0_c20210101__20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AnhuiZhongiunMember_zrxNFbF8bpa4" title="Revenue from rendering of services, related party transactions"><ix:nonFraction name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" contextRef="From2021-01-012021-12-31_custom_AnhuiZhongiunMember" id="Fact002745" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CNY">1,378,000</ix:nonFraction></span>,
net of PRC value-added tax of RMB <span id="xdx_909_eifrs-full--ValueAddedTaxReceivables_iI_pp0p0_c20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--AnhuiZhongiunMember_zd03y6GPUja7" title="Value added tax receivables"><ix:nonFraction name="ifrs-full:ValueAddedTaxReceivables" contextRef="AsOf2021-12-31_custom_AnhuiZhongiunMember" id="Fact002747" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CNY">82,000</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
director of Anhui Zhongjun, Zhang Yonghong, is also a director of the Company&#8217;s subsidiary, Chengdu Future Talented Management
and Consulting Co., Ltd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">During
the year ended December 31, 2021, the Company incurred a total of RMB <span id="xdx_904_ecustom--RelatedPartyTransactionAmountIncurredInCostOfRevenue_pp0p0_c20210101__20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--LianjieHainanTechnologyCo.Ltd.LianjieMember_z4VI4hDKDGz" title="Cost of revenue to related party"><ix:nonFraction name="aehl:RelatedPartyTransactionAmountIncurredInCostOfRevenue" contextRef="From2021-01-012021-12-31_custom_LianjieHainanTechnologyCo.Ltd.LianjieMember" id="Fact002749" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="CNY">36,929,000</ix:nonFraction></span> in cost of revenue to Lianjie (Hainan)Technology Co.,
Ltd. (&#8220;Lianjie&#8221;). The Company paid RMB <span id="xdx_904_ecustom--RelatedPartyTransactionAmountPaidForCostOfRevenueIncurred_c20210101__20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--LianjieHainanTechnologyCo.Ltd.LianjieMember_zUmmEg3LMqCh"><ix:nonFraction name="aehl:RelatedPartyTransactionAmountPaidForCostOfRevenueIncurred" contextRef="From2021-01-012021-12-31_custom_LianjieHainanTechnologyCo.Ltd.LianjieMember" id="Fact002750" format="ixt:numdotdecimal" decimals="0" unitRef="CNY">34,364,000</ix:nonFraction></span> to Lianjie for the cost of revenue incurred. As of December 31, 2021, the
Company had trade accounts payable of RMB <span id="xdx_90D_ecustom--TradeAccountsPayableRelatedPartyTransaction_pp0p0_dxL_c20210101__20211231__ifrs-full--CategoriesOfRelatedPartiesAxis__custom--LianjieHainanTechnologyCo.Ltd.LianjieMember_zF3kGuqEFSJ2" title="::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl2751">nil</span></span> due to Lianjie. Lin Yufeng, a director of the Company&#8217;s subsidiary, Hainan Kylin
Cloud Services Technology Co., Ltd., was a significant shareholder of Lianjie from September 22, 2021 until November 19, 2021. Lin Yufeng
was no longer a significant shareholder of Lianjie during the year ended December 31, 2022, and thus Lianjie was no longer a related
party of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002753" name="ifrs-full:DisclosureOfCommitmentsExplanatory"><p id="xdx_802_eifrs-full--DisclosureOfCommitmentsExplanatory_zcc6ITeWZ831" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>29.
<span id="xdx_823_zn1kCCurj6R8">COMMITMENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">(a)
Operating lease commitments</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company leases production factories, warehouses and employees&#8217; hostel from unrelated parties under non-cancellable operating lease
arrangements. The leases have varying terms and the total future minimum lease payments of the Company under non-cancellable operating
leases are payable as follows:</span></p>

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</ix:nonNumeric><p id="xdx_8A8_zUFpgbJA9ME3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 144; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
leases typically run for an initial period of three years, with an option to renew the lease when all terms are renegotiated. Lease payments
are usually increased every three years to reflect market rentals. None of the leases includes contingent rentals.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">(b)
Capital commitments</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s capital expenditures consist of expenditures on property, plant and equipment and capital contribution. Capital expenditures
contracted for at the balance sheet date but not recognized in the financial statements are as follows:</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002771" name="ifrs-full:DisclosureOfAdditionalInformationExplanatory"><p id="xdx_892_eifrs-full--DisclosureOfAdditionalInformationExplanatory_zBkdfr6KUnsg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B5_zLkmVbWOzXld" style="display: none">SCHEDULE
OF CAPITAL EXPENDITURES CONTRACTED FOR AT THE BALANCE SHEET DATE BUT NOT RECOGNIZED</span></span></span></p>

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</ix:nonNumeric><p id="xdx_8A8_zTXROH1xP0Hh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002817" name="ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory"><p id="xdx_80D_eifrs-full--DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_zNptOIaMUXs9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>30.
<span id="xdx_827_zGPAPKDrNYzd">DISPOSAL OF SUBSIDIARIES</span> </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Since
the ceramic tiles manufacturing business of the Company has experienced significant hurdles due to the significant slowdown of the real
estate sector and the impacts of COVID-19 in China, the Company plans to divest its ceramic tiles manufacturing business, which is conducted
through the Company&#8217;s two subsidiaries, Jinjiang Hengda Ceramics Co., Ltd. and Jiangxi Hengdali Ceramic Materials Co., Ltd.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Jiangxi
Hengdali Ceramics is wholly owned by Jinjiang Hengda Ceramics, which is a wholly owned subsidiary of Stand Best Creation Limited, a Hong
Kong company (the &#8220;Target&#8221;). The Target is Stand Best Creation Limited, a wholly owned subsidiary of Success Winner Limited
which is 100% owned by the Company (&#8220;the Disposition Group&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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December 30, 2022, the Seller, the Target and New Stonehenge Limited, a British Virgin Islands exempt company which is not affiliate
of the Company or any of its directors or officers, (the &#8220;Buyer&#8221;), entered into certain share purchase agreement (the &#8220;Disposition
SPA&#8221;). Pursuant to the Disposition SPA, the Buyer agreed to purchase the Target, and in exchange the Buyer will issue a 5% unsecured
promissory note to the Seller with principal amount of $<span id="xdx_904_ecustom--EquityInstrumentsCarryingAmount_iI_pn5n6_c20221230__ifrs-full--ClassesOfAssetsAxis__ifrs-full--DebtSecuritiesMember_zCJ97M5WT1h9" title="Debt instrument fair value"><ix:nonFraction name="aehl:EquityInstrumentsCarryingAmount" contextRef="AsOf2022-12-30_ifrs-full_DebtSecuritiesMember" id="Fact002819" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="CNY">8.5</ix:nonFraction></span> million with a maturity date on the fourth anniversary of its issuance (the
&#8220;Note&#8221;). Upon the closing of the transaction (the &#8220;Disposition&#8221;) contemplated by the Disposition SPA, the Buyer
will become the sole shareholder of the Target and as a result, assume all assets and liabilities of the Target and subsidiaries owned
or controlled by the Target. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 145; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company held an extraordinary meeting of shareholders on February 21, 2023, at 8:30 AM ET, at Junbing Industrial Area, Anhai, Jinjiang,
Fujian, China. There were <span id="xdx_90B_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_pid_c20230221__20230221_zbcuMFc5slT1" title="Ordinary shares voted"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued" contextRef="From2023-02-212023-02-21" id="Fact002821" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,678,430</ix:nonFraction></span> ordinary shares voted, representing approximately 56.58% of the total <span id="xdx_90F_eifrs-full--NumberOfSharesOutstanding_iI_c20230221_zKXkxT02QgPg" title="Ordinary shares voted"><ix:nonFraction name="ifrs-full:NumberOfSharesOutstanding" contextRef="AsOf2023-02-21" id="Fact002823" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,035,188</ix:nonFraction></span> outstanding ordinary
shares and therefore constituting a quorum of more than fifty percent (50%) of the shares outstanding and entitled to vote at the meeting
as of the record date of January 5, 2023. The final voting results submitted to a vote of shareholders at the meeting were that the following
constitutes the number of votes voted with respect to the proposal of the approval of the proposed sale of the Company&#8217;s subsidiaries
(the &#8220;Disposition Transaction&#8221;), Stand Best Creation Limited, Jinjiang Hengda Ceramics Co., Ltd., and Jiangxi Hengdali Ceramic
Materials Co., Ltd. to New Stonehenge Limited, a business company incorporated in the British Virgin Islands with limited liability,
in exchange for an unsecured promissory note with a principal amount of US$<span id="xdx_909_ecustom--EquityInstrumentsCarryingAmount_iI_pn5n6_uUSD_c20221231__ifrs-full--ClassesOfAssetsAxis__ifrs-full--DebtSecuritiesMember_z8jaxhJTw0gh" title="Debt instrument fair value"><ix:nonFraction name="aehl:EquityInstrumentsCarryingAmount" contextRef="AsOf2022-12-31_ifrs-full_DebtSecuritiesMember" id="Fact002825" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">8.5</ix:nonFraction></span> million, which will be mature in four years after its
issuance. Accordingly, the Disposition Transaction has been approved. The disposal of the subsidiaries for the ceramic tile manufacturing
business were completed on April 28, 2023. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
following table summarizes the carrying value of the assets and liabilities of disposal group at the closing date of disposal. The Company
recorded RMB <span id="xdx_90F_ecustom--GainsOnDisposalsOfSubsidiaries_pn5n6_uCNY_c20230101__20231231_z3WVcPyRzrCh" title="Gain on disposal of subsidiaries"><ix:nonFraction name="aehl:GainsOnDisposalsOfSubsidiaries" contextRef="From2023-01-01to2023-12-31" id="Fact002827" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="CNY">73.8</ix:nonFraction></span> million gain on disposal of the subsidiaries, which was the difference between the selling price of US$<span id="xdx_906_eifrs-full--SellingExpense_pn5n6_uUSD_c20230101__20231231__ifrs-full--ValuationTechniquesUsedInFairValueMeasurementAxis__ifrs-full--NetAssetValueMember_zAaZ0hLOz1Za" title="Selling price"><ix:nonFraction name="ifrs-full:SellingExpense" contextRef="From2023-01-012023-12-31_ifrs-full_NetAssetValueMember" id="Fact002829" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">8.5</ix:nonFraction></span> million
and the carrying value of the net assets of the disposal group.</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002831" name="aehl:DisclosureAssetsAndLiabilitiesOfTheDisposalGroupExplanatory"><p id="xdx_89A_ecustom--DisclosureAssetsAndLiabilitiesOfTheDisposalGroupExplanatory_zkZ57frErHg6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BD_znBJRQpmxSbh" style="display: none">SCHEDULE
OF ASSETS AND LIABILITIES OF DISPOSAL GROUP</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right-of-use
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
    receivables, net</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and bank balances</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="aehl:CashAndBankBalances" contextRef="AsOf2023-04-28_ifrs-full_DisposalGroupsClassifiedAsHeldForSaleMember" id="Fact002841" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">256</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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</ix:nonNumeric><p id="xdx_8AE_zzaGAmUIw9Ka" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002851" name="aehl:DisclosureAssetsAndLiabilitiesOfTheDisposalGroupClassifiedHeldForSaleExplanatory"><p id="xdx_895_ecustom--DisclosureAssetsAndLiabilitiesOfTheDisposalGroupClassifiedHeldForSaleExplanatory_zh4331chDgzi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
and liabilities of the Disposal Group were classified as &#8220;Assets classified as held for sale&#8221; and &#8220;Liabilities directly
associated with assets classified as held for sale&#8221; respectively, in accordance with IFRS 5 as at December 31, 2022, is summarized
in the following table.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B6_zA22eAksabh8">SCHEDULE
OF ASSETS AND LIABILITIES OF DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_496_20221231__ifrs-full--AssetsAndLiabilitiesClassifiedAsHeldForSaleAxis__ifrs-full--AssetsAndLiabilitiesClassifiedAsHeldForSaleMember_zS8tMPshBGg5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,<br/> 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td>&#160;</td>
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  <tr id="xdx_40B_eifrs-full--AssetsAbstract_iB_zd3O7xb7My1i" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">ASSETS CLASSIFIED AS HELD FOR SALE</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eifrs-full--RightofuseAssets_iI_pn3n3_zcEOfMgSTQqk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_401_eifrs-full--Inventories_iI_pn3n3_zdYydMtdFizf" style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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</ix:nonNumeric><p id="xdx_8A0_z0SixAsw7yBl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002879" name="aehl:DisclosureOfFinancialPerformanceAndCashFlowInformationExplanatory"><p id="xdx_890_ecustom--DisclosureOfFinancialPerformanceAndCashFlowInformationExplanatory_z3GIPijGXqg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
financial performance and cash flow information presented are for the years ended December 31, 2023, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B8_zeWk2RL2SmH" style="display: none">SCHEDULE
OF FINANCIAL PERFORMANCE AND CASH FLOW INFORMATION</span></span></span></p>

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</ix:nonNumeric><p id="xdx_8A5_zSyvXMrdNN7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 146; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002941" name="ifrs-full:DisclosureOfFinancialRiskManagementExplanatory"><p id="xdx_80B_eifrs-full--DisclosureOfFinancialRiskManagementExplanatory_zc35t9rgLjw" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>31.
<span id="xdx_82F_zNg3PXJxAM9i">FINANCIAL RISK MANAGEMENT</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s overall financial risk management program seeks to minimize potential adverse effects of financial performance of the
Company. Management has in place processes and procedures to monitor the Company&#8217;s risk exposures while balancing the costs associated
with such monitoring and management against the costs of risk occurrence. The Company&#8217;s risk management policies are reviewed periodically
for changes in market conditions and the Company&#8217;s operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company is exposed to financial risks arising from its operations and the use of financial instruments. The key financial risks included
credit risk, liquidity risk, interest rate risk, foreign currency risk and market price risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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as disclosed in (d), the Company does not hold or issue derivative financial instruments for trading purposes or to hedge against fluctuations,
if any, in interest rates and foreign exchange rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">(a)
Credit risk</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The
Company&#8217;s exposure to credit risk arises primarily from bank balances and trade receivables. For trade receivables, the Company
adopts the policy of dealing only with customers of appropriate credit history to mitigate credit risk. For other financial assets, the
Company adopts the policy of dealing only with high credit quality counterparties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
the Company does not hold any collateral, the maximum exposure to credit risk for each class of financial assets is the carrying amount
of that class of financial assets presented on the consolidated statements of financial position. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Cash
and bank balances</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s bank deposits are placed with reputable banks in the PRC, Hong Kong and the United States, which management believes
are of high credit quality. The Company performs periodic evaluations of the relative credit standing of these financial institutions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Trade
receivables</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s objective is to seek continual growth while minimizing losses incurred due to increased credit risk exposure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s exposure to credit risks is influenced mainly by the individual characteristics of each customer. The Company typically
gives the existing customers credit terms of approximately 120 days to 150 days. In deciding whether credit shall be extended, the Company
will take into consideration factors such as the relationship with the customer, its payment history and credit worthiness. In relation
to new customers, the sales and marketing department will prepare credit proposals for approval by the Chief Executive Officer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 147; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company performs ongoing credit evaluations of its customers&#8217; financial condition and requires no collateral from its customers.
The provision for impairment loss for doubtful debts is based upon a review of the expected collectability of all trade and other receivables.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s concentration of credit risk by geographical location is wholly in the PRC as of December 31, 2023 and 2022. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">(b)
Liquidity risk</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s policy is to regularly monitor current and expected liquidity requirements and its compliance with loan covenants to
ensure that it maintains a sufficient amount of cash and adequate committed lines of funding from major financial institutions to meet
its liquidity requirements in the short and longer term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002943" name="ifrs-full:DisclosureOfAmountsToBeRecoveredOrSettledAfterTwelveMonthsForClassesOfAssetsAndLiabilitiesThatContainAmountsToBeRecoveredOrSettledBothNoMoreAndMoreThanTwelveMonthsAfterReportingDateExplanatory"><p id="xdx_89E_eifrs-full--DisclosureOfAmountsToBeRecoveredOrSettledAfterTwelveMonthsForClassesOfAssetsAndLiabilitiesThatContainAmountsToBeRecoveredOrSettledBothNoMoreAndMoreThanTwelveMonthsAfterReportingDateExplanatory_zkmprtl5xgEk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
following table details the Company&#8217;s remaining contractual maturities for its financial liabilities. The table has been drawn
up based on undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay.
The table includes both interest and principal cash flows. To the extent that interest flows are at a floating rate, the undiscounted
amount is calculated based on interest rate at the end of the reporting periods:</span></p>

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MATURITIES FOR ITS FINANCIAL LIABILITIES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr id="xdx_40C_eifrs-full--TradeAndOtherCurrentPayablesToRelatedParties_iI_pn3n3_maNFLUCzIF2_zoZIwIMAIiUa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2966">&#8212;</span></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" contextRef="AsOf2022-12-31_custom_UndiscountedCashFlowMember" id="Fact002967" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">1,291</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherNoncurrentPayables" contextRef="AsOf2022-12-31_custom_UndiscountedCashFlowMember" id="Fact002972" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">8,775</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:OtherNoncurrentPayables" contextRef="AsOf2022-12-31" id="Fact002973" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">8,775</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:GrossLeaseLiabilities" contextRef="AsOf2022-12-31_custom_LaterThanOneYearsAndNotLaterThanFiveYearsMember" id="Fact002976" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">146</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:GrossLeaseLiabilities" contextRef="AsOf2022-12-31" id="Fact002978" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">495</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NonderivativeFinancialLiabilitiesUndiscountedCashFlows" contextRef="AsOf2022-12-31_custom_UndiscountedCashFlowMember" id="Fact002982" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">13,640</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="ifrs-full:NonderivativeFinancialLiabilitiesUndiscountedCashFlows" contextRef="AsOf2022-12-31" id="Fact002983" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">13,640</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AD_z7AfbNhiO489" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">(c)
Interest rate risk</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Interest
rate risk is the risk that the fair value or future cash flows of the Company&#8217;s financial instruments will fluctuate because of
changes in market interest rates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s exposure to interest rate risk arises primarily from the Company&#8217;s interest-bearing bank deposits and borrowings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company is exposed to fair value interest rate risk in relation to its fixed-rate bank borrowings. Bank borrowings subject to fixed interest
rates are contractually repriced at intervals of 12 months. The Company currently does not have an interest rate hedging policy. However,
the management monitors interest rate exposure and will consider other necessary actions when significant interest rate exposure is anticipated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company is also exposed to cash flow interest rate risk related to bank balances and cash held at financial institutions carried at the
prevailing market rates and variable-rate bank borrowings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 148; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">At
December 31, 2023 and 2022, the company had no variable-rate risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">(d)
Foreign currency risk</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Currency
risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange
rates. Currency risk arises when transactions are denominated in foreign currencies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company is mainly exposed to foreign exchange risk arising from future commercial transactions, recognized assets and liabilities denominated
in currencies other than the functional currency of the Company entities to which they relate. The Company&#8217;s operations are primarily
conducted in the PRC. All the sales and purchases transactions are denominated in RMB. As such, the operations are not exposed to exchange
rate fluctuation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2023 and 2022, nearly all of the Company&#8217;s monetary assets and monetary liabilities were denominated in RMB except
certain bank balances (Note 19) were denominated in US dollars and HKD.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i>Sensitivity
analysis</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s foreign currency risk is mainly concentrated on the fluctuation of US$ and HK$. The following table details the Company&#8217;s
sensitivity to a <span id="xdx_90B_ecustom--PercentageOfChangesInRMBAgainstForeignCurrencies_iI_pid_dp_uPure_c20231231_zM0RCQ5Cs66g" title="Percentage of changes in RMB against foreign currencies"><ix:nonFraction name="aehl:PercentageOfChangesInRMBAgainstForeignCurrencies" contextRef="AsOf2023-12-31" id="Fact002985" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">4</ix:nonFraction></span>% increase and decrease in RMB against the relevant foreign currencies. The sensitivity analysis includes only outstanding
foreign currency denominated monetary items and adjusts their translation at the years end for a 4% change. On this basis, if RMB strengthens
against foreign currencies by 4%, the Company&#8217;s loss before taxation for the year would decrease by the following amount, and vice
versa.</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002987" name="aehl:DisclosureOfDetailedInformationRegardingCurrencyRiskExplanatory"><p id="xdx_89C_ecustom--DisclosureOfDetailedInformationRegardingCurrencyRiskExplanatory_zTLUrLHeWAqc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B2_zdgsgZ2eyGB4" style="display: none">SUMMARY
OF LOSS BEFORE TAXATION</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr id="xdx_407_eifrs-full--ProfitLossBeforeTax_pn3n3_zaeEoMTEneIg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
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</ix:nonNumeric><p id="xdx_8AD_zYfFmybnhQlc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
sensitivity analysis has been determined assuming that the change in foreign exchange rates had occurred at the end of the reporting
period and had been applied to re-measure those financial instruments held by the Company which expose the Company to foreign currency
risk at the end of the reporting period. The stated changes represent management&#8217;s assessment of reasonably possible changes in
foreign exchange rates over the period until the end of next annual reporting period. The analysis is performed on the same basis for
2023, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
management&#8217;s opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk as the year end exposure
at the end of the reporting period does not reflect the exposure during the year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">(e)
Fair value measurements</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    instruments carried at fair value</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Fair
value hierarchy</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
following table presents the fair value of the Company&#8217;s financial instruments measured at the end of the reporting period on a
recurring basis, categorized into the three-level fair value hierarchy as defined in IFRS 13 Fair value measurement. The level into which
a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation
technique as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 149; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
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    is, as prices) or indirectly (that is, derived from prices)</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
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    directors are responsible to determine the appropriate valuation techniques and inputs for fair value measurements.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">There
were no transfers between instrument levels during the years ended December 31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2023 and 2021 there were no other financial instruments measured on a recurring basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    assets and liabilities measured at other than fair value</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
carrying amounts of the Company&#8217;s other financial instruments carried at cost or amortized cost approximate their fair values as
of December 31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002993" name="aehl:DisclosureOfCapitalManagementExplanatory"><p id="xdx_801_ecustom--DisclosureOfCapitalManagementExplanatory_zg6PBpv9UlBk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>32.
<span id="xdx_821_zMBMIEVatCy3">CAPITAL MANAGEMENT</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company&#8217;s objectives when managing capital are:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    maintain a strong credit rating and healthy capital ratios in order to support the Company&#8217;s stability and growth.</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company actively and regularly reviews and manages its capital structure to ensure optimal shareholder returns, taking into consideration
the future capital requirements of the Company and capital efficiency, prevailing and projected profitability, projected operating cash
flows, projected capital expenditures and projected strategic investment opportunities. The Company manages its common shares and stock
options as capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company is not subject to externally imposed capital requirements, except for, as disclosed in Note 26(a), the Company&#8217;s PRC subsidiaries
are required by the Foreign Enterprise Law of the PRC to contribute to and maintain a non-distributable statutory reserve fund whose
utilization is subject to approval by the Board of Directors. This externally imposed capital requirement has been complied with by the
PRC subsidiaries for the years ended December 31, 2023, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital
to shareholders, increase share capital, obtain new borrowings or sell assets to reduce debt.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">There
were no changes in the Company&#8217;s overall approach to capital management during the report periods. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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capital structure of the Company consists of debts (which include borrowings, less cash and cash equivalents) and equity attributable
to shareholders of the Company (comprising issued capital and reserves). The Company monitors capital on the basis of the debt to capital
ratio, which is calculated as net debts divided by equity attributable to shareholders of the Company.</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002995" name="aehl:DisclosureOfDetailedInformationAboutCapitalExplanatory"><p id="xdx_895_ecustom--DisclosureOfDetailedInformationAboutCapitalExplanatory_zi8c5giObUji" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BC_zoQW4k42gX0f" style="display: none">SCHEDULE
OF CAPITAL STRUCTURE&#160;</span></span></span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="font: bold 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="aehl:EquityAttributableToShareholdersOfParentCompany" contextRef="AsOf2022-12-31" id="Fact003016" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="CNY">1,047</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gearing
    ratio</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="aehl:GearingRatio" contextRef="AsOf2023-12-31" id="Fact003018" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="aehl:GearingRatio" contextRef="AsOf2022-12-31" id="Fact003019" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">585</ix:nonFraction></span></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A0_zh0tAX0bhO" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 150; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact003021" name="ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory"><p id="xdx_809_eifrs-full--DisclosureOfEventsAfterReportingPeriodExplanatory_zlcPWvZA4Hej" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b>33.
<span id="xdx_82D_zOT1fRodtHIa">SUBSEQUENT EVENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
Company has evaluated all events that have occurred subsequent to December 31, 2023 through the date that the consolidated financial
statements were issued. Management has concluded that the following material subsequent events required disclosure in the consolidated
financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; background-color: white"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            January 9, 2024, the Company entered a service agreement with a consultant, for performing
                                            accounting and financial services to the Company. Pursuant to the service agreement, the
                                            Company issued <span id="xdx_901_eifrs-full--NumberOfSharesIssued_iI_pid_c20240109__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__custom--RestrictedClassAOrdinarySharesMember_zLIP2jVI0CZf" title="Shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2024-01-09_custom_NonadjustingEventMember_custom_RestrictedClassAOrdinarySharesMember" id="Fact003023" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000</ix:nonFraction></span> restricted Class A ordinary shares, no par value as the share compensation
                                            expense. The fair value of <span id="xdx_90B_ecustom--AggregateOfWarrants_iI_pid_c20240109__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zolfFL2pac6b" title="Aggregate of warrants"><ix:nonFraction name="aehl:AggregateOfWarrants" contextRef="AsOf2024-01-09_custom_NonadjustingEventMember" id="Fact003025" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000</ix:nonFraction></span> shares was $<span id="xdx_90F_ecustom--FairValueOfSharesIssued_pn3d_uUSD_c20240109__20240109__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_ztYC5ynkSGPl" title="Fair value of shares issued"><ix:nonFraction name="aehl:FairValueOfSharesIssued" contextRef="From2024-01-092024-01-09_custom_NonadjustingEventMember" id="Fact003027" format="ixt:numdotdecimal" decimals="-3" unitRef="USD">190,000</ix:nonFraction></span>.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0; background-color: white"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
                                            January 25, 2024, the Company entered into a note purchase agreement with Guoxiang Hu (the
                                            &#8220;Investor&#8221;), pursuant to which the Company issued the Investor an unsecured promissory
                                            note in the principal amount of $<span id="xdx_903_eifrs-full--NotionalAmount_iI_pn3d_uUSD_c20240125__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zB8psDOA1ED8" title="Principal amount"><ix:nonFraction name="ifrs-full:NotionalAmount" contextRef="AsOf2024-01-25_custom_NonadjustingEventMember" id="Fact003029" format="ixt:numdotdecimal" decimals="-3" unitRef="USD">4,630,000</ix:nonFraction></span> (the &#8220;Note&#8221;). The Note bears interest
                                            at a rate of <span id="xdx_901_ecustom--PercentageOfDebtInterest_pid_dp_uPure_c20240125__20240125__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zlYm8taUc633" title="Percentage of bears interest rate"><ix:nonFraction name="aehl:PercentageOfDebtInterest" contextRef="From2024-01-252024-01-25_custom_NonadjustingEventMember" id="Fact003031" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">16</ix:nonFraction></span>% per annum. All outstanding principal and accrued interest on the Note will
                                            become due and 9 months after the purchase price of the Note is delivered by Investor to
                                            the Company (the &#8220;Purchase Price Date&#8221;). The Company may prepay all or a portion
                                            of the outstanding balance of the Note prior to its maturity date.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Global
Pacific Securities US Inc. (&#8220;Global Pacific&#8221;) has acted as the lead advisor of the Company for the transaction contemplated
in the Purchase Agreement, and the Company agreed to pay Global Pacific a cash fee equal to three percent (3%) of the gross proceeds
and to reimburse Global Pacific for its accountable expenses up to $<span id="xdx_901_ecustom--AccountableExpenses_iI_uUSD_c20240125__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_z1zEVSgzf2Oj" title="Accountable expenses"><ix:nonFraction name="aehl:AccountableExpenses" contextRef="AsOf2024-01-25_custom_NonadjustingEventMember" id="Fact003033" format="ixt:numdotdecimal" decimals="0" unitRef="USD">30,000</ix:nonFraction></span> (&#8220;Cash Compensation&#8221;) and to issue to Global Pacific
restricted Class A ordinary shares of the Company (&#8220;Share Compensation&#8221;), in an amount equal to <span id="xdx_90B_ecustom--PercentageOfGrossProceeds_pid_dp_uPure_c20240125__20240125__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_ze1kvsmSmnB3" title="Percentage of gross proceeds"><ix:nonFraction name="aehl:PercentageOfGrossProceeds" contextRef="From2024-01-252024-01-25_custom_NonadjustingEventMember" id="Fact003035" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.5</ix:nonFraction></span>% of the gross proceeds.
On February 2, 2024, the Company issued <span id="xdx_902_eifrs-full--NumberOfSharesIssued_iI_pid_c20240202__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__custom--RestrictedClassAOrdinarySharesMember_z2IwJa5IxKth" title="Shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2024-02-02_custom_NonadjustingEventMember_custom_RestrictedClassAOrdinarySharesMember" id="Fact003037" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">193,994</ix:nonFraction></span> restricted Class A ordinary shares to Global Pacific.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
addition, the Company may not assign the Note without prior written consent of the Investor. The Investor may be sold, assigned or transferred
by the Investor without the Company&#8217;s prior written consent. However, in the event that the Company has identified any individual(s)
or entity(ies) that is satisfactory to the Company, to purchase the Note from the Investor, the Investor agreed to use his best efforts
to sell, transfer and assign the Note to such individual or entity identified by the Company within ten (10) calendar days following
receipt of a written notice from the Company, at a price that equal to the outstanding balance of the Note.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Under
the Purchase Agreement, Weilai Zhang, our CEO and Chairman of the board (the &#8220;Pledgor&#8221;), agreed to enter into a share pledge
agreement with the Investor, on January 25, 2024 (the &#8220;Pledge Agreement&#8221;), to pledge all Class B ordinary shares of the Company,
no par value (&#8220;Class B ordinary shares&#8221;) owned by him, including any additional Class B ordinary shares issued to him while
the Note is outstanding, and any proceeds thereof (collectively, the &#8220;Pledged Collateral&#8221;), to secure the Company&#8217;s
payment and performance of any and all obligations, liabilities and indebtedness of the Company to the Investor pursuant to the terms
of the Purchase Agreement (&#8220;Secured Obligations&#8221;)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            January 29, 2024, the Compensation Committee of the Board approved, based on the Company&#8217;s
                                            2023 operating results and performance, to issue <span id="xdx_90F_eifrs-full--NumberOfSharesIssued_iI_pid_c20240129__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--ClassesOfOrdinarySharesAxis__custom--ClassBOrdinarySharesMember_zWQvYzeFufB2" title="Shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2024-01-29_custom_NonadjustingEventMember_custom_ClassBOrdinarySharesMember" id="Fact003039" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">300,000</ix:nonFraction></span> Class B ordinary shares of the Company,
                                            no par value, as a one-time bonus to the Company&#8217;s CEO.</span></td></tr></table>
<!-- Field: Split-Segment; Name: 001 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 151; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            February 12, 2024, the Company enter into certain exchange agreements with each of certain
                                            warrant holders (the &#8220;Holders&#8221;) pursuant to which, each Holder agreed to surrender
                                            the existing warrants held by itself to purchase Class A ordinary shares, no par value, of
                                            the Company (&#8220;Class A ordinary shares for cancellation, in exchange for the Company&#8217;s
                                            payment of an aggregate of $<span id="xdx_90D_eifrs-full--ConsiderationPaidReceived_uUSD_c20240212__20240212__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--ExchangeAgreementMember_z5zfJUmIRag1" title="Payment of cash consideration"><ix:nonFraction name="ifrs-full:ConsiderationPaidReceived" contextRef="From2024-02-122024-02-12_custom_NonadjustingEventMember_custom_ExchangeAgreementMember" id="Fact003041" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">202,033</ix:nonFraction></span> in cash (&#8220;Cash Consideration&#8221;) and an issuance
                                            of <span id="xdx_90D_ecustom--IssuanceOfRestrictedShares_pid_c20240212__20240212__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--ExchangeAgreementMember_zIfvjLAgRiTf" title="Issuance of restricted shares"><ix:nonFraction name="aehl:IssuanceOfRestrictedShares" contextRef="From2024-02-122024-02-12_custom_NonadjustingEventMember_custom_ExchangeAgreementMember" id="Fact003043" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">101,016</ix:nonFraction></span> restricted Class A ordinary shares (the &#8220;Exchanged Shares&#8221;).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
                                            February 15, 2024, the Company enter into certain exchange agreements with warrant holders
                                            (the &#8220;Holders&#8221;) pursuant to which, Holder agreed to surrender the existing warrants
                                            held by itself to purchase Class A ordinary shares, no par value, of the Company (&#8220;Class
                                            A ordinary shares for cancellation, in exchange for the Company&#8217;s payment of an aggregate
                                            of $<span id="xdx_907_eifrs-full--ConsiderationPaidReceived_uUSD_c20240215__20240215__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--ExchangeAgreementMember_zDhW3i80lJh" title="Payment of cash consideration"><ix:nonFraction name="ifrs-full:ConsiderationPaidReceived" contextRef="From2024-02-152024-02-15_custom_NonadjustingEventMember_custom_ExchangeAgreementMember" id="Fact003045" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">55,556</ix:nonFraction></span> in cash (&#8220;Cash Consideration&#8221;) and an issuance of <span id="xdx_908_ecustom--IssuanceOfRestrictedShares_pid_c20240215__20240215__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--ExchangeAgreementMember_zCfNxU8EKEJg" title="Issuance of restricted shares"><ix:nonFraction name="aehl:IssuanceOfRestrictedShares" contextRef="From2024-02-152024-02-15_custom_NonadjustingEventMember_custom_ExchangeAgreementMember" id="Fact003047" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">27,778</ix:nonFraction></span> restricted
                                            Class A ordinary shares (the &#8220;Exchanged Shares&#8221;).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
                                            February 27, 2024, the Company entered into a stock transfer agreement with Right Fortress
                                            Limited (the &#8220;transferor&#8221;), through which Right Fortress Limited transferred
                                            all its equity in Million Stars US Inc (&#8220;Million Star&#8221;) to Antelope Enterprise
                                            Holdings USA Inc. for $<span id="xdx_902_ecustom--TransferOfEquity_uUSD_c20240227__20240227__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--StockTransferAgreementMember_zSYL4P4F0JGg" title="Transfer of equity"><ix:nonFraction name="aehl:TransferOfEquity" contextRef="From2024-02-272024-02-27_custom_NonadjustingEventMember_custom_StockTransferAgreementMember" id="Fact003049" format="ixt:numdotdecimal" decimals="-3" scale="3" unitRef="USD">1</ix:nonFraction></span>. As of the report date, Million Stars doesn&#8217;t have any operations.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
                                            February 23, 2024, the Company entered into a certain securities purchase agreement (the
                                            &#8220;SPA&#8221;) with certain investors (the &#8220;Purchasers&#8221;), pursuant to which
                                            the Company agreed to sell <span id="xdx_905_eifrs-full--NumberOfSharesIssued_iI_pid_uShares_c20240223__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--SecuritiesPurchaseAgreementMember_zUfHfDW4JTOe" title="Sale of stock"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2024-02-23_custom_NonadjustingEventMember_custom_SecuritiesPurchaseAgreementMember" id="Fact003051" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,300,000</ix:nonFraction></span> Class A ordinary shares, (the &#8220;Shares&#8221;),
                                            no par value each (the &#8220;Ordinary Shares&#8221;), at a per share purchase price of $<span id="xdx_90C_ecustom--ShareIssuedPricePerShare_iI_pid_uUSDPShares_c20240223__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--SecuritiesPurchaseAgreementMember_z9ntYZWh0Wp4" title="Share issued price per share"><ix:nonFraction name="aehl:ShareIssuedPricePerShare" contextRef="AsOf2024-02-23_custom_NonadjustingEventMember_custom_SecuritiesPurchaseAgreementMember" id="Fact003053" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.00</ix:nonFraction></span>
                                            (the &#8220;Offering&#8221;). The gross proceeds to the Company from this Offering are approximately
                                            $<span id="xdx_902_eifrs-full--ProceedsFromIssuingShares_pn4n6_uUSD_c20240223__20240223__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--SecuritiesPurchaseAgreementMember_zZb7j83aUFpb" title="Proceeds from issuing shares"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2024-02-232024-02-23_custom_NonadjustingEventMember_custom_SecuritiesPurchaseAgreementMember" id="Fact003055" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="USD">1.30</ix:nonFraction></span> million, before deducting any fees or expenses. In a concurrent private placement,
                                            the Company also issued the investors warrants to purchase up to <span id="xdx_905_ecustom--WarrantsToPurchaseOfShares_pid_uShares_c20240223__20240223__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--SecuritiesPurchaseAgreementMember_zhZCriP3VLSc" title="Warrants to purchase of shares"><ix:nonFraction name="aehl:WarrantsToPurchaseOfShares" contextRef="From2024-02-232024-02-23_custom_NonadjustingEventMember_custom_SecuritiesPurchaseAgreementMember" id="Fact003057" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,300,000</ix:nonFraction></span> Shares (the &#8220;Warrants&#8221;).
                                            Each Warrant is exercisable for one Class A ordinary share. The Warrants will have an initial
                                            exercise price of $<span id="xdx_909_ecustom--ExercisePriceOfWarrants_iI_pid_uUSDPShares_c20240223__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--SecuritiesPurchaseAgreementMember_zjcrhGqAZCJg" title="Exercise pice of warrants"><ix:nonFraction name="aehl:ExercisePriceOfWarrants" contextRef="AsOf2024-02-23_custom_NonadjustingEventMember_custom_SecuritiesPurchaseAgreementMember" id="Fact003059" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.10</ix:nonFraction></span> per share and will be exercisable at any time on or after the date
                                            of issuance and will expire on the fifth anniversary of the issuance date. The Company plans
                                            to use the net proceeds from this Offering for the expansion of the Company&#8217;s business
                                            in the U.S., and for general corporate purpose.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
                                            February 28, 2024, the Company entered into a consulting service agreement with a consultant
                                            to provide marketing consulting services to the Company. The Company agreed to issue <span id="xdx_90B_ecustom--IssuanceOfRestrictedShares_pid_c20240228__20240228__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--ConsultingServiceAgreementMember_zsMc1sZLa2Q3" title="Issuance of restricted shares"><ix:nonFraction name="aehl:IssuanceOfRestrictedShares" contextRef="From2024-02-282024-02-28_custom_NonadjustingEventMember_custom_ConsultingServiceAgreementMember" id="Fact003061" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">75,000</ix:nonFraction></span>
                                            restricted Class A ordinary shares, no par value, (the &#8220;Class A Ordinary Shares&#8221;)
                                            to the consultant, subject to cancellation in the event that the Service Agreement is terminated
                                            earlier than June 30, 2023 (the &#8220;share Compensation&#8221;).</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
                                            March 15, 2024, the Company entered into certain securities purchase agreement (the &#8220;SPA&#8221;)
                                            with certain investors (the &#8220;Purchasers&#8221;), pursuant to which the Company agreed
                                            to sell <span id="xdx_90F_eifrs-full--NumberOfSharesIssued_iI_pid_c20240315__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--SecuritiesPurchaseAgreementMember_zWuCRYiKPLY7" title="Sale of stock"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2024-03-15_custom_NonadjustingEventMember_custom_SecuritiesPurchaseAgreementMember" id="Fact003063" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,727,941</ix:nonFraction></span> Class A ordinary shares, (the &#8220;Shares&#8221;), no par value each
                                            (the &#8220;Ordinary Shares&#8221;), at a per share purchase price of $<span id="xdx_901_ecustom--ShareIssuedPricePerShare_iI_pid_c20240315__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--SecuritiesPurchaseAgreementMember_zrVbDACMLpJe" title="Share issued price per share"><ix:nonFraction name="aehl:ShareIssuedPricePerShare" contextRef="AsOf2024-03-15_custom_NonadjustingEventMember_custom_SecuritiesPurchaseAgreementMember" id="Fact003065" format="ixt:numdotdecimal" decimals="INF" unitRef="CNYPShares">1.36</ix:nonFraction></span> (the &#8220;Offering&#8221;).
                                            The gross proceeds to the Company from this Offering are approximately $<span id="xdx_909_eifrs-full--ProceedsFromIssuingShares_pn4n6_c20240315__20240315__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--SecuritiesPurchaseAgreementMember_zVKH1Hys15rg" title="Proceeds from issuing shares"><ix:nonFraction name="ifrs-full:ProceedsFromIssuingShares" contextRef="From2024-03-152024-03-15_custom_NonadjustingEventMember_custom_SecuritiesPurchaseAgreementMember" id="Fact003067" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="CNY">2.35</ix:nonFraction></span> million, before
                                            deducting any fees or expenses. The Company plans to use the net proceeds from this Offering
                                            for the expansion of the Company&#8217;s business in the U.S., including the recruitment
                                            of personnel in the U.S. and for general corporate purpose.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">On
                                            March 25, 2024, the Company entered into a consulting service agreement with a consultant
                                            to provide marketing consulting services of e-commence environment to the Company. The Company
                                            agreed to issue <span id="xdx_90A_ecustom--IssuanceOfRestrictedShares_pid_c20240325__20240325__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--ConsultingServiceAgreementMember_zybgLTG6rFCi" title="Issuance of restricted shares"><ix:nonFraction name="aehl:IssuanceOfRestrictedShares" contextRef="From2024-03-252024-03-25_custom_NonadjustingEventMember_custom_ConsultingServiceAgreementMember" id="Fact003069" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">51,471</ix:nonFraction></span> restricted Class A ordinary shares, no par value, (the &#8220;Class
                                            A Ordinary Shares&#8221;) to the consultant, subject to cancellation in the event that the
                                            Service Agreement is terminated earlier than June 30, 2023 (the &#8220;share Compensation&#8221;).</span></td></tr></table>
<!-- Field: Split-Segment; Name: 002 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"></p>


<ix:exclude><!-- Field: Page; Sequence: 152; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            April 1, 2024, the board of directors approved to amend employment agreement of Mr. Weilai
                                            Zhang, the CEO and Chairman of the Company. Pursuant to the Amended Employment Agreement,
                                            Mr. Zhang&#8217;s monthly compensation as the CEO of the Company was changed from $<span id="xdx_90F_eifrs-full--CashAndCashEquivalents_iI_pn3d_uUSD_c20240401__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--AmendmentEmploymentAgreementMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zdocgGhsqqei" title="Cash"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2024-04-01_custom_AmendmentEmploymentAgreementMember_custom_NonadjustingEventMember" id="Fact003071" format="ixt:numdotdecimal" decimals="-3" unitRef="USD">10,000</ix:nonFraction></span>
                                            in cash and $<span id="xdx_903_eifrs-full--CashAndCashEquivalents_iI_pn3d_uUSD_c20240401__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--AmendmentEmploymentAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBOrdinarySharesMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zzyF7lA37eNd" title="Cash"><ix:nonFraction name="ifrs-full:CashAndCashEquivalents" contextRef="AsOf2024-04-01_custom_AmendmentEmploymentAgreementMember_custom_ClassBOrdinarySharesMember_custom_NonadjustingEventMember" id="Fact003073" format="ixt:numdotdecimal" decimals="-3" unitRef="USD">20,000</ix:nonFraction></span> in Class B ordinary shares, <span id="xdx_901_eifrs-full--ParValuePerShare_iI_pid_do_uUSDPShares_c20240401__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--AmendmentEmploymentAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBOrdinarySharesMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zoLDvQ5SY17j" title="Shares issued par value"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2024-04-01_custom_AmendmentEmploymentAgreementMember_custom_ClassBOrdinarySharesMember_custom_NonadjustingEventMember" id="Fact003075" format="ixt-sec:numwordsen" decimals="INF" unitRef="USDPShares">no</ix:nonFraction></span> par value (the &#8220;Class B Ordinary
                                            Shares&#8221;), calculated based on the closing price of the Class A ordinary shares, <span id="xdx_901_eifrs-full--ParValuePerShare_iI_pid_do_uUSDPShares_c20240401__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--AmendmentEmploymentAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAOrdinarySharesMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zxxtG5ASr3t4" title="Shares issued par value"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2024-04-01_custom_AmendmentEmploymentAgreementMember_custom_ClassAOrdinarySharesMember_custom_NonadjustingEventMember" id="Fact003077" format="ixt-sec:numwordsen" decimals="INF" unitRef="USDPShares">no</ix:nonFraction></span>
                                            par value (the &#8220;Class A Ordinary Shares&#8221;) on the last trading day of such month,
                                            to be <span id="xdx_902_eifrs-full--NumberOfSharesIssued_iI_pid_c20240101__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--AmendmentEmploymentAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBOrdinarySharesMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_z8tGCSOaDEfg" title="Shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2024-01-01_custom_AmendmentEmploymentAgreementMember_custom_ClassBOrdinarySharesMember_custom_NonadjustingEventMember" id="Fact003079" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000</ix:nonFraction></span> Class B Ordinary Shares per year, starting on January 1, 2024. Except for the
                                            changes expressly described above, the Amended Employment Agreement does not amend, supplement
                                            or update any information contained in the employment agreement of Mr. Zhang dated October
                                            24, 2023. The Board approved, as recommended by the Committee, to issue <span id="xdx_902_eifrs-full--NumberOfSharesIssued_iI_pid_c20240101__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--AmendmentEmploymentAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassBOrdinarySharesMember__ifrs-full--CounterpartiesAxis__custom--MrZhangMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zmwkT5avg2Y5" title="Shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2024-01-01_custom_AmendmentEmploymentAgreementMember_custom_ClassBOrdinarySharesMember_custom_MrZhangMember_custom_NonadjustingEventMember" id="Fact003081" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,500,000</ix:nonFraction></span> Class B
                                            Ordinary Shares, to Mr. Zhang, as the compensation for his services for the three years commencing
                                            on January 1, 2024 and ending on December 31, 2026, provided that, in the event Mr. Zhang&#8217;s
                                            employment is terminated earlier than December 31, 2026, Mr. Zhang shall return the Class
                                            B Ordinary Shares proportionately.</span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            April 2, 2024, the Company entered into a warrant exchange agreement (the &#8220;Exchange
                                            Agreement&#8221;) with certain holder (the &#8220;Holder&#8221;) of warrants (the &#8220;Warrants&#8221;)
                                            to purchase Class A ordinary shares, <span id="xdx_908_eifrs-full--ParValuePerShare_iI_do_uUSDPShares_c20240402__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--WarrantExchangeAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAOrdinarySharesMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zPlAmIBrUiSg" title="Shares issued par value"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2024-04-02_custom_WarrantExchangeAgreementMember_custom_ClassAOrdinarySharesMember_custom_NonadjustingEventMember" id="Fact003083" format="ixt-sec:numwordsen" decimals="-3" scale="3" unitRef="USDPShares">no</ix:nonFraction></span> par value each, (the &#8220;Class A Ordinary Shares&#8221;)
                                            of the Company, pursuant to which the Holder agreed to surrender the Warrants for cancellation
                                            and the Company agreed, in exchange, to issue <span id="xdx_90D_eifrs-full--SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares_iI_pid_c20240402__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--WarrantExchangeAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAOrdinarySharesMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zCiYnmFT1An4" title="Shares issued"><ix:nonFraction name="ifrs-full:SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares" contextRef="AsOf2024-04-02_custom_WarrantExchangeAgreementMember_custom_ClassAOrdinarySharesMember_custom_NonadjustingEventMember" id="Fact003085" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">0.5</ix:nonFraction></span> restricted Class A Ordinary Shares for
                                            each Warrant. The Holder owned <span id="xdx_90E_eifrs-full--NumberOfSharesIssued_iI_pid_c20240402__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--WarrantExchangeAgreementMember__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--WarrantsMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zgMi2XmDLSM8" title="Shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2024-04-02_custom_WarrantExchangeAgreementMember_ifrs-full_WarrantsMember_custom_NonadjustingEventMember" id="Fact003087" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">60,052</ix:nonFraction></span> Warrants at the time of entering into the Exchange
                                            Agreement and received <span id="xdx_900_eifrs-full--NumberOfSharesIssued_iI_pid_c20240402__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--WarrantExchangeAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__custom--RestrictedClassAOrdinarySharesMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zCG6MmnCqr1l" title="Shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2024-04-02_custom_WarrantExchangeAgreementMember_custom_RestrictedClassAOrdinarySharesMember_custom_NonadjustingEventMember" id="Fact003089" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">30,026</ix:nonFraction></span> restricted Class A Ordinary Shares (the &#8220;Exchanged Shares&#8221;)
                                            upon closing of the transaction as contemplated in the Exchange Agreement. </span></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13)</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
                                            April 15, 2024, the Company entered into a warrant exchange agreement (the &#8220;Exchange
                                            Agreement&#8221;) with certain holder (the &#8220;Holder&#8221;) of warrants (the &#8220;Warrants&#8221;)
                                            to purchase Class A ordinary shares, <span id="xdx_907_eifrs-full--ParValuePerShare_iI_pid_do_uUSDPShares_c20240415__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--WarrantExchangeAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAOrdinarySharesMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zNEedYPzxJg3" title="Shares issued par value"><ix:nonFraction name="ifrs-full:ParValuePerShare" contextRef="AsOf2024-04-15_custom_WarrantExchangeAgreementMember_custom_ClassAOrdinarySharesMember_custom_NonadjustingEventMember" id="Fact003091" format="ixt-sec:numwordsen" decimals="INF" unitRef="USDPShares">no</ix:nonFraction></span> par value each, (the &#8220;Class A Ordinary Shares&#8221;)
                                            of the Company, pursuant to which the Holder agreed to surrender the Warrants for cancellation
                                            and the Company agreed, in exchange, to issue <span id="xdx_90B_eifrs-full--SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares_iI_pid_c20240415__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--WarrantExchangeAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__custom--ClassAOrdinarySharesMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zWRpJJBscIL6" title="Shares issued"><ix:nonFraction name="ifrs-full:SharesReservedForIssueUnderOptionsAndContractsForSaleOfShares" contextRef="AsOf2024-04-15_custom_WarrantExchangeAgreementMember_custom_ClassAOrdinarySharesMember_custom_NonadjustingEventMember" id="Fact003093" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">0.5</ix:nonFraction></span> restricted Class A Ordinary Shares for
                                            each Warrant. The Holder owned <span id="xdx_90B_eifrs-full--NumberOfSharesIssued_iI_pid_c20240415__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--WarrantExchangeAgreementMember__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--WarrantsMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_ztifD3H8JDal" title="Shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2024-04-15_custom_WarrantExchangeAgreementMember_ifrs-full_WarrantsMember_custom_NonadjustingEventMember" id="Fact003095" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,071</ix:nonFraction></span> Warrants at the time of entering into the Exchange
                                            Agreement and received <span id="xdx_907_eifrs-full--NumberOfSharesIssued_iI_pid_c20240415__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--WarrantExchangeAgreementMember__ifrs-full--ClassesOfShareCapitalAxis__custom--RestrictedClassAOrdinarySharesMember__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember_zAD6Hker7sQd" title="Shares issued"><ix:nonFraction name="ifrs-full:NumberOfSharesIssued" contextRef="AsOf2024-04-15_custom_WarrantExchangeAgreementMember_custom_RestrictedClassAOrdinarySharesMember_custom_NonadjustingEventMember" id="Fact003097" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">25,036</ix:nonFraction> </span>restricted Class A Ordinary Shares (the &#8220;Exchanged Shares&#8221;)
                                            upon closing of the transaction as contemplated in the Exchange Agreement. </span></td></tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
                                                                                                                                        <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">14)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">As of this report date, the Company is preparing a prospectus relates to
the offer and resale, from time to time, by the five selling shareholders identified in the prospectus (the &#8220;Selling Shareholders&#8221;,
each individually, the &#8220;Selling Shareholder&#8221;), of up to <span id="xdx_903_ecustom--AggregateTheNumberOfShareSale_pid_c20240227__20240227__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--SubscriptionAgreementsMember__ifrs-full--ClassesOfOrdinarySharesAxis__custom--ClassAOrdinarySharesMember_z2ZiDPe8HVYg" title="Aggregate the number of share sale"><ix:nonFraction name="aehl:AggregateTheNumberOfShareSale" contextRef="From2024-02-272024-02-27_custom_NonadjustingEventMember_custom_SubscriptionAgreementsMember_custom_ClassAOrdinarySharesMember" id="Fact003099" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">31,300,000</ix:nonFraction></span> Class A ordinary shares, no par value each (the &#8220;Class
A Ordinary Shares&#8221;), of the Company, consisting of (i) up to <span id="xdx_906_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_pid_c20240227__20240227__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--SubscriptionAgreementsMember__ifrs-full--ClassesOfOrdinarySharesAxis__custom--ClassAOrdinarySharesMember_zRVwK05AuCC3" title="Number of ordinary shares issuable"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued" contextRef="From2024-02-272024-02-27_custom_NonadjustingEventMember_custom_SubscriptionAgreementsMember_custom_ClassAOrdinarySharesMember" id="Fact003101" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">30,000,000</ix:nonFraction></span> Class A Ordinary Shares issuable pursuant to the Subscription
Agreements (as defined below) from time to time after the date of the prospectus and; (ii) <span id="xdx_901_eifrs-full--IncreaseDecreaseInNumberOfOrdinarySharesIssued_pid_c20240227__20240227__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--SubscriptionAgreementsMember__ifrs-full--ClassesOfOrdinarySharesAxis__custom--ClassAOrdinarySharesMember__ifrs-full--TypesOfAntidilutiveInstrumentsAxis__ifrs-full--WarrantsMember_zr8Cu51d8OD7" title="Number of ordinary shares issuable"><ix:nonFraction name="ifrs-full:IncreaseDecreaseInNumberOfOrdinarySharesIssued" contextRef="From2024-02-272024-02-27_custom_NonadjustingEventMember_custom_SubscriptionAgreementsMember_custom_ClassAOrdinarySharesMember_ifrs-full_WarrantsMember" id="Fact003103" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,300,000</ix:nonFraction></span> Class A Ordinary Shares issuable
upon exercise of certain outstanding warrants issued on February 27, 2024 (the &#8220;Warrants&#8221;, the holders of such Warrants, the
&#8220;Warrant Holders&#8221;).</td></tr>
                                                                                                                                        <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
                                                                                                                                        <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On March 25, 2024, the Company entered into three standby equity subscription agreements (the &#8220;Subscription Agreements&#8221;) with
Dafu International Group Ltd., Baisheng International Group Ltd. and Dongsheng International Group Ltd. (each, an &#8220;Investor&#8221;,
collectively, the &#8220;Investors&#8221;), respectively. Each Subscription Agreements provided for the sale of up to <span id="xdx_905_ecustom--AggregateTheNumberOfShareSale_pid_c20240325__20240325__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--SubscriptionAgreementsMember__ifrs-full--ClassesOfOrdinarySharesAxis__custom--ClassAOrdinarySharesMember_zmeURk7dZALb" title="Aggregate the number of share sale"><ix:nonFraction name="aehl:AggregateTheNumberOfShareSale" contextRef="From2024-03-252024-03-25_custom_NonadjustingEventMember_custom_SubscriptionAgreementsMember_custom_ClassAOrdinarySharesMember" id="Fact003105" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000,000</ix:nonFraction></span> of the
Class A Ordinary Shares. Under the Subscription Agreements, the Company has the right, but not the obligation, to issue to the Investors,
and each Investor has the obligation to subscribe for, up to <span id="xdx_900_ecustom--IssueToInvestors_pid_c20240325__20240325__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--SubscriptionAgreementsMember__ifrs-full--ClassesOfOrdinarySharesAxis__custom--ClassAOrdinarySharesMember_z6FsSc4Egx9a" title="Issue to investors"><ix:nonFraction name="aehl:IssueToInvestors" contextRef="From2024-03-252024-03-25_custom_NonadjustingEventMember_custom_SubscriptionAgreementsMember_custom_ClassAOrdinarySharesMember" id="Fact003107" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000,000</ix:nonFraction></span> Class A Ordinary Shares. Each Class A Ordinary Share issuable
from time to time under the Subscription Agreements will be issued at a per share purchase price equal to the lesser of (i) the average
closing price of the Class A Ordinary Shares during the three consecutive trading days commencing on the applicable advance notice date,
as set forth in the Subscription Agreements, or (ii) $<span id="xdx_903_ecustom--ShareIssuedPricePerShare_iI_pid_uUSDPShares_c20240325__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--SubscriptionAgreementsMember__ifrs-full--ClassesOfOrdinarySharesAxis__custom--ClassAOrdinarySharesMember_zdgKLOOLkB8f" title="Share issued price per share"><ix:nonFraction name="aehl:ShareIssuedPricePerShare" contextRef="AsOf2024-03-25_custom_NonadjustingEventMember_custom_SubscriptionAgreementsMember_custom_ClassAOrdinarySharesMember" id="Fact003109" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.12</ix:nonFraction></span>.</td></tr>
                                                                                                                                        <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
                                                                                                                                        <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On February 23, 2024, the Company entered into a securities purchase agreement with the Warrant Holders (the &#8220;Securities Purchase
Agreement&#8221;), pursuant to which, the Company issued to the Warrant Holders the Warrants to purchase up to an aggregate of <span id="xdx_908_ecustom--AggregateTheNumberOfShareSale_pid_c20240223__20240223__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--SecuritiesPurchaseAgreementMember__ifrs-full--ClassesOfOrdinarySharesAxis__custom--ClassAOrdinarySharesMember_zIAwcvLs6wEj" title="Aggregate the number of share sale"><ix:nonFraction name="aehl:AggregateTheNumberOfShareSale" contextRef="From2024-02-232024-02-23_custom_NonadjustingEventMember_custom_SecuritiesPurchaseAgreementMember_custom_ClassAOrdinarySharesMember" id="Fact003111" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,300,000</ix:nonFraction></span>
Class A Ordinary Shares, at an initial exercise price equal to $<span id="xdx_906_ecustom--WarrantsExercisePricePerShare_iI_pid_uUSDPShares_c20240223__ifrs-full--NonadjustingEventsAfterReportingPeriodAxis__custom--NonadjustingEventMember__ifrs-full--TypesOfSharebasedPaymentArrangementsAxis__custom--SecuritiesPurchaseAgreementMember__ifrs-full--ClassesOfOrdinarySharesAxis__custom--ClassAOrdinarySharesMember_zpUUerZnMWEd" title="Warrants exercise price per share"><ix:nonFraction name="aehl:WarrantsExercisePricePerShare" contextRef="AsOf2024-02-23_custom_NonadjustingEventMember_custom_SecuritiesPurchaseAgreementMember_custom_ClassAOrdinarySharesMember" id="Fact003113" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.10</ix:nonFraction></span> per share. The Warrants were issued on February 27, 2024. They are
exercisable at any time on or after the date of issuance and will expire on the fifth anniversary of the issuance date.</td></tr>
                                                                                                                                        </table>

</ix:nonNumeric><p id="xdx_815_zzA0YtDJ6Jed" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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{"company-data": {"conformed-name": "Antelope Enterprise Holdings Ltd", "cik": "0001470683", "assigned-sic": "4899", "organization-name": "06 Technology", "irs-number": "000000000", "state-of-incorporation": "D8", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-34944", "film-number": "24935743"}, "business-address": {"street1": "THE EMPIRE STATE BUILDING", "street2": "350 FIFTH AVENUE, SUITE 7540", "city": "NEW YORK", "state": "NY", "zip": "10118", "phone": "1-838-500 8888"}, "mail-address": {"street1": "THE EMPIRE STATE BUILDING", "street2": "350 FIFTH AVENUE, SUITE 7540", "city": "NEW YORK", "state": "NY", "zip": "10118"}, "former-company": {"former-conformed-name": "China Ceramics Co., Ltd", "date-changed": "20090820"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
20-F
(Mark
one)
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended
December 31
,
2023
.
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
for
the transition period from ____________to ____________
Commission
file number
001-34944
Antelope
Enterprise Holdings Limited
(Exact
name of the Registrant as specified in its charter)
British
Virgin Islands
(Jurisdiction
of incorporation or organization)
Suite
7540
,
The Empire State Building
,
350
Fifth Avenue
New
York
,
New York
10118
Telephone:
+1 (838) 500 8888
(Address
of principal executive offices)
Weilai
(Will) Zhang
Suite
7540
,
The
Empire State Building,
350 Fifth Avenue
New
York
,
New
York
10118
Telephone:
+1
(838) 500 8888
(Name,
Telephone, E-mail and/or Facsimile Number and Address of Company Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of the Act:
Title
    of each class
Trading
    Symbol(s)
Name
    of each exchange on which registered
Class
    A Ordinary Shares
AEHL
The
Nasdaq
Stock Market
Securities
registered or to be registered pursuant to Section 12(g) of the Act:
None.
(Title
of Class)
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None.
(Title
of Class)
Indicate
the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered
by the annual report.
An
aggregate of
3,077,981
Class A ordinary shares, no par value each, and 205,497 Class B ordinary shares, no par value each, were issued
and outstanding as of December 31, 2023.
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes
☐
No
☒
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934.
Yes
☐
No
☒
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. See definition of
"accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act.
☐ Large
    Accelerated filer
☐ Accelerated
    filer
☒
Non-accelerated
    filer
Emerging growth company
☐
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate by check mark whether any of those error corrections are
restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers
during the relevant recovery period pursuant to §240.10D-1(b). ☐
☐ US
    GAAP
☒
International Financial Reporting Standards
as issued by the International Accounting Standards Board
☐ Other
If
"Other" has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow.
☐
Item 17 ☐ Item 18
If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).
Yes
☐ No
☒
TABLE
OF CONTENTS
Page
PART I
5
ITEM 1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
5
ITEM 2.
OFFER STATISTICS AND EXPECTED TIMETABLE
5
ITEM 3.
KEY INFORMATION
5
ITEM 4.
INFORMATION ON THE COMPANY
23
ITEM 4A. UNRESOLVED STAFF COMMENTS
40
ITEM 5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
41
ITEM 6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
64
ITEM 7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
72
ITEM 8.
FINANCIAL INFORMATION
73
ITEM 9.
THE OFFER AND LISTING
74
ITEM 10.
ADDITIONAL INFORMATION
74
ITEM 11.
QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
85
ITEM 12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
85
PART II
86
ITEM 13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
86
ITEM 14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
86
ITEM 15.
CONTROLS AND PROCEDURES
86
ITEM 16.
RESERVED
87
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT
87
ITEM 16B. CODE OF ETHICS
87
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
87
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES.
87
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
87
ITEM 16F. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
88
ITEM 16G. CORPORATE GOVERNANCE
88
ITEM 16H. MINE SAFETY DISCLOSURE
88
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION
88
ITEM 16J. INSIDER TRADING POLICIES
89
ITEM 16K. CYBERSECURITY
89
PART III
90
ITEM 17.
FINANCIAL STATEMENTS
90
ITEM 18.
FINANCIAL STATEMENTS
90
ITEM 19.
EXHIBITS
90
2
CERTAIN
INFORMATION
In
this Annual Report on Form 20-F (the "Annual Report"), unless otherwise indicated, "we," "us," "our,"
and "Antelope Enterprises" refers to Antelope Enterprise Holdings Limited (formerly China Ceramics Co., Ltd.), a British
Virgin Islands company, and its subsidiaries, including Antelope Enterprise Holdings USA("Antelope USA"), a Delaware incorporated
company and wholly owned subsidiary of Antelope Enterprises, which in turn wholly owns AEHL US LLC ("AEHL US", formerly known
as Million Stars US Inc.), a California limited liability company, Success Winner Limited ("Success Winner"), a British Virgin
Islands company and wholly owned subsidiary of Antelope Enterprises, Vast Elite Limited ("Vast Elite"), a Hong Kong company
and wholly owned subsidiary of Success Winner and the entity that wholly owns Chengdu Future Talented Management and Consulting Co.,
Ltd, ("Chengdu Future") a PRC operating company, Antelope Enterprise (HK) Holdings Limited ("Antelope HK"), a
Hong Kong company and wholly owned subsidiary of Success Winner and the entity that wholly owns Antelope Holdings (Chengdu) Co., Ltd
("Antelope Chengdu"), a PRC operating company, and the entity that wholly owns Antelope Future (Yangpu) Investment Co., Ltd
("Antelope Yangpu"), a PRC operating company that in turn wholly owns Antelope Ruicheng Investment (Hainan) Co., Ltd ("Antelope
Ruicheng") that in turn owns 51% of Hainan Kylin Cloud Services Technology Co., Ltd ("Hainan Kylin"), and the entity
that wholly owns Hainan Antelope Holdings Co., Ltd ("Hainan Antelope"), a PRC operating company that in turn wholly owns
Antelope Investment (Hainan) Co., Ltd ("Antelope Investment"), Hainan Kylin Cloud Services Technology Co., Ltd ("Hainan
Kylin") that in turrn owns 100% of Hangzhou Kylin Cloud Services Technology Co., Ltd ("Hangzhou Kylin"), Anhui Kylin
Cloud Services Technology Co., Ltd ("Anhui Kylin"), WenzhouKylin Cloud Services Technology Co., Ltd. ("Wenzhou Kylin"),
Hubei Kylin Cloud Services Technology Co., Ltd. ("Hubei Kylin"), and Jiangxi Kylin Cloud Services Technology Co., Ltd. ("Jiangxi
Kylin").
On
November 20, 2009, China Holdings Acquisition Corp. ("CHAC"), our predecessor, merged with and into Antelope Enterprise Holdings
Limited, its wholly owned British Virgin Islands subsidiary, resulting in the redomestication of CHAC to the British Virgin Islands as
"Antelope Enterprise Holdings Limited". Immediately following the merger and redomestication (the "Redomestication"),
and as part of the same integrated transaction, Antelope Enterprises acquired all of the outstanding securities of Success Winner (the
"Business Combination"). Unless the context indicates otherwise, the "Company" refers to CHAC prior to the Business
Combination and Antelope Enterprises following the Business Combination.
Unless
the context indicates otherwise, all references to "China" or "PRC" refer to the People's Republic of China.
All references to "provincial-level regions" or "regions" include provinces as well as autonomous regions and
directly controlled municipalities in China, which have an administrative status equal to provinces, including Beijing.
All
references to "Renminbi," "RMB" or "yuan" are to the legal currency of the People's Republic
of China, and all references to "U.S. dollars," "dollars," "$" are to the legal currency of the United
States. This Report contains translations of Renminbi amounts into U.S. dollars at specified rates solely for the convenience of the
reader. We make no representation that the Renminbi or U.S. dollar amounts referred to in this Report could have been or could be converted
into U.S. dollars or Renminbi, as the case may be, at any particular rate or at all. Changes in the exchange rate will affect the amount
of our obligations and the value of our assets in terms of U.S. dollars which may result in an increase or decrease in the amount of
our obligations (expressed in dollars) and the value of our assets, including accounts receivable (expressed in dollars).
3
FORWARD-LOOKING
STATEMENTS
This
Report contains "forward-looking statements" that represent our beliefs, projections and predictions about future events.
All statements other than statements of historical fact are "forward-looking statements" including any projections of earnings,
revenue or other financial items, any statements of the plans, strategies and objectives of management for future operations, any statements
concerning proposed new projects or other developments, any statements regarding future economic conditions or performance, any statements
of management's beliefs, goals, strategies, intentions and objectives, and any statements of assumptions underlying any of the
foregoing. Words such as "may", "will", "should", "could", "would", "predicts",
"potential", "continue", "expects", "anticipates", "future", "intends",
"plans", "believes", "estimates" and similar expressions, as well as statements in the future tense,
identify forward-looking statements.
These
statements are necessarily subjective and involve known and unknown risks, uncertainties and other important factors that could cause
our actual results, performance or achievements, or industry results, to differ materially from any future results, performance or achievements
described in or implied by such statements. Actual results may differ materially from expected results described in our forward-looking
statements, including with respect to correct measurement and identification of factors affecting our business or the extent of their
likely impact, the accuracy and completeness of the publicly available information with respect to the factors upon which our business
strategy is based on the success of our business.
Forward-looking
statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of whether,
or the times by which, our performance or results may be achieved. Forward-looking statements are based on information available at the
time those statements are made and management's belief as of that time with respect to future events, and are subject to risks
and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking
statements. Important factors that could cause such differences include, but are not limited to, those factors discussed under the headings
"Risk Factors", "Operating and Financial Review and Prospects," "Information on the Company" and
elsewhere in this Annual Report.
This
Annual Report should be read in conjunction with our audited financial statements and the accompanying notes thereto, which are included
in Item 18 of this Annual Report.
4
PART
I
ITEM 1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not
required.
ITEM 2.
OFFER STATISTICS AND EXPECTED TIMETABLE
Not
required.
ITEM 3.
KEY INFORMATION
Our
Corporate Structure
We
are an offshore holding company incorporated in the British Virgin Islands. As a holding company with no material operations, our operations
were conducted by our subsidiaries in China.
The
following diagram illustrates our corporate structure as of the date of this annual report:
We
are subject to certain legal and operational risks associated with our operation in China. PRC laws and regulations governing our current
business operations are sometimes vague and uncertain, and therefore, these risks may result in a material change in our subsidiaries'
operations, significant depreciation of the value of our Class A ordinary shares, or a complete hindrance of our ability to offer our
securities to investors in the future. Recently, the PRC government initiated a series of regulatory actions and statements to regulate
business operations in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing
supervision over China-based companies listed overseas using variable interest entity structure, adopting new measures to extend the
scope of cybersecurity reviews, and expanding the efforts in anti-monopoly enforcement.
Pursuant
to the PRC Cybersecurity Law, which was promulgated by the Standing Committee of the National People's Congress on November 7,
2016 and took effect on June 1, 2017, personal information and important data collected and generated by a critical information infrastructure
operator in the course of its operations in China must be stored in China, and if a critical information infrastructure operator purchases
internet products and services that affects or may affect national security, it should be subject to cybersecurity review by the Cyberspace
Administration of China ("CAC"). Due to the lack of further interpretations, the exact scope of "critical information
infrastructure operator" remains unclear. On December 28, 2021, the CAC and other relevant PRC governmental authorities jointly
promulgated the Cybersecurity Review Measures (the "CAC Revised Measures") to replace the original Cybersecurity Review Measures.
The CAC Revised Measures took effect on February 15, 2022. Pursuant to the CAC Revised Measures, if critical information infrastructure
operators purchase network products and services, or network platform operators conduct data processing activities that affect or may
affect national security, they will be subject to cybersecurity review. On November 14, 2021, CAC published the Administration Measures
for Cyber Data Security (Draft for Public Comments), or the "Cyber Data Security Measure (Draft)", which requires cyberspace
operators with personal information of more than one million users who want to list abroad to file a cybersecurity review with the Office
of Cybersecurity Review. The cybersecurity review will evaluate, among others, the risk of critical information infrastructure, core
data, important data, or a large amount of personal information being influenced, controlled or maliciously used by foreign governments
and risk of network data security after going public overseas. As advised by our PRC counsel, Sichuan Jindouyun Law Firm, we are not
subject to cybersecurity review with the CAC in accordance with the CAC Revised Measures, because (i) we are not in possession of or
otherwise holding personal information of over one million users and it is also very unlikely that it will reach such threshold in the
near future; (ii) as of the date of this annual report, our data processing activities (including the collection, storage, usage, transmission
and publicity of data) do not damage national security; and (iii) as of the date of this annual report, we have not received any notice
or determination from applicable PRC governmental authorities identifying it as a critical information infrastructure operator. However,
since these statements and regulatory actions are new, it is highly uncertain how soon legislative or administrative regulation making
bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or
promulgated, if any, and the potential impact such modified or new laws and regulations will have on our daily business operation, the
ability to accept foreign investments and list on an U.S. exchange.
5
On
February 17, 2023, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies,
or the Trial Measures, and five supporting guidelines, which came into effect on March 31, 2023. Pursuant to the Trial Measures, domestic
companies that seek to offer or list securities overseas, both directly and indirectly, shall complete filing procedures with the CSRC
pursuant to the requirements of the Trial Measures within three working days following its submission of initial public offerings or
listing application. If a PRC company fails to complete required filing procedures or conceals any material fact or falsifies any major
content in its filing documents, such PRC company may be subject to administrative penalties, such as order to rectify, warnings, fines,
and its controlling shareholders, actual controllers, the person directly in charge and other directly liable persons may also be subject
to administrative penalties, such as warnings and fines. In addition, on February 24, 2023, the CSRC, together with Ministry of Finance
of the PRC, National Administration of State Secrets Protection and National Archives Administration of China, revised the Provisions
on Strengthening Confidentiality and Archives Administration for Overseas Securities Offering and Listing which was issued by the CSRC,
National Administration of State Secrets Protection and National Archives Administration of China in 2009, or the Provisions. The revised
Provisions is issued under the title the Provisions on Strengthening Confidentiality and Archives Administration of Overseas Securities
Offering and Listing by Domestic Companies, and came into effect on March 31, 2023 together with the Trial Measures. One of the major
revisions to the revised Provisions is expanding its application to cover indirect overseas offering and listing, as is consistent with
the Trial Measures. The revised Provisions require that, including but not limited to (a) a domestic company that plans to, either directly
or indirectly through its overseas listed entity, publicly disclose or provide to relevant individuals or entities including securities
companies, securities service providers and overseas regulators, any documents and materials that contain state secrets or working secrets
of government agencies, shall first obtain approval from competent authorities according to law, and file with the secrecy administrative
department at the same level; and (b) domestic company that plans to, either directly or indirectly through its overseas listed entity,
publicly disclose or provide to relevant individuals and entities including securities companies, securities service providers and overseas
regulators, any other documents and materials that, if leaked, will be detrimental to national security or public interest, shall strictly
fulfill relevant procedures stipulated by applicable national regulations. As advised by Sichuan Jindouyun Law Firm, our PRC counsel,
we have not received any formal inquiry, notice, warning, sanction, or objection from the CSRC with respect our listing on the Nasdaq
Capital Market.  However, there remains significant uncertainty as to the enactment, interpretation and implementation of regulatory
requirements related to overseas securities offerings and other capital markets activities. Any failure or perceived failure of us to
fully comply with such new regulatory requirements could significantly limit or completely hinder our ability to continue to offer securities
to investors, cause significant disruption to our business operations, and severely damage our reputation, which could materially and
adversely affect our financial condition and results of operations and could cause the value of our securities to significantly decline
or be worthless.
Furthermore,
the audit report included in this Form 20-F for the year ended December 31, 2023, was issued by our auditors, ARK PRO CPA & CO ("ARK"),
an audit firm headquartered in Hong Kong. ARK is not among those audit firms listed by the PCAOB Hong Kong Determination, a determination
announced by the PCAOB on December 16, 2021, that the it was unable to inspect or investigate completely registered public accounting
firms headquartered in Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one or more
authorities in Hong Kong. Our former auditor Centurion ZD CPA & Co. for the years ended 2022 and 2021, is a registered public accounting
firm that the PCAOB was not able to inspect or investigate completely in 2021 according to the PCAOB's December 16, 2021 determinations.
The PCAOB made this determination pursuant to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfills its responsibilities
under the Holding Foreign Companies Accountable Act ("HFCA Act"). On August 26, 2022, the China Securities Regulatory Commission
("CSRC"), the Ministry of Finance of the PRC (the "MOF"), and the PCAOB signed a Statement of Protocol (the "Protocol"),
governing inspections and investigations of audit firms based in mainland China and Hong Kong, taking the first step toward opening access
for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland China and Hong Kong. Pursuant to
the fact sheet with respect to the Protocol disclosed by the U.S. Securities and Exchange Commission (the "SEC"), the PCAOB
shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer
information to the SEC. On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect
and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations
to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the
PCAOB Board will consider the need to issue a new determination. On December 29, 2022, a legislation entitled "Consolidated Appropriations
Act, 2023" (the "Consolidated Appropriations Act"), was signed into law by President Biden, which amended the HFCA
Act by reducing the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three
years to two. In the event it is later determined that the PCAOB is unable to inspect or investigate completely our auditor, then such
lack of inspection could cause trading in our securities to be prohibited under the HFCA Act, as amended, and ultimately result in a
determination by the Nasdaq Capital Market to delist our securities.
Our
management monitors the cash position of each entity within our organization regularly and prepare budgets on a monthly basis to ensure
each entity has the necessary funds to fulfill its obligation for the foreseeable future and to ensure adequate liquidity. As a holding
company, we may rely on dividends and other distributions on equity paid by our subsidiary in Hong Kong, and the subsidiaries in China,
for our cash and financing requirements. The payment of dividends to Antelope Enterprises by our Chinese subsidiaries is affected by
means of dividends by those entities to their Hong Kong direct parent and a redividend by that Hong Kong entity to Antelope Enterprises.
Such dividends are effected by resolution of the board of directors of each such entity (after provision for applicable tax obligations).
China is a foreign exchange administration country. Capital injections, cross-border trade and services transactions settled in foreign
exchange, overseas financing and profit repatriations are subject to the foreign exchange administration regulations. A Chinese subsidiary
owned by foreign company must apply for registration of foreign exchange with the SAFE after the issuance of a business license and obtain
a foreign exchange registration certificate. When the Chinese subsidiaries apply for repatriating dividends to foreign shareholders,
it must submit the application form to SAFE with the proof that such dividends have been subjected to all applicable tax withholding.
A Chinese subsidiary can only distribute dividends out of its accumulated profits, which means that any accumulated losses must be more
than offset by its profits in other years, including the current year. Please refer to "Item 4 Information on the Company –
History and Development of the Company - Cash Transfers Within Our Organization" for more information.
6
Permission
or Approval Required from the PRC Authorities for Our PRC Subsidiaries' Operation
To
operate the general business activities currently conducted in China, each of our subsidiaries in China is required to obtain a business
license from the State Administration for Market Regulation ("SAMR"). All of our PRC subsidiaries have obtained their valid
business licenses from the SAMR, and no application for any such license has been denied.
We
are aware, however, recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations
in China with little advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over
China-based companies listed overseas using variable interest entity structure, adopting new measures to extend the scope of cybersecurity
reviews, and expanding the efforts in anti-monopoly enforcement.
On
July 6, 2021, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council
jointly issued the "Opinions on Severely Cracking Down on Illegal Securities Activities According to Law," or the Opinions.
The Opinions emphasized the need to strengthen the administration over illegal securities activities, and the need to strengthen the
supervision over overseas listings by Chinese companies. Effective measures, such as promoting the construction of relevant regulatory
systems will be taken to deal with the risks and incidents of China-concept overseas listed companies, and cybersecurity and data privacy
protection requirements and similar matters. The Opinions and any related implementing rules to be enacted may subject us to compliance
requirement in the future. Given the current regulatory environment in the PRC, we are still subject to the uncertainty of different
interpretation and enforcement of the rules and regulations in the PRC adverse to us, which may take place quickly with little advance
notice.
On
December 28, 2021, the CAC published the CAC Revised Measures, which further restates and expands the applicable scope of the cybersecurity
review. The CAC Revised Measures took effect on February 15, 2022. Pursuant to the CAC Revised Measures, if a network platform operator
holding personal information of over one million users seeks for "foreign" listing, it must apply for the cybersecurity review.
In addition, operators of critical information infrastructure purchasing network products and services are also obligated to apply for
the cybersecurity review for such purchasing activities. Although the CAC Revised Measures provides no further explanation on the extent
of "network platform operator" and "foreign" listing, we do not believe we are obligated to apply for a cybersecurity
review pursuant to the CAC Revised Measures, considering that (i) we are not in possession of or otherwise holding personal information
of over one million users and it is also very unlikely that we will reach such threshold in the near future; (ii) as of the date of this
this annual report, we have not received any notice or determination from applicable PRC governmental authorities identifying it as a
critical information infrastructure operator.
That
being said, the CAC Revised Measures empowers the cybersecurity review office to initiate cybersecurity review when they believe any
particular data processing activities "affect or may affect national security". In addition, on November 14, 2021, the CAC
promulgated the Regulations on the Administration of Cyber Data Security (Draft for Comments) (the "Draft CAC Regulations"),
and according to the Draft CAC Regulations, any data processors shall, in accordance with relevant state provisions, apply for a cybersecurity
review when carrying out, among other things, "other data processing activities that affect or may affect national security".
However, neither the CAC Revised Measures nor the Draft CAC Regulations provides for any further explanation or interpretation over what
constitutes activities that "affect or may affect national security". Therefore, if any competent government authorities
deem that our PRC subsidiaries' data processing activities may affect national security, we may be subject cybersecurity review,
and in that scenario, failure to pass such cybersecurity review and/or to comply with the data privacy and data security requirements
raised during such cybersecurity review could subject our PRC subsidiaries to penalties, damage its reputation and brand, and harm its
business and results of operations.
In
summary, we and our PRC subsidiaries are not required to obtain permission or approval from the PRC authorities including CSRC or CAC
for our PRC subsidiaries, nor have we or our PRC subsidiaries, received any denial for our PRC subsidiaries' operation. We are
subject to the risks of uncertainty of any future actions of the PRC government in this regard including the risk that we inadvertently
conclude that the permission or approvals discussed here are not required, that applicable laws, regulations or interpretations change
such that we or any of our PRC subsidiaries are required to obtain approvals in the future, or that the PRC government could disallow
our holding company structure, which would likely result in a material change in our operations, including our ability to continue our
existing holding company structure, carry on our current business, accept foreign investments, and continue to offer securities to our
investors. These adverse actions could cause the value of our Class A ordinary shares to significantly decline or become worthless. We
may also be subject to penalties and sanctions imposed by the PRC regulatory agencies, including the CSRC, if we fail to comply with
such rules and regulations, which would likely adversely affect the ability of our securities to be listed on the U.S. exchange, which
would likely cause the value of our Class A ordinary shares to significantly decline or become worthless.
7
A.
[Reserved]
B.
Capitalization and Indebtedness
Not
required.
C.
Reasons for the Offer and Use of Proceeds
Not
required.
D.
Risk factors
You
should carefully consider the following risk factors, together with all of the other information included in this Annual Report.
Risk
Factors Relating to Our Business
We
have a limited operating history in a highly competitive technology segment.
We
started operating our livestreaming ecommerce business through our indirect subsidiary, Hainan Kylin, in September 2021. Therefore, we
have a limited operating history in the livestreaming ecommerce sector, which is competitive and subject to transformation. We may have
limited information into trends that could affect the demand for our services. Our financial results and growth to date may not be indicative
of our future performance. We may not be able to effectively manage our growth and experience operational, financial and human resource
constraints. Our current procedures and controls may not be adequate to support our future operations, and if we are not able to manage
our growth effectively, our business may be materially and adversely affected.
If
certain consumer behavior trends do not continue develop as anticipated, our operating results will be adversely affected.
Our
future financial performance is dependent on certain consumer and social trends and we may have overestimated factors attributable to
its growth as well as our successful positioning in such markets. We are subject to both business and consumer activities in the livestreaming
ecommerce industry as well as trends in specific demographics which are often difficult to ascertain and which can change quickly.
We
have entered a potentially competitive market segment.
The
livestreaming ecommerce industry in which we are participating may attract highly seasoned and better capitalized competitors, which
could inhibit our success. The relatively low entry threshold and the rapid growth of livestreaming ecommerce in China could make this
market become crowded which would decrease our existing and potential market share. We will need to promote and develop brand awareness
as a competitive advantage and there can be no assurance that such branding will be successful or sustainable. We expect to continue
to expend financial resources on the expansion of our livestreaming ecommerce business, and there can be assurance that we will be able
to compete with larger, better capitalized firms. This may also affect our ability to scale our operations and successful execute our
strategic growth plan.
We
are subject to rapid technology change and certain of our livestreaming ecommerce business could have significant barriers to entry.
Some
of our businesses will depend on the growth and evolution of the livestreaming ecommerce and technologies associated with the Internet,
and we cannot be certain how Internet access or trends for our services will evolve over time. Also, the barriers to entry to our livestreaming
ecommerce sector could erode due to strong competitors, low entry costs, competitive pricing, geographical advantages, and other parties'
affiliations and partnerships.
Our
business depends on our ability to maintain and grow our network of high-quality suppliers of hosts and influencers. If we are unable
to do so, our future growth would be limited and our business, financial condition and results of operations would be harmed.
Our
success is dependent upon our continued ability to maintain and grow our credentialed network of high-quality suppliers of hosts and
influencers. We
have entered into contracts with different
suppliers
,
usually staffing agencies, which have a
growing and diverse pool
of hosts and influencers.
In addition, the perceived value of our solutions and our reputation may be negatively impacted if the services provided by the
hosts or influencers from our suppliers are not satisfactory to customers and their members. The failure to maintain or grow our selective
network of suppliers or the failure of those suppliers to meet and exceed our customers' expectations, may result in a loss of
or inability to grow or maintain our customer base, which could adversely affect our business, financial condition and results of operations.
We
rely on existing technology systems, networks and platforms that are outside of our control.
Our
livestreaming ecommerce business relies on existing technology systems, networks and platforms that we do not control, and changes to
any of these technology formats could cause us our change our business model and operations. We may not be successful in developing relationships
with industry participants that advance our business efforts or to engage customers to buy or use our services. A large or sudden increase
in the cost of the technologies that we utilize may cause us to risk operational viability. Further, changes in technology can occur
quickly and unpredictably, and our ability to adapt to such changes could be constrained by our limited experience in our new livestreaming
social ecommerce business segment.
8
We
are dependent on our management team and any loss of our key management personnel without timely and suitable replacements may reduce
our revenues and profits.
Our
business is also dependent on our executive officers who are responsible for implementing our business plans and driving growth. Please
refer to "Directors, Senior Management and Employees" herein for more information about our directors and officers. The demand
for such experienced personnel is intense and the search for personnel with the relevant skills set can be time consuming. The loss of
our key management personnel without timely and suitable replacements may reduce our revenues and profits.
If
China's inflation increases or the prices of energy or raw materials increase, we may not be able to pass the resulting increased
costs to our customers and this may adversely affect our profitability or cause us to suffer operating losses.
Economic
growth in China has, in the past, been accompanied by periods of high inflation. In the past, the Chinese government has implemented
various policies from time to time to control inflation. For example, the Chinese government has periodically introduced measures in
certain sectors to avoid overheating of the economy, including tighter bank lending policies, increases in bank interest rates, and measures
to curb inflation, which has resulted in a decrease in the rate of inflation. An increase in inflation could cause our costs for energy,
labor costs, raw materials and other operating costs to increase, which would adversely affect our financial condition and results of
operations.
We
are dependent on our management team and any loss of our key management personnel without timely and suitable replacements may reduce
our revenues and profits.
Our
business is also dependent on our executive officers who are responsible for implementing our business plans and driving growth. Please
refer to "Directors, Senior Management and Employees" herein for more information about our directors and officers. The demand
for such experienced personnel is intense and the search for personnel with the relevant skills set can be time consuming. The loss of
our key management personnel without timely and suitable replacements may reduce our revenues and profits.
Failure
to compete successfully with our competitors and new entrants to the ceramics industry in the PRC may result in Antelope Enterprises
losing market share.
We
operate in a competitive and fragmented industry of ceramic tile manufacturing. There is no assurance that we will not face competition
from our existing competitors and new entrants. We compete with a variety of companies, some of which have advantages that include: longer
operating history, larger clientele base, superior products, better access to capital, personnel and technology, or are better entrenched.
Our competitors may be able to respond more quickly to new and emerging technologies and changes in customer requirements or succeed
in developing products that are more effective or less costly than our products. Any increase in competition could have a negative impact
on our pricing (thus eroding our profit margins) and reduce our market share. If we are unable to compete effectively with our existing
and future competitors and do not adapt quickly to changing market conditions, we may lose market share.
9
Our
production facilities may be affected by power shortages which could result in a loss of business.
Our
production facilities consume substantial amounts of electrical power, which is the principal source of energy for our manufacturing
operations. Although we have a back-up generator at both our production facilities, we may experience occasional temporary power shortages
disrupting production due to power rationing activities conducted by the authorities, thunderstorms or other natural events beyond our
control. Accordingly, these production disruptions could result in a loss of business.
Our
research and development efforts may not result in marketable products.
Our
research and development team develops products which we have identified as having good potential in the market. There is no assurance
that we will not experience delays in future product developments. There is also no assurance that the products which we are currently
developing or may develop in the future will be successful or that we will be able to market these new products to our customers successfully.
If our new products are unable to gain the acceptance of our customers or potential customers, we will not be able to generate future
sales from our investment in research and development.
We
may not be able to ensure the successful implementation of our future plans and strategies, resulting in reduced financial performance.
We
intend to expand our market presence and explore opportunities in strategic investments or alliances and acquisitions. These initiatives
involve various risks including, but not limited to, the investment costs in setting up new offices and sales offices and working capital
requirements. There is no assurance that any future plan can be successfully implemented as the successful execution could depend on
several factors, some of which are not within our control. Failure to successfully implement our future plans or to effectively manage
costs may lead to a material adverse change in our operating environment or affect our ability to respond to market or industry changes,
resulting in reduced financial performance. Decelerating economic growth in China has caused challenging market conditions in the real
estate and construction sectors resulting in a contraction in investment and new housing projects by property developers. The challenging
market conditions has resulted in an expected contraction in demand for our products. Due to the reduced demand for our products, we
have, from time to time, recorded an impairment of assets.
We
may inadvertently infringe third-party intellectual property rights, which could negatively impact our business and financial results.
We
are not aware of, nor have we received any claims from third parties for, any violations or infringements of intellectual property rights
of third parties by us as of the date of this Annual Report.  Nevertheless, there can be no assurance that as we develop new product
designs and production methods, we would not inadvertently infringe the intellectual property rights of others or others would not assert
infringement claims against us or claim that we have infringed their intellectual property rights. Claims against us, even if untrue
or baseless, could result in significant costs, legal or otherwise, cause product shipment delays, require us to develop non-infringing
products, enter into licensing agreements or may be a distraction to our management. Licensing agreements, if required, may not be available
on terms acceptable to us or at all. In the event of a successful claim of intellectual property rights infringement against us and our
failure or inability to develop non-infringing products or to license the infringed intellectual property rights in a timely or cost-effective
basis, our business and/or financial results will be negatively impacted.
10
We
face increasing labor costs and other costs of production in the PRC, which could limit our profitability.
Labor
costs in China have been increasing in recent years and our labor costs in the PRC could continue to increase in the future. If labor
costs in the PRC continue to increase, our production costs will likely increase which may in turn affect the selling prices of our products.
We may not be able to pass on these increased costs to consumers by increasing the selling prices of our products in light of competitive
pressure in the markets where we operate. In such circumstances, our profit margin may decrease.
Risk
Factors Relating to the Planned Energy Supply Business
We
might not be able to launch the energy supply business as planned or at all, or generate revenue as planned.
Our
plan is subject to many factors that are beyond of our control such as fluctuation of the natural gas price, business negotiation with
the natural gas provider(s), fluctuation of the crypto price, competition of various electricity suppliers in the region where we plan
to operate etc. As a new player in the energy industry, we might not be able to secure natural gas at the price point as
we desire and manage the business as planned.
Our
financial performance in this planned business will be affected by commodity price fluctuations in the wholesale and retail power and
natural gas markets and other market factors that are beyond our control.
We
will use natural gas as the source to generate electricity. Market prices for power, generation capacity, ancillary services, and
natural gas are unpredictable. Depending upon price risk management activity undertaken by us, a decline in market
prices for power, generation capacity, and ancillary services may adversely affect our financial performance. Long- and short-term
power and natural gas prices may also fluctuate substantially due to other factors outside of our control, including:
●
increases and decreases in generation capacity in our markets;
●
changes in power transmission capacity constraints or inefficiencies;
●
volatile weather conditions, particularly unusually hot or mild summers or unusually cold or warm winters in our market areas;
●
an economic downturn which could negatively affect demand for power;
●
changes in the supply of commodities utilized as fuel sources for power generation, including but not limited to coal, natural gas and
fuel oil;
●
technological shifts resulting in changes in the demand for power or in patterns of power usage, including the potential development
of demand-side management tools, expansion and technological advancements in power storage capability and the development of new fuels
or new technologies for the production or storage of power;
●
federal and state power, market and environmental regulation and legislation, including mandating a renewable portfolio standards or
creating financial incentives, each resulting in new renewable energy generation capacity creating oversupply; and
●
changes in capacity prices and capacity markets.
These
factors may cause our operating results of the energy supply business to fluctuate in the future.
Extensive
competition in power generation industry could adversely affect our performance.
The
power generation industry is characterized by intense competition, and we will encounter competition from utilities, industrial companies,
marketing and trading companies and other independent power producers. This competition has put pressure on power utilities to lower
their costs, including the cost of purchased power, and increasing competition in the supply of power in the future could increase this
pressure. In addition, construction during the last decade has created excess power supply and higher reserve margins in the power trading
markets, putting downward pressure on prices.
Other
companies we are going to compete with may have greater liquidity, greater access to credit and other financial resources, lower cost
structures, greater ability to incur losses, longer-standing relationships with customers, greater potential for profitability from ancillary
services or greater flexibility in the timing of their sale of generation capacity and ancillary services than we do.
Additionally,
there is extensive competition in the retail power markets. Competitors may offer lower prices or other incentives which may attract
customers away from our retail subsidiaries. We may also face competition from a number of other energy service providers, other energy
industry participants, or nationally branded providers of consumer products and services who may develop businesses that will compete
with our retail subsidiaries.
We
will rely on power transmission and fuel distribution facilities owned and operated by other companies.
We
will depend on facilities and assets that we do not own or control for the transmission to our customers of the power produced by our
generators and the distribution of natural gas to our generators. If these transmission and distribution systems are disrupted or capacity
on those systems is inadequate, our ability to sell and deliver power products or obtain fuel may be hindered. Independent system operators
that oversee transmission systems in regional power markets have imposed price limitations and other mechanisms to address volatility
in their power markets. Existing congestion, as well as expansion of transmission systems, could affect our performance, which in turn
could adversely affect our business.
11
We
may be unable to obtain an adequate supply of fuel in the future.
We
aim to obtain substantially all of our physical natural gas supply from third parties pursuant to arrangements that may vary in term,
pricing structure, firmness and delivery flexibility.
We
are exposed to increases in the price of natural gas, and it is possible that sufficient supplies to operate our portfolio profitably
may not continue to be available to us. In addition, we will face risks with regard to the delivery to and the use of natural gas by
our electricity generators including the following:
●
third-party suppliers may default on natural gas supply obligations, and we may be unable to replace supplies currently under contract;
●
market liquidity for physical natural gas and fuel oil or availability of natural gas services (e.g. storage) may be insufficient or
available only at prices that are not acceptable to us;
●
natural gas quality variation may adversely affect our electricity generator;
●
our natural gas and operations capability may be compromised due to various events such as natural disaster, loss of key personnel or
loss of critical infrastructure;
●
fuel supplies diverted to residential heating for humanitarian reasons; and
●
any other reasons.
Our
electricity generators will be subject to impairments.
If
we were to experience a significant reduction in our expected revenues and operating cash flows for our energy supply business
for an extended period of time from a prolonged economic downturn or from advances or changes in technologies, we could experience future
impairments of our electricity generators as a result. There can be no assurance that any such losses or impairments to the carrying
value of our financial assets would not have a material adverse effect on our financial condition, results of operations and cash flows.
State
legislative and regulatory action could adversely affect our competitive position and business.
Certain
states have taken or are considering taking anticompetitive actions by subsidizing or otherwise providing economic support to existing,
uneconomic power plants in a manner that could have an adverse effect on the deregulated power markets. If these anticompetitive actions
are ultimately upheld and implemented, they could adversely affect capacity and energy prices in the deregulated electricity markets
or impede our ability to maintain or expand our retail operations which in turn could have a material adverse effect on our business
prospects and financial results.
Existing
and future anticipated environmental regulations could cause us to incur significant costs and adversely affect our operations generally
or in a particular quarter when such costs are incurred.
Environmental
laws and regulations have generally become more stringent over time, and this trend is likely to continue. We will continue to monitor
and actively participate in initiatives where we anticipate a material effect on our business.
Environmental
regulations could also affect the availability and price of natural gas to be used in our generation facilities.
Risk
Factors Relating to Our Operations in China
Violation
of Foreign Corrupt Practices Act or China anti-corruption law could subject us to penalties and other adverse consequences.
We
are subject to the United States Foreign Corrupt Practices Act, which generally prohibits United States public companies from bribing
or making prohibited payments to foreign officials to obtain or retain business. PRC law also strictly prohibits bribery of government
officials. While we take precautions to educate our employees about the Foreign Corrupt Practices Act and Chinese anti-corruption law,
there can be no assurance that we or the employees or agents of our subsidiaries will not engage in such conduct, for which we may be
held responsible. If that were to occur, we could suffer penalties that may have a material adverse effect on our business, financial
condition and results of operations.
Our
independent registered public accounting firm's audit documentation related to their audit reports included in this annual report
may be located in the People's Republic of China. The Public Company Accounting Oversight Board currently cannot inspect audit
documentation located in China and, as such, you may be deprived of the benefits of such inspection.
Auditors
of companies whose shares are registered with the U.S. Securities and Exchange Commission and traded publicly in the United States, including
our independent registered public accounting firm, must be registered with the U.S. PCAOB and are required by the laws of the United
States to undergo regular inspections by the PCAOB to assess their compliance with the laws of the United States and professional standards
applicable to auditors. Our financial statements contained in this annual report on Form 20-F for the year ended December 31, 2023 have
been audited by ARK, an independent registered public accounting firm that is headquartered in Hong Kong. ARK were among those audit
firms listed by the PCAOB Hong Kong Determination, a determination announced by the PCAOB on December 16, 2021, that it was unable to
inspect or investigate completely registered public accounting firms headquartered in Hong Kong, a Special Administrative Region and
dependency of the PRC, because of a position taken by one or more authorities in Hong Kong. T he PCAOB made this determination pursuant
to PCAOB Rule 6100, which provides a framework for how the PCAOB fulfills its responsibilities under the HFCA Act. On August 26, 2022,
the CSRC, the MOF, and the PCAOB signed the Protocol, governing inspections and investigations of audit firms based in mainland China
and Hong Kong, taking the first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms
headquartered in mainland China and Hong Kong. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB
shall have independent discretion to select any issuer audits for inspection or investigation and has the unfettered ability to transfer
information to the SEC. On December 15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect
and investigate registered public accounting firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations
to the contrary. However, should PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the
PCAOB Board will consider the need to issue a new determination. On December 29, 2022, the Consolidated Appropriations Act, was signed
into law by President Biden, which amended the HFCA Act by reducing the number of consecutive non-inspection years required for triggering
the prohibitions under the HFCA Act from three years to two. In the event it is later determined that the PCAOB is unable to inspect
or investigate completely our auditor, it would make it more difficult to evaluate the effectiveness of our auditor's audit procedures
or quality control procedures as compared to auditors outside of China and Hong Kong that are subject to PCAOB inspections. Investors
may lose confidence in our reported financial information and procedures and the quality of our financial statements. In addition, our
securities may be prohibited from trading under the HFCA Act, as amended, and ultimately result in a determination by the Nasdaq Capital
Market to delist our securities.
12
Our
shares may be delisted under the HFCA Act as the PCAOB is unable to inspect our auditor with presence in Hong Kong, and the delisting
of our shares, or the threat of their being delisted, may materially and adversely affect the value of your investment.
The
HFCA Act was enacted on December 18, 2020. The HFCA Act states if the SEC determines that we have filed audit reports issued by a registered
public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years beginning in 2021, the SEC shall
prohibit our shares from being traded on a national securities exchange or in the over the counter trading market in the United States.
Our financial statements contained in this annual report on Form 20-F for the year ended December 31, 2023 have been audited by ARK,
an independent registered public accounting firm that is headquartered in Hong Kong. ARK were among those audit firms listed by the PCAOB
Hong Kong Determination, a determination announced by the PCAOB on December 16, 2021, that it was unable to inspect or investigate completely
registered public accounting firms headquartered in Hong Kong, a Special Administrative Region and dependency of the PRC, because of
a position taken by one or more authorities in Hong Kong. T he PCAOB made this determination pursuant to PCAOB Rule 6100, which
provides a framework for how the PCAOB fulfills its responsibilities under the HFCA Act. On August 26, 2022, the CSRC, the MOF, and the
PCAOB signed the Protocol, governing inspections and investigations of audit firms based in mainland China and Hong Kong, taking the
first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms headquartered in mainland
China and Hong Kong. Pursuant to the fact sheet with respect to the Protocol disclosed by the SEC, the PCAOB shall have independent discretion
to select any issuer audits for inspection or investigation and has the unfettered ability to transfer information to the SEC. On December
15, 2022, the PCAOB Board determined that the PCAOB was able to secure complete access to inspect and investigate registered public accounting
firms headquartered in mainland China and Hong Kong and voted to vacate its previous determinations to the contrary. However, should
PRC authorities obstruct or otherwise fail to facilitate the PCAOB's access in the future, the PCAOB Board will consider the need
to issue a new determination. On December 29, 2022, the Consolidated Appropriations Act, was signed into law by President Biden, which
amended the HFCA Act by reducing the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA
Act from three years to two.
The
Company understands that in the event that the PCAOB is unable to inspect or investigate completely the Company's independent auditor
for consecutive two years, the SEC could prohibit trading of our Class A ordinary shares on the NASDAQ Capital Market, any other U.S.
securities exchange, and in the over-the-counter market. Such a trading prohibition would substantially impair, if not preclude your
ability to sell or purchase our securities, and the risks and uncertainties associated with a potential trading prohibition could have
a negative impact on the price of our Class A ordinary shares.
We
are dependent on political, economic, regulatory and social conditions in the PRC.
Approximately
100%, 100% and 100% of our revenue in each of the years ended December 31, 2023, 2022 and 2021, respectively, was derived from the PRC
market and we anticipate that the PRC market will continue to be the major source of revenue for the foreseeable future. Accordingly,
any significant slowdown in the PRC economy or decline in demand for our products from our customers in the PRC will have an adverse
effect on our business and financial performance. Furthermore, as our operations and production facilities are located in the PRC, any
unfavorable changes in the social and/or political conditions may also adversely affect our business and operations. While the current
policy of the PRC government seems to be one of economic reform to encourage foreign investments and greater economic decentralization,
there is no assurance that such a policy will continue to prevail in the future. There is no assurance that our operations will not be
adversely affected should there be any policy changes.
In
light of recent events indicating greater oversight by the Cyberspace Administration of China, or CAC, over data security, particularly
for companies seeking to list or listed on a foreign exchange, we are subject to a variety of laws and other obligations regarding cybersecurity
and data protection, and any failure to comply with applicable laws and obligations could have a material and adverse effect on our business,
our listing on Nasdaq, financial condition, results of operations, and the offering.
We
are subject to various risks and costs associated with to the collection, use, sharing, retention, security, and transfer of confidential
and private information, such as personal information and other data. This data is wide ranging and relates to our investors, employees,
contractors and other counterparties and third parties. Our compliance obligations include those relating to the relevant PRC laws in
this regard. These PRC laws apply not only to third-party transactions, but also to transfers of information between us and our subsidiaries
in China, and among us, our PRC subsidiaries, and other parties with which we have commercial relations. These laws continue to develop,
and the PRC government may adopt other rules and restrictions in the future. Non-compliance could result in penalties or other significant
legal liabilities.
13
Pursuant
to the PRC Cybersecurity Law, promulgated by the Standing Committee of the National People's Congress on November 7, 2016 and took
effect on June 1, 2017, personal information and important data collected and generated by a critical information infrastructure operator
in the course of its operations in China must be stored in China, and if a critical information infrastructure operator purchases internet
products and services that affects or may affect national security, it should be subject to cybersecurity review by the CAC. Due to the
lack of further interpretations, the exact scope of "critical information infrastructure operator" remains unclear. On December
28, 2021, the CAC published the CAC Revised Measures which further restates and expands the applicable scope of the cybersecurity review.
The CAC Revised Measures took effect on February 15, 2022. Pursuant to the CAC Revised Measures, if a network platform operator holding
personal information of over one million users seeks for "foreign" listing, it must apply for the cybersecurity review. In
addition, operators of critical information infrastructure purchasing network products and services are also obligated to apply for the
cybersecurity review for such purchasing activities. Although the CAC Revised Measures provides no further explanation on the extent
of "network platform operator" and "foreign" listing, as confirmed by our PRC counsel, Sichuan Jindouyun Law
Firm, we are not subject to cybersecurity review with the CAC , because (i) we are not in possession of or otherwise holding personal
information of over one million users and it is also very unlikely that it will reach such threshold in the near future; (ii) as of the
date of this annual report, our data processing activities (including the collection, storage, usage, transmission and publicity of data)
do not damage national security; and (iii) as of the date of this annual report, we have not received any notice or determination from
applicable PRC governmental authorities identifying it as a critical information infrastructure operator.  However, we cannot guarantee
that we will not be subject to cybersecurity review in the future. During such review, we may be required to suspend our operation experience
other disruptions to our operations. Cybersecurity review could also result in negative publicity with respect to our company and diversion
of our managerial and financial resources.
Furthermore,
if we were found to be in violation of applicable laws and regulations in China during such review, we could be subject to administrative
penalties, such as warnings, fines, or service suspension. Therefore, cybersecurity review could materially and adversely affect our
business, financial condition, and results of operations.
In
addition, the PRC Data Security Law, promulgated by the Standing Committee of the National People's Congress on June 10, 2021 and
took effect on September 1, 2021, requires data collection to be conducted in a legitimate and proper manner, and stipulates that, for
the purpose of data protection, data processing activities must be conducted based on data classification and hierarchical protection
system for data security. As the Data Security Law was recently promulgated, we may be required to make further adjustments to our business
practices to comply with this law. If our data processing activities were found to be not in compliance with this law, we could be ordered
to make corrections, and under certain serious circumstances, such as severe data divulgence, we could be subject to penalties, including
the revocation of our business licenses or other permits. Furthermore, the recently issued Opinions on Strictly Cracking Down Illegal
Securities Activities in Accordance with the Law require (i) speeding up the revision of the provisions on strengthening the confidentiality
and archives management relating to overseas issuance and listing of securities and (ii) improving the laws and regulations relating
to data security, cross-border data flow, and management of confidential information. As there remain uncertainties regarding the further
interpretation and implementation of those laws and regulations, we cannot assure you that we will be compliant such new regulations
in all respects, and we may be ordered to rectify and terminate any actions that are deemed illegal by the regulatory authorities and
become subject to fines and other sanctions. As a result, we may be required to suspend our relevant businesses, shut down our website,
take down our operating applications, or face other penalties, which may materially and adversely affect our business, financial condition,
and results of operations.
On
August 20, 2021, the Standing Committee of the National People's Congress of China promulgated the Personal Information Protection
Law of the PRC, or the PIPL, which took effect in November 2021. As the first systematic and comprehensive law specifically for the protection
of personal information in the PRC, the PIPL provides, among others, that (i) an individual's consent shall be obtained to use
sensitive personal information, such as biometric characteristics and individual location tracking, (ii) personal information operators
using sensitive personal information shall notify individuals of the necessity of such use and impact on the individual's rights,
and (iii) where personal information operators reject an individual's request to exercise his or her rights, the individual may
file a lawsuit with a People's Court. As uncertainties remain regarding the interpretation and implementation of the PIPL, we cannot
assure you that we will comply with the PIPL in all respects, we may become subject to fines and/or other penalties which may have material
adverse effect on our business, operations and financial condition.
14
While
we take measures to comply with all applicable data privacy and protection laws and regulations, we cannot guarantee the effectiveness
of the measures undertaken by us and our business partners. However, compliance with any additional laws could be expensive, and may
place restrictions on our business operations and the manner in which we interact with our users. In addition, any failure to comply
with applicable cybersecurity, privacy, and data protection laws and regulations could result in proceedings against us by government
authorities or others, including notification for rectification, confiscation of illegal earnings, fines, or other penalties and legal
liabilities against us, which could materially and adversely affect our business, financial condition, results of operations and the
value of our Ordinary Shares. In addition, any negative publicity on our website or platform's safety or privacy protection mechanism
and policy could harm our public image and reputation and materially and adversely affect our business, financial condition, and results
of operations.
We
are subject to risks related to the laws and regulations of the PRC and the interpretation and implementation thereof.
Our
business and operations, as well as those of our customers and suppliers in the PRC, are subject to the laws and regulations promulgated
by relevant PRC governmental authorities. The PRC government is still in the process of developing a comprehensive set of laws and regulations
in the course of the PRC's transformation from a centrally planned economy to a market-oriented economy. As the legal system in
the PRC is still in flux, laws and regulations or their interpretation may be subject to change. Furthermore, any change in the political
and economic policy of the PRC government may also result in similar changes in the laws and regulations or the interpretation thereof.
Such changes may adversely affect our operations and business in the PRC. The PRC legal system is a codified legal system comprising
written laws, regulations, circulars, administrative directives, and internal guidelines as well as judicial interpretations. Decided
cases do not form part of the legal structure of the PRC and thus have no binding effect. As such, the administration of PRC laws and
regulations may be subject to a certain degree of discretion by the authorities. This has resulted in the outcome of dispute resolutions
not having the level of consistency or predictability as in other countries with more developed legal systems. Due to such inconsistency
and unpredictability, if we should be involved in any legal dispute in the PRC, we may experience difficulties in obtaining legal redress
or in enforcing our legal rights. From time to time, changes in law, registration requirements, and regulations or the implementation
thereof may also require us to obtain additional approvals and licenses from the PRC authorities for carrying out our operations in the
PRC which would require us to incur additional expenses in order to comply with such requirements and in turn affect our financial performance
with the increase in our business costs. Furthermore, there can be no assurance that approvals, registrations, or licenses will be granted
to us promptly or at all. If we experience delays in obtaining or are unable to obtain such required approvals, registrations, or licenses,
our operations and business in the PRC, and hence our overall financial performance will be adversely affected.
Our
business activities are subject to certain PRC laws and regulations.
As
our production and operations are carried out in the PRC, we are subject to certain PRC laws and regulations. In addition, being wholly
foreign-owned enterprises, we are required to comply with certain additional laws and regulations. Pursuant to PRC laws and regulations,
the breach or non-compliance with such laws and regulations may result in the PRC authorities suspending, withdrawing or terminating
our business license, causing us to cease production of all or certain of our products, and this would materially and adversely affect
our business and financial performance. Our corporate affairs in the PRC are governed by our articles of association and the corporate
and foreign investment laws and regulations of the PRC. The principles of the PRC laws relating to matters such as the fiduciary duties
of directors and other corporate governance matters and foreign investment laws in the PRC are relatively new. Hence, the enforcement
of investors or shareholders' rights under the articles of association of a PRC company and the interpretation of the relevant
laws relating to corporate governance matters remain largely untested in the PRC.
15
PRC
foreign exchange control may limit our ability to utilize our profits effectively and affect our ability to receive dividends and other
payments from our PRC subsidiaries.
Chengdu
Future, Antelope Yangpu, Hainan Antelope, Antelope Chengdu are foreign investment enterprise, or "FIE," and are subject to
the rules and regulations in the PRC on currency conversion. In the PRC, State Administration of Foreign Exchange, or SAFE, regulates
the conversion of the RMB into foreign currencies. Currently, FIEs are required to apply to SAFE for "Foreign Exchange Registration
Certificates for Foreign Investment Enterprise". With such registration certifications (which need to be renewed annually), FIEs
are allowed to open foreign currency accounts including the "current account" and "capital account". Currently,
conversion of currency within the scope of the "current account" (e.g. remittance of foreign currencies for payment of dividends,
etc.) can be effected without requiring the approval of SAFE. However, conversion of currency in the "capital account" (e.g.
for capital items such as direct investments, loans, securities, etc.) still requires the approval of SAFE. On October 21, 2005, SAFE
promulgated the "Notice on Issues concerning Foreign Exchange Management in Financing by PRC Residents by Overseas Special Purpose
Vehicle and Return Investments" (the "No. 75 Notice"). The No. 75 Notice came into effect on November 1, 2005 and requires
the following matters, among others, to be complied with: every PRC domestic resident who establishes or controls an overseas special
purpose vehicle, or "SPV," must apply to the local bureau of SAFE for an "overseas investment foreign exchange registration."
Every PRC domestic resident of an SPV who has completed the "overseas investment foreign exchange registration", or "Registrant,"
must make an application to the local bureau of SAFE to amend their registration particulars upon (i) the injection of any PRC domestic
assets or the equity interests of any PRC domestic company owned by the PRC domestic resident into the SPV, and (ii) the implementation
of any overseas equity fund-raising by the SPV following an injection of PRC domestic assets or the equity interests of a PRC domestic
company; every Registrant must apply to the local bureau of SAFE for change of registration particulars or recordation within 30 days
after the occurrence of any capital increase or reduction, changes in shareholdings or share swap, merger, long-term investment in equities
or debentures, guarantee of foreign indebtedness and other major capital changes not involving "return investment", undertaken
by an SPV; and every Registrant must repatriate, within 180 days, dividends or profits which he receives from an SPV and/or income derived
from changes in the shareholding of an SPV. On July 14, 2014, China's State Administration of Foreign Exchange (SAFE), the foreign
exchange control authority, released the Notice of the State Administration of Foreign Exchange on Relevant Issues Concerning Foreign
Exchange Administration for Overseas Investment, Financing and Round Trip Investment Undertaken by Domestic Residents via Special Purpose
Vehicles (Notice 37). The regulation took effect July 4, 2014. At that time, the old regulation, "Notice on Issues concerning Foreign
Exchange Management in Financing by PRC Residents by Overseas Special Purpose Vehicle and Return Investments" (the "No. 75
Notice"), which was issued in 2005, was repealed. Compared with Circular 75, Circular 37 reflects the trend of SAFE's policy
to gradually loosen the restrictions and simplify the procedures for overseas financing and investment by Chinese residents, so as to
fully utilize the financial resources in domestic and overseas markets. However, as Circular 37 has only recently been issued, the actual
interpretation and enforcement of the above changes by SAFE in practice remain to be seen. There can be no assurance that SAFE will not
continue to issue new rules and regulations and/or further interpretations of the No. 37 Notice that will strengthen the foreign exchange
control. As our operating entities are located in the PRC and all of our sales are denominated in RMB, our ability to pay dividends or
make other distributions may be restricted by PRC foreign exchange control restrictions. There can be no assurance that the relevant
regulations will not be amended to our detriment and that our ability to distribute dividends will not be adversely affected.
Introduction
of new laws or changes to existing laws by the PRC government may adversely affect our business.
With
the regulations concerning data privacy and cybersecurity are developing in China, we may be subject to new laws and regulations when
we operate our business.
On
June 10, 2021, the Standing Committee of the National People's Congress promulgated the Data Security Law of the PRC, which took
effect on September 1, 2021. The Data Security Law clarifies the scope of data to cover a wide range of information records generated
from all aspects of production, operation and management of government affairs and enterprises in the process of the gradual transformation
of digitalization and requires that data collection shall be conducted in a legitimate and proper manner, and theft or illegal collection
of data is not permitted. Data processors shall establish and improve the whole-process data security management rules, organize and
implement data security trainings as well as take appropriate technical measures and other necessary measures to protect data security.
In addition, data processing activities shall be conducted on the basis of the graded protection system for cybersecurity.
On
July 30, 2021, the State Council promulgated the Regulations on Protection of Security of Critical Information Infrastructure, effective
on September 1, 2021, under which, a "critical information infrastructure" refers to critical network facilities and information
systems involved in important industries and sectors, such as public communication and information services, energy, transportation,
water conservancy, finance, public services, governmental digital services, science and technology related to national defense industry,
as well as those which may seriously endanger national security, national economy and citizen's livelihood or public interests
if damaged or malfunctioned, or if any leakage of data in relation thereto occurs. The competent governmental departments and supervision
and management departments of the aforementioned important industries will be responsible for (i) organizing the identification of critical
information infrastructures in their respective industries in accordance with relevant identification rules, and (ii) promptly notifying
the identified operators and the public security department of the State Council of the identification results. In the event of occurrence
of any major cybersecurity incident or discovery of any major cybersecurity threat for the critical information infrastructure, the operator
shall report to the protection authorities and the public security authorities as required.
16
On
July 7, 2022, the CAC promulgated the Measures on Security Assessment of Cross-border Data Transfer which has become effective on September
1, 2022. Such data export measures requires that any data processor which processes or exports personal information exceeding certain
volume threshold under such measures shall apply for security assessment by the CAC before transferring any personal information abroad,
including the following circumstances: (i) important data will be provided overseas by any data processor; (ii) personal information
will be provided overseas by any operator of critical information infrastructure or any data processor who processes the personal information
of more than 1,000,000 individuals; (iii) personal information will be provided overseas by any data processor who has provided the personal
information of more than 100,000 individuals in aggregate or has provided the sensitive personal information of more than 10,000 individuals
in aggregate since January 1 of last year; and (iv) other circumstances where the security assessment is required as prescribed by the
CAC. A data processor shall, before applying for the security assessment of an outbound data transfer, conduct a self-assessment of the
risks in the outbound data transfer. The security assessment of a cross-border data transfer shall focus on assessing risks that may
be brought about by the cross-border data transfer to national security, public interests, or the lawful rights and interests of individuals
or organizations.
On
December 28, 2021, the CAC, the NDRC, the MIIT and several other PRC governmental authorities jointly issued the Cybersecurity Review
Measures, which became effective on February 15, 2022 and replaced the Measures for Cybersecurity Review published on April 13, 2020.
Pursuant to Cybersecurity Review Measures, critical information infrastructure operators that purchase network products and services
and network platform operators engaging in data processing activities that affect or may affect national security are subject to cybersecurity
review under the Cybersecurity Review Measures. According to the Cybersecurity Review Measures, before purchasing any network products
or services, a critical information infrastructure operator shall assess potential national security risks that may arise from the launch
or use of such products or services, and apply for a cybersecurity review with the cybersecurity review office of CAC if national security
will or may be affected. In addition, network platform operators who possess personal information of more than one million users and
intend to be listed at a foreign stock exchange shall go through the cybersecurity review. As advised by our PRC counsel, Sichuan Jindouyun
Law Firm, we are not subject to cybersecurity review with the CAC in accordance with the CAC Revised Measures, because (i) we are not
in possession of or otherwise holding personal information of over one million users and it is also very unlikely that it will reach
such threshold in the near future; (ii) as of the date of this annual report, our data processing activities (including the collection,
storage, usage, transmission and publicity of data) do not damage national security; and (iii) as of the date of this annual report,
we have not received any notice or determination from applicable PRC governmental authorities identifying it as a critical information
infrastructure operator. However, since these statements and regulatory actions are new, it is highly uncertain how soon legislative
or administrative regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and
interpretations will be modified or promulgated, if any, and the potential impact such modified or new laws and regulations will have
on our daily business operation, the ability to accept foreign investments and list on an U.S. exchange.
In
addition, given the lack of oversight of many offshore issuers with China-based operating companies, CSRC promulgated a package of rules
and regulations to enhance the regulations on such companies.
On
February 17, 2023, the CSRC promulgated the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies,
or the Trial Measures, and five supporting guidelines, which came into effect on March 31, 2023. The Trial Measures clarified that enterprises
that have been listed overseas prior to March 31, 2023 constitute "Existing Issuers" and are not required to conduct the
overseas listing filing procedure immediately, but shall carry out filing procedures as required if they conduct refinancing or are involved
in other circumstances required by CSRC.
On
February 24, 2023, the CSRC and certain other PRC regulatory authorities jointly published the revised Provisions on Strengthening Confidentiality
and Archives Administration in Respect of Overseas Issuance and Listing of Securities by Domestic Enterprises, or the Confidentiality
and Archives Administration Provisions, which came into effect on March 31, 2023. The Confidentiality and Archives Administration Provisions,
among other things, (i) require PRC enterprises to comply with confidentiality obligations under applicable PRC rules and regulations
when providing documents and materials to securities companies and securities service institutions; (ii) mandate that working papers
created within the PRC by securities companies and securities service institutions in connection with their services for overseas securities
offerings and listing of PRC enterprises shall be retained within the territory of the PRC; and (iii) prohibit the cross-border transfer
of the aforementioned working papers outside the PRC absent prior examination and approval from competent PRC regulatory authorities.
The Confidentiality and Archives Administration Provisions, together with Trial Measures, also emphasize that the investigation and evidence
collection in relation to the overseas securities offering and listing by the domestic companies conducted by overseas securities regulator
and the relevant competent authorities shall go through the cross-border regulatory cooperation mechanism and the CSRC or the relevant
authorities shall provide the requisite assistance pursuant to the bilateral and multilateral cooperation mechanism.
The
PRC legal system is based on the Constitution of the People's Republic of China and is made up of written laws, regulations, circulars
and directives. With the PRC's entry into the WTO, the PRC government is in the process of developing its legal system so as to
encourage foreign investments and to meet the needs of investors. As the PRC economy is developing at a generally faster rate than its
legal system, some degree of uncertainty exists in connection with whether and how existing laws and regulations will apply to certain
events or circumstances. Some of the laws and regulations, and the interpretation, implementation and enforcement thereof, are still
at the experimental stage and therefore subject to policy changes. There is no assurance that the introduction of new laws or regulations,
changes to existing laws and regulations and the interpretation or application thereof or the delays in obtaining approvals from the
relevant PRC authorities will not have an adverse impact on our business or prospects. In particular, on August 8, 2006, the Ministry
of Commerce, the CSRC, the State-owned Assets Supervision and Administration Commission, the State Administration of Taxation, the State
Administration of Industry and Commerce and the State Administration of Foreign Exchange promulgated the "Rules on the Mergers
and Acquisition of Domestic Enterprises by Foreign Investors" which came into effect on September 8, 2006, or "the M&A
Rules." Foreign investors should comply with the rules when they purchase shareholding equities of a PRC domestic non-foreign-funded
enterprise, or Domestic Company, or subscribe to the increased capital of a Domestic Company, and thus changing the nature of the Domestic
Company into a foreign investment enterprise. The rules stipulate, inter alia, (i) that the acquisition of a Domestic Company by an affiliated
foreign enterprise established or controlled by PRC entities or individuals must be approved by the Ministry of Commerce; (ii) that the
incorporation of a special purpose vehicle, which is directly or indirectly controlled by PRC entities for the purpose of an overseas
listing of the equity interest of a Domestic Company, must be subject to the approval of the Ministry of Commerce; (iii) that the acquisition
of a Domestic Company by a special purpose vehicle shall be subject to approval of the Ministry of Commerce and (iv) the offshore listing
of a special purpose vehicle shall be subject to the prior approval from China Securities Regulatory Commission. As Antelope Enterprises
does not fall within the scope of being classified as a special purpose vehicle directly or indirectly established or controlled by PRC
entities or individuals, the M&A Rules did not apply to the Business Combination, and we were not required to obtain the approval
from the Ministry of Commerce, the approval from the China Securities Regulatory Commission and/or any other approvals from PRC government
authorities as stipulated by the M&A Rules. There is however no assurance that the PRC authorities will not issue further directives,
regulations, clarifications or implementation rules, which may require us or other relevant parties to obtain further approvals with
respect to the Business Combination. If new laws are promulgated or the existing laws are reinterpreted, our structure could be determined
to be in violation of such laws and subject to sanction by applicable government authorities.
Environmental,
health and safety laws have in the past and may in the future impose material liabilities on us and require us to incur material capital
and operational costs.
We
are subject to environmental, health and safety laws and regulations in the PRC that impose controls on our air, water and waste discharges,
on our storage, handling, use, discharge and disposal of chemicals, and on exposure of our employees to hazardous substances. These laws
and regulations could require us to incur costs to maintain compliance and could impose liability to remedy the effects of hazardous
substance contamination. Although we do not believe that we have violated any of such laws and regulations and therefore have not incurred
any significant liabilities under these laws and regulations in the past, the environmental laws and regulations are constantly evolving
and becoming stricter in the PRC. The adoption of new laws or regulations or our failure to comply with these laws or regulations in
the future could cause us to incur material liabilities and could require us to incur additional expenses, curtail operations and/or
restrict our ability to expand.
17
Our
business will suffer if we lose our land use rights.
There
is no private ownership of land in China and all land ownership is held by the government of China, its agencies, and collectives. In
the case of land used for business purposes, land use rights can be obtained from the government for a period up to 50 years, and are
typically renewable. Land use rights can be granted upon approval by the land administrative authorities of China (State Land Administration
Bureau) upon payment of the required land granting fee, the entry into a land use agreement with a competent governmental authority and
certain other ministerial procedures. We have received land use certificates for certain parcels of land on which our operations reside,
but we may not have followed all procedures required to obtain such certificates or paid all required fees. If the Chinese administrative
authorities determine that we have not fully complied with all procedures and requirements needed to hold a land use certificate, we
may be forced by the Chinese administrative authorities to retroactively comply with such procedures and requirements, which may be burdensome
and require us to make payments, or such Chinese administrative authorities may invalidate or revoke our land use certificate entirely.
If the land use right certificates needed for our operations are determined by the government of China to be invalid or if they are not
renewed, we may lose production facilities or employee accommodations that would be difficult or even impossible to replace. Should we
have to relocate, our workforce may be unable or unwilling to work in the new location and our business operations will be disrupted
during the relocation. The relocation or loss of facilities could cause us to lose sales and/or increase our costs of production, which
would negatively impact our financial results.
Our
business will suffer if we fail to comply with environmental protection regulations
Companies
which cause severe pollution to the environment are required to restore the environment or remedy the effects of the pollution within
a prescribed time limit. If a company fails to report and/or register the environmental pollution it caused, it will receive a warning
or be penalized. Companies that fail to restore the environment or remedy the effects of the pollution within the prescribed time will
be penalized or have their business licenses terminated. Companies that have polluted and endangered the environment must bear the responsibility
for remedying the danger and effects of the pollution, as well as to compensate any losses or damages suffered as a result of such environmental
pollution.
It
may be difficult for overseas shareholders and/or regulators to conduct investigation or collect evidence within China.
Shareholder
claims or regulatory investigation that are common in the United States generally are difficult to pursue as a matter of law or practicality
in China. For example, in China, there are significant legal and other obstacles to providing information needed for regulatory investigations
or litigation initiated outside China. Although the authorities in China may establish a regulatory cooperation mechanism with the securities
regulatory authorities of another country or region to implement cross-border supervision and administration, such cooperation with the
securities regulatory authorities in the U.S. may not be efficient in the absence of mutual and practical cooperation mechanism. Furthermore,
according to Article 177 of the PRC Securities Law, or Article 177, which became effective in March 2020, no overseas securities regulator
is allowed to directly conduct investigation or evidence collection activities within the territory of the PRC. While detailed interpretation
of or implementation rules under Article 177 have yet to be promulgated, the inability for an overseas securities regulator to directly
conduct investigation or evidence collection activities within China may further increase difficulties faced by you in protecting your
interests.
Our
principal business operation is conducted in the PRC. If U.S. regulators carry out an investigation of us and there is a need to conduct
investigation or collect evidence within the territory of the PRC, the U.S. regulators may not be able to carry out such investigation
or evidence collection directly in the PRC under the PRC laws. The U.S. regulators may consider cross-border cooperation with securities
regulatory authority of the PRC by way of judicial assistance, diplomatic channels or regulatory cooperation mechanism established with
the securities regulatory authority of the PRC.
Fluctuations
in exchange rates could adversely affect our business and the value of our shares.
The
value of our shares will be indirectly affected by the foreign exchange rate between U.S. dollars and the Renminbi and between those
currencies and other currencies in which our revenue may be denominated. Because all of our earnings and cash assets are denominated
in Renminbi, fluctuations in the exchange rate between the U.S. dollar and the Renminbi will affect the relative purchasing power of
these proceeds, as well as our financial results reported in U.S. dollar terms without giving effect to any underlying change in our
business, financial condition or results of operations. Fluctuations in the exchange rate will also affect the relative value of any
dividend we issue that will be exchanged into U.S. dollars and earnings from, and the value of, any U.S. dollar-denominated investments
we make in the future. Since July 2005, the Renminbi has not been pegged to the U.S. dollar. Although the People's Bank of China
regularly intervenes in the foreign exchange market to prevent significant short-term fluctuations in the exchange rate, the Renminbi
may appreciate or depreciate significantly in value against the U.S. dollar in the medium to long term. Moreover, it is possible that
in the future the Chinese authorities may lift restrictions on fluctuations in the Renminbi exchange rate and lessen intervention in
the foreign exchange market. Therefore, the RMB exchange rate has become more flexible and the exchange rate regime more transparent
and in line with changes in market supply and demand. However, significant fluctuations in the RMB's value against the U.S. dollar
could occur. Very limited hedging transactions are available in China to reduce our exposure to exchange rate fluctuations. To date,
we have not entered into any hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. While we may
enter into hedging transactions in the future, the availability and effectiveness of these transactions may be limited, and we may not
be able to successfully hedge our exposure at all. In addition, our foreign currency exchange losses may be magnified by Chinese exchange
control regulations that restrict our ability to convert Renminbi into foreign currencies.
18
Under
the EIT Law, Antelope Enterprises, Success Winner and/or Vast Elite and Antelope HK may be classified as a "resident enterprise"
of the PRC. Such classification could result in PRC tax consequences to Antelope Enterprises, our non-PRC resident shareholders, Success
Winner and/or Vast Elite and Antelope HK.
The
EIT Law and its implementing rules provide that enterprises established outside of China whose "de facto management
bodies" are located in China are considered "resident enterprises" under PRC tax laws. The implementing rules
promulgated under the EIT Law define the term "de facto management bodies" as a management body which substantially
manages, or has control over the business, personnel, finance and assets of an enterprise. In April 2009, the State Administration
of Taxation, or SAT, issued a circular, known as Circular 82, which provides certain specific criteria for determining whether the
"de facto management bodies" of a PRC-controlled enterprise that is incorporated offshore is located in China. However,
there are no further detailed rules or precedents governing the procedures and specific criteria for determining "de facto
management body." If the PRC tax authorities determine that Antelope Enterprises, Success Winner and/or Vast Elite, Antelope
HK are a "resident enterprise" for PRC enterprise income tax purposes, a number of PRC tax consequences could follow.
First, Antelope Enterprises, Success Winner may be subject to the enterprise income tax at a rate of 25% on Antelope
Enterprises' and Success Winner's worldwide taxable income, as well as PRC enterprise income tax reporting obligations.
Second, under the EIT Law and its implementing rules, dividends paid between "qualified resident enterprises" are exempt
from enterprise income tax. As a result, if Antelope Enterprises and Success Winner are each treated as "qualified resident
enterprises," all dividends from subsidiaries to Antelope Enterprises (through Success Winner) should be exempt from the PRC
enterprise income tax.    If Antelope HK and Vast Elite were treated as a PRC "non-resident enterprise"
under the EIT Law, then dividends that, Vast Elite receives from Chengdu Future, Antelope HK receives from Antelope Yangpu, Hainan
Antelope and Antelope Chengdu (assuming such dividends were considered sourced within the PRC) (i) may be subject to a 5% PRC
withholding tax, Vast Elite owns more than 25% of the registered capital of Chengdu Future, continuously within 12 months
immediately prior to obtaining such dividend from Chengdu Future, and Antelope HK owns more than 25% of the registered capital of
Antelope Yangpu, Hainan Antelope and Antelope Chengdu, continuously within 12 months immediately prior to obtaining such dividend
from Antelope Yangpu, Hainan Antelope and Antelope Chengdu and the Arrangement between the Mainland of China and the Hong Kong
Special Administrative Region for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on
Income, or the "PRC-Hong Kong Tax Treaty," were otherwise applicable, or (ii) if such treaty does not apply, may be
subject to a 10% PRC withholding tax. A similar situation may arise if Antelope Enterprises were treated as a "non-resident
enterprise" under the EIT Law, and Success Winner were treated as a "resident enterprise" under the EIT Law. Any
such taxes on dividends could materially reduce the amount of dividends, if any, we could pay to our shareholders. Finally, if
Antelope Enterprises is determined to be a "resident enterprise" under the EIT Law, this could result in a situation in
which a 10% PRC tax is imposed on dividends Antelope Enterprises pays to its shareholders that are not tax residents of the PRC, or
"non-resident investors," and that are enterprises but not individuals, and gains derived by them from transferring
Antelope Enterprises' shares, if such income is considered PRC-sourced income by the relevant PRC tax authorities. In such
event, Antelope Enterprises may be required to withhold a 10% PRC tax on any dividends paid to such non-resident investors. Such
non-resident investors also may be responsible for paying PRC tax at a rate of 10% on any gain derived by such investors from the
sale or transfer of Antelope Enterprises' shares in certain circumstances. Antelope Enterprises would not, however, have an
obligation to withhold PRC tax with respect to such gain under the PRC tax laws. Also, if Antelope Enterprises is determined to be a
"resident enterprise," its nonresident investors who are individuals may also be subject to potential PRC individual
income tax at a rate of 20% with respect to dividends received from Antelope Enterprises and/or gains derived by them from the sale
or transfer of Antelope Enterprises' shares. Moreover, the State Administration of Taxation, or "SAT," released
Circular Guoshuihan No. 698, or Circular 698, on December 10, 2009 that reinforces the taxation of certain equity transfers by
non-resident investors through overseas holding vehicles. Circular 698 addresses indirect equity transfers as well as other issues.
Circular 698 is retroactively effective from January 1, 2008. According to Circular 698, where a nonresident investor who indirectly
holds an equity interest in a PRC resident enterprise through a non-PRC offshore holding company indirectly transfers an equity
interest in the PRC resident enterprise by selling an equity interest in the offshore holding company, and the latter is located in
a country or jurisdiction where the actual tax burden is less than 12.5% or where the offshore income of its residents is not
taxable, the non-resident investor is required to provide the PRC tax authority in charge of that PRC resident enterprise with
certain relevant information within 30 days of the execution of the equity transfer agreement. The tax authorities in charge will
evaluate the offshore transaction for tax purposes. In the event that the tax authorities determine that such transfer is abusing
forms of business organization and a reasonable commercial purpose for the offshore holding company other than the avoidance of PRC
income tax liability is lacking, the PRC tax authorities will have the power to re-assess the nature of the equity transfer under
the doctrine of substance over form. A reasonable commercial purpose may be established when the overall international (including
U.S.) offshore structure is set up to comply with the requirements of supervising authorities of international (including U.S.)
capital markets. If the SAT's challenge of a transfer is successful, it may deny the existence of the offshore holding company
that is used for tax planning purposes and subject the non-resident investor to PRC tax on the capital gain from such transfer.
Since Circular 698 has a short history, there is uncertainty as to its application. We (or a nonresident investor) may become at
risk of being taxed under Circular 698 and may be required to expend valuable resources to comply with Circular 698 or to establish
that we (or such non-resident investor) should not be taxed under Circular 698, which could have a material adverse effect on our
financial condition and results of operations (or such non-resident investor's investment in us). In additional, the PRC
resident enterprise may be required to provide necessary assistance to support the enforcement of Circular 698. On February 3, 2015,
the State Administration of Tax issued a Public Notice Regarding Certain Corporate Income Tax Matters on Indirect Transfer of
Properties by Non-tax Resident Enterprise, or Public Notice 7. Public Notice 7 has introduced a new tax regime that is significantly
different from that under Circular 698. Public Notice 7 extends its tax jurisdiction to not only indirect transfers set forth under
Circular 698 but also transactions involving transfer of other taxable assets, through the offshore transfer of a foreign
intermediate holding company. In addition, Public Notice 7 provides clearer criteria the Circular 698 on how to assess reasonable
commercial purposes and has introduced safe harbors for internal group restructurings and the purchase and sale of equity through a
public securities market. Public Notice 7 also brings challenges to both the foreign transferor and transferee (or other person who
is obligated to pay for the transfer) of the taxable assets. Where a non-resident enterprise conducts an "indirect
transfer" by transferring the taxable assets indirectly by disposing of the equity interests of an overseas holding company,
the non-resident enterprise being the transferor, or the transferee, or the PRC entity which directly owned the taxable assets may
report to the relevant tax authority such indirect transfer. Using a "substance over form" principle, the PRC tax
authority may re-characterize such indirect transfer as a direct transfer of the equity interests in the PRC tax resident enterprise
and other properties in China, As a result, gains derived from such indirect transfer may be subject on PRC enterprise income tax,
and the transferee or other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently
at a rate of up to 10% for the transfer of equity interests in a PRC resident enterprise. Both the transferor and the transferee may
be subject to penalties under PRC tax laws if transferee fails to withhold the taxes and the transferor fails to pay the
taxes.
19
We
face uncertainties with respect to the reporting and consequences of private equity financing transactions, share exchange or other transactions
involving the transfer of shares in our company by investors that are non-PRC resident enterprises, or sale or purchase of shares in
other non-PRC resident companies or other taxable assets by us. Our company and other non-resident enterprises in our group may be subject
to filing obligations or being taxed if our company and other non-resident enterprises in our group are transferors in such transactions,
and may be subject to withholding obligations if our company and other non-resident enterprises in our group are transferees in such
transactions, under Circular 698 and Public Notice 7. For the transfer to shares in our company by investors that are non-PRC resident
enterprises, our PRC subsidiaries may be requested to assist in the filing under Circular 698 and Public Notice 7. As a result, we may
be required to expend valuable resources to comply with Circular 698 and Public Notice 7 to request the relevant transferors from whom
we purchase taxable assets to comply with these circulars, or to establish that our company and other non-resident enterprises in our
group should not be taxed under these circulars, which may have a material adverse effect on our financial condition and results of operations.
The PRC tax authorities have the discretion under Circular 698 and Public Notice 7 to make adjustments to the taxable capital gains based
on the difference between the fair value of the taxable assets transferred and the cost of investment. If the PRC tax authorities make
adjustments to the taxable income of the transactions under Circular 698 and Public Notice 7, our income tax costs associated with such
potential acquisitions will be increased, which may have an adverse effect on our financial condition and results of operations. If any
PRC tax applies to a non-resident investor, the non-resident investor may be entitled to a reduced rate of PRC tax under an applicable
income tax treaty and/or a deduction for such PRC tax against such investor's domestic taxable income or a foreign tax credit in
respect of such PRC tax against such investor's domestic income tax liability (subject to applicable conditions and limitations).
Shareholders should consult with their own tax advisors regarding the applicability of any such taxes, the effects of any applicable
income tax treaties, and any available deductions or foreign tax credits. For a further discussion of these issues, see the section herein
captioned "Taxation—PRC Taxation."
Risks
Factors Relating to Our Class A Ordinary Shares
The
price of our shares could be volatile and could decline at a time when you want to sell your holdings.
The
price of our shares has been and may continue to be volatile, and that volatility may continue for an extended period of time.
We
are a "controlled company" within the meaning of the NASDAQ Stock Market Rules and, as a result, may rely on exemptions from
certain corporate governance requirements that provide protection to shareholders of other companies.
We
are a "controlled company" as defined under the NASDAQ Stock Market Rules because our CEO and chairman, Mr. Weilai (Will)
Zhang, beneficially owns more than 50% of voting power for the election of directors. As of the date of this annual report, Mr. Zhang
holds all the issued and outstanding 2,005,497 Class B ordinary shares, each of which is entitled to twenty (20) votes. For so long as
we are a controlled company under that definition, we are permitted to elect to rely, and may rely, on certain exemptions from corporate
governance rules, including:
●
an exemption from the rule
    that a majority of our board of directors must be independent directors;
●
an exemption from the rule
    that the compensation of our chief executive officer must be determined or recommended solely by independent directors; and
●
an exemption from the rule
    that our director nominees must be selected or recommended solely by independent directors.
As
a result, if we elect to rely on the exemptions available for the controlled companies, you will not have the same protection afforded
to shareholders of companies that are subject to these corporate governance requirements.
20
If
we cease to qualify as a foreign private issuer, we would be required to comply fully with the reporting requirements of the Exchange
Act applicable to U.S. domestic issuers, and we would incur significant additional legal, accounting and other expenses that we would
not incur as a foreign private issuer.
As
a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements,
and our officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained
in Section 16 of the Exchange Act. In addition, we are not required under the Exchange Act to file periodic reports and financial statements
with the SEC as frequently or as promptly as United States domestic issuers, and we are not required to disclose in our periodic reports
all of the information that United States domestic issuers are required to disclose. While we currently expect to qualify as a foreign
private issuer, we may cease to qualify as a foreign private issuer in the future.
There
is a risk that Antelope Enterprises will be classified as a passive foreign investment company, or "PFIC," which could result
in adverse U.S. federal income tax consequences to U.S. holders of its securities.
In
general, Antelope Enterprises will be treated as a PFIC for any taxable year in which either (1) at least 75% of its gross income (including
its pro rata share of the gross income of its 25% or more-owned corporate subsidiaries) is passive income or (2) at least 50% of the
average value of its assets (including its pro rata share of the assets of its 25% or more-owned corporate subsidiaries) produce, or
are held for the production of, passive income. Passive income generally includes dividends, interest, rents, royalties, and gains from
the disposition of passive assets. If Antelope Enterprises is determined to be a PFIC for any taxable year (or portion thereof) that
is included in the holding period of a U.S. Holder (as defined in the section entitled "Taxation—United States Federal Income
Taxation—General") of its shares, the U.S. Holder may be subject to increased U.S. federal income tax liability upon a sale
or other disposition of the shares of Antelope Enterprises or the receipt of certain excess distributions from Antelope Enterprises and
may be subject to additional reporting requirements. Based on the composition (and estimated values) of the assets and the nature of
the income of Antelope Enterprises and its subsidiaries during its 2022 taxable year, Antelope Enterprises does not believe that it would
be treated as a PFIC for such year. However, because Antelope Enterprises has not performed a definitive analysis as to its PFIC status
for its 2022 taxable year, there can be no assurance in respect to its PFIC status for such year. There also can be no assurance with
respect to Antelope Enterprises' status as a PFIC for its current (2023) taxable year or any future taxable year. U.S. Holders
of the shares of Antelope Enterprises are urged to consult their own tax advisors regarding the possible application of the PFIC rules.
See the discussion in the section entitled "Taxation—United States Federal Income Taxation—U.S. Holders—Passive
Foreign Investment Company Rules."
21
As
the rights of shareholders under British Virgin Islands law differ from those under U.S. law, you may have fewer protections as a shareholder.
Our
corporate affairs will be governed by our memorandum and articles of association, the BVI Business Companies Act, 2023 (as amended) (the
"BVI Act"), and the common law of the British Virgin Islands. The rights of shareholders to take legal action against our
directors, actions by minority shareholders and the fiduciary responsibilities of our directors under British Virgin Islands law are
governed by the common law of the British Virgin Islands and by the BVI Act. The common law of the British Virgin Islands is derived
in part from comparatively limited judicial precedent in the British Virgin Islands as well as from English common law, which is applied
in the British Virgin Islands by virtue of the Common Law (Declaration of Application) Act. The rights of our shareholders and the fiduciary
responsibilities of our directors under British Virgin Islands law are not as clearly established as they would be under statutes or
judicial precedents in some jurisdictions in the United States. In particular, the British Virgin Islands has a less developed body of
securities laws as compared to the United States, and some states (such as Delaware) have more fully developed and judicially interpreted
bodies of corporate law. As a result of all of the above, holders of our shares may have more difficulty in protecting their interests
through actions against our management, directors or major shareholders than they would as shareholders of a U.S. company.
British
Virgin Islands companies may not be able to initiate shareholder derivative actions, thereby depriving shareholders of the ability to
protect their interests.
British
Virgin Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United States. The
circumstances in which any such action may be brought, and the procedures and defenses that may be available in respect to any such action,
may result in the rights of shareholders of a British Virgin Islands company being more limited than those of shareholders of a company
organized in the United States. Accordingly, shareholders may have fewer alternatives available to them if they believe that corporate
wrongdoing has occurred. The British Virgin Islands courts are also unlikely to recognize or enforce against us judgments of courts in
the United States based on certain liability provisions of U.S. securities law; and to impose liabilities against us, in original actions
brought in the British Virgin Islands, based on certain liability provisions of U.S. securities laws that are penal in nature. There
is no statutory recognition in the British Virgin Islands of judgments obtained in the United States, although the courts of the British
Virgin Islands will generally recognize and enforce the non-penal judgment of a foreign court of competent jurisdiction without retrial
on the merits. This means that even if shareholders were to sue us successfully, they may not be able to recover anything to make up
for the losses suffered.
The
laws of the British Virgin Islands may provide comparatively limited protection for minority shareholders, so minority shareholders will
have limited recourse if the shareholders are dissatisfied with the conduct of our affairs.
Under
the laws of the British Virgin Islands, there is limited statutory law for the protection of minority shareholders in the form of the
provisions of the BVI Act dealing with shareholder remedies. The principal protection under statutory law is that shareholders may bring
an action to enforce the constitutional documents of the company, i.e. the memorandum and articles of association as shareholders are
entitled to have the affairs of the company conducted in accordance with the BVI Act and the memorandum and articles of association of
the company. A shareholder may also bring an action under statute if he feels that the affairs of the company have been or will be carried
out in a manner that is unfairly prejudicial or discriminating or oppressive to him. There are also common law rights for the protection
of shareholders that may be invoked, largely dependent on English common law, since the common law of the British Virgin Islands for
business companies is limited.
The
market price for our shares has been and may continue to be volatile.
The
market price for our shares has been and is likely to continue to be highly volatile and subject to wide fluctuations in response to
factors including the following:
●
actual or anticipated fluctuations
    in our quarterly operating results and changes or revisions of our expected results;
●
changes in financial estimates
    by securities research analysts;
●
changes in the economic
    performance or market valuations of companies specializing in the ceramics business in China;
●
announcements by us and
    our affiliates or our competitors of new products, acquisitions, strategic relationships, joint ventures or capital commitments;
●
addition or departure of
    our senior management and key personnel; and
●
fluctuations of exchange
    rates between the RMB and the U.S. dollar.
22
Volatility
in the price of our shares may result in shareholder litigation that could in turn result in substantial costs and a diversion of our
management's attention and resources.
The
financial markets in the United States and other countries have experienced significant price and volume fluctuations, and market prices
have been and continue to be extremely volatile. Volatility in the price of our shares may be caused by factors outside of our control
and may be unrelated or disproportionate to our results of operations. In the past, following periods of volatility in the market price
of a public company's securities, shareholders have frequently instituted securities class action litigation against that company.
Litigation of this kind could result in substantial costs and a diversion of our management's attention and resources.
Although
we paid semi-annual dividends in July 2013, January 2014, July 2014 and January 2015, we did not pay a dividend after January 2015 and
do not currently plan to pay a dividend in the near future. Therefore, shareholders will benefit from an investment in our shares only
if those shares appreciate in value.
We
paid dividends in July 2013, January 2014, July 2014 and January 2015. The declaration and payment of cash dividends is at the discretion
of our board of directors and will depend on factors our board of directors deems relevant, including among others, our results of operations,
financial condition and cash requirements, business prospects, and the terms of our credit facilities, if any, and any other financing
arrangements. We currently do not plan to pay a dividend in the near future. Therefore, the realization of a gain on shareholders'
investments will depend on the appreciation of the price of our shares, and there is no guarantee that our shares will appreciate in
value.
We
may not be able to pay any dividends on our shares in the future due to British Virgin Islands law.
Under
British Virgin Islands law, we may only pay dividends to our shareholders if the value of our assets exceeds our liabilities and we are
able to pay our debts as they become due. We cannot give any assurance that we will declare dividends of any amounts, at any rate or
at all in the future. Future dividends, if any, will be at the discretion of our board of directors, and will depend upon our results
of operations, cash flows, financial condition, payment to us of cash dividends by our subsidiaries, capital needs, future prospects
and other factors that our directors may deem appropriate.
We
may need additional capital, and the sale of additional shares or equity or debt securities could result in additional dilution to our
shareholders.
We
believe that our current cash and cash equivalents and anticipated cash flow from operations will be sufficient to meet our anticipated
cash needs for the foreseeable future. We may, however, require additional cash resources due to changed business conditions or other
future developments, including any investments or acquisitions we may decide to pursue. If these resources are insufficient to satisfy
our cash requirements, we may seek to sell additional equity or debt securities or obtain one or more additional credit facilities. The
sale of additional equity securities could result in additional dilution to our shareholders. The incurrence of indebtedness would result
in increased debt service obligations and could result in operating and financing covenants that would restrict our operations. It is
uncertain whether financing will be available in amounts or on terms acceptable to us, if at all.
ITEM 4.
INFORMATION ON THE COMPANY
A.
History and Development
    of the Company
Our
previous principal PRC-based operating subsidiary, Hengda, was established on September 30, 1993 under the laws of PRC. All of the equity
interests in Hengda are 100% owned by Stand Best. Hengda is a wholly foreign-owned enterprise in China.
Hengdali
was established on May 4, 2008 under the laws of PRC. All of the equity interests in Hengdali are 100% owned by Hengda.
Stand
Best was established on January 17, 2008 under the laws of Hong Kong. Stand Best acquired the entire shareholdings of Hengda on April
1, 2008 for consideration of RMB 58,980,000. As a result of this acquisition, Hengda became the wholly owned subsidiary of Stand Best.
Success
Winner was established on May 29, 2009 under the laws of British Virgin Islands with Mr. Wong Kung Tok as its sole shareholder and sole
director.
23
On
June 30, 2009, pursuant to the capitalization agreement dated June 30, 2009, Success Winner was issued the 9,999 shares allotted by Stand
Best as per the capitalization exercise of a shareholder's loan of HK$67.9 million (RMB 58.9 million). On the same date, the shareholder
of Stand Best, Mr. Wong Kung Tok transferred all his shareholdings in Stand Best to Success Winner. Therefore, Mr. Wong Kung Tok, from
June 30, 2009 to November 20, 2009, indirectly owned 100% of Stand Best and in turn, 100% of Hengda.
CHAC
was incorporated in Delaware on June 22, 2007 and was organized as a blank check company for the purpose of acquiring, through a stock
exchange, asset acquisition or other similar business combination, or controlling, through contractual arrangements, an operating business
that had its principal operations in Asia, with a focus on potential acquisition target in China.
Pursuant
to the terms of a merger and stock purchase agreement dated August 19, 2009, on November 20, 2009, CHAC merged with and into Antelope
Enterprises, its wholly owned British Virgin Islands subsidiary, and immediately thereafter, as part of the same integrated transaction,
Antelope Enterprises acquired all of the outstanding securities of Success Winner. Prior to Antelope Enterprises' acquisition of
Success Winner, neither CHAC nor Antelope Enterprises had any operations.
On
November 19, 2009, Hengda entered into a definitive acquisition agreement to acquire a new production facility in Gaoan, Jiangxi Province,
PRC by purchasing 100% of the equity interests in Hengdali. The closing of the acquisition was subject to the Gaoan City Administration
for Industry and Commerce transferring the registration and business license of Hengdali from Hengdali's former shareholders to
Hengda. The transfer occurred on January 8, 2010. Hengda appointed an executive officer to take control over Hengdali's operating
and financing activities on the same day. In total, Hengda assumed loans of RMB 60.0 million and paid cash consideration of RMB 185.5
million for the acquisition, of which RMB 145.4 million was advanced to Hengdali's former shareholders by December 31, 2009.
On
September 22, 2017, Success Winner incorporated a 100% owned subsidiary Vast Elite Limited ("Vast Elite") in Hong Kong with
initial registered capital of HKD1. Vast Elite is engaged in the trading of building materials but during the year ended December 31,
2020, Vast Elite had no operations.
On
November 20, 2019, Vast Elite incorporated a 100% owned subsidiary Chengdu Future Talented Management and Consulting Co, Ltd ("Chengdu
Future") in China. Chengdu Future is engaged in business management and consulting services.
On
December 3, 2019, Success Winner incorporated a 100% owned subsidiary Antelope Enterprise Holdings Limited ("Antelope Holdings")
in Hong Kong. Antelope Holdings only serves the purpose of a holding company.
On
May 9, 2020, Antelope HK incorporated a 100% owned subsidiary Antelope Holdings (Chengdu) Co., Ltd in China, Antelope Chengdu is engaged
in computer consulting and software development.
On
August 10, 2021, Antelope HK incorporated a 100% owned subsidiary Hainan Antelope Holdings Co., Ltd ("Antelope Hainan") in
China. Antelope Hainan is engaged in business management and consulting services. Antelope Hainan does not have any operations as of
this report date.
On
August 11, 2021, Antelope HK incorporated a 100% owned subsidiary Antelope Future (Yangpu) Investment Co., Ltd ("Antelope Yangpu")
in China. Antelope Yangpu is engaged in business management and consulting services. Antelope Yangpu does not have any operations as
of this report date.
On
August 23, 2021, Antelope Hainan incorporated a 100% owned subsidiary Antelope Investment (Hainan) Co., Ltd ("Antelope Investment")
in China.
Antelope
Investment is engaged in business management and consulting services. Antelope Investment does not have any operations as of this report
date.
On
September 9, 2021, Antelope Future incorporated a 100% owned subsidiary Antelope Ruicheng Investment (Hainan) Co., Ltd ("Antelope
Ruicheng") in China. Antelope Ruicheng is engaged in business management and consulting services. Antelope Ruicheng does not have
any operations as of this report date.
On
September 18, 2021, Antelope Ruicheng incorporated a 51% owned subsidiary Hainan Kylin Cloud Services Technology Co., Ltd ("Hainan
Kylin") in China. Hainan Kylin is engaged in the livestreaming ecommerce business.
24
On
October 28, 2022, Hainan Kylin incorporated a 100% owned subsidiary Hangzhou Kylin Cloud Services Technoligy Co., Ltd ("Hangzhou
Kylin") in China. Hangzhou Kylin is engaged in business management and consulting services for the livestreaming ecommerce industry.
On
November 2, 2022, Hainan Kylin incorporated a 100% owned subsidiary Anhui Kylin Cloud Sevices Technology Co., Ltd ("Anhui Kylin")
in China. Anhui Kylin is engaged in the business of management and consulting services for the livestreaming ecommerce industry.
On
December 30, 2022, Stand Best and an unaffiliated entity, New Stonehenge Limited, entered into a purchase agreement, pursuant to which,
Stand Best agreed to sell 100% equity interests in Hengda to New Stonehenge Limited, in exchange for a 5% unsecured promissory note with
a principal amount of US$8.5 million. The promissory note will mature in four years and the 5% interest and principal amount on the note
is to be paid in four annual installments. On February 21, 2023, the Company's shareholders approved this transaction. On April
28, 2023, this transaction was closed. The has transferred its ownership of the ceramic tile manufacturing business to the New Stonehenge
Limited, and New Stonehenge Limited has become the 100% owner of Hengda, which is the 100% owner of Hengdali.
On
February 21, 2023, the shareholders of the Company approved and adopted an amended and restated memorandum and articles of association
(the "Amended M&A"), which changed the authorized issued share capital of the Company from US$4,800,000 divided into
200,000,000 ordinary shares with a par value of US$0.024 each, to (i) 250,000,000 ordinary shares re-designated as (a) 200,000,000 Class
A ordinary shares with no par value each, and (b) 50,000,000 Class B ordinary shares with no par value each, and (ii) 50,000,000 preferred
shares with no par value each, (the "Re-Designation of the Authorized Capital"). Each Class A ordinary share is entitled
to one (1) vote and each Class B ordinary share is entitled to twenty (20) votes. In connection with the Re-Designation of the Authorized
Capital, 977,755 ordinary shares owned by Mr. Weilai (Will) Zhang then were converted into 977,755 Class B ordinary shares, and the rest
of the then outstanding and issued outstanding ordinary shares were converted into Class A ordinary shares on a one-for-one basis.
On
August 15, 2023, Hainan Kylin incorporated a 100% owned subsidiary Hubei Kylin Cloud Sevices Technology Co., Ltd ("Hubei Kylin")
in China. Hubei Kylin is engaged in the business of livestreaming ecommerce industry.
On
August 18, 2023, Hainan Kylin incorporated a 100% owned subsidiary Jiangxi Kylin Cloud Sevices Technology Co., Ltd ("Jiangxi Kylin")
in China. Jiangxi Kylin is engaged in the business of management and consulting services for the livestreaming ecommerce industry.
On
September 18, 2023 the Company effected the one-for-ten reverse stock split of its issued and outstanding ordinary shares.
On
February 27, 2024, Antelope USA, has acquired 100% equity interests of AEHL US at a nominal price. The Company is planning to launch
its energy supply business through AEHL US.
25
Antelope
Enterprise Holdings Limited and its subsidiaries' corporate structure as of the date of this annual report is as follows:
Antelope
Enterprise's registered office is c/o Harneys Corporate Services Limited of Craigmuir Chambers, P.O. Box 71, Road Town, Tortola,
British Virgin Islands.
Recent
Development
September
2022 Registered Direct Offering
On
September 30, 2022, the Company commenced a registered direct offering of securities, and executed a Securities Purchase Agreement (the
"SPA") with two institutional accredited investors pursuant to which it sold 1,666,667 of the Company's common shares
at the per share price of $0.60 In a concurrent private placement, the Company sold to such investors warrants to purchase 1,666,667
common shares (the "Investor Warrants"). The Investor Warrants have an exercise price per share of $0.80, subject to adjustment,
contain variable pricing features, and have a term of five years. The Investor Warrants were sold without registration under the Securities
Act of 1933 (the "Securities Act") in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act as transactions
not involving a public offering and Rule 506 promulgated under the Securities Act as sales to accredited investors. The proceeds of the
transaction will be used for working capital and general working purposes. The Investor Warrants issued in the concurrent private placement
are not listed on any securities exchange, and the Company does not expect to list the Investor Warrants. The transactions yielded gross
proceeds to the Company of approximately $1,000,000, before payment of commissions and expenses.
In
addition, the Company issued warrants (the "Placement Agent Warrants") to the Placement Agent to purchase a number of common
shares equal to 5.0% of the aggregate number of shares sold to the investors in this offering, as well as the warrant shares issuable
upon exercise of the Investor Warrants issued in the concurrent private placement, as additional placement agency compensation. The Placement
Agent Warrants have substantially the same terms as the Investor Warrants, except that the Placement Agent Warrants will have an exercise
price of $0.75. The Placement Agent received customary indemnification in connection with the offering.
December
2022 Private Placement Offering
On
December 12, 2022, the Company entered into a note purchase agreement with Atlas Sciences, LLC, a Utah limited liability company ("Atlas"),
pursuant to which the Company issued Atlas an unsecured promissory note in the original principal amount of $1,332,500.00 (the "Note"),
for $1,250,000.00 in gross proceeds.
26
The
Note bears interest at a rate of eight percent (8%) per annum compounding daily. All outstanding principal and accrued interest on the
Note becomes due and payable eighteen (18) months after the closing date, when the purchase price of the Note is delivered by Atlas to
the Company. The Note includes an original issue discount of $62,500.00 along with $20,000.00 for Atlas's fees, costs and other
transaction expenses incurred in connection with the purchase and sale of the Note. The Company may prepay all or a portion of the Note
at any time by paying 120% of the outstanding balance elected for pre-payment. Atlas has the right to redeem the Note at any time six
(6) months after the closing date (the "Redemption Start Date"), subject to maximum monthly redemption amount of $200,000.
At the end of each month following the Redemption Start Date, if the Company has not reduced the Outstanding Balance (as defined in the
Note) by at least $200,000, then by the fifth (5th) day of the following month, the Company must pay in cash to the Investor the difference
between $200,000 and the amount actually redeemed in such month or the Outstanding Balance will automatically increase by one percent
(1%) as of such fifth (5th) day.
Under
the purchase agreement, while the Note is outstanding, the Company agreed to keep adequate public information available and maintain
its Nasdaq listing. Upon the occurrence of a Trigger Event (as defined in the Note), the Investor shall have the right to increase the
balance of the Note by fifteen percent (15%) for Major Trigger Event (as defined in the Note) and five percent (5%) for Minor Trigger
Event (as defined in the Note). In addition, the Note provides that upon occurrence of an Event of Default, the interest rate shall accrue
on the outstanding balance at the rate equal to the lesser of twenty-two percent (22%) per annum or the maximum rate permitted under
applicable law.
January
2023 Private Placement Offerings
On
January 10, 2023, the Company entered into a certain securities purchase agreement with Mr. Weilai (Will) Zhang, the Chief Executive
Officer of the Company, Mr. Ishak Han, a director of the Company, and another sophisticated purchaser, pursuant to which the Company
sold 1,625,000 ordinary shares, par value $0.024 per share at a per share purchase price of $0.80. This transaction was unanimously approved
by the disinterested directors and the board of directors of the Company. The gross proceeds to the Company were $1.3 million, before
deducting any fees or expenses. The Company intends to use the net proceeds from this transaction for the expansion of its livestreaming
ecommerce business and for general corporate purposes.
On
January 13, 2023, the Company entered into a certain securities purchase agreement with a certain purchaser, pursuant to which the Company
sold 1,234,568 ordinary shares, par value $0.024 per share, at a per share purchase price of $0.81, the closing price of the Company's
ordinary shares reported on the Nasdaq Capital Market as of January 10, 2023. The gross proceeds to the Company from this transaction
were approximately $1.0 million, before deducting any fees or expenses. The Company intends to use the net proceeds from this transaction
for the expansion of its livestreaming ecommerce business and for general corporate purposes.
March
2023 Private Placement Offering
On
March 30, 2023, the Company entered into a certain securities purchase agreement with five sophisticated investors, pursuant to which
the Company sold 5,681,820 Class A ordinary shares, no par value, at a per share purchase price of $0.88. On April 12, 2023, the transaction
was closed. Upon closing, the beneficial owner of the five investors had approximately 15.15% of the total voting power of the Company,
and the Company's CEO and Chairman, Weilai (Will) Zhang, had about 52.13% of the total voting power of the Company. The gross proceeds
to the Company from this transaction were approximately $5 million, before deducting any fees or expenses. The Company plans to use the
net proceeds for general corporate purposes.
August
2023 Private Placement Offering
On
August 2, 2023, the
Company
entered into a certain securities purchase agreement with a certain investor pursuant to which the
Company agreed to sell 2,083,333 Class A ordinary shares, no par value (at a per share purchase price of $0.48. The gross proceeds to
the Company from this offering are approximately $1 million, before deducting any fees or expenses. The Company plans to use the net
proceeds from this Offering for the general corporate purpose.
February
2024 Warrant Exchange Agreement
On
February 15, 2024, the Company entered into warrant exchange agreements with each of several holders of warrants to purchase Class A
ordinary shares, no par value each, of the Company, pursuant to which the Holders agreed to surrender the warrants for cancellation and
the Company agreed, in exchange, to issue 0.5 restricted Class A ordinary shares and $1.0 in cash for each warrant. The holders, collectively,
owned 202,030 warrants at the time of entering into the warrant exchange agreement, and received 101,018 restricted Class A ordinary
shares and $202,030 in cash upon closing of the transaction as contemplated in the warrant exchange agreements.
27
March
2024 Private Placement Offering
On
March 15, 2024, the Company entered into a certain securities purchase agreement with certain investors, pursuant to which the Company
agreed to sell 1,727,941 Class A ordinary shares, no par value each, at a per share purchase price of $1.36. The gross proceeds to the
Company from this offering are approximately $2.35 million, before deducting any fees or expenses. The Company plans to use the net proceeds
from this offering for the expansion of the Company's business in the U.S., for the recruitment of personnel in the U.S. and for
general corporate purpose.
On
March 25, 2024, the Company entered into standby equity subscription agreements with three investors, pursuant to which, the Company
shall have the right, but not the obligation, to issue to the Investors, and Investors shall have the obligation to subscribe for, each
up to 10,000,000 the Class A ordinary shares of the Company, no par value each at the subscription price, which equals to the lesser
of (i) the average closing price of the Class A ordinary shares during the for the three consecutive trading days commencing on the applicable
Advance Notice Date (as defined in the Subscription Agreement), or (ii) $1.12. Any proceeds that the Company receives under the subscription
agreements are expected to be used for the repayment of three promissory notes of the Company with an aggregate outstanding balance of
approximately $6.75 million, the expansion of the Company's business in the U.S., for the recruitment of personnel in the U.S.
and for general corporate purpose.
April
2024 Warrant Exchange Agreement
On
April 2, 2024, the Company entered into a warrant exchange agreement with certain holder of warrants to purchase Class A ordinary shares,
no par value each, (of the Company, pursuant to which the Holder agreed to surrender the Warrants for cancellation and the Company agreed,
in exchange, to issue 0.5 restricted Class A ordinary shares for each Warrant. The holder owned 60,052 warrants at the time of entering
into the warrant exchange agreement, and received 30,026 restricted Class A ordinary shares upon closing of the transaction as contemplated
in the warrant exchange agreement.
On
April 15, 2024,
the
Company
entered into a warrant exchange agreement with certain holder of warrants to purchase Class A ordinary shares, no par value each, (of
the Company, pursuant to which the Holder agreed to surrender the Warrants for cancellation and the Company agreed, in exchange, to issue
0.5 restricted
Class A ordinary shares
for each Warrant. The
h
older
owned 50,071
w
arrants at the time of entering into the
warrant exchange agreement
,
and received 25,036 restricted Class A
ordinary shares
upon closing of the transaction as
contemplated in the
warrant exchange agreement
.
Cash
Transfers Within Our Organization
During
each of the fiscal years ended December 31, 2021, 2022 and 2023, the only transfer of assets among Antelope Enterprises and its subsidiaries
have consisted of cash. During that same period, there have been no distributions, dividends or loans extended by any of our direct or
indirectly held subsidiaries to Antelope Enterprises. During that same period Antelope Enterprises has not declared any dividends or
made any distributions to its shareholders.
Antelope
Enterprises routinely provides cash to its subsidiaries either by way of capital contribution or by way of loan.
Antelope
Enterprises is a holding company incorporated in the British Virgin Islands, and we do not have any substantive operations other than
indirectly holding the equity interest in our operating subsidiaries in China. Antelope Enterprises relies on dividends paid by our Hong
Kong and Chinese subsidiaries and capital raised from the sale of our securities to satisfy our cash needs. The payment of dividends
to Antelope Enterprises by our Chinese subsidiaries is affected by means of dividends by those entities to their Hong Kong direct parent
and a redividend by that Hong Kong entity to Antelope Enterprises. Such dividends are effected by resolution of the board of directors
of each such entity (after provision for applicable tax obligations).
China
is a foreign exchange administration country. Capital injections, cross-border trade and services transactions settled in foreign exchange,
overseas financing and profit repatriations are subject to the foreign exchange administration regulations. A Chinese subsidiary owned
by foreign company must apply for registration of foreign exchange with the SAFE after the issuance of a business license and obtain
a foreign exchange registration certificate. When the Chinese subsidiaries apply for repatriating dividends to foreign shareholders,
it must submit the application form to SAFE with the proof that such dividends have been subjected to all applicable tax withholding.
A Chinese subsidiary can only distribute dividends out of its accumulated profits, which means that any accumulated losses must be more
than offset by its profits in other years, including the current year.
28
The
cash transfers within the organization during the years ended December 31, 2021, 2022 and 2023 were as follows:
For the year 2021
Company
(Wire transfer from)
Company
(Wire transfer to)
Amount
(RMB)
Equivalent to amount
(USD)
Purpose
Asset Type
Antelope Enterprise Holdings Limited
Success Winner Limited
48,304,308
7,580,000
Working capital loan to direct subsidiary
Cash
Vast Elite Limited
12,244,951
1,921,500
Working capital loan to direct subsidiary
Cash
Success Winner Limited
Antelope Enterprise (HK) Holdings Limited
6,691,230
1,050,000
Working capital loan to direct subsidiary
Cash
Stand Best Creation Limited
12,936,378
2,030,000
Working capital loan to direct subsidiary
Cash
Antelope Enterprise (HK) Holdings Limited
Antelope Holdings (Chengdu) Co., Ltd
4,779,450
750,000
Capital injection to direct subsidiary
Cash
Vast Elite Limited
Chengdu Future Talented Management and Consulting Co., Ltd
3,186,300
500,000
Capital contribution to direct subsidiary
Cash
Jiangxi Hengdali Ceramics Materials Co., Ltd
Jinjiang Hengda Ceramics Co, Ltd
7,000,000
1,098,453
Loan repayment to direct holding company
Cash
For
the year 2022
Company (Wire transfer from)
Company(Wire transfer to)
Amount (RMB)
Equivalent to amount (USD)
Purpose
Asset Type
Antelope Enterprise (HK) Holdings Limited
Antelope Holdings (Chengdu) Co., Ltd
12,759,820
1,850,000
Working capital loan to direct subsidiary
Cash
Antelope Enterprise (HK) Holdings Limited
Antelope Ruicheng Investment (Hainan) Co., Ltd
1,456,045
406,153
Working capital loan to direct subsidiary
Antelope Enterprise (HK) Holdings Limited
Stand Best Creation Limited
13,436
1,948
Loan payback
Cash
Success Winner Limited
Antelope Enterprise (HK) Holdings Limited
14,587,578
2,115,000
Working capital loan to direct subsidiary
Cash
Success Winner Limited
Antelope Enterprise  Holdings Limited
2,414,020
350,000
Loan payback
Cash
Success Winner Limited
Vast Elite Limited
555,840
80,589
Working capital loan to direct subsidiary
Cash
Antelope Enterprise  Holdings Limited
Success Winner Limited
10,690,660
1,550,000
Working capital loan to direct subsidiary
Cash
Antelope Ruicheng Investment (Hainan) Co., Ltd
Hainan Kylin Cloud Services Technology Co., Ltd
2,550,000
369,715
Working capital loan to direct subsidiary
Cash
Hainan Kylin Cloud Services Technology Co., Ltd
Anhui Kylin Cloud Services Technology Co., Ltd
100,000
14,499
Working capital loan to direct subsidiary
Cash
Hainan Kylin Cloud Services Technology Co., Ltd
Hangzhou Kylin Cloud Services Technology Co., Ltd
500,000
72,493
Working capital loan to direct subsidiary
Cash
Antelope Future (Yangpu) Investment Co., Ltd
Antelope Ruicheng Investment (Hainan) Co., Ltd
2,755,000
399,437
Working capital loan to direct subsidiary
Cash
Vast Elite Limited
Stand Best Creation Limited
7,150
1,037
Loan payback
Cash
29
For the year 2023
Company
(Wire transfer from)
Company
(Wire transfer to)
Amount
(RMB)
Equivalent to
amount
(USD)
Purpose
Asset type
Company (Wire transfer from)
Company(Wire transfer to)
Amount (RMB)
Equivalent to amount (USD)
Purpose
Asset Type
Antelope Enterprise (HK) Holdings Limited
Antelope Holdings (Chengdu) Co., Ltd
6,372,810
900,000
Working capital loan to direct subsidiary
Cash
Success Winner Limited
Antelope Enterprise (HK) Holdings Limited
7,199,300
1,016,721
Working capital loan to direct subsidiary
Cash
Success Winner Limited
Antelope Enterprise  Holdings Limited
1,316,339
185,900
Loan payback
Cash
Success Winner Limited
Stand Best Creation Limited
137,432
20,000
Success Winner Limited
Vast Elite Limited
2,924
413
Working capital loan to direct subsidiary
Cash
Antelope Enterprise  USA Inc
Antelope Enterprise  Holdings Limited
3,540,450
500,000
Working capital loan to direct subsidiary
Cash
Antelope Enterprise (Chengdu) Co., Ltd
Chengdu Future Talented Company
110,000
15,535
Working capital loan to direct subsidiary
Cash
Hainan Kylin Cloud Services Technology Co., Ltd
Anhui Kylin Cloud Services Technology Co., Ltd
2,000,000
282,450
Working capital investment to direct subsidiary
Cash
Hainan Kylin Cloud Services Technology Co., Ltd
Hangzhou Kylin Cloud Services Technology Co., Ltd
3,500,000
494,287
Working capital investment to direct subsidiary
Cash
Hainan Kylin Cloud Services Technology Co., Ltd
Wenzhou Kylin Cloud Services Technology Co., Ltd
100
14
Working capital loan to direct subsidiary
Cash
Antelope Future (Yangpu) Investment Co., Ltd
Antelope Ruicheng Investment (Hainan) Co., Ltd
1,000
141
Working capital loan to direct subsidiary
Cash
B.
Business Overview
Overview
We
are a British Virgin Islands limited liability company with no material operations. Our operations were conducted in China by our subsidiaries.
We provide livestream e-commerce services, business management and information systems consulting services. In addition, we are planning
to launch energy supply business in around the third quarter of 2024. We used to operate a ceramic tile manufacturing business and
have divested it in 2023.
30
Livestreaming
Ecommerce Business
Our
livestreaming ecommerce business is operated in China through our 51% subsidiary, Hainan Kylin and its subsidiaries, Hangzhou Kylin
and Anhui Kylin. We aim to provide one-stop solutions for our customers to adopt the
emerging sales channel of livestreaming ecommerce
.
We believe that livestreaming
ecommerce is an important growth engine for consumer good brands as it leverages the content of livestreaming to boost customers
engagement and sales as it combines instant purchasing of a featured product and audience participation through a chat function or
reaction buttons.
Our customers usually include consumer goods brands, merchants, and
small-scale ecommerce platforms. Our product management office assesses and selects the products from our customers. Then, we
connect with different suppliers, usually staffing agencies that have a
growing and diverse pool
of
hosts and influencers. We work with our suppliers to retain, grow and train the pool of hosts and influencers to provide engaging content in livestream. The
hosts and influencers promote our customers' products on various platform through livestreaming after they register and claim the jobs for livestreaming for our customers' products via
Hainan
Kylin
's SaaS platform. We track the sales of products of each host on this SaaS platform
and report the sales results to our customers.
We charge our commissions based on the final sales results.
In
addition, services and promotion fees paid to social media and e-commerce platforms are a material part of the costs of livestreaming
ecommerce business in China. By leveraging our network and resources in the e-commerce industry, we provide cost-efficient promotion
and placement services to our customers by offering a discounted price of DUO+, which is an advertising option available to users of
Douyin, China's most downloaded video-sharing platform (the mainland Chinese counterpart of TikTok). DOU+ is a content promotion
and targeting tool developed by Douyin and available for purchase by users to boost the reach and engagement for any videos or livestreaming
on its platform. We also customize the timing and target audience of the promotion placed through DOU+ for our customers to realize the
optimal engagement and retention based on our industry experience. We bring even more traffic to customers which purchased DOU+ through
us by engaging our own community of viewers to further boost the exposure.
Hainan
Kylin's SaaS platform also includes a job-listing page designed especially for our enterprise customers to retain and engage freelancers
and independent contractors in a cost effective manner. We expect to further develop this function of the SaaS platform to provide value-added
services to our livestreaming ecommerce customers.
Hainan
Kylin
has a limited operating history as it started its business in September 2021. For fiscal
year 2022,
Hainan Kylin
comprised virtually all of our ongoing business operations and accounted
for 84.5% of our total revenue.
Business
Management and Consulting Business
We
also provide business management and consulting services which consists of computer consulting services and software development through
our subsidiaries in China, including Chengdu Future and Antelope Chengdu. We diagnose difficulties in infrastructure and enterprise systems
and addresses business challenges that enterprises confront by developing strategies to surmount such hurdles to ensure the healthy growth
and development of our customers. Our consulting teams have advanced technological knowledge and capabilities to implement workflow solutions
via proprietary software products and services to help our customers with customized solutions to solve complex problems.
Planned
Energy Supply Business
The
Company is aiming to launch energy supply business through AEHL US, formerly known as Million Star US Inc. AEHL US has taken preliminary
steps in developing this business including engaging a broker to source natural gas from natural gas provider in Texas and the procurement
of electricity generators. AEHL US plans to supply power to a data center in Midland, Texas. The Company anticipates that its energy supply business will start operation in the third quarter of 2024.
AEHL
US also plans to generate revenue by securing hosting sites for cryptocurrency mining operators as it leverages anticipated cost-effective
electricity costs.
Ceramic
Tile Business
Since
the ceramic tiles manufacturing business has experienced significant hurdles due to the significant slowdown of the real estate sector
and the impacts of COVID-19 in China, we decided to divest the ceramic tiles manufacturing business, which is conducted through our two
subsidiaries, Hengda and Hengdali. On December 30, 2022, our operating entities for the ceramic tile business entered into an agreement
with an unaffiliated buyer to sell 100% equity interests of our ceramic tile business. On February 21, 2023, our shareholders approved
the sale. On April 28, 2023, this transaction was closed. The buyer is now the 100% owner of Hengda, which is the 100% owner of Hengdali.
31
For
the year ended December 31, 2022, we utilized production facilities capable of producing 1.40 million square meters ceramic tiles, as
compared with the year ended December 31, 2021, when we utilized production facilities capable of producing 2.38 million square meters.
During the year ended December 31, 2022, we had 10 production lines available for production and utilized two production lines during
the peak season. As of December 31, 2022, we had seven production lines available for production (all were from Hengda), one of which
was in use as of December 31, 2022.
Competitive
Advantages
We
believe we have a unique business model in the livestreaming ecommerce business in China and our competitors include multi-channel networks
("MCNs"), studios of hosts and influencers, we may also compete with other digital service platforms for enterprises for
some or all of the services we offer. We believe that we have the following competitive advantages:
We
offer a cost-efficient turnkey solution with less risks exposure to our customers
. We have connections with many suppliers through
which we can offer competitive pricing packages and a diverse group of hosts and influencers to our customers comparing to MCNs. We make
sure that all the suppliers we work with have all the required licenses and permission to operate, to reduce compliance risks that our
customers are exposed to.
We
provide better benefits to our suppliers as well as the hosts and influencers.
We provide more stable and reliable services in terms
of qualifications, cash flow, and resources. Our standardized management process ensures the smooth progress of the service and can handle
emergencies in the process in a timely manner Hosts and Influencers usually experience issues like arrears of service fees and long settlement
cycles with their clients or MCNs. However, we pay the hosts and the influencers the next business days following the completion of their
work. All of our customers deposit the service fee into an escrow account upon signing contracts with us. Once the services are delivered,
we and our customers will authorize the release of the funds. Therefore, the suppliers, as well as the hosts and influencers, are more
willing to work with us than dealing directly with the consumer goods brands.
Growth
Strategies
We
will continue to leverage on our competitive advantages to execute our growth plan in the following manners.
We
will continue to strengthen our business by increasing our sales and marketing efforts.
We plan to continue our marketing efforts
to further enhance our brand awareness and recognition and to promote our campaigns, services and initiatives. This may include social
media marketing, placement of advertisements, as well as search engine marketing and search engine optimization. We plan to allocate
resources to enhance our brand image, to boost customer and user spending and to further extend our customers. We plan on investing in
content and campaign ideation and production, brand positioning and communication, brand awareness campaigns and digital and performance
marketing, as well as other forms of marketing and promotional tactics to expand and broaden our customer base.
We
may expand by opportunistic and strategic acquisitions of business and/or companies.
Although we will continue to focus on the organic
growth of our business, should opportunities arise for the strategic growth through acquisition of other players in the livestreaming
ecommerce industry, we would consider consolidating their business with us. In identifying suitable acquisition targets, we will take
into account factors including their reputation, popularity, statistics on MUVs, Information technology, revenue and customer base, our
financial capability and whether the target company's business is complementary to our business.
We
will invest to enhance our services
. We will invest to improve our data analytics capabilities through upgrading our database and
IT systems to analyze the preferences and therefore the demand of our customers so as to select the best suitable suppliers of hosts
and influencers for them. We are also building and planning to provide our training program to empower the hosts and influencers, or
anyone who wants to work as a host and influencer, teaching them how to gain and grow their followers and conversion rate.
32
Customers
Livestreaming
Ecommerce Business
For
the year ended December 31, 2023, we had one customer which accounted 36.5% of the total revenue generated from the livestreaming ecommerce
business . We expect to scale and add more new customers as we operate in a dynamic and competitive industry. With the addition
of new customers, we believe customer concentration will decline over time even as we expect to continue to grow our relationships with
existing large customers.
Business
Management Consulting Services
Our
business and profitability of our business management and consulting business is not materially dependent on any industrial, commercial
or financial contract with any of our business management consulting customers. Our business management and consulting revenue accounted
for 1.4% of our total revenue for the year ended December 31, 2023. None of our directors or executive officers or their respective affiliates
has any interest, direct or indirect, in any of our customers.
Sales
and Marketing
The
sales and marketing department is responsible for formulating sales policies and pricing based on market analysis, surveys and forecasts,
developing and implementing our sales and marketing campaigns, and promoting our products and brand. Additionally, our sales department
is responsible for cultivating new customers and business relationships, as well as servicing existing accounts.
We
participate in a variety of sales and marketing activities including trade shows, in-house sales and marketing seminars, factory tours,
outdoor advertising, B2B catalogs and customer calls. We believe that these techniques allow us to gather and better understand customers'
needs and requirements and to obtain feedback on our products and services and intend to continue utilizing these techniques.
In
the future, we intend to participate in international trade fairs and seminars from time to time to promote our brand and products, and
to establish a network with industry professionals outside the PRC. To augment our plan to expand our markets internationally, our products
will also be advertised on and available to purchase on the Internet.
Major
Suppliers & Raw Materials
Livestreaming
Ecommerce Business
For
the year ended December 31, 2023, there was one vendor that accounted for 16.1%, for the total purchase of the livestreaming ecommerce
business. Our business or profitability is not materially dependent on any industrial, commercial or financial contract with any of our
suppliers of livestreaming ecommerce business.
Business
Management and Consulting Business
For
the year ended December 31, 2023, there was one vendor accounted for 100%, for the total purchases of the business management consulting
business. Our business or profitability is not materially dependent on any industrial, commercial or financial contract with any of our
suppliers of business management and consulting business.
None
of our officers or directors or their respective affiliates has any interest, direct or indirect, in any of the above major suppliers.
There are no arrangements or understanding with any suppliers pursuant to which any of our directors and executive officers were appointed.
Research
and Development
Livestreaming
Ecommerce Business
Our
research and development team for the livestreaming ecommerce business focus on developing the SaaS platform to provide comprehensive
services to our consumer goods brands customers, including refining our search algorithm for a compatible group of hosts and influencers
based on the products feature of our customers. We also hired an outside consultant to help upgrade the SaaS platform. As of December
31, 2023, our research and development team for livestreaming ecommerce business had 8 employees and 42 independent contractors.
Business
Management and Information System Business
We
currently do not have a designated team of research and development for this business line.
Our
research and development costs were approximately RMB 0.14 million, RMB 1.27 million and RMB 1.43 million for fiscal years 2021, 2022
and 2023.
33
Competition
Our livestreaming ecommerce business
face intense competition from our existing competitors and new market entrants.
Our major competitors
primarily fall into two categories: established players in the livestreaming space and traditional retail giants who have made significant
investments in this emerging sector.
We
distinguish our products and services by specializing in providing engaging livestreaming experiences, establishing strong
relationships with our suppliers, and leveraging data and analytics to optimize our operations and marketing
strategies.
Intellectual
Property
We
protect our intellectual property primarily through a mix of patent and trademark registrations.
Registered
Software Copyrights
We
have registered the following software copyrights in the PRC:
No.
Name
First
    Publication Date
Registration
    No.
1
Internet-based archives
    intelligent management system V1.0
February 25, 2022
2022SR0943948
2
Accurate Acquisition Platform
    V1.0 of Human Resources Big Data Acquisition Platform for New Business Forms
January 10, 2022
2022SR0363211
3
Approval System V1.0 for
    Leave Application for Employees in New Business Format
January 19, 2022
2022SR0363597
4
New business employment
    online recruitment service platform V1.0
July 5, 2022
2022SR1351138
5
Kylin Cloud Contract Management
    System V1.0
February 14, 2022
2022SR0700870
6
Kylin Cloud Recruitment
    Function Management System V1.0
January 25, 2022
2022SR0700872
7
Kirin cloud service personnel
    file digital processing management system V1.0
July 4, 2022
2022SR1351139
8
Kylin Cloud Service Enterprise
    Current Assets Statistical Analysis Platform V1.0
July 2, 2022
2022SR1351140
9
Kirin Cloud Service's
    Financial Procurement System V1.0 Based on Blockchain Technology Application
December 23, 2022
2022SR0242169
10
Kylin Cloud Settlement Management
    System V1.0
March 1, 2022
2022SR0700871
11
Kirin Company Financial
    Payroll Settlement Management System V1.0
November 11, 2022
2022SR0014900
12
Kirin company financial
    reimbursement review system V1.0
November 28, 2022
2022SR0014288
13
Kirin Financial Assets Integrated
    Management System V1.0
October 14, 2022
2022SR0013595
14
Kirin Financial Procurement
    Internal Management Platform System V1.0
November 6, 2022
2022SR0014391
15
Kylin Financial Accounting
    Management System V1.0
June 28, 2022
2022SR1351141
Except
as disclosed above, as of December 31, 2023, our business or profitability is not materially dependent on any other trademarks, copyrights,
registered designs, patents, grant of licenses from third parties, new manufacturing processes or other intellectual property rights.
34
Legal
Proceedings
We
are currently not involved in any legal proceedings; nor are we aware of any claims that could have a material adverse effect on our
business, financial condition, results of operations or cash flows.
Seasonality
Seasonality
plays a significant role in the operation and strategic planning of our business in the live streaming e-commerce industry. We observe
close patterns between consumer demand, sales volume, marketing activities, and seasonal variations.
During
peak seasons such as holidays, major shopping festivals, and special occasions, consumer demand and engagement tend to surge. This is
a crucial time for us to ramp up our live streaming activities, offering attractive promotions, discounts, and unique content to capture
the attention of our audience and drive sales. We collaborate closely with our suppliers to ensure a diverse range of products that cater
to seasonal demands, and our influencer team strives to create engaging events that resonate with our target audience.
During
the quieter seasons, however, we focus on optimizing the product offerings, enhancing our live streaming technology, and strengthening
our relationships with creators and suppliers. This enables us to prepare for the upcoming busy periods and ensures that we are well-positioned
to seize any opportunities that arise.
To
mitigate the risks associated with seasonality, we also leverage data analysis to monitor consumer trends and adjust our strategies accordingly.
We analyze sales data, user engagement metrics, and market feedback to identify patterns and insights that inform our decision-making.
By
adapting our operations and strategies to the seasonal changes in the market, we can maximize sales and build long-term relationships
with our customers.
Governmental
Regulations
Environmental
Protection Regulations
In
accordance with the PRC Environmental Protection Law adopted on December 26, 1989, the Administration Supervisory Department of Environmental
Protection of the State Council sets the national guidelines for the discharge of pollutants. The People's Governments of provinces,
autonomous regions and municipalities may also set their own guidelines for the discharge of pollutants within their own provinces or
districts in the event that the national guidelines are inadequate. A company which causes environmental pollution and discharges other
polluting materials which endanger the public should implement environmental protection methods and procedures into their business operations.
This may be achieved by setting up a system of accountability within the company's business structure for environmental protection,
adopting effective procedures to prevent environmental hazards such as waste gases, water and residues, dust powder, radioactive materials
and noise arising from production, construction and other activities from polluting and endangering the environment. The environmental
protection system and procedures should be implemented simultaneously with the commencement of and during the operation of construction,
production and other activities undertaken by the company. Any company which discharges environmental pollutants should report and register
such discharge with the Administration Supervisory Department of Environmental Protection and pay any fines imposed for the discharge.
A fee may also be imposed on the company for the cost of any work required to restore the environment to its original state. Companies
which have caused severe pollution to the environment are required to restore the environment or remedy the effects of the pollution
within a prescribed time limit. If a company fails to report and/or register the environmental pollution it caused, it will receive a
warning or be penalized. Companies that fail to restore the environment or remedy the effects of the pollution within the prescribed
time will be penalized or have their business licenses terminated. Companies that have polluted and endangered the environment must bear
the responsibility for remedying the danger and effects of the pollution, as well as to compensate any losses or damages suffered as
a result of such environmental pollution.
35
Livestreaming
Ecommerce Regulations
The
PRC government extensively regulates the telecommunications industry, and we may be subject to new laws and regulations revised or promogulated
from time to time that will require us to obtain additional licenses and permits.
The
Telecommunications Regulations of the PRC (2016 Revision) amended on February 6, 2016 distinguished "basic telecommunication services"
from "value-added telecommunications services." The value-added telecommunications service provider shall obtain an operating
license from provincial Ministry of Industry and Information Technology ("MIIT") offices prior to its commencement of operations.
The Administrative Measures for Telecommunication Business Operating License, promulgated by the MIIT with latest amendments becoming
effective in September 2017, set forth the types of licenses required for value-added telecommunication services and the qualifications
and procedures for obtaining such licenses. Moreover, the Administrative Measures on Internet Information Services (2011 Revision), amended
on January 8, 2011 by the State Council, further provided that commercial internet information services providers shall obtain an Internet
Content Provider License ("ICP") License, from competent government authorities before providing any commercial internet
content services within the PRC. The Catalog of Classification of Telecommunications Services (2015 Edition) amended in June 2019 further
defined internet information services, which includes information publication platform and delivery services, information search and
inquiry services, information community's platform services, instant message services, and information security and management
services. As a SaaS provider, we cooperated with dozens of livestreaming platforms. As of the date of this annual report, we are not
required to hold a valid ICP License.
Besides,
the Ministry of Culture (replaced by the Ministry of Culture and Tourism of PRC) promulgated Interim Administrative Provisions on Internet
Culture, or the Internet Culture Provisions, on May 10, 2003, and amended on December 15, 2017 which stipulates that providers of internet
cultural products or services including but not limited internet entertainment, internet games, internet shows or programs and internet
animations shall obtain operating permit on internet culture. If any entity engages in commercial internet culture activities without
approval, the cultural administration authorities may order such entity to cease to operate internet culture activities as well as levying
penalties including administrative warning and fines up to RMB30,000 depending on the severity of cases. As a SaaS provider, we cooperated
with dozens of livestreaming platforms. As of the date of this annual report, we are not required to hold a valid operating permit on
internet culture activities.
Government
Regulations Relating to Foreign Exchange Controls
The
principal regulation governing foreign exchange in the PRC is the Foreign Currency Administration Rules and a series of implementing
rules and regulations, as amended. Under these rules, the Renminbi, the PRC's currency, is freely convertible for trade and service
related foreign exchange transactions (such as normal purchases and sales of goods and services from providers in foreign countries),
but not for direct investment, loan or investment in securities outside of China unless the prior approval of the State Administration
for Foreign Exchange, or SAFE, of the PRC is obtained. Foreign investment enterprises, or FIEs, are required to apply to the SAFE for
Foreign Exchange Registration Certificates for FIEs. With such registration certificates, which need to be renewed annually, FIEs are
allowed to open foreign currency accounts including a basic account and capital account. Currency translation within the scope of the
basic account, such as remittance of foreign currencies for payment of dividends, can be effected without requiring the approval of the
SAFE. Such transactions are subject to the consent of PRC banks which are authorized by the SAFE to review basic account currency transactions.
However, conversion of currency in the capital account, including capital items such as direct investment, loans and securities, still
require approval of the SAFE. On November 21, 2005, the SAFE issued Circular No. 75 on Relevant Issues Concerning Foreign Exchange Control
on Domestic Residents Corporate Financing and Roundtrip Investment Through Offshore Special Purpose Vehicles. Circular No. 75 confirms
that the use of offshore special purpose vehicles as holding companies for PRC investments are permitted, but proper foreign exchange
registration applications are required to be reviewed and accepted by the SAFE.
36
Regulation
of Foreign Currency Exchange
Foreign
currency exchange in the PRC is governed by a series of regulations, including, without limitation, the Foreign Currency Administrative
Rules (1996), as amended, and the Administrative Regulations Regarding Settlement, Sale and Payment of Foreign Exchange (1996), as amended.
Under these regulations, the Renminbi is freely convertible for trade and service-related foreign exchange transactions, but not for
direct investment, loans or investments in securities outside China without the prior approval of the SAFE. Pursuant to the Administrative
Regulations Regarding Settlement, Sale and Payment of Foreign Exchange, foreign-invested enterprises in China may purchase foreign exchange
without the approval of the SAFE for trade and service-related foreign exchange transactions by providing commercial documents evidencing
these transactions. They may also retain foreign exchange, subject to a cap approved by SAFE, to satisfy foreign exchange liabilities
or to pay dividends. However, the relevant Chinese government authorities may limit or eliminate the ability of foreign-invested enterprises
to purchase and retain foreign currencies in the future. In addition, foreign exchange transactions for direct investment, loan and investment
in securities outside China are still subject to limitations and require approvals from the SAFE. On August 29, 2008, SAFE issued Circular
No. 142 on Relevant Business Operations Issues Concerning Improving the Administration of the Payment and Settlement of Foreign Exchange
Capital of Foreign-Invested Enterprises, with respect to the administration of conversion of foreign exchange capital contributions of
FIEs into Renminbi, unless otherwise permitted by PRC laws or regulations, Renminbi converted from foreign exchange capital contributions
can only be applied to activities within the approved business scope of FIEs and cannot be used for domestic equity investment or acquisitions.
Regulation
of Dividend Distribution
The
principal laws and regulations in China governing distribution of dividends by foreign-invested companies include:
●
The Sino-foreign Equity
    Joint Venture Law (1979), as amended;
●
The Regulations for the
    Implementation of the Sino-foreign Equity Joint Venture Law (1983), as amended;
●
The Sino-foreign Cooperative
    Enterprise Law (1988), as amended;
●
The Detailed Rules for
    the Implementation of the Sino-foreign Cooperative Enterprise Law (1995), as amended;
●
The Foreign Investment
    Enterprise Law (1986), as amended; and
●
The Regulations of Implementation
    of the Foreign Investment Enterprise Law (1990), as amended.
Under
these regulations, foreign-invested enterprises in China may pay dividends only out of their accumulated profits, if any, determined
in accordance with Chinese accounting standards and regulations. In addition, wholly foreign-owned enterprises in China are required
to set aside at least 10% of their respective accumulated profits each year, if any, to fund certain reserve funds unless such reserve
funds have reached 50% of their respective registered capital. These reserves are not distributable as cash dividends.
Insurance
We
have not purchased insurance coverage for product liability or third party liability and are therefore not covered or compensated by
insurance in respect of losses, damages, claims and liabilities arising from or in connection with product liability or third party liability.
In addition, we currently do not maintain business interruption insurance. As a result, our business and prospects could be adversely
affected in the event of such problems in our operations and may suffer losses that could have a material adverse effect on our business,
financial condition, results of operations, or cash flows.
37
C.
Organizational Structure
The
following chart illustrates Antelope Enterprises' organizational structure as of December 31, 2023:
Corporate
Structure and Background
Our
previous principal PRC-based operating subsidiary, Hengda, was established on September 30, 1993 under the laws of PRC. All of the equity
interests in Hengda are 100% owned by Stand Best. Hengda is a wholly foreign-owned enterprise in China.
Hengdali
was established on May 4, 2008 under the laws of PRC. All of the equity interests in Hengdali are 100% owned by Hengda.
Stand
Best was established on January 17, 2008 under the laws of Hong Kong. Stand Best acquired the entire shareholdings of Hengda on April
1, 2008 for consideration of RMB 58,980,000. As a result of this acquisition, Hengda became the wholly owned subsidiary of Stand Best.
Success
Winner was established on May 29, 2009 under the laws of British Virgin Islands with Mr. Wong Kung Tok as its sole shareholder and sole
director.
On
June 30, 2009, pursuant to the capitalization agreement dated June 30, 2009, Success Winner was issued the 9,999 shares allotted by Stand
Best as per the capitalization exercise of a shareholder's loan of HK$67.9 million (RMB 58.9 million). On the same date, the shareholder
of Stand Best, Mr. Wong Kung Tok transferred all his shareholdings in Stand Best to Success Winner. Therefore, Mr. Wong Kung Tok, from
June 30, 2009 to November 20, 2009, indirectly owned 100% of Stand Best and in turn, 100% of Hengda.
38
CHAC
was incorporated in Delaware on June 22, 2007 and was organized as a blank check company for the purpose of acquiring, through a stock
exchange, asset acquisition or other similar business combination, or controlling, through contractual arrangements, an operating business
that had its principal operations in Asia, with a focus on potential acquisition target in China.
Pursuant
to the terms of a merger and stock purchase agreement dated August 19, 2009, on November 20, 2009, CHAC merged with and into Antelope
Enterprises, its wholly owned British Virgin Islands subsidiary, and immediately thereafter, as part of the same integrated transaction,
Antelope Enterprises acquired all of the outstanding securities of Success Winner.
Prior
to Antelope Enterprises' acquisition of Success Winner, neither CHAC nor Antelope Enterprises had any operations.
On
November 19, 2009, Hengda entered into a definitive acquisition agreement to acquire a new production facility in Gaoan, Jiangxi Province,
PRC by purchasing 100% of the equity interests in Hengdali. The closing of the acquisition was subject to the Gaoan City Administration
for Industry and Commerce transferring the registration and business license of Hengdali from Hengdali's former shareholders to
Hengda. The transfer occurred on January 8, 2010. Hengda appointed an executive officer to take control over Hengdali's operating
and financing activities on the same day. In total, Hengda assumed loans of RMB 60.0 million and paid cash consideration of RMB 185.5
million for the acquisition, of which RMB 145.4 million was advanced to Hengdali's former shareholders by December 31, 2009.
On
September 22, 2017, Success Winner incorporated a 100% owned subsidiary Vast Elite Limited ("Vast Elite") in Hong Kong with
initial registered capital of HKD1. Vast Elite is engaged in the trading of building materials but during the year ended December 31,
2020, Vast Elite had no operations.
On
November 20, 2019, Vast Elite incorporated a 100% owned subsidiary Chengdu Future Talented Management and Consulting Co, Ltd ("Chengdu
Future") in China. Chengdu Future is engaged in business management and consulting services.
On
December 3, 2019, Success Winner incorporated a 100% owned subsidiary Antelope Enterprise Holdings Limited ("Antelope Holdings")
in Hong Kong. Antelope Holdings only serves the purpose of a holding company.
On
May 9, 2020, Antelope HK incorporated a 100% owned subsidiary Antelope Holdings (Chengdu) Co., Ltd in China, Antelope Chengdu is engaged
in computer consulting and software development.
On
August 10, 2021, Antelope HK incorporated a 100% owned subsidiary Hainan Antelope Holdings Co., Ltd ("Antelope Hainan") in
China. Antelope Hainan is engaged in business management and consulting services. Antelope Hainan does not have any operations as of
this report date.
On
August 11, 2021, Antelope HK incorporated a 100% owned subsidiary Antelope Future (Yangpu) Investment Co., Ltd ("Antelope Yangpu")
in China. Antelope Yangpu is engaged in business management and consulting services. Antelope Yangpu does not have any operations as
of this report date.
On
August 23, 2021, Antelope Hainan incorporated a 100% owned subsidiary Antelope Investment (Hainan) Co., Ltd ("Antelope Investment")
in China.
39
Antelope
Investment is engaged in business management and consulting services. Antelope Investment does not have any operations as of the date
of this annual report.
On
September 9, 2021, Antelope Future incorporated a 100% owned subsidiary Antelope Ruicheng Investment (Hainan) Co., Ltd ("Antelope
Ruicheng") in China. Antelope Ruicheng is engaged in business management and consulting services. Antelope Ruicheng does not have
any operations as of this report date.
On
September 18, 2021, Antelope Ruicheng incorporated a 51% owned subsidiary Hainan Kylin Cloud Services Technology Co., Ltd ("Hainan
Kylin") in China. Hainan Kylin is engaged in the livestreaming ecommerce industry.
On
October 28, 2022, Hainan Kylin incorporated a 100% owned subsidiary Hangzhou Kylin Cloud Services Technology Co., Ltd ("Hangzhou
Kylin") in China. Hangzhou Kylin is engaged in the livestreaming ecommerce industry.
On
November 2, 2022, Hainan Kylin incorporated a 100% owned subsidiary Anhui Kylin Cloud Sevices Technology Co., Ltd ("Anhui Kylin")
in China. Anhui Kylin is engaged in the livestreaming ecommerce industry.
On
December 30, 2022, Stand Best and an unaffiliated entity, New Stonehenge Limited, entered into a purchase agreement, pursuant to which,
Stand Best agreed to sell 100% equity interests in Hengda to New Stonehenge Limited, in exchange for a 5% unsecured promissory note with
a principal amount of
US$8.5
million. The promissory note will mature in four years and
the 5% interest and principal amount on the note is to be paid in four annual installments. On February 21, 2023, the Company's
shareholders approved this transaction. On April 28, 2023, this transaction was closed. The has transferred its ownership of the ceramic
tile manufacturing business to New Stonehenge Limited, and New Stonehenge Limited has become the 100% owner of Hengda, which is the 100%
owner of Hengdali.
On
January 4, 2023, Antelope USA was incorporated under the laws of Delaware.
On
August 15, 2023, Hainan Kylin incorporated a 100% owned subsidiary Hubei Kylin Cloud Sevices Technology Co., Ltd ("Hubei Kylin")
in China. Hubei Kylin is engaged in the livestreaming ecommerce industry.
On
August 18, 2023, Hainan Kylin incorporated a 100% owned subsidiary Jiangxi Kylin Cloud Sevices Technology Co., Ltd ("Jiangxi Kylin")
in China. Jiangxi Kylin is engaged in the livestreaming ecommerce industry.
On
February 27, 2024, Antelope USA has acquired 100% equity interests of AEHL US at a nominal price. The Company is planning to launch its
energy supply business through AEHL US.
D.
Property, plant and equipment
On
March 25, 2024, we entered into a lease agreement for an office space of four thousand fifty-seven (4,057) rentable square feet in
Manhattan, New York. for sixty-three (63) months, unless terminated earlier pursuant to the terms thereof. The annual fixed rent is
(i) $300,218 for the first year ending on June 24, 2025, (ii) $308,474 for the second year ending on June 24, 2026, (iii) $316,957
for the third year ending on June 24, 2027, (iv) $325,673 for the fourth year ending on June 24, 2028, and (v) $334,629 for the
fifth year ending on June 24, 2029.
On March 25,
2024, AEHL US purchased two used Waukesha 1450 KW generators and two chillers for a total of $594,150. On April 8, 2024, AEHL US
purchased two additional used Fairbanks Morse 3MW generators for a total of $690,000. On April 17, 2024, AEHL US purchased two D
Volt transformers each with capacity of 2,600 KVA for $94,000. The generators, chillers and the transformers will be used in the
operation of our energy supply business.
ITEM 4A.
UNRESOLVED STAFF COMMENTS
Not
applicable.
40
ITEM 5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
MANAGEMENT'S
DISCUSSION AND ANALYSIS
OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
We
are a British Virgin Islands limited liability company with no material operations. Our operations were conducted in China by our subsidiaries.
We provide livestreaming ecommerce services, business management and information systems consulting services. In April 2023, we disposed
of our legacy ceramic tile manufacturing business.
Livestreaming
Ecommerce Business
Our
livestreaming ecommerce business is operated in China through our 51% owned subsidiary, Hainan Kylin and its subsidiaries, Hangzhou
Kylin and Anhui Kylin. We aim to provide a one-stop solution for our customers to enable them to utilize the growing sales channel
of livestreaming ecommerce. We believe that livestreaming ecommerce is an important growth engine for consumer good brands as it
leverages the content of livestreaming to boost customer engagement and sales as it combines instant purchasing of a featured
product and audience participation through a chat function or reaction buttons. Our customers usually include consumer brand goods,
merchants, and small-scale ecommerce platforms. Our product management office assesses and selects the products from our customers.
We then connect with different suppliers, usually staffing agencies that have a growing and diverse pool of hosts and influencers.
We work with our suppliers to retain, grow and train the pool of hosts and influencers to provide engaging content in livestream.
The hosts and influencers promote our customers' products on various platform through livestreaming after they register and
claim the tasks for livestreaming for our customers' products via Hainan Kylin's SaaS platform. We track the sales of
products of each host on the SaaS platform and report the sales results to our customers. We charge our commissions based on the final sales results.
In
addition, services and promotion fees paid to social media and e-commerce platforms are a material part of the costs of livestreaming
ecommerce business in China. By leveraging our network and resources in the e-commerce industry, we provide cost-efficient promotion
and placement services to our customers by offering a discounted price of DUO+, which is an advertising option available to users of
Douyin, China's most downloaded video-sharing platform (the mainland Chinese counterpart of TikTok). DOU+ is a content promotion
and targeting tool developed by Douyin and available for purchase by users to boost the reach and engagement for any videos or livestreaming
on its platform. We also customize the timing and target audience of the promotion placed through DOU+ for our customers to realize the
optimal engagement and retention based on our industry experience. We bring even more traffic to customers which purchased DOU+ through
us by engaging our own community of viewers to further boost the exposure.
Hainan
Kylin's SaaS platform also includes a job-listing page designed especially for our enterprise customers to retain and engage freelancers
and independent contractors at a cost-efficient way. We expect to further develop this function of the SaaS platform to provide value-added
services to our livestreaming ecommerce customers.
Hainan
Kylin started its business in September 2021. For the year ended December 31, 2023, Hainan Kylin comprised most of our ongoing business
operations and accounted for 98.1% of our total revenue.
Ceramic
Tile Business
We
historically operated a ceramic tile business which are used for exterior siding and for interior flooring and design in residential
and commercial buildings. We are manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential
and commercial buildings in China. The ceramic tiles, sold under the "HD" or "Hengda," brands are available in
over two thousand styles, colors and size combinations. Currently, we have five principal product categories: (i) porcelain tiles, (ii)
glazed tiles, (iii) glazed porcelain tiles, (iv) rustic tiles, and (v) polished glazed tiles.
For
the year ended December 31, 2023, we did not produce any ceramic tiles and only had sales from our existing inventory, as compared with
the year ended December 31, 2022, when we utilized production facilities capable of producing 1.4 million square meters and generated
sales from newly manufactured products.
Over
the last two years, the Company enacted a strategic transition to pivot towards high growth technology areas which included the acquisition
of a livestreaming ecommerce business. In December 2022, the Company's Board of Directors unanimously agreed to divest its ceramic
tile building materials business. A special meeting of the Company's shareholders was held on February 21, 2023, and the shareholders
approved the sale of this business. On April 28, 2023, this transaction closed, and the Company transferred its ownership of the ceramic
tile manufacturing business to New Stonehenge Limited, which, as a result, assumed all of its assets and liabilities.
Business
Management and Consulting Business
We
also provide business management and consulting services which consists of computer consulting services and software development
through our subsidiaries in China, including Hubei Kylin, Wenzhou Kylin, Chengdu Future and Antelope Chengdu. We diagnose
difficulties in infrastructure and enterprise systems and addresses business challenges that enterprises confront by developing
strategies to surmount such hurdles to ensure the healthy growth and development of our customers' businesses. Our consulting
teams have advanced technological knowledge and capabilities to implement workflow solutions via proprietary software products and
services to provide our customers with customized solutions to help them solve complex business problems.
41
Basis
of Presentation
The
following discussion and analysis of our financial condition and results of operations is based on the selected financial information
as of and for the year ended December 31, 2023 and has been prepared based on the consolidated financial statements of Antelope Enterprise
Holdings Limited and its subsidiaries. The consolidated financial statements of Antelope Enterprise Holdings Limited and its subsidiaries
have been prepared in accordance with IFRS as issued by the International Accounting Standards Board, or "IASB." The consolidated
financial statements have been prepared on the historical cost basis, except for derivative financial instruments that have been measured
at fair value.
A.
Operating Results
The
following table sets forth our financial results for the years ended December 31, 2023, 2022 and 2021, respectively:
RMB'000
2023
2022
2021
Net sales
510,546
286,347
71,527
Cost of goods sold
457,493
258,431
65,493
Gross profit
53,053
27,916
6,034
-
Other income
3,728
2,966
32
Fair value unrealized gain of unlisted financial assets
-
130
-
Selling and distribution expenses
(52,392
)
(16,380
)
(24
)
Administrative expenses
(89,047
)
(22,757
)
(15,975
)
Bad debt reversal (expense)
-
2,751
(10,148
)
Finance costs
(975
)
(25
)
(51
)
Other expenses
(1,204
)
(42
)
(34
)
Loss before taxation
(86,837
)
(5,441
)
(20,166
)
Income tax expense
83
209
217
Net loss for the year from continuing operations
(86,920
)
(5,650
)
(20,383
)
Discontinued operations
Income (loss) for the year from discontinued operations
72,461
(47,994
)
(69,675
)
Net loss for the year
(14,459
)
(53,644
)
(90,058
)
Net income (loss) attributable to:
Equity holders of the Company
(14,340
)
(57,918
)
(88,752
)
Non-controlling interest
(119
)
4,274
(1,306
)
Net loss for the year
(14,459
)
(53,644
)
(90,058
)
Net income (loss) attributable to the equity holders of the Company arise from:
Continuing operations
(86,801
)
(9,924
)
(19,077
)
Discontinued operations
72,461
(47,994
)
(69,675
)
42
The
following table shows the Company's operations by business lines for the years ended December 31, 2023, 2022 and 2021, respectively:
For the year Ended December 31,
2023
2022
2021
RMB'000
RMB'000
RMB'000
Revenues
Discontinued operations
Sales of tile products
2,701
37,696
144,743
Continuing operations
Consulting income / software
7,142
12,662
13,026
Livestreaming ecommerce
503,404
273,685
58,501
Total revenues
513,247
324,043
216,270
Cost of revenues
Discontinued operations
Sales of tile products
7,557
41,245
83,436
Continuing operations
Consulting income / software
13,860
12,819
10,002
Livestreaming ecommerce
443,633
245,612
55,491
Total cost of revenues
465,050
299,676
148,929
Operating costs and expenses
Discontinued operations
Sales of tile products
3,245
25,324
20,292
Continuing operations
Consulting income / software
7,330
4,613
9,760
Livestreaming ecommerce
60,285
25,167
195
Other
74,799
9,380
10,677
Total operating costs and expenses
145,659
64,484
40,924
Bad debt expense (reversal)
Discontinued operations
Sales of tile products
(1,000
)
33,365
115,407
Continuing operations
Consulting income / software
-
1,000
4,854
Livestreaming ecommerce
-
(3,751
)
5,293
Total bad debt expense (reversal)
(1,000
)
(30,614
)
125,554
Other expenses
Discontinued operations
Sales of tile products
-
-
90
Continuing operations
Consulting income / software
-
36
34
Livestreaming ecommerce
-
6
-
Other
1,204
-
-
Total other expenses
1,204
42
124
Other income
Discontinued operations
Sales of tile products
5,716
14,244
9,389
Continuing operations
Consulting income / software
87
115
29
Livestreaming ecommerce
354
2,148
-
Other
3,287
703
2
Total other income
9,444
17,210
9,420
Loss from operations
Discontinued operations
Sales of tile products
(1,385
)
(47,994
)
(65,093
)
Continuing operations
Consulting income / software
(13,961
)
(5,691
)
(11,595
)
Livestreaming ecommerce
(160
)
8,929
(2,478
)
Other
(72,716
)
(8,677
)
(10,675
)
Loss from operations
(88,222
)
(53,433
)
(89,841
)
Description
of Selected Income Statement Items
Revenues
Revenue
from sales of livestreaming ecommerce business
. Beginning in September 2021, we started to generate revenue from our livestreaming
ecommerce business which is operated by Hainan Kylin and its subsidiaries. For the years ended December 31, 2023 and 2022, respectively,
we generated RMB 503.4 million (US$ 71.1 million) and RMB 273.7 million (US$ 40.7 million) in revenue from this business.
Revenue
from sales of ceramic tile products.
We historically generated revenue from the sales of ceramic tiles, including porcelain tiles,
glazed porcelain tiles, glazed tiles, rustic tiles and polished glazed tiles, net of rebates and discounts. For the years ended December
31, 2023 and 2022, respectively, we generated RMB 2.7 million (US$ 0.4 million) and RMB 37.7 million (US$ 5.6 million) in revenue from
this business.
43
Revenue
from business management and information system consulting services.
We also generated revenue from business management consulting,
information system technology consulting services, including the sales of software use rights for digital data deposit platforms and
asset management systems. For the years ended December 31, 2023 and 2022, we generated RMB 7.1 million (US$ 1.0 million) and RMB 12.7
million (US$ 1.9 million).
Cost
of revenues
Cost
of revenues for livestreaming ecommerce
. Cost of sales for the livestreaming ecommerce was RMB 443.6 million (US$ 62.7 million) and
RMB 245.6 million (US$ 36.5 million) for the years ended December 31, 2023 and 2022, mainly consisting of professional costs for outsourcing
technology services.
Cost
of revenues for tile products
. Cost of revenues for tile products consists of costs directly attributable to production, including
the cost of clay, color materials, glaze materials, coal, salaries for staff engaged in production activity, electricity, depreciation,
packing materials and related expenses. For the years ended December 31, 2023 and 2022, we had cost of revenues related to tile products
of RMB 7.6 million (US$ 1.1 million) and RMB 41.2 million (US$ 6.1 million), respectively.
Cost
of revenues for business management and information system consulting services
. For the years ended December 31, 2023 and 2022, we
had cost of revenues related to business management and consulting income of RMB 13.9 million (US$ 2.0 million) and RMB 12.8 million
(US$ 1.9 million), which mainly consisted of professional costs for outsourcing technology services.
Other
income and other expenses
. Other income consists of interest income, foreign exchange gain/loss, gain on disposal of equipment and
rental income by leasing out one of its production lines. Other expenses primarily consist of the loss on disposal of equipment and the
depreciation by leasing out one of our production lines.
Selling
and distribution expenses
. Selling and distribution expenses consist of payroll, travel expenses, transportation and advertising
expenses incurred by our selling and distribution team.
Administrative
expenses
. Administrative expenses consist primarily of R&D expense, employee remuneration, payroll taxes and benefits, general
office expenses and depreciation. We expect administrative expenses to remain constant as compared to the prior year.
Income
taxes
. Our subsidiaries in the PRC are subject to the PRC Enterprise Income Tax Law, from January 1, 2021 to December 31, 2021, small
and low-profit enterprises with annual taxable income not exceeding RMB 1 million, the actual income to be taxed was further lowered
to 12.5% of annual taxable income, and the tax rate will be 20%; From January 1, 2022 to December 31, 2024, small and low-profit enterprises
with annual taxable income exceeding RMB 1 million but not more than RMB 3 million, the actual income to be taxed will be further lowered
at 25% of annual taxable income, and the corporate income tax is paid at the rate of 20%.
Results
of Operations
Year
Ended December 31, 2023 Compared to the Year Ended December 31, 2022
Revenue
from livestreaming ecommerce
.
For
the year ended December 31, 2023 and 2022, revenue from the livestreaming ecommerce was RMB 503.4 million (US$ 71.1 million) and RMB
273.7 million (US$ 40.7 million), representing an increase of RMB 229.7 million, or 84%. The significant increase was because the rapid
growth of livestreaming industry ecommerce in China, and increase of our clientele base. In the year of 2023, the Company had business
engagements with more than 70 clients, which represented an increase of nearly 13 clients compared to the same period in 2022. Among
these clients, the top five major clients generated revenue of RMB 389 million in the year of 2023. Additionally, the sales of customized DOU+ services to the Company's customers contributed revenue of over RMB 38.2 million (US$ 5.4 million).
Revenue
from sales of tile products
.
Revenue
from sales of tile products was RMB 2.7 million (US$ 0.4 million) for the year ended December 31, 2023, compared to RMB 37.7 million
(US$ 5.6 million) for the year ended December 31, 2022, representing a decrease of RMB 35.0 million, or 92.8%. The decrease in revenue
was primarily due to the continued slow real estate and construction industry in China, as a result, we discontinued operation of this
segment in April 2023.
44
Revenue
from business management and information system consulting services.
Revenue
from business management and information system consulting services was RMB 7.1 million (US$ 1.0 million) for the year ended December
31, 2023, compare to RMB 12.7 million (US$ 1.9 million) for the year ended December 31, 2022, representing a decrease of RMB 5.5 million
or 44%. The decrease in revenue was mainly from Chengdu Future. Due to intense market competition and lack of efficient marketing and
promotional efforts, Chengdu Future was unable to attract and obtain new customers for the year ended December 31, 2023, and this segment
only generated revenue from the service contracts that were previously entered into; we recorded consulting revenue over the service
term, however, there were a few service agreements that were early terminated. In addition, management focused more attention and allocated
more resources to the livestreaming ecommerce segment.
Cost
of revenues for livestreaming ecommerce
.
Cost
of sales for the livestreaming ecommerce was RMB 443.6 million (US$ 62.7 million) and RMB 245.6 million (US$ 36.5 million) for the
years ended December 31, 2023 and 2022. For the year ended December 31, 2023 and 2022, our cost of sales mainly consisted of
professional costs for outsourcing technology services. The increase in the cost of revenues for our livestreaming ecommerce
resulted from the rapid growth of this business. In addition, the cost for the sales of customized DOU+ was RMB
37.9 million (US$ 5.3 million).
Cost
of revenues for sales of tile products
.
Cost
of revenues for sales of tile products was RMB 7.6 million (US$ 1.1 million) for the year ended December 31, 2023 compared to RMB 41.3
million (US$ 6.1 million) for the year ended December 31, 2022, representing a decrease of RMB 33.7 million, or 82%. The decrease in
cost of sales was primarily due to discontinued operations of this segment.
Cost
of revenues for business management and information system consulting services.
Cost
of revenues for business management and consulting services was RMB 13.9 million (US$ 2.0 million) and RMB 12.8 million (US$ 1.9 million)
for the year ended December 31, 2023 and 2022. We amortized prepaid consulting expenses to our service provider over the service term.
Gross
profit for livestreaming ecommerce
. Gross profit for the livestreaming ecommerce was RMB 59.8 million (US$ 8.4 million) and RMB 28.1
million (US$ 4.2 million) for the years ended December 31, 2023 and 2022.
Gross
loss for sales of tile products.
Gross loss for the tile products was RMB 4.9 million (US$ 0.7 million) and RMB 3.5 million (US$
0.5 million) for the years ended December 31, 2023 and 2022.
Gross
loss for business management and consulting.
Gross loss for the business management and consulting services was RMB 6.7 million (US$
0.9 million) and RMB 0.2 million (US$ 23,331) for the year ended December 31, 2023 and 2022.
Other
income.
Other income for the year ended December 31, 2023 was RMB 3.7 million (US$ 0.5 million), as compared to RMB 3.0 million (US$
0.4 million) for the same period of 2022. For the year ended December 31, 2023, other income mainly consisted of a government grant of
RMB 303,000, interest income of RMB 2.1 million, loan forgiveness of RMB 1.2 million and other income RMB 127,000. For the year ended
December 31, 2022, other income mainly consisted of a government grant of RMB 0.8 million and waiver of payment for VAT receivable of
1.4 million from Hainan Kylin, interest income of RMB 0.7 million and exchange gain of RMB 73,203.
For
both 2023 and 2022, we had other income from the discontinued operation of RMB 5.7 million (US$ 0.8 million) and RMB 14.2 million (US$2.1
million), which were mainly attributable to the income from leasing out one of the production lines from our Hengdali facility pursuant
to an eight-year lease contract.
Selling
and distribution expenses.
Selling and distribution expenses were RMB 52.4 million (US$ 7.4 million) for the year ended December
31, 2023, compared to RMB 16.4 million (US$ 2.4 million) for the year ended December 31, 2022, representing an increase of RMB 36.0 million,
or 220%. The increase in selling and distribution expenses was primarily due to an increased advertising and promotion expense of RMB
38.0 million, an increased payroll expense of RMB 0.2 million, and an increased travel expense of RMB 0.2 million, due to the significant
growth of our livestreaming ecommerce business which was partly offset by decreased commission expense of RMB 2.6 million. For the years
ended December 31, 2023 and 2022, we had selling and distribution expenses RMB 1.5 million (US$ 0.2 million) and RMB 5.9 million (US$
0.9 million) from our discontinued operations.
45
Administrative
expenses.
Administrative expenses were RMB 89.0 million (US$ 12.6 million) for the year ended December 31, 2023, compared to RMB
22.8 million (US$ 3.4 million) for the year ended December 31, 2022, representing an increase of RMB 66.3 million, or 291%. The increase
in administrative expenses was primarily due to an increase in (i) stock compensation expense of RMB 30.5 million, (ii) an RMB 0.2 million
increase in research and development expenses, (iii) an RMB 4.9 million increase in payroll expenses, (iv) an RMB 1.2 million increase
in legal fee, (v) an RMB 15.2 million increase in professional fee, (vi) an RMB 0.2 million increase in business appraisal fee, (vii)
an RMB 10.5 million increase in business entertainment and promotion expense resulting from our new subsidiaries and increased sales,
(ix) an RMB 0.3 million increase in office expenses, (x) an RMB 0.3 million increase in Nasdaq listing fee, (xi) an RMB 0.6 million increase
in rent expense, (xii) an RMB 0.3 million increase in the annual meeting fee, (xiii) an RMB 0.7 million increase in standstill fee on
note, (xv) an RMB 0.4 million increase in amortization of OID expense, and (xvi) an RMB 1.0 million increase in other G&A expenses
due to the increased expense resulting from our new subsidiaries. For the years ended December 31, 2023 and 2022, we had administrative
expenses of RMB 1.4 million (US$ 0.2 million) and RMB 51.3 million (US$ 7.6 million) from discontinued operations.
Bad
debt expense (reversal).
Bad debt reversal was RMB nil (US$ nil) for the year ended December 31, 2023, compared to RMB 2.8 million
(US$ 0.4 million) for the year ended December 31, 2022. We recognize a loss allowance for expected credit loss on our financial assets,
primarily on trade receivables, which are subject to impairment under IFRS 9, Financial Instruments, first effective for year 2018. We
believe that we have undertaken appropriate measures to resolve the bad debt expense. For the year ended December 31, 2023 and 2022,
we have bad debt reversal of RMB 1.0 million (US$ 0.1 million) and bad debt expense of RMB 33.4 million (US$ 5.0 million) from discontinued
operations.
Finance
costs.
Finance costs were RMB 1.0 million (US$ 0.1 million) for the year ended December 31, 2023, compared to RMB 25,000 (US$ 3,715)
for the year ended December 31, 2022. The increase was mainly due to the increase of interest expense on convertible note. For the years
ended December 31, 2023 and 2022, we had a financial cost of RMB 0.3 million (US$ 42,290) and RMB 1.5 million (US$ 0.2 million) from
discontinued operations.
Other
expenses. Other expenses were RMB 1.2 million (US$ 0.2 million) for the year ended December 31, 2023, as compared to RMB 42,000 (US$
6,000) for the year ended December 31, 2022, representing an increase of RMB 1.2 million or 2,767%. The increased other expenses were
mainly due to a loss from conversion of note payable in 2023.
Income
(loss) before taxation.
Loss before taxation was RMB 86.8 million (US$ 12.3 million) for the year ended December 31, 2023, as compared
to RMB 5.4 million (US$ 0.8 million) for the year ended December 31, 2022. The increase in loss before taxation was mainly due to an
increase in selling and distribution expense, increased administrative expenses, and a decrease in the reversal of the bad debt expense
of our continued operations, which was partly offset by increased gross profit as described above. For the years ended December 31, 2023
and 2022, we had a loss before taxation of RMB 1.4 million (US$ 0.2 million) and RMB 48.0 million (US$ 7.1 million) from discontinued
operations. In addition, we had a RMB 73.8 million (US$ 10.6 million) gain from disposal of our tile subsidiaries.
Income
taxes.
We incurred an income tax expense of RMB 83,000 (US$ 12,000) for the year ended December 31, 2023 compared to an income tax
expense of RMB 209,000 (US$ 31,000) for the year ended December 31, 2022.
Net
loss attributable to equity holders of the Company
. Net loss attribute to equity holders of the Company was RMB 14.3 million (US$
2.0 million) for the year ended December 31, 2023, as compared to a loss attributable to the Company's shareholders of RMB 57.9
million (US$ 8.1 million) for the year ended December 31, 2022. The decrease in net loss attributable to shareholders in 2023 was attributable
to the gain on disposal of discontinued operations of RMB 73.8 million (US$ 10.4 million).
Net
income (loss
)
attributed to non-controlling interest.
Net loss attributed to non-controlling interest was RMB 119,000 (US$
17,000) and net income of RMB 4.3 million (US$ 0.6 million) for the years ended December 31, 2023 and 2022. The non-controlling interest
represents the 49% ownership of Hainan Kylin and its subsidiaries.
46
Fiscal
Year Ended 2022 Compared to the Fiscal Year Ended 2021
Revenue
from livestreaming ecommerce
. For the years ended December 31, 2022 and 2021, revenue from the livestreaming ecommerce was RMB 273.7
million (US$ 40.7 million) and RMB 58.5 million (US$ 9.1 million), representing an increase of RMB 215.2 million, or 368%. The significant
increase was because we started operating the livestreaming ecommerce business in September 2021. The revenue generated from livestreaming
ecommerce business increased significantly as a result of the rapid growth of e-commence livestreaming industry in China.
Revenue
from sales of tile products
. The following table sets forth the breakdown of revenue, by product categories, for the years ended
December 31, 2022 and 2021.
Revenue RMB (000)
2022
Percentage
2021
Percentage
Porcelain
36,541
96.9
%
121,502
83.9
%
Glazed Porcelain
745
2.0
%
387
0.3
%
Glazed
410
1.1
%
202
0.1
%
Rustic
-
-
%
22,449
15.6
%
Polished Glazed
-
-
%
203
0.1
%
Total
37,696
100.0
%
144,743
100.0
%
Revenue
from sales of tile products was RMB 37.7 million (US$ 5.6 million) for the year ended December 31, 2022, compared to RMB 144.7 million
(US$ 22.4 million) for the year ended December 31, 2021, representing a decrease of RMB 107.0 million, or 74.0%. The decrease in revenue
was primarily due to the decrease in sales volume of 78.5% and which was only partially offset by an increase in the average selling
price of 20.8%. The decrease in sales resulted from the continued slowdown of China's economy, and both the manufacturing sector
and the real estate industry were affected by the weaker economy and the adverse impact of the COVID-19 outbreak. Moreover, the Company
leased out its Hengdali facility beginning in November 2021.
Cost
of revenues for livestreaming ecommerce
. Cost of sales for the livestreaming ecommerce was RMB 245.6 million (US$ 36.5 million) and
RMB 55.5 million (US$ 8.6 million) for the years ended December 31, 2022 and 2021. For the years ended December 31, 2022 and 2021, our
cost of sales mainly consisted of professional costs for outsourcing technology services. The increase in the cost of revenues for our
livestreaming ecommerce resulted from the rapid growth of this business.
Cost
of revenues for sales of tile products
. The following table sets forth the breakdown of cost of sales, by product segment, for the
years ended December 31, 2022 and 2021:
Cost of sales RMB ('000)
2022
Percentage
2021
Percentage
Porcelain
39,792
96.5
%
71,002
85.1
%
Glazed Porcelain
946
2.2
%
237
0.3
%
Glazed
507
1.3
%
111
0.1
%
Rustic
-
-
%
11,983
14.4
%
Polished Glazed
-
-
%
103
0.1
%
Total
41,245
100.00
%
83,436
100.00
%
Cost
of revenues for sales of tile products was RMB 41.3 million (US$ 6.1 million) for the year ended December 31, 2022 compared to RMB 83.4
million (US$ 12.9 million) for the year ended December 31, 2021, representing a decrease of RMB 42.2 million, or 50.6%. The decrease
in cost of sales was primarily due to decreased sales and production, which was partly offset by the decrease in the reversal of an inventory
impairment provision.
Cost
of revenues for business management and information system consulting services.
Cost of sales for business management and consulting
services was RMB 12.8 million (US$ 1.9 million) and RMB 10.0 million (US$ 1.6 million) for the years ended December 31, 2022 and 2021.
Gross
profit for livestreaming ecommerce
. Gross profit for the livestreaming ecommerce was RMB 28.1 million (US$ 4.2 million) and RMB 3.0
million (US$ 0.5 million) for the years ended December 31, 2022 and 2021.
Gross
profit (loss) for sales of tile products.
The following table sets forth the breakdown of our gross profit (loss) and gross profit
(loss) margin by product segment for the years ended December 31, 2022 and 2021:
2022
2021
Gross Profit
Profit (Loss)
Gross
Profit
RMB ('000)
(Loss)
Margin
Profit
Margin
Porcelain
(3,251
)
(8.9
)%
50,500
41.6
%
Glazed Porcelain
(201
)
(27.0
)%
150
38.8
%
Glazed
(97
)
(23.5
)%
91
45.0
%
Rustic
-
-
%
10,466
46.6
%
Polished Glazed
-
-
%
100
49.3
%
All products
(3,549
)
(9.4
)%
61,307
42.4
%
Gross
loss was RMB 3.5 million (US$ 0.5 million) for the year ended December 31, 2022, as compared to a gross profit of RMB 61.3 million (US$
9.5 million) for the year ended December 31, 2021, an increase loss of RMB 64.9 million.
47
Gross
profit (loss) for business management and consulting.
Gross profit (loss) for the business management and consulting services was
RMB (157,000) (US$ (23,331)) and RMB 3.0 million (US$ 0.5 million) for the years ended December 31, 2022 and 2021.
Other
income.
Other income for the year ended December 31, 2022 was RMB 3.0 million (US$ 0.4 million), as compared to RMB 32,000 (US$ 4,500)
for the same period of 2021. For the year ended December 31, 2022, other income mainly consists of a government grant of RMB 0.8 million
and VAT receivable of 1.4 million from Hainan Kylin, and exchange gain of RMB 73,203.
For
both 2022 and 2021, we had other income from discontinued operation of RMB 14.2 million (US$ 2.1million) and RMB 9.4 million (US$1.5
million) was mainly attributable to the income from leasing out one of the production lines from our Hengdali facility pursuant to an
eight-year lease contract.
Selling
and distribution expenses.
Selling and distribution expenses were RMB 16.4 million (US$ 2.4 million) for the year ended December
31, 2022, compared to RMB 24,000 (US$ 4,000) for the year ended December 31, 2021, representing an increase of RMB 16.4 million. The
increase in selling and distribution expenses was primarily due to an increased advertising expense of RMB 7.0 million and the increased
commission expense of RMB 9.3 million due to the significant growth of our livestreaming ecommerce business. For the years ended December
31, 2022 and 2021, we had selling and distribution expenses RMB 5.9 million (US$ 0.9 million) and RMB 6.3 million (US$ 1.0 million) from
discontinued operations.
Administrative
expenses.
Administrative expenses were RMB 22.8 million (US$ 3.4 million) for the year ended December 31, 2022, compared to RMB 16.0
million (US$ 2.5 million) for the year ended December 31, 2021, representing an increase of RMB 6.8 million, or 42.5%. The increase in
administrative expenses was primarily due to an increase in (i) insurance expense of RMB 2.1 million, (ii) an RMB 1.3 million increase
in research and development expenses, (iii) an RMB 1.4 million increase in payroll expenses, (iv) an RMB 1.3 million increase in other
compensation expense, (v) an RMB 71,000 increase in auto expense, (vi) an RMB 0.2 million increase in depreciation expense and an RMB
0.5 million increase in other G&A expenses due to the increased expense resulting from our new subsidiaries. For the years ended
December 31, 2022 and 2021, we have administrative expenses of RMB 51.3 million (US$ 7.6 million) and RMB 131.9 million (US$ 20.8 million)
from discontinued operations.
Bad
debt expense (reversal).
Bad debt reversal was RMB 2.8 million (US$ 0.4 million) for the year ended December 31, 2022, compared to
bad debt expense of RMB 10.1 million (US$ 1.6 million) for the year ended December 31, 2021. We recognize a loss allowance for expected
credit loss on our financial assets, primarily on trade receivables, which are subject to impairment under IFRS 9, Financial Instruments,
first effective for year 2018. We believe that we have undertaken appropriate measures to resolve the bad debt expense. We will continue
to review each of our customers for credit quality as well as assiduously test their accounts receivables balances in each upcoming fiscal
period. For the years ended December 31, 2022 and 2021, we have bad debt reversal of RMB 33.4 million (US$ 4.95 million) and bad debt
expense of RMB 115.4 million (US$ 17.9 million) from discontinued operations.
Finance
costs.
Finance costs were RMB 25,000 (US$ 3,715) for the year ended December 31, 2022, compared to RMB 51,000 (US$ 7,906) for the
year ended December 31, 2021. The decrease was mainly due to the decrease of interest expense on lease liabilities. We adopted IFRS 16
during the year ended December 31, 2019, and recognized lease liabilities in relation to leases which had previously been classified
as "operating leases". These liabilities were measured at the present value of the remaining lease payments, discounted using
the lessee's incremental borrowing rate as of January 1, 2019. The difference between the actual payment and lease liabilities
was the interest expense. For the years ended December 31, 2022 and 2021, we have financial cost of RMB 1.5 million (US$ 0.2 million)
and RMB 2.2 million (US$ 0.3 million) from discontinued operations.
48
Other
expenses.
Other expenses were RMB 42,000 (US$ 6,000) for the year ended December 31, 2022, as compared to RMB 33,000 (US$ 5,000)
for the year ended December 31, 2021, representing an increase of RMB 9,000 or 27.3%. The increased other expenses were mainly due to
an increase in the foreign currency transaction exchange loss. For the years ended December 31, 2022 and 2021, we had a financial cost
of RMB nil (US $nil) and RMB 90,000 (US $13,952) from discontinued operations.
Loss
before taxation.
Loss before taxation was RMB 5.4 million (US$ 0.8 million) for the year ended December 31, 2022, as compared to
a loss before taxation of RMB 20.2 million (US$ 3.1 million) for the year ended December 31, 2021. The decrease in loss before taxation
was mainly due to an increased reversal of the bad debt expense and increased gross profit for the year ended December 31, 2022 which
was partly offset by increased selling and distribution expense and increased administrative expenses as described above. For the years
ended December 31, 2022 and 2021, we had a loss before taxation of RMB 48.0 million (US$ 7.1 million) and RMB 69.7 million (US$ 10.8
million) from discontinued operations.
Income
taxes.
We incurred an income tax expense of RMB 0.2 million (US$ 31,000) for the year ended December 31, 2022 compared to an income
tax expense of RMB 0.2 million (US$ 34,000) for the year ended December 31, 2021. Our PRC statutory enterprise income tax rate was 25%
for the year ended December 31, 2022 and 2021.
Net
loss attributable to equity holders of the Company
. Net loss attribute to equity holders of the Company from continue operation was
RMB 57.9 million (US$ 8.1 million) for the year ended December 31, 2022, as compared to a loss attributable to the Company's shareholders
of RMB 88.8 million (US$ 13.9 million) for the year ended December 31, 2021. The decrease in net loss attributable to shareholders in
2022 was attributable to the reasons described above.
Net
income (loss
)
attributed to non-controlling interest.
Net income attributed to non-controlling interest was RMB 4.3 million
(US$ 0.6 million) and net loss of RMB 1.3 million (US$ 0.2 million) for the years ended December 31, 2022 and 2021, respectively. Non-controlling
interest represented the 49% ownership of Hainan Kylin and its subsidiaries.
B.
Liquidity
    and Capital Resources
The
following table presents a summary of our cash flows and beginning and ending cash balances for the years ended December 31, 2023, 2022
and 2021:
RMB ('000)
2023
2022
2021
Net cash used in operating activities
(60,346
)
(15,452
)
(8,123
)
Net cash generated from / (used in) investing activities
18,540
(10,490
)
(1,279
)
Net cash generated from financing activities
42,805
2,272
24,397
Net cash flow
999
(23,670
)
14,995
Cash and cash equivalents at beginning of year
4,242
27,880
12,344
Effect of foreign exchange rate differences
(1,433
)
32
541
Cash and cash equivalents at end of year
3,808
4,242
27,880
We
have historically financed our liquidity requirements mainly through operating cash flow, bank loans and issuance of new shares. We believe
that we will generate sufficient cash from operations to meet our needs for the next twelve months.
49
However,
we may sell additional equity or obtain credit facilities to enhance our liquidity position or to increase our cash reserve for future
acquisitions and capital equipment expenditures. The sale of additional equity would result in further dilution of our equity to our
shareholders. The incurrence in indebtedness would result in increased fixed obligations and could result in operating covenants that
would restrict our operations. We cannot provide assurance that financing will be available in amounts or on terms acceptable to us,
if at all.
On
January 10, 2023, the Company entered into a certain securities purchase agreement with Mr. Weilai (Will) Zhang, the Chief Executive
Officer of the Company, Mr. Ishak Han, a director of the Company, and another sophisticated purchaser, pursuant to which the Company
agreed to sell 1,625,000 ordinary shares (pre-reverse split), at a per share purchase price of $0.80. The offering was unanimously approved
by the disinterested directors and the board of directors of the Company. The gross proceeds to the Company from this offering are $1.3
million, before deducting any fees or expenses. The Company plans to use the net proceeds from this offering for the expansion of its
social ecommerce business and general corporate purposes. The offering closed on January 12, 2023.
On
January 13, 2023, the Company entered into a certain securities purchase agreement with a certain purchaser, pursuant to which the Company
agreed to sell 1,234,568 ordinary shares (pre-reverse split), at a per share purchase price of $0.81, the closing price of the Ordinary
Shares on the Nasdaq Capital Market as of January 10, 2023. The gross proceeds to the Company from this Offering are approximately $1
million, before deducting any fees or expenses. The Company plans to use the net proceeds from this offering for the expansion of its
social ecommerce business and for general corporate purposes.
On
March 30, 2023, the Company entered into a certain securities purchase agreement with five sophisticated investors, pursuant to which
the Company agreed to sell 5,681,820 Class A ordinary shares (pre-reverse split), at a per share purchase price of $0.88. The gross proceeds
to the Company from this offering are approximately $5 million, before deducting any fees or expenses. The Company has issued the Shares
on April 12, 2023 and the Offering was closed on the same day as all closing conditions were satisfied. The Company plans to use the
net proceeds from this offering for general corporate purposes.
On
August 2, 2023, Antelope Enterprise Holdings Limited entered into a certain securities purchase agreement with a certain investor, pursuant
to which the Company agreed to sell 2,083,333 Class A ordinary shares (pre-reverse split), at a per share purchase price of $0.48 (the
"Offering"). The gross proceeds to the Company from this Offering are approximately $1 million, before deducting any fees
or expenses. The Company has issued the Class A ordinary shares on August 2, 2023 and the Offering was closed on the same day as all
closing conditions were satisfied. The Company plans to use the net proceeds from this Offering for general corporate purposes.
On
July 26, 2023, the Company entered into a Note Purchase Agreement with an investor, pursuant to which the Company issued to the Purchaser
an unsecured Promissory Note of $1,070,000, for $1,000,000 in gross proceeds. The Note included an original issue discount ("OID")
of $50,000 along with $20,000 for investor's fees, costs and other transaction expenses in connection with the issuance of the
note. The OID was recognized as a debt discount is amortized over the life of the note. The Note bears interest at 8% per annum compounding
daily, and has a term of 18 months. All outstanding principal and accrued interest on the Note will become due and payable eighteen (18)
months after the purchase price of the Note is delivered by Purchaser to the Company (the "Purchase Price Date"). The Company
may prepay all or a portion of the Note at any time by paying 120% of the outstanding balance elected for pre-payment. The Investor has
the right to redeem the Note at any time six (6) months after the Purchase Price Date (the "Redemption Start Date"), subject
to maximum monthly redemption amount of $200,000. The Company should pay the applicable redemption amount in cash to the Investor within
three (3) Trading Days following the investor's delivery of a redemption notice. Under the Note Purchase Agreement, while the Note
is outstanding, the Company agreed to keep adequate public information available and maintain its Nasdaq listing.
50
Cash
flows from operating activities
.
Our
net cash used in operating activities was RMB 60.3 million (US$ 8.5 million) for the year ended December 31, 2023, an increase of
RMB 45.0 million as compared to a cash inflow of RMB 15.5 million for the year ended December 31, 2022. The increase of cash outflow
was mainly due to an increase in cash outflow on loan receivable of RMB 36.8 million, an increase in cash outflow on other
receivables and prepayments of RMB 0.3 million, decreased cash inflow on trade receivables of RMB 4.3 million, increased cash
outflow from trade payables of RMB 3.5 million, and an increase in operating cash outflow before working capital changes of RMB 30.4
million, which were partly offset by a decrease in cash outflow from unearned revenue of RMB 15.7 million, a decrease in cash
outflow on accrued liabilities and other payables of 2.8 million, and a decrease in cash outflow on taxes payable of $2.6 million.
Also, there was cash inflow from operating activities of RMB 14.1 million and RMB 5.0 million from our discontinued operations for
the years ended December 31, 2023 and 2022, respectively.
Our
net cash used in operating activities was RMB 15.5 million (US$ 2.3 million) for the year ended December 31, 2022, an increase of RMB
7.3 million as compared to a cash outflow of RMB 8.1 million for the year ended December 31, 2021. The increase of cash outflow was mainly
due to an increase in cash outflow on unearned revenue of RMB 31.1 million, an increase in cash outflow on accrued liabilities and other
payable of RMB 4.8 million and decreased cash inflow from trade payables of RMB 2.1million, which were partly offset by an increase of
cash inflow from inventories of RMB 9.7 million, a decrease in cash outflow from other receivable and prepayments of RMB 19.0 million,
and a decrease in operating cash outflow before working capital changes of RMB 1.4 million. Also, there was cash inflow from operating
activities of RMB 5.0 million and RMB 3.3 million from our discontinued operations.
Cash
flows from investing activities.
Net
cash generated from investing activities for the year ended December 31, 2023 was RMB 18.5 million (US$ 2.6 million), compared to a cash
outflow of RMB 10.5 million for the year ended December 31, 2022. The decrease in cash outflow was mainly due to the decrease in restricted
cash of RMB 4.1 million, decrease in available-for-sale financial asset of RMB 16.2 million and increase cash inflow on notes receivable
of RMB 9.4 million, which was partly offset by increased cash outflow on acquisition of fixed assets of RMB 0.5 million and increased
cash outflow from cash disposed as a result of disposal of subsidiaries of RMB 0.3 million.
Net
cash used in investing activities for the year ended December 31, 2022 was RMB 10.5 million (US$ 1.6 million), compared to a cash outflow
of RMB 1.3 million for the year ended December 31, 2021. The increase in cash outflow was mainly due to the increase in restricted cash
and increase in available-for-sale financial asset.
Cash
flows from financing activities.
Net
cash generated from financing activities was RMB 42.8 million (US$ 6.0 million) for the year ended December 31, 2023, compared to
net cash generated from financing activities of RMB 2.3 million for the year ended December 31, 2022, primarily due to an increase
in the issuance of share capital by RMB 53.2 million for the year ended December 31, 2023, which was partly offset by a decrease in
capital contribution from noncontrolling interest of RMB 2.5 million, increase of due from related parties of RMB 9.3 million,
decrease in proceeds from promissory note of RMB 1.7 million and decrease in payment of lease liabilities of RMB 0.4 million. For
the year ended December 31, 2023 and 2022, net cash used in financing activities includes a cash outflow of RMB 14.3 million (US$
2.1 million) and RMB 14.3 million from our discontinued operations, respectively.
Net
cash generated from financing activities was RMB 2.3 million (US$ 0.3 million) for the year ended December 31, 2022, compared to RMB
24.4 million for the year ended December 31, 2021, primarily due to a decrease in the issuance of share capital by RMB 23.9 million and
the decrease in proceeds from warrants exercised of RMB 10.3 million for the year ended December 31, 2022, which was partly offset by
an increase in capital contribution from noncontrolling interest of RMB 2.5 million and an increase in proceeds from a promissory note
of RMB 8.8 million. For the years ended December 31, 2022 and 2021, net cash used in financing activities includes a cash outflow of
RMB 14.3 million (US$ 2.1 million) and RMB 14.3 million from our discontinued operations.
Cash
and bank balances from continuing operations were RMB 3.8 million (US$ 0.5 million) as of December 31, 2023, as compared to RMB 3.9 million
as of December 31, 2022.
51
As
of December 31, 2023, our total outstanding bank loan amounts were nil.
There
were no commitments for advertising and insurance expenditure as of December 31, 2023.
In
our opinion, our working capital, including our cash, income and cash flows from operations, and short-term borrowings, is sufficient
for our present requirements.
However,
we may sell additional equity or obtain credit facilities to enhance our liquidity position or to increase our cash reserve for future
acquisitions and capital equipment expenditures. The sale of additional equity would result in further dilution of our equity to our
shareholders. The incurrence in indebtedness would result in increased fixed obligations and could result in operating covenants that
would restrict our operations. We cannot provide assurance that financing will be available in amounts or on terms acceptable to us,
if at all.
Credit
Management
Credit
terms from our suppliers
Our
typical credit terms from our major vendors are from 1 to 4 months after the service have been delivered.
Our
average trade payables' turnover for our livestreaming ecommerce for the year ended December 31, 2023 and 2022 are as follows:
2023
2022
Trade payables (RMB'000)
-
3,079
Trade payables turnover (days)
(1)
1
3
(1)
The
    average trade payables' turnover is computed based on the formula: (simple average opening and closing trade payables balance,
    net of value-added tax in facial year / purchases) × 365days.
Capital
Expenditures
Historically,
our capital expenditures primarily consist of expenditures on property, plant and equipment. The capital expenditures for the years ended
December 31, 2023 and 2022 were RMB 500,000 and RMB 22,000, respectively.
Contractual
Obligations
Our
contractual obligations consist mainly of debt obligations, operating lease obligations and other purchase obligations and commitments,
and will be paid off with our cash flow from operations. The following table sets forth a breakdown of our contractual obligations (including
both interest and principal cash flows) as of December 31, 2023:
Payment Due by Period
Less
than 1
1-3
3-5
More
than 5
Total
year
years
years
years
Short-term debt obligations
—
—
—
—
—
Promissory note
14,991
7,597
7,394
—
—
Total
14,991
7,597
7,394
—
—
Off-Balance
Sheet Arrangements
We
do not have any outstanding off-balance arrangements and have not entered into any transactions that are established for the purpose
of facilitating off-balance sheet arrangements.
52
Impact
of Inflation
The
general annual inflation rate in China was approximately 2.0% in 2022, and 2.1% in 2023 according to the National Bureau of Statistics.
Our results of operations may be affected by inflation, particularly rising prices for energy, labor costs, raw materials and other operating
costs. See "Item 3. Key Information — Risk Factors — Risks relating to our business. If China's inflation increases
or the prices of energy or raw materials increase, we may not be able to pass the resulting increased costs to our customers and this
may adversely affect our profitability or cause us to suffer operating losses."
FINANCIAL
RISK MANAGEMENT
We
are exposed to financial risks arising from our operations and the use of financial instruments. The key financial risks included credit
risk, liquidity risk, interest rate risk, foreign currency risk and market price risk.
We
do not hold or issue derivative financial instruments for trading purposes or to hedge against fluctuations, if any, in interest rates
and foreign exchange rates.
(i)
Credit
    risk
Credit
risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to us. Our exposure
to credit risk arises primarily from bank balances and trade receivables. For trade receivables, we adopt the policy of dealing only
with customers of appropriate credit history to mitigate credit risk. For other financial assets, we adopt the policy of dealing only
with high credit quality counterparties.
As
we do not hold any collateral, the maximum exposure to credit risk for each class of financial assets is the carrying amount of that
class of financial assets presented on the consolidated statements of financial position.
Cash
and bank balances
Our
bank deposits are placed with reputable banks in the PRC, Hong Kong and the United States. The credit exposure of our cash and bank balances
(excluding restricted cash) as of December 31, 2023 and 2022 were RMB 3,808,000 and RMB 3,936,000, respectively.
(ii)
Liquidity
    risk
Liquidity
risk is the risk that we will encounter difficulty in raising funds to meet commitments associated with financial instruments. Liquidity
risk may result from an inability to sell a financial asset quickly at close to its fair value.
Our
exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. Our objective is to
maintain a balance between continuity of funding and flexibility through the use of stand-by credit facilities.
The
table below summarizes the maturity profile of the liabilities based on contractual undiscounted payments:
As of December 31, 2023
More than 1
year but less
Within 1 year
than 5 years
Total
RMB'000
RMB'000
RMB'000
Trade payables
—
—
—
Amounts owed to related parties
553
—
553
Note payable
7,597
7,394
14,991
Total
8,150
7,394
15,544
(iii)
Interest
    rate risk
Interest
rate risk is the risk that the fair value or future cash flows of our financial instruments will fluctuate because of changes in market
interest rates.
Our
interest-bearing bank deposits and borrowings were nil as of December 31, 2023.
53
(iv)
Foreign
    currency risk
Currency
risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. Currency risk arises
when transactions are denominated in foreign currencies.
Our
operations are primarily conducted in the PRC. All the sales and purchases transactions are denominated in RMB. As such, our operations
are not exposed to exchange rate fluctuation.
As
of December 31, 2023 and 2022, nearly all of our monetary assets and monetary liabilities were denominated in RMB except certain bank
balances, other payables and note payables which were denominated in US dollars and HKD.
C.
Research
    and development, patents and licenses, etc.
We
focus our research and development efforts on developing innovative Kylin-Cloud service platform.
Costs
associated with research activities are expensed in profit or loss as they incur. Costs that are directly attributable to development
activities are recognized as intangible assets if, and only if, all of the following have been demonstrated:
(i)
the
    technical feasibility of completing the intangible asset so that the asset will be available for use or sale;
(ii)
the
    intention to complete the intangible asset and use or sell it;
(iii)
the
    ability to use or sell the intangible asset;
(iv)
how
    the intangible asset will generate probable future economic benefits;
(v)
the
    availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset;
    and
(vi)
the
    ability to measure reliably the expenditure attributable to the intangible asset during its development.
The
amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the
intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized,
development expenditure is recognized in profit or loss in the period in which it is incurred.
Subsequent
to initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment
losses, on the same basis as intangible assets that are acquired separately.
Gains
and losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying
amount of the asset, are recognized in profit or loss when the asset is derecognized.
54
D.
Trend
    information
Other
than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for
the period from January 1, 2023 to December 31, 2023 that are reasonably likely to have a material effect on our net revenue, income,
profitability, liquidity or capital resources, or that would cause the reported financial information not necessarily to be indicative
of future operating results or financial conditions.
E.
Critical
    Accounting Policies and Judgment
The
preparation of the consolidated interim financial statements, which have been prepared in accordance with International Accounting Standard
("IAS") as issued by the International Accounting Standards Board ("IASB"), requires us to make estimates, judgments
and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Estimates and judgments are continually
evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be
reasonable under the circumstances. Actual results may materially differ from these estimates under different assumptions or conditions.
See
Note 2 to our consolidated financial statements, "Basis of Preparation and Summary of Significant Accounting Policies."
Inventories
Inventories
are carried at the lower of cost and net realizable value. Cost is determined using the weighted average basis, and in the case of work
in progress and finished goods, comprises direct materials, direct labor and an appropriate proportion of overhead.
Net
realizable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and applicable
selling expenses.
When
inventories are sold, the carrying amount of those inventories is recognized as an expense in the period in which the related revenue
is recognized. The amount of any write-down of inventories to net realizable value and all losses of inventories are recognized as an
expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories is recognized as a reduction
in the amount of inventories recognized as an expense in the period in which the reversal occurs.
Financial
instruments
Financial
assets and financial liabilities are recognized when a group entity becomes a party to the contractual provisions of the instrument.
Financial
assets and financial liabilities are initially measured at fair value except for trade debtors arising from contracts with customers
which are initially measured in accordance with HKFRS 15 since 1 January 2018. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities (other than financial assets or liabilities at fair value through
profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial
recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through
profit or loss are recognized immediately in profit or loss.
The
effective interest method is a method of calculating the amortized cost of a financial asset or financial liability and of allocating
interest income and interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated
future cash receipts and payments (including all fees and points paid or received that form an integral part of the effective interest
rate, transaction costs and other premiums or discounts) through the expected life of the financial asset or financial liability, or,
where appropriate, a shorter period, to the net carrying amount on initial recognition.
Interest
income which are derived from the Company's ordinary course of business are presented as revenue.
Financial
assets
Classification
and subsequent measurement of financial assets (upon application of IFRS 9)
55
Financial
assets that meet the following conditions are subsequently measured at amortized cost:
●
the financial asset is held within a business model whose objective is to collect contractual cash flows; and
●
the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.
All
other financial assets are subsequently measured at fair value through profit or loss ("FVTPL").
A
financial asset is classified as held for trading if:
●
it has been acquired principally for the purpose of selling in the near term; or
●
on initial recognition it is a part of a portfolio of identified financial instruments that the Company manages together and has a recent
actual pattern of short-term profit-taking; or
●
it is a derivative that is not designated and effective as a hedging instrument.
In
addition, the Company may irrevocably designate a financial asset that are required to be measured at the amortized cost as measured
at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.
(i)
Amortized
    cost and interest income
Interest
income is recognized using the effective interest method for financial assets measured subsequently at amortized cost. Interest income
is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets
that have subsequently become credit-impaired. For financial assets that have subsequently become credit-impaired, interest income is
recognized by applying the effective interest rate to the amortized cost of the financial asset from the next reporting period. If the
credit risk on the credit-impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income
is recognized by applying the effective interest rate to the gross carrying amount of the financial asset from the beginning of the reporting
period following the determination that the asset is no longer credit impaired.
(ii)
Financial
    assets at FVTPL
Financial
assets that do not meet the criteria for being measured at amortized cost are measured at FVTPL.
Financial
assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized in profit
or loss. The net gain or loss recognized in profit or loss includes any dividend or interest earned on the financial asset and is included
in the "other gains and losses" line item.
Impairment
of financial assets (upon application IFRS 9)
The
Company recognizes a loss allowance for expected credit loss ("ECL") on financial assets which are subject to impairment
under IFRS 9 (including trade and other receivables, bank deposits and bank balances). ECLs are based on the difference between the contractual
cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation
of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit
enhancements that are integral to the contractual terms. The amount of ECL is updated at each reporting date to reflect changes in credit
risk since initial recognition.
56
General
approach
ECLs
are recognized in two measurement bases. For credit exposures for which there has not been a significant increase in credit risk since
initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months
(a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition,
a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default
(a lifetime ECL).
At
each reporting date, the Company assesses whether the credit risk on a financial instrument has increased significantly since initial
recognition. When making the assessment, the Company compares the risk of a default occurring on the financial instrument as at the reporting
date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable
and supportable information that is available without undue cost or effort, including historical and forward looking information.
The
Company considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Company
may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to
receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial
asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
Financial
assets at amortized cost are subject to impairment under the general approach and they are classified within the following stages for
measurement of ECLs except for trade receivables which apply the simplified approach as detailed below.
Stage
1 — Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss
allowance is measured at an amount equal to 12-month ECLs
Stage
2 — Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired
financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLs
Stage
3 — Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired)
and for which the loss allowance is measured at an amount equal to lifetime ECLs
Simplified
approach
For
trade receivables that do not contain a significant financing component or when the Company applies the practical expedient of not adjusting
the effect of a significant financing component, the Company applies the simplified approach in calculating ECLs. Under the simplified
approach, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting
date.
The
Company assesses at the end of each reporting period whether there is any objective evidence that a financial asset or a group of financial
assets is impaired. An impairment exists if one or more events that occurred after the initial recognition of the asset have an impact
on the estimated future cash flows of the financial asset or the Company of financial assets that can be reliably estimated. Evidence
of impairment may include indications that a debtor or a group of debtors is experiencing significant financial difficulty, default or
delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganization and
observable data indicating that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic
conditions that correlate with defaults.
Financial
assets carried at amortized cost
For
financial assets carried at amortized cost, the Company first assesses whether impairment exists individually for financial assets that
are individually significant, or collectively for financial assets that are not individually significant. If the Company determines that
no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the
asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that
are individually assessed for impairment and for which an impairment loss is, or continues to be, recognized are not included in a collective
assessment of impairment.
57
The
amount of any impairment loss identified is measured as the difference between the asset's carrying amount and the present value
of estimated future cash flows (excluding future credit losses that have not been incurred). The present value of the estimated future
cash flows is discounted at the financial asset's original effective interest rate (i.e., the effective interest rate computed
at initial recognition).
The
carrying amount of the asset is reduced through the use of an allowance account and the loss is recognized in profit or loss. Interest
income continues to be accrued on the reduced carrying amount using the rate of interest used to discount the future cash flows for the
purpose of measuring the impairment loss. Loans and receivables together with any associated allowance are written off when there is
no realistic prospect of future recovery and all collateral has been realized or has been transferred to the Company.
If,
in a subsequent period, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment
was recognized, the previously recognized impairment loss is increased or reduced by adjusting the allowance account. If a write-off
is later recovered, the recovery is credited to other expenses in the statement of profit or loss.
Loans
and receivables
Loans
and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They
are initially recognized at fair value. Subsequent to initial recognition, loans and receivables (including trade and other receivables,
pledged bank deposits, fixed bank deposits with maturity periods over three months and bank balances) are measured at amortized cost
using the effective interest method, less any identified impairment losses).
Impairment
of financial assets
Financial
assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired
when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial
asset, the estimated future cash flows of the financial assets have been affected.
Objective
evidence of impairment could include:
●
significant financial difficulty of the issuer or counterparty; or
●
breach of contract, such as a default or delinquency in interest or principal payments; or
●
it becoming probable that the borrower will enter bankruptcy or financial re-organization; or disappearance of an active market for that
financial asset because of financial difficulties.
If
any such evidence exists, the impairment loss on trade receivables and other current receivables and other financial assets carried at
amortized cost is measured as the difference between the asset's carrying amount and the present value of the estimated future
cash flows discounted at the financial asset's original effective interest rate (i.e. the effective interest rate computed at initial
recognition of these assets), where the effect of discounting is material. This assessment is made collectively where these financial
assets share similar risk characteristics, such as similar past due status, and have not been individually assessed as impaired. Future
cash flows for financial assets which are assessed for impairment collectively are based on historical loss experience for assets with
credit risk characteristics similar to the collective group.
If
in a subsequent period the amount of an impairment loss decreases and the decrease can be linked objectively to an event occurring after
the impairment loss was recognized, the impairment loss is reversed through profit or loss. A reversal of an impairment loss shall not
result in the asset's carrying amount exceeding that which would have been determined had no impairment loss been recognized in
prior years.
58
Impairment
losses are written off against the corresponding assets directly, except for impairment losses recognized in respect of trade receivables
included within trade and other receivables and prepayments, whose recovery is considered doubtful, but not remote. In this case, the
impairment losses for doubtful debts are recorded using an allowance account. When the Company is satisfied that recovery is remote,
the amount considered irrecoverable is written off against trade debtors directly and any amounts held in the allowance account relating
to that debt are reversed. Subsequent recoveries of amounts previously charged to the allowance account are reversed against the allowance
account. Other changes in the allowance account and subsequent recoveries of amounts previously written off directly are recognized in
profit or loss.
Derecognition
of financial assets
The
Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers
the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Company neither transfers
nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognizes
its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all
the risks and rewards of ownership of a transferred financial asset, the Company continues to recognize the financial asset and recognizes
a collateralized borrowing for the proceeds received.
On
derecognition of a financial asset measured at amortized cost, the difference between the asset's carrying amount and the sum of
the consideration received and receivable is recognized in profit or loss.
Financial
liabilities and equity instruments
Debt
and equity instruments issued by a group entity are classified as either financial liabilities or as equity in accordance with the substance
of the contractual arrangements and the definitions of a financial liability and an equity instrument.
Equity
instruments
An
equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs.
Effective
interest method
The
effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over
the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees
and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts)
through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial
recognition.
Interest
expense is recognized on an effective interest basis.
Financial
liabilities
Interest-bearing
borrowings are recognized initially at fair value less attributable transaction costs. They are subsequently stated at amortized cost
with any difference between the amount initially recognized and redemption value being recognized in profit or loss over the period of
the borrowings, together with any interest and fees payable, using the effective interest method.
Trade
and other payables are initially recognized at fair value. They are subsequently stated at amortized cost unless the effect of discounting
would be immaterial, in which case they are stated at cost.
59
Derecognition
The
Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire.
On
derecognition of a financial asset in its entirety, the difference between the asset's carrying amount and the sum of the consideration
received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income and accumulated in equity
is recognized in profit or loss.
The
Company derecognizes a financial liability when, and only when, the Company's obligations are discharged, cancelled or expire.
The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized
in profit or loss.
Derivative
financial instruments
Initial
recognition and subsequent measurement
We
use derivative financial instruments, such as forward currency contracts, for investment purposes. Such derivative financial instruments
are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at
fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value
is negative.
Any
gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss.
Leases
Financial
leases refers to the situation that the economic ownership of a leased asset is transferred to the lessee if the lessee bears substantially
all the risks and rewards of ownership of the leased asset.
All
other leases are treated as operating leases. Where we have the right to use of assets held under operating leases, payments made under
the leases are charged to profit or loss on a straight line basis over the lease terms except where an alternative basis is more representative
of the time pattern of benefits to be derived from the leased assets. Lease incentives received are recognized in profit or loss as an
integral part of the aggregate net lease payments made. Contingent rentals are charged to profit or loss in the accounting period in
which they are incurred. Operating leases were treated in accordance to IFRS 16 commencing January 1, 2019.
All
of our leases are operating leases for the years ended December 31, 2023, 2022 and 2021.
Revenue
recognition
Revenue
comprises the fair value of the consideration received or receivable for the sale of goods, net of rebates and discounts. No such rebates
were paid to distributors since year 2013. Provided it is probable that the economic benefits will flow to us and the revenue and costs,
if applicable, can be measured reliably, revenue is recognized as follows:
●
Sales of goods are recognized upon transfer of the significant risks and rewards of ownership to the customer. This is usually taken
as the time when the goods are delivered and the customer has accepted the goods. Once goods are accepted by a customer, there is no
continuing management involvement with the goods and we do not have the obligation to accept the return of the goods to us from the customer.
Consulting service and livestreaming ecommerce service are recognized upon providing of the services to customers.
●
Rental income is recognized based upon our annual rental over the life of the lease under operating lease, using the straight-line method.
●
Interest income is recognized on a time-proportion basis using the effective interest method.
Impairment
of non-financial assets
Impairment
testing is made on our goodwill at each reporting date. Property, plant and equipment and land use rights are tested for impairment if
there is any indication that the assets may be impaired at the balance sheet date.
If
any indication exists, or when annual impairment testing for an asset is required, we estimate the asset's recoverable amount.
60
Calculation
of recoverable amount
An
asset's recoverable amount is the greater of an asset's or cash-generating unit's fair value less costs of disposal
and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where an asset
does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest
group of assets that generates cash inflows independently (i.e. a cash-generating unit).
Recognition
of impairment losses
An
impairment loss is recognized in profit or loss whenever the carrying amount of an asset, or the cash-generating unit to which it belongs,
exceeds its recoverable amount. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying
amount of any goodwill allocated to that cash-generating unit (or group of units), and then, to reduce on a pro rata basis the carrying
amount of the other assets in the unit (or group of units), except that the carrying amount of an asset will not be reduced below its
individual fair value less costs of disposal (if measurable) or value in use (if determinable).
Reversal
of impairment losses
In
respect of assets other than goodwill, an impairment loss is reversed if there has been a favorable change in the estimates used to determine
the recoverable amount. An impairment loss in respect to goodwill is not reversed.
A
reversal of an impairment loss is limited to the asset's carrying amount that would have been determined had no impairment loss
been recognized in prior years. Reversals of impairment losses are credited to profit or loss in the year in which the reversals are
recognized.
Share-based
employee remuneration
We
operate equity-settled share-based remuneration plans for its employees. None of our plans feature any options for a cash settlement.
The
fair value of share options granted to employees is recognized as an employee cost with a corresponding increase in the share-based payment
reserve within equity. The fair value is measured at the grant date using the Black Scholes Option Pricing Model, taking into account
the terms and conditions upon which the options were granted. Where the employees have to meet vesting conditions before becoming unconditionally
entitled to the share options, the total estimated fair value of the share options is spread over the vesting period, taking into account
the probability that the options will vest.
During
the vesting period, the number of share options expected to vest is reviewed. Any resulting adjustment to the cumulative fair value recognized
in prior years is charged/credited to the profit or loss for the year under review, unless the original employee expenses qualify for
recognition as an asset, with a corresponding adjustment to the share-based payment reserve. On the vesting date, the amount recognized
as an expense is adjusted to reflect the actual number of share options that vest (with a corresponding adjustment to the share-based
payment reserve) except where forfeiture is only due to not achieving vesting conditions that relate to the market price of our shares.
The equity amount is recognized in the share-based payment reserve until either the option is exercised (when it is transferred to the
share premium account) or the option expires (when it is released directly to retained earnings).
61
Accounting
for income taxes
Income
tax comprises current tax and deferred tax.
Current
tax and movements in deferred tax assets and liabilities are recognized in profit or loss except to the extent that they relate to items
recognized in other comprehensive income or directly in equity, in which case the relevant amounts of tax are recognized in other comprehensive
income or directly in equity, respectively.
Current
tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the
reporting period, and any adjustment to tax payable in respect of previous years.
Deferred
tax is calculated using the liability method on temporary differences at the reporting date between the carrying amounts of assets and
liabilities in the financial statements and their respective tax bases. Deferred tax liabilities are generally recognized for all taxable
temporary differences. Deferred tax assets are recognized for all deductible temporary differences, tax losses available to be carried
forward as well as other unused tax credits, to the extent that it is probable that taxable profit, including existing taxable temporary
differences, will be available against which the deductible temporary differences, unused tax losses and unused tax credits can be utilized.
Deferred
tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from initial recognition (other than
in a business combination) of assets and liabilities in a transaction that affects neither taxable nor accounting profit or loss.
Deferred
tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries, associates and joint ventures,
except where we are able to control the reversal of the temporary differences and it is probable that the temporary differences will
not reverse in the foreseeable future.
Deferred
tax is calculated, without discounting, at tax rates that are expected to apply in the period the liability is settled or the asset realized,
based on tax rate (and tax laws) that have been enacted or substantively enacted at the reporting date.
The
carrying amount of a deferred tax asset is reviewed at the end of each reporting period and is reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow the related tax benefit to be utilized. Any such reduction is reversed
to the extent that it becomes probable that sufficient taxable profits will be available.
Additional
income taxes that arise from the distribution of dividends are recognized when the liability to pay the related dividends is recognized.
Current
tax assets and current tax liabilities are presented in net if we have the legally enforceable right to set off the recognized amounts
and the following additional conditions are met:
a)
in the case of current tax assets and liabilities, we intend either to settle on a net basis, or to realize the asset and settle the
liability simultaneously; or
b)
in the case of deferred tax assets and liabilities, if they relate to income taxes levied by the same taxation authority on either:
(i)
the same taxable entity; or
(ii)
different taxable entities, which, in each future period in which significant amounts of deferred tax liabilities or assets are expected
to be settled or recovered, intend either to settle current tax liabilities and realize the current tax assets on a net basis, or to
settle the liabilities and realize the assets simultaneously.
62
F.
Critical
    accounting estimates and assumptions
We
make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related
actual results. The key sources of estimation uncertainty and key assumptions concerning the future at the end of the reporting period,
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial
year are discussed below:
Useful
lives and impairment assessment of property, plant and equipment
Property,
plant and equipment are stated at cost less accumulated depreciation and identified impairment losses. The estimation of useful lives
impacts the level of annual depreciation expenses recorded. Property, plant and equipment are evaluated for possible impairment on a
specific asset basis or in groups of similar assets, as applicable. This process requires management's estimate of future cash
flows generated by each asset or group of assets. For any instance where this evaluation process indicates impairment, the relevant asset's
carrying amount is written down to the recoverable amount and the amount of the write-down is charged against profit or loss.
Useful
lives and impairment assessment of investment property
Investment
properties are stated at cost less accumulated depreciation and identified impairment losses. The estimation of useful lives impacts
the level of annual depreciation expenses recorded. Investment properties are evaluated for possible impairment on a specific asset basis
or in groups of similar assets, as applicable. This process requires management's estimate of future cash flows generated by each
asset or group of assets. For any instance where this evaluation process indicates impairment, the relevant asset's carrying amount
is written down to the recoverable amount and the amount of the write-down is charged against profit or loss.
Impairment
loss recognized in respect of property, plant and equipment
As
of December 31, 2023, the net carrying amount of property, plant and equipment was approximately RMB 1,146,000 (2022: RMB 1,006,000).
No impairment loss was recognized for the years ended December 31, 2023 and 2022. Determining whether property, plant and equipment are
impaired requires an estimation of the recoverable amount of the property, plant and equipment. Such an estimate was based on certain
assumptions which are subject to uncertainty and might materially differ from the actual results.
Income
tax
The
Company has exposure to income taxes in the PRC. Significant judgment is required in determining the provision for income taxes. There
are certain transactions and computations for which the ultimate tax determination is uncertain during the ordinary course of business.
The Company recognizes liabilities for expected tax issues based on estimates of whether additional taxes will be due. When the final
tax outcome of these matters is different from the amounts that were initially recognized, such differences will impact the income tax
and deferred tax provisions in the period in which such determination is made.
Impairment
of financial assets (trade receivables)
The
Company recognizes a loss allowance for expected credit loss ("ECL") on financial assets which are subject to impairment
under IFRS 9 (including trade and other receivables, amounts due from related parties, restricted cash, bank balances and cash). The
amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition.
Lifetime
ECL represents the ECL that will result from all possible default events over the expected life of the relevant instrument. In contrast,
12-month ECL ("12m ECL") represents the portion of lifetime ECL that is expected to result from default events that are possible
within 12 months after the reporting date. Assessment are done based on the Company's historical credit loss experience, adjusted
for factors that are specific to the debtors, general economic conditions and an assessment of both the current conditions at the reporting
date as well as the forecast of future conditions.
63
The
Company applies the IFRS 9 simplified approach to measure ECL which uses a lifetime ECL for all trade receivables. The ECL on these assets
are assessed individually for debtors with significant balances and/or collectively using a provision matrix with appropriate groupings.
For
all other instruments, the Company measures the loss allowance equal to 12m ECL, unless when there has been a significant increase in
credit risk since initial recognition, the Company recognizes lifetime ECL. The assessment of whether lifetime ECL should be recognized
is based on significant increases in the likelihood or risk of a default occurring since initial recognition.
The
Company recognized bad debts reversal of RMB nil and RMB 2.8 million for the years ended December 31, 2023 and 2022, respectively. The
Company's discontinued operation recognized bad debts reversal of RMB 1.0 million and RMB 74.9 million for the years ended December
31, 2023 and 2022.
Share-based
payment transaction
The
Company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the
date at which they are granted. Estimating fair value for share-based payment transactions requires determining the most appropriate
valuation model which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate
inputs to the valuation model including the expected life of the stock option, volatility and dividend yield, and the assumptions as
to these components.
ITEM
    6.
DIRECTORS,
    SENIOR MANAGEMENT AND EMPLOYEES
A.
Directors
    and senior management
Our
current directors and executive officers are:
Name
Age
Position
Weilai
    (Will) Zhang
50
Chair
    of the Board and Chief Executive Officer
Hen
    Man Edmund
50
Chief
    Financial Officer
Dian
    Zhang
(1)(2)(3)(4)
39
Director
Ishak
    Han
(1)(2)(3)
36
Director
Huashu
    Yuan
(1)(2)(3)
27
Director
Song Chungen
(1)(2)(3)
47
Director
Tingting
    Zhang
29
Executive
    Director and Corporate Secretary
Xiaoying
    Song
33
Director
Junjie
    Dong
37
Executive
    Director
Houyou
    Zhang
45
Executive
    Director
(1)
Member
    of audit committee
(2)
Member
    of compensation committee
(3)
Member
    of nominations committee
(4)
Audit
    committee financial expert
Mr.
Weilai Zhang has served as our Chief Executive Officer since January 2023 and joined our Board in February 2023. From 2011 to 2020, he
acted as the chairman of Huitong Tianxia Investment Ltd., an investment company. Since 2020, Mr. Zhang has acted as the chairman of Jinke
Yulv Technology Co., Ltd., which is an International Technology firm in China. Mr. Zhang completed the course and obtained a Diploma
in Capital and M&A Entrepreneurship from Fudan University in 2021, and a Diploma in Finance and Capital Investment from Southwest
University in Finance and Economics in 2014.
64
Mr.
Hen Man Edmund has served as our Chief Financial Officer since November 20, 2009. Mr. Hen is responsible for the corporate finance
function and oversees matters relating to compliance and reporting obligation of our company. Prior to joining us, Mr. Hen was a
Financial Controller of a switchgear manufacturer in Sichuan PRC and was responsible for the corporate finance function of the
company. Prior to that, Mr. Hen was the accountant of Dickson Concepts (International) Ltd., a public listed company in Hong Kong
and oversaw the accounting and financial administration of the company. He also worked at a variety of international accountancy
firms, including Deloitte Touche Tohmatsu, in assurance and advisory services during the period from 1995 to 2001. Mr. Hen obtained
his Bachelor's Degree in Science from the University of East Anglia, United Kingdom in 1995, and a Master's Degree in
Professional Accounting from University College London in 2022. He is a member of the Institute of Chartered Accountants in
England and Wales and a member of the Hong Kong Institute of Certified Public Accountants.
Mr.
Dian Zhang joined our Board in November 2022. Mr. Dian Zhang is currently Chief Financial Officer of Baiya International Group Inc.,
an SaaS (software as a service) platform company in China. Previously, Mr. Zhang worked at Eaton Square from 2014 to 2020, an M&A
advisory firm, where he was responsible for investments in new ventures and their financing in the Chinese market. Previous to that,
Mr. Zhang worked at the Chengdu branch of ShineWing Certified Public Accountants from 2009 to 2013 where his responsibilities included
the auditing of annual reports of publicly listed companies and due diligence for IPO projects. Mr. Zhang holds a Bachelor's degree
in Management Accounting from Aston University, a Master's degree in Banking and Finance from Monash University, and a Master's
degree in Financial Management from the Australian National University.
Mr.
Ishak Han joined our Board in November 2022. Mr. Han is the General Manager of Shenzhen Baisifu Industrial Co., Ltd., which engages in
property management and leasing, management services for catering businesses, and enterprise management consulting. Having founded the
firm in 2017, Mr. Han developed Shenzhen Baisifu Industrial Co., Ltd.'s marketing strategy, management policies, financial budgeting,
and corporate planning activities. From 2011 to 2016, Mr. Han was the General Manager of Shenzhen Baisi Technology Co., Ltd. which engages
in the development of self-service website application systems, the training and development of online ventures, online marketing training,
and e-commerce product consignments. As the founder of Shenzhen Baisi Technology Co., Ltd., Mr. Han oversaw its financial budgeting and
corporate planning functions, and was responsible for its overall marketing strategy. Mr. Han graduated with a higher degree diploma
in marketing from Guangdong Open University in 2021.
Mr. Song Chungen joined our Board in November 2019 as an independent member of the Board as well as a member of Audit, Compensation and Nominating
Committees, to fill the vacancy following Liu Jun's resignation. From 2009 to present, Song Chungen has been a practicing lawyer
at Guangdong Weihao Law firm. He obtained his law license in May 2003, and in November 2009, he obtained Securities Qualification in
China. Song Chungen holds a Bachelor's degree in Law from Sun Yat Sen University (2007).
Ms.
Huashu Yuan joined our Board in March 2023. Ms. Yuan has been the marketing specialist of Vesta living corp. since March 2022. Ms. Yuan
served as an outside consultant providing marketing advice to the Company from June 2021 to February 2023. Ms. Yuan served as the marketing
manager for American Tianfu-Wenhui Publishing Company from March 2021 to February 2022. Ms. Yuan worked at Strands Haircare Inc. as a
social media intern from October 2020 to February 2021. Ms. Yuan obtained her Master's degree in Emerging Media Studies from Boston
University in 2020 and obtained her Bachelor's degree in Communication Science and Rhetoric Studies from University of Wisconsin-Madison
in 2019.
Ms.
Tingting Zhang joined our Board in October 2022. Ms. Zhang joined China Mobile's digital content subsidiary Migo Co Ltd in 2021
at its Xiamen headquarters as the manager of its post-production department. Her current responsibilities include video production of
programs including the 2022 Winter Olympics, the Golden Rooster Award and other large-scale China award productions. Previous to that,
from 2018 to 2021, Ms. Zhang worked as a multimedia designer at 4399 Networks Ltd., where she was responsible for media productions.
Ms. Zhang graduated with a Bachelor's degree in Design from Asia University Taiwan.
65
Ms.
Xiaoying Song has extensive experience in business administration and operations as well as investment management, and has been a co-founder
of several companies. From 2020 to 2023, she has acted as the chief executive officer and the co-founder of Sichuan Huanyu Interchange
Group Co., Ltd, which operates as a bidding agency for contracts, and engages in engineering supervision, construction labor subcontracting
and other related businesses. From 2016 to 2019, Ms. Song has acted as the chief executive officer and the co-founder of Chengdu Houshi
Technology Co., Ltd, which engages in technology development, technical services and information technology consulting service. From
2013 to 2016, Ms. Song has acted as the chief executive officer and the co-founder of Chengdu Huaxin Wealth Management Co., Ltd, an investment
management, investment consulting, and business services firm. Ms. Song obtained an Associate's Degree in Air Crew from Nanchang
Institute of Technology in 2013.
Mr.
Junjie Dong is currently the Chief Technology Officer of Antelope Holdings (Chengdu) Co., Ltd., a wholly owned subsidiary of the Company
that is engaged in computer consulting and software development. Mr. Dong is responsible for its strategic direction and overseeing its
technological advancements, and he has held this position since July 2023. From February 2018 to July 2023, Mr. Dong was the Chief Executive
Officer ("CEO") of Shenzhen Hongtaiju Technology Development Co., Ltd., an information technology company, where he was mainly
responsible for the company's strategic planning and operational management. From August 2015 to December 2018, Mr. Dong was CEO
of Shenzhen Weidai Yingxing Financial Services Co., Ltd, a company that provides financial services. From May 2013 to July 2015, he was
the CEO of Shenzhen Hongtaiju Investment Consulting Co., Ltd., a company that provides financial services. Mr. Dong attended Hainan Vocational
College of Science and Technology from March 2015 to December 2018, and received the junior college degree.
Mr.
Houyou Zhang has been a director of YiXiang International LLC since March 2023, where he secures projects for investment and conducted
due diligence. From May 2017 to October 2022, Mr. Zhang was the chairman of Shanghai KKM Asset Management Cok., Ltd., a firm that he
founded and where he was engaged in investment and asset management. Mr. Zhang is experienced in quantitative trading in China with 20
years of experience in the finance industry, and he has published widely on finance and investments. Mr. Zhang received a Bachelor's
degree in Engineering from Sichuan University in 2002.
There
are no family relationships among our directors or officers.
The
business address of each party described above is Suite 7540, The Empire State Building, 350 Fifth Avenue, New York, New York 10118.
B.
Compensation
Compensation
Committee Interlocks and Insider Participation
No
member of our compensation committee has at any time been our officer or employee, or our subsidiaries. No interlocking relationship
exists between our board of directors or compensation committee and the board of directors or compensation committee of any other company,
nor has any interlocking relationship existed in the past.
During
the last fiscal year, none of our officers and employees, and none of our former officers participated in deliberations of our Board
of Directors concerning executive officer compensation.
66
Director
Compensation
The
following table sets forth all of the compensation paid by us or our significant subsidiaries in 2023 to each of our non-employee directors
for such person's service as a director (including contingent or deferred compensation accrued during 2023):
Value of
Compensation
Options (1)
Name and Principal Position
RMB
RMB
Total RMB
Song Chungen
1,005,346
1,005,346
Dian Zhang
1,508,019
1,508,019
Huashu Yuan
153,334
153,334
Tingting Zhang
1,256,682
1,256,682
Ishak Han
2,725,341
2,725,341
Xiaoying Song
0
-
0
Executive
Officers
The
following table sets forth all of the compensation paid by us or our significant subsidiaries in 2023 to each of our officers for such
person's service as an officer (including contingent or deferred compensation accrued during 2023, but not including any amounts
paid to such persons for their services as directors):
Value of Stock
Salary
Bonus
Compensation
Total
Name and Principal Position
RMB
RMB
RMB
RMB
Weilai Zhang, CEO
602,218
5,431,424
(1)
6,033,641
Hen Man Edmund, CFO
744,038
638,991
(2)
1,383,029
(1)
Weilai Zhang received 27,080 Class A ordinary shares and 107,721 Class
B ordinary shares as his compensation for the year ended on December 31, 2023.
(2)
Hen Man Edmund received 28,378 Class A ordinary shares as his compensation
for the year ended on December 31, 2023.
Retirement
Benefits
As
of December 31, 2023, we have contributed to the government-mandated employee welfare and retirement benefit plan and provided pension,
retirement or similar benefits to its employees. The PRC regulations require us to pay the local labor administration bureau a monthly
contribution at a stated contribution rate based on the monthly basic compensation of qualified employees. The local labor administration
bureau, which manages various investment funds, will take care of employee retirement, medical and other fringe benefits. We have no
further commitments beyond our monthly contribution.
Employment
Agreements
We
entered into employment agreements with the following officers: Weilai Zhang, CEO and Hen Man Edmund, CFO,
●
The
    term of the employment agreements is three years (January 5, 2023 to January 4, 2026 for Weilai Zhang), three years (October 1, 2022
    to September 30, 2025 for Hen Man Edmund).
●
From
    October 1, 2022, Hen Man Edmund received compensation of RMB 61,074 (HKD 70,200) per month.
●
Weilai
    Zhang's employment agreement was amended on April 1 to reflect that he shall receive 500,000 Class B Ordinary Shares per year,
    starting from January 1, 2024. The board of directors of the Company approved to issue 1,500,000 Class B ordinary shares in advance,
    to Mr. Zhang, as the compensation for his services for the three years commencing on January 1, 2024 and ending on December 31, 2026,
    provided that, in the event Mr. Zhang's employment is terminated earlier than December 31, 2026, Mr. Zhang shall return the
    Class B ordinary shares proportionately.
67
●
We
    may dismiss any of the above officers if any of the following events occurs with respect to the officer: (1) failure to show up for
    work, (2) failure to provide required documents, (3) falsification of documents, criminal record, etc., (4) serious violation of
    such officers' labor rules and of regulations, (5) serious lapse of duties and responsibilities, (6) activities that violate
    regulations, resulting in loss of more than RMB 4,000, (7) operation of his own business during the term of his employment, (8) criminal
    prosecution and labor punishment, (9) request by the officer to resign, (10) causing us to sign or change any contract through fraud,
    coercion and other fraudulent means, or (11) other situations stipulated by law and statutes.
●
Each
    officer is subject to the non-compete provisions of the agreement for a period of three years following termination of the employment
    agreement and non-solicitation provisions of the agreement for a period of two years following termination of the employment agreement.
Other
Employees
Compensation
for our senior executives is comprised of four elements: a base salary, an annual performance bonus, equity and benefits.
In
developing salary ranges, potential bonus payouts, equity awards and benefit plans, it is anticipated that our compensation committee
takes into account: 1) competitive compensation among comparable companies and for similar positions in the market, 2) relevant ways
to incentivize and reward senior management for improving shareholder value while building a successful company, 3) individual performance,
4) how best to retain key executives, 5) the overall performance of us and our various key component entities, 6) our ability to pay
and 7) other factors deemed to be relevant at the time.
Our
senior management have discussed our above-mentioned planned process for executive compensation and the four compensation components.
Specific compensation plans for our key executives are negotiated and established by our compensation committee.
We
have not entered into any service contracts with any of our officers, directors or employees that contain any provisions for benefits
upon termination of employment.
Antelope
Enterprise Holdings Limited 2024 Equity Compensation Plan
On
March 26, 2024, the Board of Directors of the Company (the "Board") approved the 2024 Equity Compensation Plan (the "Plan")
is to attract and retain outstanding individuals as employees, directors and consultants of the Company and its subsidiaries, to recognize
the contributions made to the Company and its Subsidiaries by such individuals and to provide them with additional incentive to expand
and improve the profits and achieve the objectives of the Company
The
2024 Plan is administered by the Board. The Board, in its sole discretion, will determine the eligible individuals to whom, and the time
or times at which awards will be granted, the form and amount of each award, the expiration date of each award, the time or times within
which the awards may be exercised, the cancellation of the awards and the other limitations, restrictions, terms and conditions applicable
to the grant of the awards.
The
total number of shares that may be issued under the 2024 Plan is (i) initially 1,000,506 Class A ordinary shares. The Board may, in its
discretion, (a) grant shares under the 2024 Plan to any participant without consideration from such Participant or (b) sell shares under
the 2024 Plan to any participant for such amount of cash, shares or other consideration as the Board deems appropriate. Notwithstanding
any of the provisions of the 2024 Plan or any outstanding award agreement, upon a Change in Control of the Company, the Board is authorized
and has sole discretion to provide that all restrictions applicable to all awards shall terminate or lapse in order that Participants
may fully realize the benefits thereunder. Awards granted under the 2024 Plan, and any rights and privileges pertaining thereto, may
not be transferred, assigned, pledged or hypothecated in any manner, or be subject to execution, attachment or similar process, by operation
of law or otherwise, other than by will or by the laws of descent and distribution. The Board may terminate, suspend, or amend the Plan,
in whole or in part, from time to time. The Board also has the authority to amend any award agreement at any time.
The
Company has filed a Form S-8 (File No. 333-278348) to register the 2024 Equity Incentive Plan and has issued 131,650 Class A ordinary
shares pursuant to this S-8 as of the date of this annual report.
68
Antelope
Enterprise Holdings Limited 2023 Equity Compensation Plan
On
May 2, 2023, the Board of Directors of the Company (the "Board") approved the 2023 Equity Compensation Plan (the "2023
Plan") is to attract and retain outstanding individuals as employees, directors and consultants of the Company and its subsidiaries,
to recognize the contributions made to the Company and its Subsidiaries by such individuals and to provide them with additional incentive
to expand and improve the profits and achieve the objectives of the Company
The
2023 Plan is administered by the Board. The Board, in its sole discretion, will determine the eligible individuals to whom, and the time
or times at which awards will be granted, the form and amount of each award, the expiration date of each award, the time or times within
which the awards may be exercised, the cancellation of the awards and the other limitations, restrictions, terms and conditions applicable
to the grant of the awards.
The
total number of shares that may be issued under the 2023 Plan is (i) initially 2,700,000 Class A ordinary shares (pre-reverse split).
The Board may, in its discretion, (a) grant shares under the Plan to any participant without consideration from such Participant or (b)
sell shares under the 2023 Plan to any participant for such amount of cash, shares or other consideration as the Board deems appropriate.
Notwithstanding any of the provisions of the 2023 Plan or any outstanding award agreement, upon a Change in Control of the Company, the
Board is authorized and has sole discretion to provide that all restrictions applicable to all awards shall terminate or lapse in order
that Participants may fully realize the benefits thereunder. Awards granted under the 2023 Plan, and any rights and privileges pertaining
thereto, may not be transferred, assigned, pledged or hypothecated in any manner, or be subject to execution, attachment or similar process,
by operation of law or otherwise, other than by will or by the laws of descent and distribution. The Board may terminate, suspend, or
amend the Plan, in whole or in part, from time to time. The Board also has the authority to amend any award agreement at any time.
The
Company has filed a Form S-8 (File No. 333-272024) to register the 2023 Equity Compensation Plan and has issued 2,700,000 Class A ordinary
shares (pre-reverse split) pursuant to this S-8 as of the date of this annual report.
C.
Board Practices
The
term of each director is until their resignation or removal.
Our
board of directors has established an audit committee, a compensation committee and a governance and nominating committee.
Audit
Committee.
The audit committee consists of Dian Zhang (Chair and the Audit Committee financial expert), Huashu Yuan and Song Chungen.
The
board of directors has adopted an audit committee charter, providing for the following responsibilities of the audit committee:
●
appointing
    and replacing our independent auditors and pre-approving all auditing and permitted non-auditing services to be performed by the
    independent auditors;
69
●
reviewing
    and discussing the annual audited financial statements with management and the independent auditors;
●
annually
    reviewing and reassessing the adequacy of our audit committee charter;
●
such
    other matters that are specifically delegated to our audit committee by our board of directors from time to time;
●
meeting
    separately and periodically with management, the internal auditors and the independent auditors; and
●
reporting
    regularly to the board of directors.
A
copy of the audit committee charter is available on our website at
http://aehltd.com/Corporate-Governance.html
. The information
contained on our website is not a part of this Annual Report.
Compensation
Committee
. Our compensation committee consists of Huashu Yuan (Chair), Ishak Han, Song Chungen and Dian Zhang. Our board of directors
adopted a compensation committee charter, providing for the following responsibilities of the compensation committee:
●
reviewing
    and making recommendations to the board regarding our compensation policies and forms of compensation provided to our directors and
    officers;
●
reviewing
    and making recommendations to the board regarding bonuses for our officers and other employees;
●
administering
    our incentive-compensation plans for our directors and officers;
●
reviewing
    and assessing the adequacy of the charter annually;
●
administering
    our share option plans, if they are established in the future, in accordance with the terms thereof; and
●
such
    other matters that are specifically delegated to the compensation committee by our board of directors from time to time.
A
copy of the compensation committee charter is available on our website at
http://aehltd.com/Corporate-Governance.html
. The information
contained on our website is not a part of this Annual Report.
Governance
and Nominating Committee
. Our governance and nominating committee consists Huashu Yuan (Chair), Ishak Han, Song Chungen and Dian
Zhang. Our board of directors adopted a governance and nominating committee charter, providing for the following responsibilities of
the governance and nominating committee:
●
overseeing
    the process by which individuals may be nominated to our board of directors;
●
identifying
    potential directors and making recommendations as to the size, functions and composition of our board of directors and its committees;
●
reviewing
    candidates proposed by our shareholders;
●
developing
    the criteria and qualifications for the selection of potential directors; and
●
making
    recommendations to the board of directors on new candidates for board membership.
A
copy of the governance and nominating committee charter is available on our website at http://aehltd.com/Corporate-Governance.html. The
information contained on our website is not a part of this Annual Report.
70
In
making nominations, the governance and nominating committee is required to submit candidates who have the highest personal and professional
integrity, who have demonstrated exceptional ability and judgment and who shall be most effective, in conjunction with the other nominees
to the board, in collectively serving the long-term interests of the shareholders. In evaluating nominees, the governance and nominating
committee is required to take into consideration the following attributes, which are desirable for a member of the board: leadership,
independence, interpersonal skills, financial acumen, business experiences, industry knowledge, and diversity of viewpoints.
Code
of Ethics
In
May 2010, our board of directors adopted a code of ethics that applies to our directors, officers and employees. Our code of ethics is
available on our website at http://aehltd.com/Corporate-Governance.html.
Director
Independence
Our
Board is subject to the independence requirements of the Nasdaq Stock Market ("Nasdaq"). The Board undertakes periodic reviews
of director independence. During this review, the Board considers transactions and relationships between each director or any member
of his immediate family, the Company and its affiliates to determine whether any such relationships or transactions exist that are inconsistent
with a determination that the director is independent. Our Board has determined that all current members of the Audit Committee, the
Compensation Committee and the Nominating and Governance Committee (Song Chungen, Roy Tan Choon Kang, and Shen Cheng Liang) are ''independent"
in accordance with the Nasdaq independence requirements. Our Chairman and Chief Executive Officer does not serve on any of the Board
committees. The majority of the Board is comprised of independent directors. The Board based these determinations primarily on a review
of the responses of the directors and executive officers to questions regarding employment and transaction history, affiliations and
family and other relationships and on discussions with the directors and the fact that no director previously reported a change in circumstances
that could affect his independence.
Board
Diversity
The
table below provides certain information regarding the diversity of our board of directors as of the date of this annual report.
Board
    Diversity Matrix
Country
    of Principal Executive Offices:
China
Foreign
    Private Issuer
Yes
Disclosure
    Prohibited under Home Country Law
No
Total
    Number of Directors
10
Female
Male
Non-
Binary
Did
                                            Not
Disclose
Gender
Part
    I: Gender Identity
Directors
3
7
0
0
Part
    II: Demographic Background
Underrepresented
    Individual in Home Country Jurisdiction
0
LGBTQ+
0
Did
    Not Disclose Demographic Background
0
71
D.
Employees
The
table below provides information as to the total number of employees at the end of the last three fiscal years. We have no contracts
or collective bargaining agreements with labor unions and have never experienced work stoppages due to labor dispute. We consider our
relations with our employees to be good.
2021
2022
2023
Number of Employees
236
63
43
E.
Share
    Ownership
See
Item 7 below.
F.
Disclosure
    of a registrant's action to recover erroneously awarded compensation
None.
ITEM
    7.
MAJOR
    SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
A.
Major
    shareholders
The
following table sets forth certain information regarding beneficial ownership of our shares by each person who is known by us to beneficially
own more than 5% of our shares. The table also identifies the share ownership of each of our directors, each of our named executive officers,
and all directors and officers as a group. Except as otherwise indicated, the shareholders listed in the table have sole voting and investment
powers with respect to the shares indicated. Our major shareholders do not have different voting rights than any other holder of our
shares.
Shares
which an individual or group has a right to acquire within 60 days pursuant to the exercise or conversion of options, warrants or other
similar convertible or derivative securities are deemed to be outstanding for the purpose of computing the percentage ownership of such
individual or group, but are not deemed to be outstanding for the purpose of computing the percentage ownership of any other person shown
in the table.
Beneficial
ownership is determined in accordance with the rules of the Securities and Exchange Commission and generally includes voting and investment
power. Except as otherwise indicated below, each beneficial owner holds voting and investment power directly. The percentage of ownership
is based on 6,865,124 Class A ordinary shares and 2,005,497 Class B ordinary shares issued and outstanding as of May 6, 2024.
Class A Ordinary Shares
%
Class B Ordinary Shares
%
% of Total Voting Power
(1)
Directors and Executive Officers:
Weilai (Will) Zhang
(2)
48,907
*
2,005,497
100
%
85.49
%
Hen Man Edmund
6,579
*
-
-
*
Ishak Han
132,500
1.93
%
-
-
*
Song Chungen
-
-
-
-
-
Dian Zhang
1,016
*
-
-
*
Huashu Yuan
-
-
-
-
-
Tingting Zhang
-
-
-
-
-
Houyou Zhang
5,263
*
-
-
*
Xiaoying Song
-
-
-
-
-
Junjie Dong
37,500
*
-
-
*
All directors and executive officers as a group (10 individuals)
231,765
3.38
%
2,005,497
100
%
85.88
%
5% Shareholders
Lucia Hu
(3)
473,457
6.90
%
-
-
1.01
%
Seener Enterprise Limited
(4)
955,882
13.92
%
-
-
2.03
%
*
Less than 1%
Unless
otherwise indicated, the business address of each of the individuals The business address of each party described above is Suite 7540,
The Empire State Building, 350 Fifth Avenue, New York, New York 10118.
(1)
Each Class A ordinary share is entitled to one (1) vote, and each Class B ordinary share is entitled to twenty (20) votes.
(2)
The mailing address for this individual is 2302 Bldg. 2 Renheng, Binhewan No. 88, Jinjiang District, Chengdu, China.
(3)
The mailing address for this individual is 3950 Mahaila Ave C12, San Diego, CA 92122.
(4)
The business address for Seener Enterprise Limited is 3rd Floor, Johnson`s Ghut, Tortola, British Virgin Islands. The sole director
and shareholder of Seener Enterprise Limited is Di Wu, an employee and director of AEHL US, a wholly owned subsidiary of our company.
72
B.
Related
    Party Transactions
Apart
from those discussed elsewhere in these financial statements, the following are significant related party transactions entered into between
the Company and its related parties at agreed rates:
Due
from related parties
2023
2022
RMB'000
RMB'000
Liping Huang (CEO's spouse)
3,550
-
Lei Deng (legal representative of one of the subsidiaries)
1,964
-
Xiaorong Yang (legal representative of one of the subsidiaries)
3,830
-
Total
9,344
-
On
December 31, 2023, the Company assessed whether the credit risk on a financial instrument has increased significantly since initial
recognition, and concluded no loss allowance for ECL needs to be recorded for due from related parties under IFRS 9 as a result of
the guaranteed repayment from the Company's senior officers.
As
of December 31, 2023, the Company had due to Weilai Zhang, (the Company's CEO) of RMB 553,000 ($78,000), no interest,
unsecured, and payable upon demand.
C.
Interests
    of Experts and Counsel
Not
required.
ITEM
    8.
FINANCIAL
    INFORMATION
A.
Consolidated
    Statements and Other Financial Information.
See
Item 18 for our audited consolidated financial statements.
Legal
Proceedings
From
time to time in the ordinary course of our business, we may be involved in legal proceedings, the outcomes of which may not be determinable.
The results of litigation are inherently unpredictable. Any claims against us, whether meritorious or not, could be time consuming, result
in costly litigation, require significant amounts of management time and result in diversion of significant resources. We are not able
to estimate an aggregate amount or range of reasonably possible losses for those legal matters for which losses are not probable and
estimable, primarily for the following reasons: (i) many of the relevant legal proceedings are in preliminary stages, and until such
proceedings develop further, there is often uncertainty regarding the relevant facts and circumstances at issue and potential liability;
and (ii) many of these proceedings involve matters of which the outcomes are inherently difficult to predict. We have insurance policies
covering potential losses where such coverage is cost effective.
We
are not at this time involved in any legal proceedings.
Dividend
Policy
Our
Board of Directors has discretion to pay dividends. The form, frequency and amount will depend upon our future operations and earnings,
capital requirements and surplus, general financial condition, contractual restrictions and other factors that our Board of Directors
may deem relevant. Although we have paid dividends in the past, there is no assurance that we will continue to pay dividends in the future.
On
February 25, 2014, we announced two semi-annual cash dividends of $0.0125 per share. The first dividend of $0.0125 per share was paid
on July 14, 2014 and the second of $0.0125 per share was paid on January 14, 2015, with record dates of June 13, 2014 and December 12,
2014, respectively. No dividends were paid subsequent to January 14, 2015. The Company does not anticipate paying dividends in the near
future.
We
are a holding company incorporated in the British Virgin Islands operating our business through our subsidiaries in China. As a holding
company, we may rely on dividends and other distributions on equity paid by our subsidiary in Hong Kong, and the subsidiaries in China,
for our cash and financing requirements. The payment of dividends to Antelope Enterprises by our Chinese subsidiaries is affected by
means of dividends by those entities to their Hong Kong direct parent and a redividend by that Hong Kong entity to Antelope Enterprises.
Such dividends are effected by resolution of the board of directors of each such entity (after provision for applicable tax obligations).
China is a foreign exchange administration country. Capital injections, cross-border trade and services transactions settled in foreign
exchange, overseas financing and profit repatriations are subject to the foreign exchange administration regulations. A Chinese subsidiary
owned by foreign company must apply for registration of foreign exchange with the SAFE after the issuance of a business license and obtain
a foreign exchange registration certificate. When the Chinese subsidiaries apply for repatriating dividends to foreign shareholders,
it must submit the application form to SAFE with the proof that such dividends have been subjected to all applicable tax withholding.
A Chinese subsidiary can only distribute dividends out of its accumulated profits, which means that any accumulated losses must be more
than offset by its profits in other years, including the current year. Please refer to "Item 4 Information on the Company –
History and Development of the Company - Cash Transfers Within Our Organization" for more information.
B.
Significant
    Changes
Except
as disclosed elsewhere in this Annual Report, we have not experienced any significant changes since the date of our audited consolidated
financial statements included in this Annual Report.
73
ITEM
    9.
THE
    OFFER AND LISTING
A.
Offer
    and Listing Details
Our
Class A ordinary shares are listed on the Nasdaq Capital Market under the symbol "AEHL".
B.
Plan of Distribution
Not
Applicable.
C.
Markets
Our
Class A ordinary shares are listed on the NASDAQ Capital Market since October 15, 2020 under the symbol "AEHL".
Previously,
our shares had been listed on the NASDAQ Stock Market under the symbol "CCCL" since January 18, 2011. Our shares were listed
on the NASDAQ Capital Market from November 3, 2010 through January 17, 2011 and were relisted on the NASDAQ Capital Market on March 23,
2016 following the listing transfer where it is trading now under the same symbol "CCCL." Our shares were listed on the NASDAQ
Global Market from January 18, 2011 until March 22, 2016.
Our
shares were previously quoted on the OTC Bulletin Board from December 29, 2009 through November 2, 2010. Prior to December 29, 2009,
our shares were traded on NYSE Amex, under the symbols "HOL" and "CHAC". CHAC's shares commenced to trade
on December 17, 2007.
D.
Selling
    Shareholders
Not
Applicable.
E.
Dilution
Not
Applicable.
F.
Expenses
    of the Issue
Not
Applicable.
ITEM
    10.
ADDITIONAL
    INFORMATION
A.
Share
    Capital
Not
Applicable.
B.
Memorandum
    and Articles of Association
We
incorporate by reference into this annual report the description of our amended and restated memorandum and articles of association and
the description of differences in corporate laws, Exhibits 1.1 and 2.3.
C.
Material
    Contracts
We
have not entered into any material contracts other than in the ordinary course of business and other than those described in "Item
4. Information on the Company," "Item 7. Major Shareholders and Related Party Transactions—B. Related Party Transactions,"
or elsewhere in this annual report on Form 20-F.
D.
Exchange
    controls
Under
British Virgin Islands law, there are currently no restrictions on the export or import of capital, including foreign exchange controls
or restrictions that affect the remittance of dividends, interest or other payments to nonresident holders of our shares.
E.
Taxation
The
following summary of the material PRC and U.S. federal income tax consequences of the acquisition, ownership and disposition of Antelope
Enterprises shares, sometimes referred to as "securities," is based upon laws and relevant interpretations thereof in effect
as of the date of this Annual Report, all of which are subject to change. This summary does not deal with all possible tax consequences
relating to an investment in Antelope Enterprises' securities, such as the tax consequences under state, local and other tax laws.
For purposes of this discussion, references to "Antelope Enterprises," "we," "us" or "our"
refer only to Antelope Enterprises Co., Ltd.
74
PRC
Taxation
The
following discussion summarizes the material PRC income tax considerations relating to the acquisition, ownership and disposition of
Antelope Enterprises' securities. You should consult with your own tax adviser regarding the PRC tax consequences of the acquisition,
ownership and disposition of Antelope Enterprises' securities.
Resident
Enterprise Treatment
On
March 16, 2007, the Fifth Session of the Tenth National People's Congress passed the Enterprise Income Tax Law of the PRC ("EIT
Law"), which became effective on January 1, 2008. Under the EIT Law, enterprises are classified as "resident enterprises"
and "non-resident enterprises." Pursuant to the EIT Law and its implementing rules, enterprises established outside China
whose "de facto management bodies" are located in China are considered "resident enterprises" and subject to
the uniform 25% enterprise income tax rate on their worldwide taxable income. According to the implementing rules of the EIT Law, "de
facto management body" refers to a managing body that in practice exercises overall management control over the production and
business, personnel, accounting and assets of an enterprise.
On
April 22, 2009, the State Administration of Taxation issued the Notice on the Issues Regarding Recognition of Enterprises that are Domestically
Controlled as PRC Resident Enterprises Based on the De Facto Management Body Criteria, which was retroactively effective as of January
1, 2008. This notice provides that an overseas incorporated enterprise that is controlled by PRC domestic companies will be recognized
as a "tax-resident enterprise" if it satisfies all of the following conditions: (i) the senior management responsible for
daily production/business operations are primarily located in the PRC, and the location(s) where such senior management execute their
responsibilities are primarily in the PRC; (ii) strategic financial and personnel decisions are made or approved by organizations or
personnel located in the PRC; (iii) major properties, accounting ledgers, company seals and minutes of board meetings and stockholder
meetings, etc., are maintained in the PRC; and (iv) 50% or more of the board members with voting rights or senior management habitually
reside in the PRC.
Given
the short history of the EIT Law and lack of applicable legal precedent, it remains unclear how the PRC tax authorities will determine
the resident enterprise status of a company organized under the laws of a foreign (non-PRC) jurisdiction. If the PRC tax authorities
determine that a certain company is a "resident enterprise" under the EIT Law, a number of tax consequences could follow.
First, that company could be subject to the enterprise income tax at a rate of 25% on its worldwide taxable income, as well as PRC enterprise
income tax reporting obligations. Second, the EIT Law provides that dividend income between "qualified resident enterprises"
is exempt from income tax. As a result, if that company is treated as a "qualified resident enterprise," all dividends paid
from its PRC subsidiaries, should be exempt from the PRC enterprise income tax.
As
of the date of this Annual Report, there has not been a definitive determination by Antelope Enterprises, Success Winner or the PRC tax
authorities as to the "resident enterprise" or "non-resident enterprise" status of Antelope Enterprises and Success
Winner. However, since it is not anticipated that Antelope Enterprises and Success Winner would receive dividends or generate other income
in the near future, Antelope Enterprises and Success Winner are not expected to have any income that would be subject to the 25% enterprise
income tax on worldwide taxable income in the near future. Antelope Enterprises and Success Winner will make any necessary tax payment
if Antelope Enterprises or Success Winner (based on future clarifying guidance issued by the PRC), or the PRC tax authorities, determine
that Antelope Enterprises or Success Winner is a resident enterprise under the EIT Law, and if Antelope Enterprises or Success Winner
were to have income in the future.
Dividends
that Non-PRC Resident Investors Receive From Antelope Enterprises; Gain on the Sale or Transfer of Antelope Enterprises' Securities
If
we are determined to be a resident enterprise under the EIT Law and dividends payable to (or gains realized by) Antelope Enterprises'
investors that are not tax residents of the PRC ("non-resident investors") are treated as income derived from sources within
the PRC, then the dividends that the non-resident investors receive from us and any such gain derived by such investors on the sale or
transfer of Antelope Enterprises' securities may be subject to income tax under the PRC tax laws.
Under
the PRC tax laws, PRC withholding tax at the rate of 10% is applicable to dividends payable to non-resident investors that are enterprises,
but not individuals, and that (i) do not have an establishment or place of business in the PRC or (ii) have an establishment or place
of business in the PRC but the relevant income is not effectively connected with the establishment or place of business, to the extent
that such dividends are deemed to be sourced within the PRC. Similarly, any gain realized on the transfer of Antelope Enterprises'
securities by such investors also is subject to 10% PRC income tax if such gain is regarded as income derived from sources within the
PRC.
75
The
dividends paid by us to such non-resident investors with respect to Antelope Enterprises' securities, or gain such non-resident
investors may realize from the sale or transfer of Antelope Enterprises' securities, may be treated as PRC-sourced income and,
as a result, may be subject to PRC tax at a rate of 10%. In such event, Antelope Enterprises may be required to withhold a 10% PRC tax
on any dividends paid to such non-resident investors. In addition, such non-resident investors in Antelope Enterprises' securities
may be responsible for paying PRC tax at a rate of 10% on any gain realized from the sale or transfer of Antelope Enterprises'
securities if such non-resident investors and the gain satisfy the requirements under the PRC tax laws. However, under the PRC tax laws,
Antelope Enterprises would not have an obligation to withhold PRC income tax in respect of the gains that such non-resident investors
(including U.S. enterprise investors) may realize from the sale or transfer of Antelope Enterprises' securities. Also, if Antelope
Enterprises is determined to be a "resident enterprise," its non-resident investors who are individuals may also be subject
to potential PRC individual income tax at a rate of 20% with respect to dividends received from Antelope Enterprises and/or gains derived
by them from the sale or transfer of Antelope Enterprises' securities.
If
Antelope Enterprises were to pay any dividends in the future, and if Antelope Enterprises (based on future clarifying guidance issued
by the PRC), or the PRC tax authorities, determine that Antelope Enterprises must withhold PRC tax on any dividends payable by Antelope
Enterprises under the PRC tax laws, Antelope Enterprises will make any necessary tax withholding on dividends payable to its non-resident
investors. If non-resident investors as described under the PRC tax laws (including U.S. investors) realize any gain from the sale or
transfer of Antelope Enterprises' securities and if such gain were considered as PRC-sourced income, such non-resident investors
would be responsible for paying the applicable PRC income tax on the gain from the sale or transfer of Antelope Enterprises' securities.
As indicated above, under the PRC tax laws, Antelope Enterprises would not have an obligation to withhold PRC income tax in respect of
the gains that non-resident investors (including U.S. investors) may realize from the sale or transfer of Antelope Enterprises'
securities.
On
December 10, 2009, the SAT released Circular Guoshuihan No. 698 ("Circular 698") that reinforces the taxation of certain
equity transfers by non-resident investors through overseas holding vehicles. Circular 698 addresses indirect equity transfers as well
as other issues. Circular 698 is retroactively effective from January 1, 2008. According to Circular 698, where a non-resident investor
who indirectly holds an equity interest in a PRC resident enterprise through a non-PRC offshore holding company indirectly transfers
an equity interest in the PRC resident enterprise by selling an equity interest in the offshore holding company, and the latter is located
in a country or jurisdiction where the actual tax burden is less than 12.5% or where the offshore income of its residents is not taxable,
the non-resident investor is required to provide the PRC tax authority in charge of that PRC resident enterprise with certain relevant
information within 30 days of the execution of the equity transfer agreement. The tax authorities in charge will evaluate the offshore
transaction for tax purposes. In the event that the PRC tax authorities determine that such transfer is abusing forms of business organization
and a reasonable commercial purpose for the offshore holding company other than the avoidance of PRC income tax liability is lacking,
the PRC tax authorities will have the power to re-assess the nature of the equity transfer under the doctrine of substance over form.
A reasonable commercial purpose may be established when the overall international (including U.S.) offshore structure is set up to comply
with the requirements of supervising authorities of international (including U.S.) capital markets. If the SAT's challenge of a
transfer is successful, it may deny the existence of the offshore holding company that is used for tax planning purposes and subject
the seller to PRC tax on the capital gain from such transfer. Since Circular 698 has a short history, there is uncertainty as to its
application. Antelope Enterprises (or a non-resident investor) may become at risk of being taxed under Circular 698 and may be required
to expend valuable resources to comply with Circular 698 or to establish that Antelope Enterprises (or such non-resident investor) should
not be taxed under Circular 698, which could have a material adverse effect on Antelope Enterprises' financial condition and results
of operations (or such non-resident investor's investment in Antelope Enterprises).
In
addition, the PRC resident enterprise may be required to provide necessary assistance to support the enforcement of Circular 698.
76
On
February 3, 2015, the State Administration of Tax issued a Public Notice Regarding Certain Corporate Income Tax Matters on Indirect Transfer
of Properties by Non-tax Resident Enterprise, or Public Notice 7. Public Notice 7 has introduced a new tax regime that is significantly
different from that under Circular 698. Public Notice 7 extends its tax jurisdiction to not only indirect transfers set forth under Circular
698 but also transactions involving transfer of other taxable assets, through the offshore transfer of a foreign intermediate holding
company. In addition, Public Notice 7 provides clearer criteria the Circular 698 on how to assess reasonable commercial purposes and
has introduced safe harbors for internal group restructurings and the purchase and sale of equity through a public securities market.
Public Notice 7 also brings challenges to both the foreign transferor and transferee (or other person who is obligated to pay for the
transfer) of the taxable assets. Where a non-resident enterprise conducts an "indirect transfer" by transferring the taxable
assets indirectly by disposing of the equity interests of an overseas holding company, the non-resident enterprise being the transferor,
or the transferee, or the PRC entity which directly owned the taxable assets may report to the relevant tax authority such indirect transfer.
Using a "substance over form" principle, the PRC tax authority may re-characterize such indirect transfer as a direct transfer
of the equity interests in the PRC tax resident enterprise and other properties in China. As a result, gains derived from such indirect
transfer may be subject to PRC enterprise income tax, and the transferee or other person who is obligated to pay for the transfer is
obligated to withhold the applicable taxes, currently at a rate of up to 10% for the transfer of equity interests in a PRC resident enterprise.
Both the transferor and the transferee may be subject to penalties under PRC tax laws if transferee fails to withhold the taxes and the
transferor fails to pay the taxes.
We
face uncertainties with respect to the reporting and consequences of private equity financing transactions, share exchange or other transactions
involving the transfer of shares in our company by investors that are non-PRC resident enterprises, or sale or purchase of shares in
other non-PRC resident companies or other taxable assets by us. Our company and other non-resident enterprises in our group may be subject
to filing obligations or being taxed if our company and other non-resident enterprises in our group are transferors in such transactions,
and may be subject to withholding obligations if our company and other non-resident enterprises in our group are transferees in such
transactions, under Circular 698 and Public Notice 7. For the transfer of shares to our company by investors that are non-PRC resident
enterprises, our PRC subsidiaries may be requested to assist in the filing under Circular 698 and Public Notice 7. As a result, we may
be required to expend valuable resources to comply with Circular 698 and Public Notice 7 to request the relevant transferors from whom
we purchase taxable assets to comply with these circulars, or to establish that our company and other non-resident enterprises in our
group should not be taxed under these circulars, which may have a material adverse effect on our financial condition and results of operations.
The
PRC tax authorities have the discretion under Circular 698 and Public Notice 7 to make adjustments to the taxable capital gains based
on the difference between the fair value of the taxable assets transferred and the cost of investment. If the PRC tax authorities make
adjustments to the taxable income of the transactions under Circular 698 and Public Notice 7, our income tax costs associated with such
potential acquisitions will be increased, which may have an adverse effect on our financial condition and results of operations.
Penalties
for Failure to Pay Applicable PRC Income Tax
A
non-resident investor in us may be responsible for paying PRC tax on any gain realized from the sale or transfer of Antelope Enterprises'
securities if such non-resident investor and the gain satisfy the requirements under the PRC tax laws, as described above.
77
According
to the EIT Law and its implementing rules, the PRC Individual Income Tax Law and its implementing rules, the PRC Tax Administration Law
(the "Tax Administration Law") and its implementing rules, the Provisional Measures for the Administration of Withholding
of Enterprise Income Tax for Non-resident Enterprises (the "Administration Measures") and other applicable PRC laws or regulations
(collectively the "Tax Related Laws"), where any gain derived by a non-resident investor from the sale or transfer of Antelope
Enterprises' securities is subject to any income tax in the PRC, and such non-resident investor fails to file any tax return or
pay tax in this regard pursuant to the Tax Related Laws, such investor may be subject to certain fines, penalties or punishments, including
without limitation: (1) if the non-resident investor fails to file a tax return and present the relevant information in connection with
tax payments, the competent tax authorities shall order it to do so within the prescribed time limit and may impose a fine up to RMB
2,000, and in egregious cases, may impose a fine ranging from RMB 2,000 to RMB 10,000; (2) if the non-resident investor fails to file
a tax return or fails to pay all or part of the amount of tax payable, the non-resident investor shall be required to pay the unpaid
tax amount payable, a surcharge on overdue tax payments (the daily surcharge is 0.05% of the overdue amount, beginning from the day the
deferral begins) and a fine ranging from 50% to 500% of the unpaid amount of the tax payable; (3) if the non-resident investor fails
to file a tax return and to pay the tax within the prescribed time limit according to the order by the PRC tax authorities, the PRC tax
authorities may collect and check information about the income receivable by the non-resident investor in the PRC from other payers (the
"Other Payers") who will pay amounts to such non-resident investor, and send a "Notice of Tax Issues" to the
Other Payers to collect and recover the tax payable and overdue fines imposed on such non-resident investor from the amounts otherwise
payable to such non-resident investor by the Other Payers; (4) if the non-resident investor fails to pay the tax payable within the prescribed
time limit as ordered by the PRC tax authorities, a fine may be imposed on the non-resident investor ranging from 50% to 500% of the
unpaid tax payable, and the PRC tax authorities may, upon approval by the director of the tax bureau (or sub-bureau) of, or higher than,
the county level, take the following compulsory measures: (i) notify in writing the non-resident investor's bank or other financial
institution to withhold from the account thereof for payment of the amount of tax payable, and (ii) detain, seal off, or sell by auction
or on the market the non-resident investor's commodities, goods or other property in a value equivalent to the amount of tax payable;
or (5) if the non-resident investor fails to pay all or part of the amount of tax payable or surcharge for overdue tax payment, and cannot
provide a guarantee to the PRC tax authorities, the tax authorities may notify the frontier authorities to prevent the non-resident investor
or its legal representative from leaving the PRC.
United
States Federal Income Taxation
General
The
following is a summary of the material U.S. federal income tax consequences of the acquisition, ownership and disposition of Antelope
Enterprises' securities.
The
discussion below of the U.S. federal income tax consequences to "U.S. Holders" will apply to a beneficial owner of Antelope
Enterprises' securities that is for U.S. federal income tax purposes:
●
an
    individual citizen or resident of the United States;
●
a
    corporation (or other entity treated as a corporation) that is created or organized (or treated as created or organized) in or under
    the laws of the United States, any state thereof or the District of Columbia;
●
an
    estate whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or
●
a
    trust if (i) a U.S. court can exercise primary supervision over the trust's administration and one or more U.S. persons are
    authorized to control all substantial decisions of the trust, or (ii) it has a valid election in effect under applicable U.S. Treasury
    regulations to be treated as a U.S. person.
A
beneficial owner of our securities that is described above is referred to herein as a "U.S. Holder." If a beneficial owner
of Antelope Enterprises' securities is not described as a U.S. Holder and is not an entity treated as a partnership or other pass-through
entity for U.S. federal income tax purposes, such owner will be considered a "Non-U.S. Holder." The material U.S. federal
income tax consequences applicable specifically to Non-U.S. Holders are described below under the heading "Non-U.S. Holders."
This
summary is based on the Internal Revenue Code of 1986, as amended, or the "Code," its legislative history, Treasury regulations
promulgated thereunder, published rulings and court decisions, all as currently in effect. These authorities are subject to change or
differing interpretations, possibly on a retroactive basis.
78
This
discussion does not address all aspects of U.S. federal income taxation that may be relevant to any particular holder of Antelope Enterprises'
securities based on such holder's individual circumstances. In particular, this discussion considers only holders that own and
hold Antelope Enterprises' securities as capital assets within the meaning of Section 1221 of the Code. This discussion also does
not address the alternative minimum tax. In addition, this discussion does not address the U.S. federal income tax consequences to holders
that are subject to special rules, including:
●
financial
    institutions or financial services entities;
●
broker-dealers;
●
persons
    that are subject to the mark-to-market accounting rules under Section 475 of the Code;
●
tax-exempt
    entities;
●
governments
    or agencies or instrumentalities thereof;
●
insurance
    companies;
●
regulated
    investment companies;
●
real
    estate investment trusts;
●
certain
    expatriates or former long-term residents of the United States;
●
persons
    that actually or constructively own 5% or more of Antelope Enterprises' voting shares;
●
persons
    that acquired Antelope Enterprises' securities pursuant to an exercise of employee share options, in connection with employee
    share incentive plans or otherwise as compensation;
●
persons
    that hold Antelope Enterprises' securities as part of a straddle, constructive sale, hedging, conversion or other integrated
    transaction;
●
persons
    whose functional currency is not the U.S. dollar;
●
controlled
    foreign corporations; or
●
passive
    foreign investment companies.
This
discussion does not address any aspect of U.S. federal non-income tax laws, such as gift or estate tax laws, or state, local or non-U.S.
tax laws, or, except as discussed herein, any tax reporting obligations of a holder of Antelope Enterprises' securities. Additionally,
this discussion does not consider the tax treatment of partnerships or other pass-through entities or persons who hold Antelope Enterprises'
securities through such entities. If a partnership (or other entity classified as a partnership for U.S. federal income tax purposes)
is the beneficial owner of Antelope Enterprises' securities, the U.S. federal income tax treatment of a partner in the partnership
will generally depend on the status of the partner and the activities of the partnership. This discussion also assumes that any distribution
made (or deemed made) in respect to the Antelope Enterprises' securities and any consideration received (or deemed received) by
a holder in connection with the sale or other disposition of such securities will be in U.S. dollars.
Antelope
Enterprises has not sought, and will not seek, a ruling from the Internal Revenue Service, or "IRS," or an opinion of counsel,
as to any U.S. federal income tax consequence described herein. The IRS may disagree with the description herein, and its determination
may be upheld by a court. Moreover, there can be no assurance that future legislation, regulations, administrative rulings or court decisions
will not adversely affect the accuracy of the statements in this discussion.
79
U.S.
Holders
Taxation
of Cash Distributions Paid on Shares
Subject
to the passive foreign investment company, or "PFIC," rules discussed below, a U.S. Holder generally will be required to
include in gross income as ordinary income the amount of any cash dividend paid on the shares of Antelope Enterprises. A cash distribution
on such shares generally will be treated as a dividend for U.S. federal income tax purposes to the extent the distribution is paid out
of current or accumulated earnings and profits of Antelope Enterprises (as determined for U.S. federal income tax purposes). Such dividend
generally will not be eligible for the dividends received deduction generally allowed to U.S. corporations in respect of dividends received
from other U.S. corporations. The portion of such cash distribution, if any, in excess of such earnings and profits will be applied against
and reduce (but not below zero) the U.S. Holder's adjusted basis in its shares in Antelope Enterprises. Any remaining excess generally
will be treated as gain from the sale or other taxable disposition of such shares.
With
respect to non-corporate U.S. Holders, such dividends may be subject to U.S. federal income tax at the lower applicable regular long-term
capital gains tax rate (see "—Taxation on the Disposition of Securities" below) provided that (1) the shares of Antelope
Enterprises are readily tradable on an established securities market in the United States or, in the event Antelope Enterprises is deemed
to be a Chinese "resident enterprise" under the EIT Law, Antelope Enterprises is eligible for the benefits of the Agreement
between the Government of the United States of America and the Government of the People's Republic of China for the Avoidance of
Double Taxation and the Prevention of Tax Evasion with Respect to Taxes on Income, or the "U.S.-PRC Tax Treaty," (2) Antelope
Enterprises is not a PFIC, as discussed below, for either the taxable year in which the dividend was paid or the preceding taxable year,
and (3) certain holding period requirements are met. Under published IRS authority, shares are considered for purposes of clause (1)
above to be readily tradable on an established securities market in the United States only if they are listed on certain exchanges, which
presently include the NASDAQ Stock Market. Although Antelope Enterprises' shares are currently listed and traded on the NASDAQ
Stock Market, it cannot guarantee that its shares will continue to be listed or traded on the NASDAQ Stock Market. U.S. Holders should
consult their own tax advisors regarding the availability of the lower rate for any dividends paid with respect to the shares of Antelope
Enterprises.
If
a PRC income tax applies to any cash dividends paid to a U.S. Holder on the shares of Antelope Enterprises, such tax may be treated as
a foreign tax eligible for a deduction from such holder's U.S. federal taxable income or a foreign tax credit against such holder's
U.S. federal income tax liability (subject to applicable conditions and limitations). In addition, if such PRC tax applies to such dividends,
such U.S. Holder may be entitled to certain benefits under the U.S.-PRC Tax Treaty if such holder is considered a resident of the United
States for purposes of, and otherwise meets the requirements of, the U.S.-PRC Tax Treaty. U.S. Holders should consult their own tax advisors
regarding the deduction or credit for any such PRC tax and their eligibility for the benefits of the U.S.-PRC Tax Treaty.
Taxation
on the Disposition of Securities
Upon
a sale or other taxable disposition of the securities in Antelope Enterprises, and subject to the PFIC rules discussed below, a U.S.
Holder generally will recognize capital gain or loss in an amount equal to the difference between the amount realized and the U.S. Holder's
adjusted tax basis in the securities.
The
regular U.S. federal income tax rate on capital gains recognized by U.S. Holders generally is the same as the regular U.S. federal income
tax rate on ordinary income, except that long-term capital gains recognized by non-corporate U.S. Holders are generally subject to U.S.
federal income tax at a maximum regular rate of 20%. Capital gain or loss will constitute long-term capital gain or loss if the U.S.
Holder's holding period for the securities exceeds one year. The deductibility of capital losses is subject to various limitations.
If
a PRC income tax applies to any gain from the disposition of the securities in Antelope Enterprises by a U.S. Holder, such tax may be
treated as a foreign tax eligible for a deduction from such holder's U.S. federal taxable income or a foreign tax credit against
such holder's U.S. federal income tax liability (subject to applicable conditions and limitations). In addition, if such PRC tax
applies to any gain, such U.S. Holder may be entitled to certain benefits under the U.S.-PRC Tax Treaty if such holder is considered
a resident of the United States for purposes of, and otherwise meets the requirements of, the U.S.-PRC Tax Treaty. U.S. Holders should
consult their own tax advisors regarding the deduction or credit for any such PRC tax and their eligibility for the benefits of the U.S.-PRC
Tax Treaty.
80
Additional
Taxes
U.S.
Holders that are individuals, estates or trusts and whose income exceeds certain thresholds generally will be subject to a 3.8% Medicare
contribution tax on unearned income, including, without limitation, dividends on, and gains from the sale or other taxable disposition
of, Antelope Enterprises' securities, subject to certain limitations and exceptions. Under regulations, in the absence of a special
election, such unearned income generally would not include income inclusions under the qualified electing fund, or QEF, rules discussed
below under " Passive Foreign Investment Company Rules," but would include distributions of earnings and profits from a QEF.
U.S. Holders should consult their own tax advisors regarding the effect, if any, of such tax on their ownership and disposition of Antelope
Enterprises' securities.
Passive
Foreign Investment Company Rules
A
foreign (i.e., non-U.S.) corporation will be a PFIC if at least 75% of its gross income in a taxable year of the foreign corporation,
including its pro rata share of the gross income of any corporation in which it is considered to own at least 25% of the shares by value,
is passive income. Alternatively, a foreign corporation will be a PFIC if at least 50% of its assets in a taxable year of the foreign
corporation, ordinarily determined based on fair market value and averaged quarterly over the year, including its pro rata share of the
assets of any corporation in which it is considered to own at least 25% of the shares by value, are held for the production of, or produce,
passive income. Passive income generally includes dividends, interest, rents and royalties (other than certain rents or royalties derived
from the active conduct of a trade or business) and gains from the disposition of passive assets.
Based
on the composition (and estimated values) of the assets and the nature of the income of Antelope Enterprises and its subsidiaries during
its 2022 taxable year, Antelope Enterprises does not believe that it was treated as a PFIC for such year. However, because Antelope Enterprises
has not performed a definitive analysis as to its PFIC status for its 2015 taxable year, there can be no assurance in respect to its
PFIC status for such year. There also can be no assurance with respect to Antelope Enterprises' status as a PFIC for its current
(2023) taxable year or any future taxable year.
If
Antelope Enterprises is determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a
U.S. Holder of Antelope Enterprises' shares and, the U.S. Holder did not make a timely QEF election for Antelope Enterprises'
first taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) shares, a QEF election along with a purging election
or a mark-to-market election, each as described below, such holder generally will be subject to special rules for regular U.S. federal
income tax purposes with respect to:
●
any
    gain recognized by the U.S. Holder on the sale or other disposition of its shares; and
●
any
    "excess distribution" made to the U.S. Holder (generally, any distributions to such U.S. Holder during a taxable year
    of the U.S. Holder that are greater than 125% of the average annual distributions received by such U.S. Holder in respect of the
    shares of Antelope Enterprises during the three preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder's
    holding period for the shares).
Under
these rules:
●
the
    U.S. Holder's gain or excess distribution will be allocated ratably over the U.S. Holder's holding period for the shares;
81
●
the
    amount allocated to the U.S. Holder's taxable year in which the U.S. Holder recognized the gain or received the excess distribution
    or to the period in the U.S. Holder's holding period before the first day of the first taxable year of Antelope Enterprises
    in which Antelope Enterprises qualified as a PFIC will be taxed as ordinary income;
●
the
    amount allocated to other taxable years (or portions thereof) of the U.S. Holder and included in its holding period will be taxed
    at the highest tax rate in effect for that year and applicable to the U.S. Holder; and
●
the
    interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each such other
    taxable year of the U.S. Holder.
In
general, if we are determined to be a PFIC, a U.S. Holder may avoid the PFIC tax consequences described above in respect to its shares
in Antelope Enterprises by making a timely QEF election (or a QEF election along with a purging election). Pursuant to the QEF election,
a U.S. Holder generally will be required to include in income its pro rata share of Antelope Enterprises' net capital gains (as
long-term capital gain) and other earnings and profits (as ordinary income), on a current basis, in each case whether or not distributed,
in the taxable year of the U.S. Holder in which or with which Antelope Enterprises' taxable year ends if Antelope Enterprises is
treated as a PFIC for that taxable year. A U.S. Holder may make a separate election to defer the payment of taxes on undistributed income
inclusions under the QEF rules, but if deferred, any such taxes will be subject to an interest charge.
The
QEF election is made on a shareholder-by-shareholder basis and, once made, can be revoked only with the consent of the IRS. A U.S. Holder
generally makes a QEF election by attaching a completed IRS Form 8621 (Information Return by a Shareholder of a Passive Foreign Investment
Company or Qualified Electing Fund), including the information provided in a PFIC annual information statement, to a timely filed U.S.
federal income tax return for the taxable year to which the election relates. Retroactive QEF elections generally may be made only by
filing a protective statement with such return and if certain other conditions are met or with the consent of the IRS.
In
order to comply with the requirements of a QEF election, a U.S. Holder must receive certain information from Antelope Enterprises. Upon
request from a U.S. Holder, Antelope Enterprises will endeavor to provide to the U.S. Holder, no later than 90 days after the request,
such information as the IRS may require, including a PFIC annual information statement, in order to enable the U.S. Holder to make and
maintain a QEF election. However, there is no assurance that Antelope Enterprises will have timely knowledge of its status as a PFIC
in the future or of the required information to be provided.
If
a U.S. Holder has made a QEF election with respect to its shares in Antelope Enterprises, and the special tax and interest charge rules
do not apply to such shares (because of a timely QEF election for Antelope Enterprises' first taxable year as a PFIC in which the
U.S. Holder holds (or is deemed to hold) such shares or a QEF election, along with a purge of the PFIC taint pursuant to a purging election,
as described below), any gain recognized on the sale or other taxable disposition of such shares generally will be taxable as capital
gain and no interest charge will be imposed. As discussed above, for regular U.S. federal income tax purposes, U.S. Holders of a QEF
generally are currently taxed on their pro rata shares of the QEF's earnings and profits, whether or not distributed. In such case,
a subsequent distribution of such earnings and profits that were previously included in income generally should not be taxable as a dividend
to such U.S. Holders. The adjusted tax basis of a U.S. Holder's shares in a QEF will be increased by amounts that are included
in income, and decreased by amounts distributed but not taxed as dividends, under the above rules. Similar basis adjustments apply to
property if by reason of holding such property the U.S. Holder is treated under the applicable attribution rules as owning shares in
a QEF.
Although
a determination as to Antelope Enterprises' PFIC status will be made annually, an initial determination that it is a PFIC generally
will apply for subsequent years to a U.S. Holder who held shares of Antelope Enterprises while it was a PFIC, whether or not it met the
test for PFIC status in those subsequent years. A U.S. Holder who makes the QEF election discussed above for Antelope Enterprises'
first taxable year as a PFIC in which the U.S. Holder holds (or is deemed to hold) shares in Antelope Enterprises, however, will not
be subject to the PFIC tax and interest charge rules discussed above in respect to such shares. In addition, such U.S. Holder will not
be subject to the QEF inclusion regime with respect to such shares for any taxable year of Antelope Enterprises that ends within or with
a taxable year of the U.S. Holder and in which Antelope Enterprises is not a PFIC. On the other hand, if the QEF election is not effective
for each of the taxable years of Antelope Enterprises in which Antelope Enterprises is a PFIC and during which the U.S. Holder holds
(or is deemed to hold) shares in Antelope Enterprises, the PFIC rules discussed above will continue to apply to such shares unless the
holder files on a timely filed U.S. income tax return (including extensions) a QEF election and a purging election to recognize under
the rules of Section 1291 of the Code any gain that the U.S. Holder would otherwise recognize if the U.S. Holder had sold its shares
for their fair market value on the "qualification" date. The qualification date is the first day of Antelope Enterprises'
tax year in which it qualifies as a QEF with respect to such U.S. Holder. The purging election can only be made if such U.S. Holder held
shares on the qualification date. The gain recognized by the purging election will be subject to the special tax and interest charge
rules treating the gain as an excess distribution, as described above. As a result of the purging election, the U.S. Holder will increase
the adjusted tax basis in its shares by the amount of the gain recognized and will also have a new holding period in the shares for purposes
of the PFIC rules.
82
Alternatively,
if a U.S. Holder, at the close of its taxable year, owns shares in a PFIC that are treated as marketable stock, the U.S. Holder may make
a mark-to-market election with respect to such shares for such taxable year. If the U.S. Holder makes a valid mark-to-market election
for the first taxable year of the U.S. Holder in which the U.S. Holder holds (or is deemed to hold) shares in Antelope Enterprises and
for which Antelope Enterprises is determined to be a PFIC, such holder generally will not be subject to the PFIC rules described above
in respect to its shares as long as such shares continue to be treated as marketable stock. Instead, in general, the U.S. Holder will
include as ordinary income for each year that Antelope Enterprises is treated as a PFIC, the excess, if any, of the fair market value
of its shares at the end of its taxable year over the adjusted tax basis in its shares. The U.S. Holder also will be allowed to take
an ordinary loss in respect of the excess, if any, of the adjusted tax basis of its shares over the fair market value of its shares at
the end of its taxable year (but only to the extent of the net amount of previously included income as a result of the mark-to-market
election). The U.S. Holder's adjusted tax basis in its shares will be adjusted to reflect any such income or loss amounts, and
any further gain recognized on a sale or other taxable disposition of the shares in a taxable year in which Antelope Enterprises is treated
as a PFIC generally will be treated as ordinary income. Special tax rules may apply if a U.S. Holder makes a mark-to-market election
for a taxable year after the U.S. Holder holds (or is deemed to hold) the shares and for which Antelope Enterprises is determined to
be a PFIC.
The
mark-to-market election is available only for stock that is regularly traded on a national securities exchange that is registered with
the Securities and Exchange Commission, including the NASDAQ Stock Market, or on a foreign exchange or market that the IRS determines
has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. Although Antelope Enterprises'
shares are currently listed and traded on the NASDAQ Stock Market, it cannot guarantee that its shares will continue to be listed or
traded on the NASDAQ Stock Market. U.S. Holders should consult their own tax advisors regarding the availability and tax consequences
of a mark-to-market election in respect to the shares of Antelope Enterprises under their particular circumstances.
If
Antelope Enterprises is a PFIC and, at any time, has a foreign subsidiary that is classified as a PFIC, a U.S. Holder of Antelope Enterprises'
shares generally should be deemed to own a portion of the shares of such lower-tier PFIC, and generally could incur liability for the
deferred tax and interest charge described above if Antelope Enterprises receives a distribution from, or disposes of all or part of
its interest in, or the U.S. Holder were otherwise deemed to have disposed of an interest in, the lower-tier PFIC. Upon request, Antelope
Enterprises will endeavor to cause any lower-tier PFIC to provide to a U.S. Holder no later than 90 days after the request the information
that may be required to make or maintain a QEF election with respect to the lower- tier PFIC. However, there is no assurance that Antelope
Enterprises will have timely knowledge of the status of any such lower-tier PFIC or will be able to cause the lower-tier PFIC to provide
the required information. A mark-to-market election generally would not be available with respect to such a lower-tier PFIC. U.S. Holders
are urged to consult their own tax advisors regarding the tax issues raised by lower-tier PFICs.
A
U.S. Holder that owns (or is deemed to own) shares in a PFIC during any taxable year of the U.S. Holder may have to file an IRS Form
8621 (whether or not a QEF election or mark-to-market election is or has been made) with such U.S. Holder's U.S. federal income
tax return and provide such other information as may be required by the U.S. Treasury Department.
The
rules dealing with PFICs and with the QEF and mark-to-market elections are very complex and are affected by various factors in addition
to those described above. Accordingly, U.S. Holders of shares in Antelope Enterprises should consult their own tax advisors concerning
the application of the PFIC rules to such shares under their particular circumstances.
83
Non-U.S.
Holders
Cash
dividends paid or deemed paid to a Non-U.S. Holder in respect to its securities in Antelope Enterprises generally will not be subject
to U.S. federal income tax, unless the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business
within the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed
base that such holder maintains or maintained in the United States).
In
addition, a Non-U.S. Holder generally will not be subject to U.S. federal income tax on any gain attributable to a sale or other taxable
disposition of securities in Antelope Enterprises unless such gain is effectively connected with its conduct of a trade or business in
the United States (and, if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed base that
such holder maintains or maintained in the United States) or the Non-U.S. Holder is an individual who is present in the United States
for 183 days or more in the taxable year of such sale or other disposition and certain other conditions are met (in which case, such
gain from U.S. sources generally is subject to U.S. federal income tax at a 30% rate or a lower applicable tax treaty rate).
Dividends
and gains that are effectively connected with the Non-U.S. Holder's conduct of a trade or business in the United States (and, if
required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base that such holder maintains or
maintained in the United States) generally will be subject to regular U.S. federal income tax at the same regular U.S. federal income
tax rates applicable to a comparable U.S. Holder and, in the case of a Non-U.S. Holder that is a corporation for U.S. federal income
tax purposes, may also be subject to an additional branch profits tax at a 30% rate or a lower applicable tax treaty rate.
Backup
Withholding and Information Reporting
In
general, information reporting for U.S. federal income tax purposes should apply to distributions made on the securities of Antelope
Enterprises within the United States to a U.S. Holder (other than an exempt recipient) and to the proceeds from sales and other dispositions
of securities of Antelope Enterprises by a U.S. Holder (other than an exempt recipient) to or through a U.S. office of a broker. Payments
made (and sales and other dispositions effected at an office) outside the United States will be subject to information reporting in limited
circumstances. In addition, certain information concerning a U.S. Holder's adjusted tax basis in its securities and adjustments
to that tax basis and whether any gain or loss with respect to such securities is long-term or short-term also may be required to be
reported to the IRS, and certain holders may be required to file an IRS Form 8938 (Statement of Specified Foreign Financial Assets) to
report their interest in our securities.
Moreover,
backup withholding of U.S. federal income tax at a rate of 28% generally will apply to dividends paid on the securities of Antelope Enterprises
to a U.S. Holder (other than an exempt recipient) and the proceeds from sales and other dispositions of securities of Antelope Enterprises
by a U.S. Holder (other than an exempt recipient), in each case who (a) fails to provide an accurate taxpayer identification number;
(b) is notified by the IRS that backup withholding is required; or (c) in certain circumstances, fails to comply with applicable certification
requirements.
A
Non-U.S. Holder generally may eliminate the requirement for information reporting and backup withholding by providing certification of
its foreign status, under penalties of perjury, on a duly executed applicable IRS Form W-8 or by otherwise establishing an exemption.
Backup
withholding is not an additional tax. Rather, the amount of any backup withholding will be allowed as a credit against a U.S. Holder's
or a Non-U.S. Holder's U.S. federal income tax liability and may entitle such holder to a refund, provided that certain required
information is timely furnished to the IRS. Holders are urged to consult their own tax advisors regarding the application of backup withholding
and the availability of and procedures for obtaining an exemption from backup withholding in their particular circumstances.
84
F.
Dividends
    and paying agents
Not
required.
G.
Statement
    by experts
Not
required.
H.
Documents
    on display
We
file annual reports and other information with the U.S. Securities and Exchange Commission. We file annual reports on Form 20-F and
submit other information under cover of Form 6-K. As a foreign private issuer, we are exempt from the proxy requirements of Section
14 of the Exchange Act and our officers, directors and principal shareholders are exempt from the insider short-swing disclosure and
profit recovery rules of Section 16 of the Exchange Act. You may call the Commission at 1-800-SEC-0330 for further information on
the operation of the public reference rooms and you can request copies of the documents upon payment of a duplicating fee, by
writing to the Commission. In addition, the Commission maintains a web site that contains reports and other information regarding
registrants (including us) that file electronically with the Commission which can be assessed at http://www.sec.gov.
I.
Subsidiary
    Information
Not
required.
J.
Annual
    Report to Security Holders
ITEM
    11.
QUANTITATIVE
    AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
Interest
Rate Risk
Our
exposure to interest rate risk primarily relates to our outstanding debts and interest income generated by excess cash, which is mostly
held in interest-bearing bank deposits. Interest-earning instruments carry a degree of interest rate risk. As of December 31, 2023, our
total outstanding loans for the continuing operations amounted to RMB nil. We have not been exposed, nor do we anticipate being exposed,
to material risks due to changes in market interest rates.
Foreign
Currency Risk
As
of December 31, 2023, nearly all of our monetary assets and monetary liabilities were denominated in RMB except for certain bank balances,
bank borrowings and other payables which were denominated in US dollars. However, in the future, a proportion of our sales may be denominated
in other currencies as we expand into overseas markets. In such circumstances, we anticipate our primary market risk, if any, to be related
to fluctuations in exchange rates. Exchange rate risk may arise if we are required to use different currencies for various aspects of
its operations.
The
Renminbi's exchange rate with the U.S. dollar and other currencies is affected by, among other things, changes in China's
political and economic conditions. The exchange rate for conversion of Renminbi into foreign currencies is heavily influenced by intervention
in the foreign exchange market by the People's Bank of China. From 1995 until July 2005, the People's Bank of China intervened
in the foreign exchange market to maintain an exchange rate of approximately 8.3 Renminbi per U.S. dollar. On July 21, 2005, the PRC
government changed this policy and began allowing modest appreciation of the Renminbi versus the U.S. dollar. However, the Renminbi is
restricted to a rise or fall of no more than 0.5% per day versus the U.S. dollar, and the People's Bank of China continues to intervene
in the foreign exchange market to prevent significant short-term fluctuations in the Renminbi exchange rate. On March 17, 2014, the People's
Bank of China announced that the RMB exchange rate flexibility increased to 2% in order to proceed further with reform of the RMB exchange
rate regime. These could result in a further and more significant floatation in the RMB's value against the U.S. dollar. The international
reaction to the RMB revaluation has generally been positive. But, international pressure continues to be placed on the Chinese government
to adopt an even more flexible currency policy, which could result in significant fluctuation of the RMB against the U.S. dollar.
Very
limited hedging transactions are available in China to reduce our exposure to exchange rate fluctuations. While we have no present intention
to enter into currency hedging transactions in the future. we may decide to enter into hedging transactions if we are exposed to foreign
currency risk. The availability and effectiveness of these hedging transactions may be limited and we may not be able to successfully
hedge our exposure at all. In addition, our currency exchange losses may be magnified by PRC exchange control regulations that restrict
our ability to convert Renminbi into foreign currency.
ITEM
    12.
DESCRIPTION
    OF SECURITIES OTHER THAN EQUITY SECURITIES
Not
required.
85
PART
II
ITEM
    13.
DEFAULTS,
    DIVIDEND ARREARAGES AND DELINQUENCIES
There
has been no default of any indebtedness nor is there any arrearage in the payment of dividends.
ITEM
    14.
MATERIAL
    MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
Not
applicable.
ITEM
    15.
CONTROLS
    AND PROCEDURES
Disclosure
Controls and Procedures
Our
management, with the participation of our Chief Executive Officer and Chief Financial Officer, has performed an evaluation of the effectiveness
of the design and operation of our disclosure controls and procedures as of December 31, 2023. Based on that evaluation, management,
including our Chief Executive Officer and Chief Financial Officer, has concluded that our disclosure controls and procedures as of December
31, 2023 were effective.
Disclosure
controls and procedures are designed to ensure that information required to be disclosed by us in reports that we file or submit under
the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission
rules and forms, and is accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions
regarding required disclosure.
Management's
annual report on internal control over financial reporting
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f)
and 15d-15(f) under the Securities and Exchange Act of 1934. Our internal control over financial reporting is a process designed by,
or under the supervision of, our Chief Executive Officer and Chief Financial Officer and effected by our management and other personnel
to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of our financial statements
for external reporting purposes in accordance with IFRS. Internal control over financial reporting includes policies and procedures that
pertain to the maintenance of records that in reasonable detail accurately reflect the transactions and dispositions of our assets; provide
reasonable assurance that transactions are recorded as necessary to permit preparation of our financial statements in accordance with
generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with the authorization
of our board of directors and management; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use or disposition of our assets that could have a material effect on our financial statements.
Because
of inherent limitations, internal control over financial reporting may not prevent or detect misstatement. Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with our policies and procedures may deteriorate.
Under
the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, management
conducted an evaluation of the effectiveness of our internal control over financial reporting based on the criteria established in Internal
Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Management has concluded
that our internal control over financial reporting was effective as of December 31, 2023.
Changes
in Internal Controls over Financial Reporting
During
the year ended December 31, 2023, there were no changes in the company's internal control over financial reporting that have materially
affected, or are reasonably likely to materially affect our company's internal control over financial reporting.
It
should be noted that while our management believes that our disclosure controls and procedures provide a reasonable level of assurance;
our management does not expect that our disclosure controls and procedures or internal financial controls will prevent all errors or
fraud. A control system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives
of the control system are met.
86
ITEM
    16.
RESERVED
ITEM
    16A.
AUDIT
    COMMITTEE FINANCIAL EXPERT.
Our
Board of Directors has determined that Mr. Dian Zhang is an audit committee financial expert as that term is defined in Item 16A(b) of
Form 20-F, and "independent" as that term is defined in the NASDAQ listing standards.
ITEM
    16B.
CODE
    OF ETHICS.
We
have adopted a Code of Business Conduct and Ethics that applies to our directors, officers and employees, including our principal executive
officer, principal financial officer, and principal accounting officer. A copy of the Code of Business Conduct and Ethics is available
on our website, http://aehltd.com/Corporate-Governance.html . The information on our corporate website is not a part of this Annual
Report.
ITEM
    16C.
PRINCIPAL
    ACCOUNTANT FEES AND SERVICES.
The
following table represents the approximate aggregate billed fees for services rendered by ARK, for the periods indicated:
December 31,
December 31,
2023
2022
RMB'000
RMB'000
Audit Fees – ARK PRO CPA & CO
361
-
Audit Related Fees– ARK PRO CPA & CO
-
-
Audit Fees – Centurion ZD CPA & Co.
1,780
1,787
Audit Related Fees– Centurion ZD CPA & Co.
-
216
Tax Fees
-
-
All Other Fees
-
-
Total Fees
2,141
2,003
Audit
Fees
ARK
PRO CPA & CO's audit fees for 2023 consisted of fees in relation to the audit of our financial statements for the year ended
December 31, 2023.
Centurion
ZD CPA & Co.'s audit fees for 2022 consisted of fees in relation to the audit of our financial statements for the year ended
December 31, 2022.
Audit
Related Fees
Centurion
ZD CPA & Co. audited related fees for 2022 consisted of fees in relation to the reviews and consents for Form 6-K filings for the
year ended December 31, 2022.
Tax
Fees
There
were no tax fees.
All
Other Fees
There
were no other fees.
Pre-Approval
of Services
Our
audit committee evaluated and approved in advance the scope and cost of the engagement of an auditor before the auditor rendered its
audit and non-audit services.
ITEM
    16D.
EXEMPTIONS
    FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES.
None.
ITEM
    16E.
PURCHASES
    OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS.
No
purchase of our securities were made by us or our affiliates in 2023.
87
ITEM
    16F.
CHANGES
    IN REGISTRANT'S CERTIFYING ACCOUNTANT.
On
July 27, 2023, the Company dismissed its independent registered public accounting firm, Centurion ZD CPA & Co., and appointed ARK
PRO CPA & CO as its new independent registered public accounting firm to audit and review the Company's financial statements
for the fiscal year ended December 31, 2023. Centurion ZD CPA & Co.'s report on the Company's consolidated financial
statements as of and for either of the past two fiscal years did not contain an adverse opinion or a disclaimer of opinion, and was not
qualified or modified as to uncertainty, audit scope or accounting principles. See the Form 6-K filed with the SEC on August 1, 2023
for more details.
ITEM
    16G.
CORPORATE
    GOVERNANCE
Home
Country Practice Exemption as a Foreign Private Issuer
Pursuant
to the home country rule exemption set forth under Nasdaq Listing Rule 5615, we elected to be exempt from the requirement under NASDAQ
Listing Rule 5635 to obtain shareholder approval for (i) certain acquisitions of stock or assets of another company; (ii) an issuance
of shares that will result in a change of control of the company; (iii) the establishment or amendment of certain equity based compensation
plans and arrangements; and (iv) certain transactions (other than a public offering) involving issuances of a 20% or more of our outstanding
shares. Our shares are listed on the NASDAQ Capital Market ("NASDAQ"). As such, we are subject to corporate governance requirements
imposed by NASDAQ. Under NASDAQ rules, listed non-US companies may, in general, follow their home country corporate governance practices
in lieu of some of the NASDAQ corporate governance requirements.
Nasdaq
Listing Rule 5605(b)(1) requires listed companies to have, among other things, a majority of its board members be independent. As a foreign
private issuer, however, we are permitted to, and we may follow home country practice in lieu of the above requirements. The corporate
governance practice in our home country, the British Virgin Islands, does not require a majority of our board to consist of independent
directors. Currently, a majority of our board members are independent. However, if we change our board composition such that independent
directors do not constitute a majority of our board of directors, our shareholders may be afforded less protection than they would otherwise
enjoy under Nasdaq's corporate governance requirements applicable to U.S. domestic issuers.
Except
for the foregoing, we endeavor to comply with the NASDAQ corporate governance practices and except for the foregoing, there is no significant
difference between our corporate governance practices and what the NASDAQ requires of domestic U.S. companies.
ITEM
    16H.
MINE
    SAFETY DISCLOSURE
Not
applicable.
ITEM
    16I.
DISCLOSURE
    REGARDING FOREIGN JURISDICTIONS THAT PREVENUE INSPECTION
Please
see the supplemental basis documentation pursuant to Item 16I(a) of Form 20-F, attached as Exhibit 99.1 to this annual report, to establish
that the Company, organized in British Virgin Islands, is not owned or controlled by a governmental entity in the British Virgin Islands.
During
our fiscal year 2022, we were conclusively listed by the SEC as a Commission-Identified Issuer under the HFCA Act following the
filing of our Annual Report on Form 20-F for the fiscal year ended December 31, 2022. Our former auditor Centurion ZD CPA & Co.
for the years ended 2022 and 2021, is a registered public accounting firm that the PCAOB was not able to inspect or investigate
completely in 2021 according to the PCAOB's December 16, 2021 determinations. Centurion ZD CPA & Co. issued the audit
report for us for the fiscal year ended December 31, 2021. Our current auditor ARK PRO CPA & CO for the years ended December 31,
2023 is not on such list of the firms that PCAOB was not able to inspect or investigate.
On December 15, 2022, the PCAOB issued a HFCA Act determination report that vacated its December
16, 2021 determinations and removed mainland China and Hong Kong from the list of jurisdictions where it had been unable to completely
inspect or investigate the registered public accounting firms.
The
jurisdictions in which our consolidated foreign operating entities are incorporated include mainland China, Hong Kong, and British Virgin
Islands. We hold 100% equity interests in its consolidated operating entities, except for Hainan Kylin Cloud Services Technology Co.,
Ltd., in which the Company indirectly holds 51% equity interest. We reviewed (i) the shareholder register provided by Transhare Corporation,
our transfer agent, and (ii) Schedules 13D and 13G filed by the shareholders, the absence of any Schedule 13D or 13G filing made by any
foreign governmental entity with respect to the Company's securities, and the absence of foreign government representation on its
board of directors, we have no awareness or belief that we are owned or controlled by a government entity in mainland China.
We
received written confirmations from the directors of the Company and its consolidated foreign operating entities and each of them represented
that he/she is not an official of the Chinese Communist Party. The currently effective memorandum and articles of association of our
Company and equivalent organizing documents of our consolidated foreign operating entities do not contain any charter of the Chinese
Communist Party.
Therefore,
as of the date of this annual report, to the best of our knowledge, (i)
no governmental entities in the British Virgina Islands (BVI) or in China own shares of our Company or any of our subsidiaries, (ii) the
governmental entities in China or in the BVI do not have a controlling financial interest in our Company or any of our subsidiaries, (iii)
none of the members of the board of directors of our Company or any of our subsidiaries is an official of the Chinese Communist Party,
and (iv) none of the currently effective memorandum and articles of association (or equivalent organizing document) of our Company or
any of our subsidiaries contains any charter of the Chinese Communist Party.
88
ITEM 16J.
INSIDER
                                            TRADING POLICIES
Not
applicable. We will be required to comply with disclosure requirements under this Item 16J for the fiscal year ending on December 31,
2024.
ITEM 16K.
CYBERSECURITY
Risk
Management and Strategy
We
recognize the importance of safeguarding the security of our computer systems, software, networks, and other technology assets. We have
implemented cybersecurity measures and protocols for assessing, identifying, and managing material risks from cybersecurity threats,
which are integrated into our overall risk management framework. We aim to ensure a comprehensive and proactive approach to safeguarding
our assets and operations.
As
of the date of this annual report, we have not experienced any material cybersecurity incidents or identified any material cybersecurity threats
that have affected or are reasonably likely to materially affect us, our business strategy, results of operations or financial condition.
Governance
Our
board of directors is responsible for overseeing risks related to cybersecurity. Our board of directors shall (i) maintain oversight
of the disclosure related to cybersecurity matters in current reports or periodic reports of our company, (ii) review updates to the
status of any material cybersecurity incidents or material risks from cybersecurity threats to our company, and the disclosure issues,
if any, presented by our management on a quarterly basis, and (iii) review disclosure concerning cybersecurity matters in our annual
report on Form 20-F presented by our management.
At
the management level, our CEO, CFO and the head of the departments in connection with cybersecurity-related matters are responsible for
assessing, identifying and managing cybersecurity risks and monitoring the prevention, detection, mitigation, and remediation of cybersecurity
incidents. Our CEO and CFO report to our board of directors (i) timely updates to the status of any material cybersecurity incidents
or material risks from cybersecurity threats to our company, and the disclosure issues, if any, and (ii) in connection with disclosure
concerning cybersecurity matters in our annual report on Form 20-F.
If
a cybersecurity incident occurs, our cybersecurity-related departments will promptly organize personnel for internal assessment. If it
is further determined that the incident could potentially be a material cybersecurity event, the cybersecurity-related departments will
promptly report the incident and assessment results to our CEO and CFO, and, to the extent appropriate, seek advice from external experts
and legal counsels. If it is determined that the incident could potentially be a material cybersecurity event, our CEO and CFO will decide
on relevant response measures and management shall promptly prepare disclosure material on the cybersecurity incident for review and
approval by our board of directors before it is disseminated to the public.
89
PART
III
ITEM
    17.
FINANCIAL
    STATEMENTS
We
have elected to provide financial statements pursuant to Item 18.
ITEM
    18.
FINANCIAL
    STATEMENTS
The
financial statements are filed as part of this Annual Report beginning on page F-1.
ITEM
    19.
EXHIBITS
Exhibit
    No.
Description
1.1
Amended and Restated Memorandum and Articles of Association of Antelope Enterprise Holdings Limited, effective on February 23, 2023 (1)
2.1
Specimen of Class A Ordinary Shares (2)
2.3
Description of Securities (3)
4.1
Form of Securities Purchase Agreement (5).
4.2
2024 Incentive Award Plan (6)
4.3
Form of Securities Purchase Agreement dated September 30, 2022 (7)
4.4
Form of Investor Warrant dated September 30, 2022 (7)
4.5
Form of Placement Agent Warrant dated September 30, 2022 (7)
4.6
Director Offer Letter dated December 1, 2022 (8)
4.7
Purchase Agreement, dated December 12, 2022 (9)
4.8
Form of Promissory Note, dated December 12, 2022 (9)
4.9
Share Purchase Agreement, dated December 30, 2022 (10)
4.10
Form of Promissory Note (10)
4.11
Form of Securities Purchase Agreement, dated January 10, 2023 (11)
4.12
Form of Securities Purchase Agreement, dated January 13, 2023 (12)
4.13
Director Offer Letter to Weilai (Will) Zhang, dated February 24, 2023 (13)
4.14
Director Offer Letter to Ms. Huashu Yuan, dated March 30, 2023 (14)
4.15
Form of Securities Purchase Agreement, dated March 30, 2023 (15)
4.16
Form of Promissory Note (16)
4.17
Note Purchase Agreement, dated July 26, 2023 (16)
4.18
Form of Securities Purchase Agreement (17)
4.19
Director Offer Letter to Ms. Xiaoying Song (18)
4.20
Director Offer Letter to Mr. Boyu Zhang (19)
90
4.21
Director Offer Letter to Mr. Junjie Dong (20)
4.22
The Note, dated January 29, 2024 (21)
4.23
The Purchase Agreement, dated January 25, 2024 (21)
4.24
The Pledge Agreement, dated January 25, 2024 (21)
4.25
Form of Warrant Exchange Agreement (22)
4.26
Form of Securities Purchase Agreement (23)
4.27
Form of Standby Equity Subscription Agreement (24)
4.28
Amended Employment Agreement with Weilai (Will) Zhang, dated April 3, 2023 (25)
4.29
Form of Warrant Exchange Agreement (26)
4.30
Form of Warrant Exchange Agreement (27)
8.1
List of Subsidiaries*
11.1
Code of Business Conduct and Ethics (4).
12.1
Certification of the Chief Executive Officer (Principal Executive Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act, as amended. **
12.2
Certification of the Chief Financial Officer (Principal Financial Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act, as amended. **
13.1
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. *
15.1
Consent of Centurion ZD CPA & Co., an independent registered public accounting firm.*
15.2
Consent of ARK PRO CPA & CO., an independent registered public accounting firm.*
15.3
Consent of Sichuan Jindouyun Law Firm*
97
Policy relating to recovery of erroneously awarded compensation, as required by applicable listing standards adopted pursuant to 17 CFR 240.10D-1
99.1
Supplemental Submission Pursuant to Item 16I(a) of Form 20-F*
101.1NS
XBRL
    Instance Document
101.SCH
XBRL
    Taxonomy Extension Schema Document
101.CAL
XBRL
    Taxonomy Extension Calculation Linkbase Document
101.DEF
XBRL
    Taxonomy Extension Definitions Linkbase Document
101.LAB
XBRL
    Taxonomy Extension Label Linkbase Document
101.PRE
XBRL
    Taxonomy Extension Presentation Linkbase Document
(1)
Incorporated
    by reference to Exhibit 1.1 of Antelope Enterprises' Annual Report on Form 20-F filed with the SEC on May 1, 2023.
91
(2)
Incorporated
    by reference to Exhibit 2.2 of Antelope Enterprises' Annual Report on Form 20-F filed with the SEC on May 1, 2023.
(3)
Incorporated
    by reference to Exhibit 2.3 of Antelope Enterprises' Annual Report on Form 20-F filed with the SEC on May 1, 2023.
(4)
Incorporated by reference to Exhibit 11.1 of Antelope Enterprises'
Annual Report on Form 20-F filed with the Securities and Exchange Commission on May 17, 2010.
(5)
Incorporated
    by reference to Antelope Enterprises' Report on Form 6-K filed with the SEC on December 20, 2019.
(6)
Incorporated
    by reference to Antelope Enterprises' Report on Form S-8 filed with the SEC on March 28, 2024
(7)
Incorporated
    by reference to Antelope Enterprises' Report on Form 6-K filed with the SEC on October 5, 2022.
(8)
Incorporated
    by reference to Antelope Enterprises' Report on Form 6-K filed with the SEC on December 1, 2022.
(9)
Incorporated
    by reference to Antelope Enterprises' Report on Form 6-K filed with the SEC on December 13, 2022.
(10)
Incorporated
    by reference to Antelope Enterprises' Report on Form 6-K filed with the SEC on January 5, 2023.
(11)
Incorporated
    by reference to Antelope Enterprises' Report on Form 6-K filed with the SEC on January 12, 2023.
(12)
Incorporated
    by reference to Antelope Enterprises' Report on Form 6-K filed with the SEC on January 17, 2023.
(13)
Incorporated
    by reference to Antelope Enterprises' Report on Form 6-K filed with the SEC on February 27, 2023.
(14)
Incorporated
    by reference to Antelope Enterprises' Report on Form 6-K filed with the SEC on March 31, 2023.
(15)
Incorporated
    by reference to Antelope Enterprises' Report on Form 6-K filed with the SEC on April 5, 2023.
(16)
Incorporated
    by reference to Antelope Enterprises' Report on Form 6-K filed with the SEC on July 31, 2023.
(17)
Incorporated
    by reference to Antelope Enterprises' Report on Form 6-K filed with the SEC on August 7, 2023.
(18)
Incorporated
                                            by reference to Antelope Enterprises' Report on Form 6-K filed with the SEC on September
                                            1, 2023.
(19)
Incorporated
    by reference to Antelope Enterprises' Report on Form 6-K filed with the SEC on September 8, 2023.
(20)
Incorporated
    by reference to Antelope Enterprises' Report on Form 6-K filed with the SEC on December 1, 2023.
(21)
Incorporated
    by reference to Antelope Enterprises' Report on Form 6-K filed with the SEC on January 29, 2024.
(22)
Incorporated
    by reference to Antelope Enterprises' Report on Form 6-K filed with the SEC on February 21, 2024.
(23)
Incorporated
    by reference to Antelope Enterprises' Report on Form 6-K filed with the SEC on March 21, 2024.
(24)
Incorporated
    by reference to Antelope Enterprises' Report on Form 6-K filed with the SEC on March 29, 2024.
(25)
Incorporated
    by reference to Antelope Enterprises' Report on Form 6-K filed with the SEC on April 3, 2024.
(26)
Incorporated
    by reference to Antelope Enterprises' Report on Form 6-K filed with the SEC on April 5, 2024.
(27)
Incorporated
    by reference to Antelope Enterprises' Report on Form 6-K filed with the SEC on April 18, 2024.
*
Filed
    herein
**
Furnished
    herein
92
SIGNATURES
The
Registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf.
ANTELOPE
    ENTERPRISE HOLDINGS LIMITED
May
    10, 2024
By:
/s/
    Weilai (Will) Zhang
Name:
Weilai
    (Will) Zhang
Title:
Chief
    Executive Officer (Principal Executive Officer) and Chairman
ANTELOPE
    ENTERPRISE HOLDINGS LIMITED
May 10, 2024
By:
/s/
    Hen Man Edmund
Name:
Hen
    Man Edmund
Title:
Chief
    Financial Officer (Principal Financial and Accounting Officer)
Pursuant
to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Registrant
in the capacities on May 10, 2024.
Name
Title
/s/
    Weilai (Will) Zhang
Chief
    Executive Officer and Director
Weilai
    (Will) Zhang
(Principal
    Executive Officer)
/s/
    Hen Man Edmund
Chief
    Financial Offer
Hen
    Man Edmund
(Principal
    Accounting Officer and Principal Financial Officer)
/s/
    Tingting Zhang
Director
Tingting
    Zhang
/s/
    Song Chungen
Independent
    Director
Song Chungen
/s/
    Dian Zhang
Independent
    Director
Dian
    Zhang
/s/
    Houyou Zhang
Director
Houyou
    Zhang
/s/
    Ishak Han
Independent
    Director
Ishak
    Han
/s/
    Huashu Yuan
Independent
    Director
Huashu
    Yuan
/s/
                                            Junjie Dong
Director
Junjie
    Dong
/s/
                                            Xiaoying Song
Independent
    Director
Xiaoying
    Song
93
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Directors and Shareholders of Antelope Enterprise Holdings Limited
Opinion
on the Financial Statements
We
have audited the accompanying consolidated statements of financial position of Antelope Enterprises Holdings Limited and subsidiaries
(the "Company") as of December 31, 2023, and the related consolidated statements of comprehensive income (loss), changes
in equity and cash flows for the year ended December 31, 2023, and the related notes (collectively referred to as the "consolidated
financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2023, and the results of its operations and its cash flows for the year ended December 31,
2023, in conformity with International Financial Reporting Standards issued by the International Accounting Standards Board.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
Critical
Audit Matters
The
critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required
to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements
and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.
/s/ ARK Pro CPA & Co
ARK Pro CPA & Co
We have served as the Company's auditor since 2023.
Hong Kong, China
May 10, 2024
PCAOB Firm ID:
3299
F-
1
中正達會計師事務所
Centurion
    ZD CPA & Co.
Certified
    Public Accountants (Practising)
Unit
1304, 13/F, Two Harbourfront, 22 Tak Fung Street, Hunghom, Hong Kong.
香港
紅磡 德豐街22號 海濱廣場二期 13樓1304室
Tel
電話: (852) 2126 2388 Fax 傳真: (852) 2122 9078
Email
電郵: info@czdcpa.com
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Board of Directors and Shareholders of Antelope Enterprise Holdings Limited
Opinion
on the Financial Statements
We
have audited the accompanying consolidated statements of financial position of Antelope Enterprises Holdings Limited and subsidiaries
(the "Company") as of December 31, 2022, and the related consolidated statements of comprehensive income (loss),
changes in equity and cash flows for each of the two years in the period ended December 31, 2022, and the related notes (collectively
referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly,
in all material respects, the financial position of the Company as of December 31, 2022, and the results of its operations and
its cash flows for each of the two years in the period ended December 31, 2022, in conformity with International Financial Reporting
Standards issued by the International Accounting Standards Board.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion
on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company
in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission
and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits
we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.
Critical
Audit Matters
The
critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements
that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are
material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The
communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole,
and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the
accounts or disclosures to which they relate.
F-
2
Inventory
write-down in discontinued operations
As
described in Note 2.8 of the consolidated financial statements, inventories are stated at the lower of cost and net realizable value,
with cost determined on a weighted-average basis. Write-down of potential obsolete or slow moving inventories is recorded based on management's
assumptions about future demands, product trends and market conditions. As described in Note 16 of the consolidated financial statements,
the Company recorded a reversal of inventory impairment charges on inventories held by discontinued operations of RMB 4.0 million for
the year ended December 31, 2022. Inventories include items that have been written down to the Company's best estimate of their
realizable value, which includes consideration of various factors. The net inventories amounting to RMB 28.7 million were held by Jinjiang
Hengda Ceramics Co., Limited, a subsidiary of a disposal group whose assets were classified as held for sale as of December 31, 2022, as described in Note 30.
We
identified the inventory write-down in discontinued operations as a critical audit matter. The Company's determination of future
markdowns is subjective. Specifically, there was a high degree of subjective auditor judgment in evaluating how the Company's merchandising
strategy considerations and related inventory markdown assumptions affected the realizable value of inventory.
Addressing
the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated
financial statements. These procedures included the following, among others: (i) observing the physical condition of inventories during
inventory counts; (ii) evaluating the appropriateness of management's process for developing the estimates of net realizable value;
(iii) testing the reliability of reports used by management by agreeing to underlying records; (iv) testing the reasonableness of the
assumptions about quality, damages, future demand, selling prices and market conditions by considering with historical trends and consistency
with evidence obtained in other areas of the audit; and corroborating the assumptions with individuals within the product team; (v) assessing
the Company's adjustments of inventory costs to net realizable value for slow-moving and obsolete inventories by (1) comparing
the historical estimate for net realizable value adjustments to actual adjustments of inventory costs, and (2) analyzing sales subsequent
to the measurement date.
Measurement
of expected credit losses on trade receivables in discontinued operations
As
described in Note 17 and 30 to the consolidated financial statements, net trade receivables in discontinued operations of disposal group
classified as held for sale amounted to RMB 11.7 million. The valuation of trade receivables requires management judgement due to the
credit risks associated with each individual trade receivable account. Management assesses the recoverability of trade receivables by
reviewing customers' aging profile, credit history, collection period and status of subsequent settlement, and determines whether
an impairment provision is required.
We
identified the expected credit loss ("ECL") as a critical audit matter. The Company's determination of future credit
loss is subjective. Specifically, there was a high degree of subjective auditor judgment in evaluating how the Company's credit
granting policies and related accounts receivable written down assumptions affected the net accounts receivable balance.
Addressing
the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated
financial statements. These procedures included the following, among others: (i) obtaining an understanding of the Company's credit
control procedures and assessing the design, implementation and operating effectiveness of key internal controls over granting of credit
to customers; (ii) evaluating the appropriateness of management's process for developing the ECL model, related assumptions and
considerations; (iii) testing a sample of the data used in the ECL model to the underlying records; (iv) evaluating the ECL model calculations,
agreeing the data inputs and checking the mathematical accuracy of the calculations; (v) comparing the Company's definition of
default, as outlined in the accounting policy against the definition that Company uses for credit risk management; (vi) assessing the
Company's adjustments of provision for credit loss to net accounts receivable collection period for slow-collecting and aging outstanding
accounts receivable balance by (1) comparing the historical estimate for net provision value adjustments to actual adjustments of accounts
receivable balance, (2) analyzing accounts receivable collection and recovery time subsequent to the measurement date; and (3) assessing
the disclosures in the consolidated financial statements are appropriate and adequate.
/s/
Centurion ZD CPA & Co.
Centurion
    ZD CPA & Co.
We
    have served as the Company's auditor since 2016.
Hong
    Kong, China
May
                                            1, 2023
PCAOB
ID:
2769
F-
3
ANTELOPE
ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
As
    of December 31, 2023
As
    of December 31, 2022
Notes
RMB'000
RMB'000
ASSETS
    AND LIABILITIES
NONCURRENT
    ASSETS
Property
    and equipment, net
12
1,146
1,006
Intangible
    assets, net
14
4
6
Right-of-use
    assets, net
23
-
469
Loan
    receivable
10
36,780
-
Note
    receivable
11
49,340
-
Total
    noncurrent assets
87,270
1,481
CURRENT
    ASSETS
VAT
    receivables
-
142
Other
    receivables and prepayments
18
20,380
19,180
Available-for-sale
    financial assets
15
700
8,523
Due from related parties
9,344
-
Restricted
    cash
19
-
2,069
Cash
    and bank balances
19
3,808
3,936
Total
    current assets
34,232
33,850
Assets
    classified as held for sale
-
74,675
Total
    assets
121,502
110,006
CURRENT
    LIABILITIES
Trade
    payables
20
-
3,079
Accrued
    liabilities and other payables
21
1,532
799
Unearned
    revenue
192
-
Amounts
    owed to related parties
28
553
1,291
Note
    payable
24
7,597
-
Lease
    liabilities
23
-
328
Taxes
    payable
22
1,993
582
Total
    current liabilities
11,867
6,079
NET
    CURRENT ASSETS
22,365
27,771
NONCURRENT
    LIABILITIES
Lease
    liabilities
23
-
157
Note
    payable
24
7,394
8,775
Total
    noncurrent liabilities
7,394
8,932
Liabilities
    directly associated with assets classified as held for sale
-
88,530
Total
    liabilities
19,261
103,541
NET
    ASSETS
102,241
6,465
EQUITY
Reserves
26
96,942
1,047
Noncontrolling
    interest
2
5,299
5,418
Total
    equity
102,241
6,465
The
accompanying notes are an integral part of these consolidated financial statements.
F-
4
ANTELOPE
ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS
YEARS ENDED
    DECEMBER 31,
2023
2022
2021
RMB'000
RMB'000
RMB'000
Net
    sales
510,546
286,347
71,527
Cost
    of goods sold
457,493
258,431
65,493
Gross
    profit
53,053
27,916
6,034
Other
    income
3,728
2,966
32
Fair
    value unrealized gain of unlisted financial assets
-
130
-
Selling
    and distribution expenses
(
52,392
)
(
16,380
)
(
24
)
Administrative
    expenses
(
89,047
)
(
22,757
)
(
15,975
)
Bad
    debt reversal (expense)
-
2,751
(
10,148
)
Finance
    costs
(
975
)
(
25
)
(
51
)
Other
    expenses
(
1,204
)
(
42
)
(
34
)
Loss
    before taxation
(
86,837
)
(
5,441
)
(
20,166
)
Income
    tax expense
83
209
217
Net
    loss for the period from continuing operations
(
86,920
)
(
5,650
)
(
20,383
)
Discontinued
    operations
Gain
    on disposal of discontinued operations
73,846
-
-
Los
    from discontinued operations
(
1,385
)
(
47,994
)
(
69,675
)
Net
    loss
(
14,459
)
(
53,644
)
(
90,058
)
Net
    income (loss) attributable to :
Equity
    holders of the Company
(
14,340
)
(
57,918
)
(
88,752
)
Non-controlling
    interest
(
119
)
4,274
(
1,306
)
Net
    loss
(
14,459
)
(
53,644
)
(
90,058
)
Net
    income (loss) attributable to the equity holders of the Company arise from:
Continuing
    operations
(
86,801
)
(
9,924
)
(
19,077
)
Discontinued
    operations
72,461
(
47,994
)
(
69,675
)
Other
    comprehensive loss
Exchange
    differences on translation of financial statements of foreign operations
(
1,838
)
198
585
Total
    comprehensive loss
(
16,297
)
(
53,446
)
(
89,473
)
Total
    comprehensive income (loss) attributable to:
Equity
    holders of the Company
(
16,178
)
(
57,720
)
(
88,167
)
Non-controlling
    interest
(
119
)
4,274
(
1,306
)
Total
    comprehensive income (loss)
(
16,297
)
(
53,446
)
(
89,473
)
Total
    comprehensive income (loss) arise from:
Continuing
    operations
(
88,758
)
(
5,452
)
(
19,798
)
Discontinued
    operations
72,461
(
47,994
)
(
69,675
)
Income
    (loss) per share attributable to the equity holders of the Company
Basic
    (RMB)
--
    from continuing operations
(
39.10
)
(
11.90
)
(
37.10
)
--
    from discontinued operations
32.64
(
57.30
)
(
135.40
)
Diluted
    (RMB)
--
    from continuing operations
(
39.10
)
(
11.90
)
(
37.10
)
--
    from discontinued operations
27.98
(
57.30
)
(
135.40
)
The
accompanying notes are an integral part of these consolidated financial statements.
F-
5
ANTELOPE
ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY
Share
premium
Reverse
recapitalization
reserve
Merger
reserve
Share-based
payment
reserves
Statutory
reserve
Capital
reserve
Retained
earnings
Currency
translation
reserve
Total
Noncontrolling
Interest
Total
Equity
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
RMB'
000
RMB'000
Notes
26
Balance
    at January 1, 2021
718,399
(
507,235
)
58,989
126,164
135,343
61,266
(
494,068
)
(
1,509
)
97,349
-
97,349
Net
    loss for the period
-
-
-
-
-
-
(
88,752
)
-
(
88,752
)
(
1,306
)
(
90,058
)
Exchange
    difference on transaction of financial statements of foreign operations
-
-
-
-
-
-
-
585
585
-
585
Total
    comprehensive income for the period
-
-
-
-
-
-
(
88,752
)
585
(
88,167
)
(
1,306
)
(
89,473
)
Issuance
    of new shares for equity financing
29,587
-
-
-
-
-
-
29,587
-
29,587
Warrants
    exercised
10,258
-
-
-
-
-
-
-
10,258
-
10,258
Equity
    compensation - employee share-based compensation
17
-
-
1,818
-
-
-
-
1,835
-
1,835
Balance
    at December 31, 2021
758,261
(
507,235
)
58,989
127,982
135,343
61,266
(
582,820
)
(
924
)
50,862
(
1,306
)
49,556
Net
    income (loss) for the period
-
-
-
-
-
-
(
57,918
)
-
(
57,918
)
4,274
(
53,644
)
Exchange
    difference on transaction of financial statements of foreign operations
-
-
-
-
-
-
-
198
198
-
198
Total
    comprehensive loss for the period
-
-
-
-
-
-
(
57,918
)
198
(
57,720
)
4,274
(
53,446
)
Issuance
    of new shares for equity financing
5,725
-
-
-
-
-
-
-
5,725
-
5,725
Additional
    paid in capital
-
-
-
-
-
-
-
-
-
2,450
2,450
Equity
    compensation - employee share-based compensation
69
-
-
2,111
-
-
-
-
2,180
-
2,180
Balance
    at December 31, 2022
764,055
(
507,235
)
58,989
130,093
135,343
61,266
(
640,738
)
(
726
)
1,047
5,418
6,465
Net
    loss for the period
-
-
-
-
-
-
(
14,340
)
-
(
14,340
)
(
119
)
(
14,459
)
Exchange
    difference on transaction of financial statements of foreign operations
-
-
-
-
-
-
-
(
1,838
)
(
1,838
)
-
(
1,838
)
Total
    comprehensive loss for the period
-
-
-
-
-
-
(
14,340
)
(
1,838
)
(
16,178
)
(
119
)
(
16,297
)
Issuance
    of new shares for equity financing
58,929
-
-
-
-
-
-
-
58,929
-
58,929
Conversion of long-term notes into common shares
3,684
-
-
-
-
-
-
-
3,684
-
3,684
Share-based compensation expense
738
-
-
48,722
-
-
-
-
49,460
-
49,460
Balance
    at December 31, 2023
827,406
(
507,235
)
58,989
178,815
135,343
61,266
(
655,078
)
(
2,564
)
96,942
5,299
102,241
The
accompanying notes are an integral part of these consolidated financial statements.
F-
6
ANTELOPE
ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS
Years
    ended December 31,
2023
2022
2021
Notes
RMB'000
RMB'000
RMB'000
CASH
    FLOWS FROM OPERATING ACTIVITIES:
Loss
    before taxation (including
73,846,000
gain on disposal of subsidiaries in 2023)
(
12,991
)
(
5,441
)
(
20,166
)
Adjustments
    for
Operating
    lease charge
-
484
1,266
Depreciation
    of property, plant and equipment
361
255
84
Fair
    value gain on unlisted financial assets
-
(
130
)
-
Gain
    on disposal of subsidiaries
30
(
73,846
)
-
-
Loan
    forgiveness by related party
28
(
1,160
)
-
-
Loss
    on convertible note
24
1,267
-
-
Standstill
    fee on note payable
682
-
-
Reversal
    of bad debt of trade receivables
-
(
2,751
)
10,148
Share
    based compensation
25
49,459
2,180
1,835
Interest
    expense on lease liability
6
-
25
51
Amortization
    of OID of convertible note
24
446
15
-
Operating
    cash flows before working capital changes
(
35,782
)
(
5,363
)
(
6,782
)
Decrease
    in trade receivables
-
4,292
(
5,374
)
Decrease
    (Increase) in other receivables and prepayments
(
1,216
)
(
898
)
(
19,936
)
Increase
    in loan receivable
(
36,780
)
-
-
Increase
    (Decrease) in trade payables
(
3,079
)
464
2,602
Increase
    (Decrease) in unearned revenue
192
(
15,545
)
15,545
Decrease
    in taxes payable
1,614
(
958
)
(
163
)
Increase
    (Decrease) in accrued liabilities and other payables
731
(
2,100
)
2,712
Cash
    used in operations
(
74,320
)
(
20,108
)
(
11,396
)
Interest
    paid
-
-
-
Income
    tax paid
(
144
)
(
326
)
(
41
)
Net
    cash generated from operating activities from discontinued operations
14,118
4,982
3,314
Net
    cash used in operating activities
(
60,346
)
(
15,452
)
(
8,123
)
CASH
    FLOWS FROM INVESTING ACTIVITIES:
Acquisition
    of fixed assets
(
500
)
(
22
)
(
1,279
)
Acquisition
    of intangible assets
-
(
6
)
-
Decrease  in
    notes receivable
9,404
-
-
Decrease
    in available-for-sale financial asset
7,823
(
8,393
)
-
Decrease
    (Increase) in restricted cash
2,069
(
2,069
)
-
Cash
    disposed as a result of disposal of subsidiaries
30
(
256
)
-
-
Net
    cash used in investing activities from discontinued operations
-
-
-
Net
    cash generated from (used in) investing activities
18,540
(
10,490
)
(
1,279
)
CASH
    FLOWS FROM FINANCING ACTIVITIES:
Payment
    for lease liabilities
-
(
358
)
(
1,144
)
Insurance
    of share capital for equity financing
25
58,929
5,724
29,586
Warrants
    exercised
-
-
10,258
Capital
    contribution from noncontrolling interest
-
2,450
-
Proceeds
    from promissory note
7,100
8,759
-
Due from related parties
28
(
9,344
)
-
-
Advance
    from related parties
28
423
-
-
Net
    cash used in financing activities from discontinued operations
(
14,303
)
(
14,303
)
(
14,303
)
Net
    cash generated from financing activities
42,805
2,272
24,397
NET
    INCREASE (DECREASE)  IN CASH & EQUIVALENTS
999
(
23,670
)
14,995
CASH
    & EQUIVALENTS (INCLUDING CASH CLASSIFIED AS HELD FOR SALE OF RMB
306,000
), BEGINNING OF YEAR
4,242
27,880
12,344
EFFECT
    OF FOREIGN EXCHANGE RATE DIFFERENCES
(
1,433
)
32
541
CASH
    & EQUIVALENTS, END OF YEAR
3,808
4,242
27,880
ANALYSIS
    OF BALANCES OF CASH AND CASH EQUIVALENTS:
Cash
    and cash equivalents
3,808
3,936
27,880
Cash
    and cash equivalents included in assets classified as held for sale
-
306
-
3,808
4,242
27,880
The
accompanying notes are an integral part of these consolidated financial statements.
F-
7
ANTELOPE
ENTERPRISE HOLDINGS LIMITED AND ITS SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
For
the Three Years Ended December 31, 2021, 2022 and 2023
1.
GENERAL INFORMATION
Antelope
Enterprise Holdings Limited ("Antelope Enterprises" or the "Company"), formerly known as China Ceramics Co.,
Ltd ("CCCL"), is a British Virgin Islands company operating under the BVI Business Companies Act (2004) with its shares listed
on the NASDAQ ("symbol: AEHL"). Its predecessor company, China Holdings Acquisition Corp. ("CHAC"), was incorporated
in Delaware on June 22, 2007, and was organized as a blank check company for the purpose of acquiring, through a stock exchange, asset
acquisition or other similar business combination, or controlling, through contractual arrangements, an operating business, that has
its principal operations in Asia. The Company has no operations and has no assets or liabilities of consequence outside its investments
in its operating subsidiaries. The head office of the Company is located at Junbing Industrial Zone, Jinjiang City, Fujian Province,
the People's Republic of China ("PRC").
On
November 20, 2009, CHAC merged with and into Antelope Enterprises, its wholly owned British Virgin Islands subsidiary, with Antelope
Enterprise surviving the merger (the "Redomestication"). On the same day, pursuant to the terms of a merger and stock purchase
agreement dated August 19, 2009 (the "acquisition agreement"), Antelope Enterprise acquired all of the outstanding securities
of Success Winner Limited ("Success Winner") held by Mr. Wong Kung Tok in exchange for US$
10.00
and
5,743,320
shares of Antelope
Enterprise (the "Success Winner Acquisition"). The total number of issued and outstanding shares of Antelope Enterprise immediately
after the acquisition was
8,950,171
.
Prior
to the Success Winner Acquisition on November 20, 2009, neither CHAC nor Antelope Enterprises had an operating business.
Jinjiang
Hengda Ceramics Co., Ltd. ("Hengda"), which became the operating entity of Antelope Enterprise in connection with the Success
Winner Acquisition, was established on September 30, 1993 under the laws of PRC with
15
% of its equity interest owned by Fujian Province
Jinjiang City Anhai Junbing Hengda Construction Material Factory ("Anhai Hengda") and
85
% owned by Chi Wah Trading Import
and Export Company ("Chi Wah"). Chi Wah is a sole proprietor under the laws of Hong Kong with its legal and equitable interest
solely owned by Mr. Wong Kung Tok. Anhai Hengda was owned by Mr. Wong Kung Tok's family, which was considered an act-in-concert
party of Mr. Wong Kung Tok for accounting purposes.
Hengda
is principally engaged in the manufacture and sale of ceramic tiles used for exterior siding and for interior flooring and design in
residential and commercial buildings.
Hengda's
owners reorganized the corporate structure in 2008 and 2009 (the "Hengda Reorganization" or the "Reorganization"),
as follows:
Stand
Best Creation Limited ("Stand Best") was established on January 17, 2008 under the laws of Hong Kong with its paid-up share
capital being HK$
1.00
divided into
1
ordinary share solely owned by Mr. Wong Kung Tok. Stand Best acquired
100
% of Hengda's equity
interest from Anhai Hengda and Chi Wah on April 1, 2008 at the consideration of RMB
58,980,000
.
Success
Winner Limited ("Success Winner") was incorporated in the British Virgin Islands on May 29, 2009 as a limited liability company.
Its paid-up and issued capital is US$
1
divided into
1
ordinary share solely owned by Mr. Wong Kung Tok.
On
June 30, 2009, through a capitalization agreement between Mr. Wong Kung Tok and Stand Best, Stand Best capitalized a shareholder loan
due to Mr. Wong Kung Tok in the amount of HK$
67.9
million (equivalent to approximately RMB
58.9
million) through the issuance of an
aggregate of
9,999
ordinary shares of HK$
1.00
par value which Mr. Wong Kung Tok allotted to Success Winner.
F-
8
On
the same date, Mr. Wong Kung Tok transferred his ownership of the remaining 1 ordinary share of Stand Best to Success Winner, thus making
Success Winner the sole parent company of Stand Best.
On
January 8, 2010, Hengda completed the acquisition of all voting equity interests of Jiangxi Hengdali Ceramic Materials Co., Ltd. ("Hengdali"
or the "Gaoan Facility"), located in Gaoan, Jiangxi Province (the "Hengdali Acquisition"). Hengdali manufactures
and sells ceramics tiles used for exterior siding and for interior flooring. In total, Hengda assumed loans of RMB
60.0
million and paid
cash consideration of RMB
185.5
million for the acquisition.
On
September 22, 2017, Success Winner incorporated a
100
% owned subsidiary Vast Elite Limited ("Vast Elite") in Hong Kong with
an initial registered capital of HKD
1
. Vast Elite is a holding company and had no material operations during the year ended December
31, 2019.
On
November 20, 2019, Vast Elite incorporated a
100
% owned subsidiary Chengdu Future Talented Management and Consulting Co, Ltd ("Chengdu
Future") in China. Chengdu Future is engaged in business management and consulting services.
On
December 3, 2019, Success Winner incorporated a
100
% owned subsidiary Antelope Enterprise (HK) Holdings Limited ("Antelope HK")
in Hong Kong. Antelope HK only serves the purpose of a holding company.
On
May 5, 2020, Antelope HK incorporated a
100
% owned subsidiary Antelope Holdings (Chengdu) Co., Ltd ("Antelope Chengdu") in
China. Antelope Chengdu is engaged in business management and consulting services.
On
August 10, 2021, Antelope HK incorporated a
100
% owned subsidiary Hainan Antelope Holdings Co., Ltd ("Antelope Hainan") in
China. Antelope Hainan is engaged in business management and consulting services. Antelope Hainan does not have any operations as of
this report date.
On
August 11, 2021, Antelope HK incorporated a
100
% owned subsidiary Antelope Future (Yangpu) Investment Co., Ltd ("Antelope Yangpu")
in China. Antelope Yangpu is engaged in business management and consulting services. Antelope Yangpu does not have any operations as
of this report date.
On
August 23, 2021, Antelope Hainan incorporated a
100
% owned subsidiary Antelope Investment (Hainan) Co., Ltd ("Antelope Investment")
in China. Antelope Investment is engaged in business management and consulting services. Antelope Investment does not have any operations
as of this report date.
On
September 9, 2021, Antelope Future incorporated a
100
% owned subsidiary Antelope Ruicheng Investment (Hainan) Co., Ltd ("Antelope
Ruicheng") in China. Antelope Ruicheng is engaged in business management and consulting services. Antelope Ruicheng does not have
any operations as of this report date.
On
September 18, 2021, Antelope Ruicheng incorporated a
51
% owned subsidiary Hainan Kylin Cloud Services Technology Co., Ltd (("Hainan
Kylin") in China. Hainan Kylin is engaged in the business management and consulting services for livestreaming ecommerce industry.
On
October 28, 2022, Hainan Kylin incorporated a
100
% owned subsidiary Hangzhou Kylin Cloud Services Technology Co., Ltd ("Hangzhou
Kylin") in China. Hangzhou Kylin is engaged in business management and consulting services for the livestreaming ecommerce industry.
On
November 2, 2022, Hainan Kylin incorporated a
100
% owned subsidiary Anhui Kylin Cloud Services Technology Co., Ltd ("Anhui Kylin")
in China. Anhui Kylin is engaged in business management and consulting services for the livestreaming ecommerce industry.
On
January 4, 2023, Antelope Enterprise Holdings Limited incorporated a
100
% owned subsidiary Antelope Enterprise Holding USA Inc (Antelope
USA) in Delaware. Antelope USA is a holding company with no material operations.
F-
9
On
February 15, 2023, Hainan Kylin incorporated a
100
% owned subsidiary Wenzhou Kylin Cloud Services Technology Co., Ltd ("Wenzhou
Kylin") in China. Wenzhou Kylin is engaged in business management and consulting services for the livestreaming ecommerce industry.
On
August 15, 2023, Hainan Kylin incorporated a
100
% owned subsidiary Hubei Kylin Cloud Services Technology Co., Ltd ("Hubei Kylin")
in China. Hubei Kylin is engaged in business management and consulting services for the livestreaming ecommerce industry.
On
August 18, 2023, Hainan Kylin incorporated a
100
% owned subsidiary Jiangxi Kylin Cloud Services Technology Co., Ltd ("Jiangxi Kylin")
in China. Jianxi Kylin is engaged in business management and consulting services for the livestreaming ecommerce industry.
Since
the ceramic tiles manufacturing business of the Company has experienced significant hurdles due to the significant slowdown of the real
estate sector and the impacts of COVID-19 in China, the Company plans to divest its ceramic tiles manufacturing business, which is conducted
through the Company's subsidiaries, Stand Best, Hengda and Hengdali (the "Target").
On
December 30, 2022, Stand Best and an unaffiliated entity, New Stonehenge Limited, entered into a purchase agreement, pursuant to which,
Stand Best agreed to sell
100
% equity interests in Hengda to New Stonehenge Limited, in exchange for a
5
% unsecured promissory note with
a principal amount of US$
8.5
million. The promissory note will mature in four years and the
5
% interest and principal amount on the note
is to be paid in four annual installments. On February 21, 2023, the Company's shareholders approved this transaction. On April
28, 2023, this transaction was closed. The has transferred its ownership of the ceramic tile manufacturing business to the New Stonehenge
Limited, and New Stonehenge Limited has become the
100
% owner of Hengda, which is the
100
% owner of Hengdali.
On
February 21, 2023, the shareholders of the Company approved and adopted an amended and restated memorandum and articles of association
(the "Amended M&A"), which changed the authorized issued share capital of the Company from US$
4,800,000
divided into
200,000,000
ordinary shares with a par value of US$
0.024
each, to (i)
250,000,000
ordinary shares re-designated as (a)
200,000,000
Class
A ordinary shares with no par value each, and (b)
50,000,000
Class B ordinary shares with no par value each, and (ii)
50,000,000
preferred
shares with no par value each, (the "Re-Designation of the Authorized Capital"). Each Class A ordinary share is entitled
to one (1) vote and each Class B ordinary share is entitled to twenty (20) votes. In connection with the Re-Designation of the Authorized
Capital,
977,755
ordinary shares owned by Mr. Weilai (Will) Zhang then were converted into
977,755
Class B ordinary shares, and the rest
of the then outstanding and issued outstanding ordinary shares were converted into Class A ordinary shares on an one-for-one basis.
F-
10
Antelope
Enterprise Holdings Limited and its subsidiaries' (the "Company") corporate structure as of December 31, 2023 is as
follows:
F-
11
Name
Place
    and date of incorporation or establishment/ operations
Nominal
    value of issued ordinary share /registered capital
Percentage
    of equity attributable to the Company
Principal
    activities
Direct
Indirect
Antelope
    USA
Delaware,
    USA, January 4, 2023
US$
1,000
100
—
Holding
    company
Success
    Winner Limited
British
    Virgin Islands, May 29, 2009
US$
1
100
—
Investment
    holding
Vast
    Elite Limited
Hong
    Kong, September 22, 2017
HKD
1
—
100
Trading
    of building material
Chengdu
    Future Talented Management and Consulting Co, Ltd (note 2)
PRC,
    November 20, 2019
RMB
30,000,000
—
100
Business
    management and consulting services
Antelope
    Enterprise (HK) Holdings Limited
Hong
    Kong, December 3, 2019
HKD
10,000
—
100
Investment
    holding
Antelope
    Holdings (Chengdu) Co., Ltd (note 3)
PRC,
    May 9, 2020
USD
10,000,000
—
100
Business
    management and consulting services
Hainan
    Antelope Holdings Co., Ltd (note 4)
PRC,
    August 10, 2021
USD
10,000,000
—
100
Business
    management and consulting services
Antelope
    Future (Yangpu) Investment Co., Ltd (note 5)
PRC,
    August 11, 2021
USD
10,000,000
—
100
Business
    management and consulting services
Antelope
    Investment (Hainan) Co., Ltd (note 6)
PRC,
    August 23, 2021
RMB
50,000,000
—
100
Business
    management and consulting services
Antelope
    Ruicheng Investment (Hainan) Co., Ltd (note 7)
PRC,
    September 9, 2021
RMB
50,000,000
—
100
Business
    management and consulting services
Hainan
    Kylin Cloud Services Technology Co., Ltd (note 8)
PRC,
    September 18, 2021
RMB
5,000,000
—
51
Business
    management and consulting services
Hangzhou
    Kylin Cloud Services Technology Co., Ltd (note 9)
PRC,
    October 28, 2022
RMB
5,000,000
—
51
Business
    management and consulting services
Anhui
    Kylin Cloud Services Technology Co., Ltd (note 10)
PRC,
    November 2, 2022
RMB
5,000,000
—
51
Business
    management and consulting services
Wenzhou
    Kylin Cloud Services (note 11)
PRC,
    February 15, 2023
RMB
5,000,000
-
51
Business
    management and consulting services
Hubei
    Kylin Cloud Services Technology Co., Ltd (note 12)
PRC,
    August 15, 2023
RMB
5,000,000
—
51
Business
    management and consulting services
Jiangxi
    Kylin Cloud Services Technology Co., Ltd (note 13)
PRC,
    August 18, 2023
RMB
5,000,000
—
51
Business
    management and consulting services
Note:
1.
The
    registered capital of Hengda, Hengdali, Vast Elite and Antelope HK had been fully paid up.
2.
Chengdu
    Future is allowed to pay the registered capital in full before November 12, 2049.
3.
Antelope
    Chengdu is allowed to pay the registered capital in full before April 13, 2060.
4.
Hainan
    Antelope is allowed to pay the registered capital in full before December 31, 2041.
5.
Antelope
    Future is allowed to pay the registered capital in full before December 31, 2051.
6.
Antelope
    Investment is allowed to pay the registered capital in full before December 31, 2041.
7.
Antelope
    Ruicheng is allowed to pay the registered capital in full before December 31, 2051.
8.
Hainan
    Kylin is allowed to pay the registered capital in full before September 16, 2050.
9.
Hangzhou
    Kylin is allowed to pay the registered capital in full before October 21, 2042.
10.
Anhui
    Kylin is allowed to pay the registered capital in full before October 31, 2042.
11.
Wenzhou
    Kylin is allowed to pay the registered capital in full before February 15, 2043.
12.
Hubei
    Kylin is allowed to pay the registered capital in full before August 15, 2045.
13.
Jiangxi
    Kylin is allowed to pay the registered capital in full before August 15, 2053.
F-
12
On
September 3, 2020, the
Company effected a reverse stock split, every three issued and outstanding ordinary shares as of the effective
date will automatically be combined into one issued and outstanding share
. Consequently, the reverse stock split will reduce the number
of outstanding ordinary shares of the Company from approximately
9.2
million shares to approximately
3.1
million shares, and the par
value per share will increase from $
0.008
to $
0.024
. All outstanding stock options, warrants and other rights to purchase the Company's
ordinary shares will be adjusted proportionately as a result of the reverse stock split.
On
September 18, 2023, the Company effected a one-for-ten reverse split of its issued and outstanding Class A ordinary shares. The consolidated
statements of financial position as of December 31, 2023 and 2022, and consolidated statements of comprehensive loss for the years ended
December 31, 2023, 2022 and 2021 were retroactively restated to reflect this reverse split.
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1
Basis of preparation
The
consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRSs")
as issued by the International Accounting Standards Board ("IASB"), which collective term includes all applicable individual
International Financial Reporting Standards, International Accounting Standards and Interpretations issued by the IASB.
The
significant accounting policies that have been used in the preparation of these consolidated financial statements are summarized below.
These policies have been consistently applied to all the years presented unless otherwise stated. The adoption of new or amended IFRSs
and the impacts on the Company's financial statements, if any, are disclosed in Note 3.
The
COVID-19 pandemic has created and may continue to create significant uncertainty in macroeconomic conditions, which may cause further
business slowdowns or shutdowns, depress demand for the Company's business, and adversely impact its results of operations. During
the years ended December 31, 2022 and 2021, the Company faced increasing uncertainties around its estimates of revenue collectability,
accounts receivable credit losses, impairment of inventory and long-lived assets. The Company expects uncertainties around its key accounting
estimates to continue to evolve depending on the duration and degree of impact associated with the COVID-19 pandemic. Its estimates may
change as new events occur and additional information emerges, and such changes are recognized or disclosed in its consolidated financial
statements. Judgments made by management in the application of IFRSs that have significant effect on the financial statements and major
sources of estimation uncertainty are discussed in Note 4. However, Since January 2023, China has dropped all COVID restrictions.
The
consolidated financial statements have been prepared on the historical cost basis, except for derivative financial instruments that have
been measured at fair value.
The
preparation of financial statements in conformity with IFRSs requires management to make judgments, estimates and assumptions that affect
the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions
are based on historical experience and various other factors believed to be reasonable under the circumstances, the results of which
form the basis of making the judgements about carrying amounts of assets and liabilities not readily apparent from other sources. Actual
results may differ from these estimates.
The
estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period
in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the
revision affects both current and future periods.
Judgments
made by management in the application of IFRSs that have significant effect on the financial statements and major sources of estimation
uncertainty are discussed in Note 4.
F-
13
The
consolidated financial statements were approved and authorized for issue by the Board of Directors on
April
XX, 2024
.
2.2
Basis of consolidation
(i)
100% owned Subsidiaries
The
Success Winner Acquisition on November 22, 2009 has been accounted for as a reverse recapitalization. The acquisition agreement resulted
in the former owner of Success Winner obtaining effective operating and financial control of the combined entity. Prior to the acquisition,
Antelope Enterprise had no operating business. Accordingly, the acquisition does not constitute a business combination for accounting
purposes and is accounted for as a capital transaction. That is, the transaction is in substance a reverse recapitalization, equivalent
to the issuance of equity interests by Success Winner for the net monetary assets of Antelope Enterprise accompanied by a recapitalization.
The consolidated financial statements are a continuation of the financial statements of Success Winner. The assets and liabilities of
Antelope Enterprise are recognized at their carrying amounts at the date of acquisition with a corresponding credit to the consolidated
equity and no goodwill or other intangible assets are recognized. The equity of the combined entity recognized at the date of acquisition
represents the equity balances of Success Winner together with the deemed proceeds from the reverse recapitalization determined as described
above. However, the equity structure presented in the consolidated financial statements (number and values of equity instruments issued)
reflects the equity structure of the legal parent, Antelope Enterprise. Costs directly attributable to the transaction have been debited
to equity to the extent of net monetary assets received.
Success
Winner and its subsidiaries as a group is regarded as a continuing entity resulting from the Hengda Reorganization since the management
of all the entities which took part in the Reorganization were controlled by the same director and shareholder before and immediately
after the Reorganization. Immediately after the Reorganization, there was a continuation of the control over the entities' financial
and operating policy decision and risk and benefits to the ultimate shareholders that existed prior to the Reorganization. Accordingly,
the reorganization has been accounted for as a reorganization under common control and the financial statements of Success Winner, Stand
Best and Hengda have been combined on the basis of merger accounting for all periods presented.
The
assets and liabilities of the combining entities or businesses are combined using the existing book values from the controlling party's
perspective. No amount is recognized as consideration for goodwill or excess of the acquirer's interest in the net fair values
of the acquiree's identifiable assets, liabilities and contingent liabilities over cost at the time of the common control combination.
The consolidated statement of comprehensive income includes the results of each of the combining entities or businesses from the earliest
date presented or the date of their incorporation/establishment or since the date when the combining entities or businesses first came
under common control, where this is a shorter period, regardless of the date of the common control combination.
The
Hengdali Acquisition on January 8, 2010 has been accounted for as a business combination using the acquisition method. Hengdali is a
subsidiary of the Company, and the Company has the power to govern the financial and operating policies which accompanies its shareholding
of 100% of the voting rights in Hengdali. Therefore, Hengdali as a subsidiary is fully consolidated from January 8, 2010, the date on
which control was transferred to the Company.
The
accounting for the Hengdali Acquisition under the acquisition method, treats the consideration transferred for the acquisition of Hengdali
as the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Company. The consideration
transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related
costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in this business combination
are measured initially at their fair values at the acquisition date.
The
excess of the consideration transferred over the fair value of the identifiable net assets acquired is recorded as goodwill.
F-
14
The
Company's financial statements consolidate those of the Company and all of its subsidiaries as of December 31, 2023. Subsidiaries
are entities controlled by the Company. The Company controls an entity when it is exposed, or has rights, to variable returns from its
involvement with the entity and has the ability to affect those returns through its power over the entity. When assessing whether the
Company has power, only substantive rights (held by the Company and other parties) are considered. All subsidiaries have a reporting
date of December 31.
An
investment in a subsidiary is consolidated into the consolidated financial statements form the date that control commences until the
date that control ceases. Inter-company transactions, balances and unrealized gains or losses on transactions between group companies
are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted
by the Company.
(ii)
Non-controlling interests
Antelope
Ruicheng owns 51% of Hainan Kylin, while non-controlling interest owns 49% of Hainan Kylin. Hainan Kylin 100% owns Hangzhou Kylin, Anhui
Kylin, Wenzhou Kylin, Hubei Kylin and Jiangxi Kylin. Non-controlling interests in the financial results and equity of subsidiaries are
shown separately in the Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Financial Position and Consolidated
Statements of Changes in Equity respectively.
2.3
Foreign currency translation
The
financial statements are presented in RMB (to the nearest thousand), being the currency that best reflects the economic substance of
the underlying events and circumstances relevant to the Company. The Company's operations are conducted through the subsidiaries
in the People's Republic of China ("PRC"). The functional currency of these subsidiaries in China is Renminbi ("RMB").
The functional currency of Antelope Enterprise and Antelope HK is the United State dollars (US$). The functional currency of Vast Elite
is Hong Kong dollar.
In
the individual financial statements of the consolidated entities, foreign currency transactions are translated into the functional currency
of the individual entity using the exchange rates prevailing at the dates of the transactions. At the reporting date, monetary assets
and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at that date. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the reporting date retranslation of monetary assets and
liabilities are recognized in profit or loss.
Non-monetary
items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the
fair value was determined and are reported as part of the fair value gain or loss. Non-monetary items that are measured in terms of historical
cost in a foreign currency are not retranslated.
In
the consolidated financial statements, all individual financial statements of foreign operations, originally presented in a currency
different from the Company's presentation currency, have been converted into Renminbi. Assets and liabilities have been translated
into Renminbi at the closing rates at the reporting date. Income and expenses have been converted into Renminbi at the exchange rates
ruling at the transaction dates, or at the average rates over the reporting period provided that the exchange rates do not fluctuate
significantly. Any differences arising from this procedure have been recognized in other comprehensive income and accumulated separately
in the currency translation reserve in equity.
When
a foreign operation is sold, such exchange differences are reclassified from equity to profit or loss as part of the gain or loss on
sale.
The
translation of certain RMB amounts as of and for the year ended December 31, 2023 into US$ is included in these financial statements
solely for the convenience of readers and was made at the rate of RMB
7.10
to US$
1.00
, which was based on the noon buying rate on December
31, 2023 in the City of New York cable transfers of RMB as certified for customers purposes by the Federal Reserve Bank of New York.
Such translation should be construed as representation that RMB amounts could be converted, realized or settled into US$ at the rate
stated above or at any other rate.
F-
15
2.4
Property, plant and equipment
Leasehold
land and buildings for own use
When
a lease includes both land and building elements, the Company assesses the classification of each element as a finance or an operating
lease separately based on the assessment as to whether substantially all the risks and rewards incidental to ownership of each element
have been transferred to the Company, unless it is clear that both elements are operating leases in which case the entire lease is classified
as an operating lease. Specifically, the minimum lease payments (including any lump sum upfront payments) are allocated between the land
and the building elements in proportion to the relative fair values of the leasehold interests in the land element and building element
of the lease at the inception of the lease.
To
the extent the allocation of the lease payments can be made reliably, interest in leasehold land that is accounted for as an operating
lease is presented as "land use rights" in the consolidated statements of financial position and is amortized over the lease
term on a straight-line basis.
All
buildings are depreciated over their expected useful lives of
40
years.
Other
property, plant and equipment
Property,
plant and equipment are stated in the consolidated statements of financial position at cost less any accumulated depreciation and any
accumulated impairment losses.
Depreciation
is provided to write off the cost less their residual values over their estimated useful lives as follows, using the straight-line method:
Plant
    and machinery
10
years
Motor
    vehicles
10
years
Office
    equipment
5
years
The
assets' residual values, depreciation methods and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting
period, with the effect of any changes in estimate accounted for on a prospective basis.
Historical
cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset's
carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated
with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is
derecognized. All other costs, such as repairs and maintenance, are charged to profit or loss during the financial period in which they
are incurred.
An
asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than
its estimated recoverable amount.
The
gain or loss arising on retirement or disposal is determined as the difference between the sales proceeds and the carrying amount of
the asset and is recognized in profit or loss.
2.5
Investment property
Investment
properties are properties held to earn rentals or for capital appreciation.
Investment
properties are initially measured at historical cost, including any directly attributable expenditure. Subsequent to initial recognition,
investment properties are measured at their historical cost less any accumulated depreciation and any accumulated impairment losses.
F-
16
Historical
cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset's
carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated
with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is
derecognized. All other costs, such as repairs and maintenance, are charged to profit or loss during the financial period in which they
are incurred.
An
asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than
its estimated recoverable amount.
The
gain or loss arising on retirement or disposal is determined as the difference between the sales proceeds and the carrying amount of
the asset and is recognized in profit or loss.
An
investment property is derecognized upon disposal or when the investment property is permanently withdrawn from use or no future economic
benefits are expected from its disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between
the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the item is derecognized.
As a result of disposal subsidiaries, the investment property balance on the balance sheet date became zero.
2.6
Land use rights
Upfront
payments made to acquire land held under an operating lease are stated at cost less accumulated amortization and any accumulated impairment
losses. Amortization is calculated on a straight line basis over the leasing period of
50
years. The carrying amounts of land used rights
were reclassified to right-of-use assets to conform to IFRS 16. As a result of disposal subsidiaries, the land use rights balance on
the balance sheet date became zero.
2.7
Goodwill
Goodwill
arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business less accumulated
impairment losses, if any.
For
the purposes of impairment testing, goodwill is allocated to each of the Company's cash-generating units, or groups of cash-generating
units, that is expected to benefit from the synergies of the combination.
A
cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently whenever there is indication
that the unit may be impaired. If some or all of the goodwill allocated to a cash-generating unit was acquired in a business combination
during the current annual period, that unit shall be tested for impairment before the end of the current annual period. If the recoverable
amount of the cash-generating unit is less than the carrying amount, the impairment loss is allocated first to reduce the carrying amount
of any goodwill allocated to the unit and then to the other assets of the unit on a pro – rata basis based on the carrying amount
of each asset in the unit. Any impairment loss for goodwill is recognized directly in profit or loss. An impairment loss recognized for
goodwill is not reversed in subsequent periods.
On
disposal of the relevant cash generating unit, the attributable amount of goodwill is included in the determination of the profit or
loss on disposal.
2.8
Inventories
Inventories
are carried at the lower of cost and net realizable value. Cost is determined using the weighted average basis, and in the case of work
in progress and finished goods, comprises direct materials, direct labor and an appropriate proportion of overhead.
Net
realizable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and applicable
selling expenses.
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When
inventories are sold, the carrying amount of those inventories is recognized as an expense in the period in which the related revenue
is recognized. The amount of any write-down of inventories to net realizable value and all losses of inventories are recognized as an
expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories is recognized as a reduction
in the amount of inventories recognized as an expense in the period in which the reversal occurs. As a result of disposal subsidiaries,
the inventory balance on the balance sheet date became zero.
2.9
Cash and cash equivalents
Cash
and cash equivalents include cash at bank and in hand, demand deposits with banks and short term highly liquid investments with original
maturities of three months or less that are readily convertible into known amounts of cash and which are subject to an insignificant
risk of changes in value. For the purpose of the statement of cash flows presentation, cash and cash equivalents include bank overdrafts
which are repayable on demand and form an integral part of the Company's cash management.
2.10
Financial instruments
Financial
assets and financial liabilities are recognized when a group entity becomes a party to the contractual provisions of the instrument.
Financial
assets and financial liabilities are initially measured at fair value except for trade debtors arising from contracts with customers
which are initially measured in accordance with HKFRS 15 since 1 January 2019. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities (other than financial assets or liabilities at fair value through
profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial
recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through
profit or loss are recognized immediately in profit or loss.
The
effective interest method is a method of calculating the amortized cost of a financial asset or financial liability and of allocating
interest income and interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated
future cash receipts and payments (including all fees and points paid or received that form an integral part of the effective interest
rate, transaction costs and other premiums or discounts) through the expected life of the financial asset or financial liability, or,
where appropriate, a shorter period, to the net carrying amount on initial recognition.
Interest
income which are derived from the Company's ordinary course of business are presented as revenue.
Financial
assets
Classification
and subsequent measurement of financial assets (upon application of IFRS 9)
Financial
assets that meet the following conditions are subsequently measured at amortized cost:
●
the
    financial asset is held within a business model whose objective is to collect contractual cash flows; and
●
the
    contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
    amount outstanding.
All
other financial assets are subsequently measured at fair value through profit or loss ("FVTPL").
A
financial asset is classified as held for trading if:
●
it
    has been acquired principally for the purpose of selling in the near term; or
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18
●
on
    initial recognition it is a part of a portfolio of identified financial instruments that the Company manages together and has a recent
    actual pattern of short-term profit-taking; or
●
it
    is a derivative that is not designated and effective as a hedging instrument.
In
addition, the Company may irrevocably designate a financial asset that are required to be measured at the amortized cost as measured
at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.
(i)
Amortized cost and interest income
Interest
income is recognized using the effective interest method for financial assets measured subsequently at amortized cost. Interest income
is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets
that have subsequently become credit-impaired. For financial assets that have subsequently become credit-impaired, interest income is
recognized by applying the effective interest rate to the amortized cost of the financial asset from the next reporting period. If the
credit risk on the credit-impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income
is recognized by applying the effective interest rate to the gross carrying amount of the financial asset from the beginning of the reporting
period following the determination that the asset is no longer credit impaired.
(ii)
Financial assets at FVTPL
Financial
assets that do not meet the criteria for being measured at amortized cost are measured at FVTPL.
Financial
assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized in profit
or loss. The net gain or loss recognized in profit or loss includes any dividend or interest earned on the financial asset and is included
in the "other gains and losses" line item.
Impairment
of financial assets (upon application IFRS 9)
The
Company recognizes a loss allowance for expected credit loss ("ECL") on financial assets which are subject to impairment
under IFRS 9 (including trade and other receivables, bank deposits and bank balances). ECLs are based on the difference between the contractual
cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation
of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit
enhancements that are integral to the contractual terms. The amount of ECL is updated at each reporting date to reflect changes in credit
risk since initial recognition.
General
approach
ECLs
are recognized in two measurement bases. For credit exposures for which there has not been a significant increase in credit risk since
initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months
(a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition,
a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default
(a lifetime ECL).
At
each reporting date, the Company assesses whether the credit risk on a financial instrument has increased significantly since initial
recognition. When making the assessment, the Company compares the risk of a default occurring on the financial instrument as at the reporting
date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable
and supportable information that is available without undue cost or effort, including historical and forward looking information.
The
Company considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Company
may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to
receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial
asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
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19
Financial
assets at amortized cost are subject to impairment under the general approach and they are classified within the following stages for
measurement of ECLs except for trade receivables which apply the simplified approach as detailed below.
Stage
1 — Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss
allowance is measured at an amount equal to 12-month ECLs
Stage
2 — Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired
financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLs
Stage
3 — Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired)
and for which the loss allowance is measured at an amount equal to lifetime ECLs
Simplified
approach
For
trade receivables that do not contain a significant financing component or when the Company applies the practical expedient of not adjusting
the effect of a significant financing component, the Company applies the simplified approach in calculating ECLs. Under the simplified
approach, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting
date.
The
Company assesses at the end of each reporting period whether there is any objective evidence that a financial asset or a group of financial
assets is impaired. An impairment exists if one or more events that occurred after the initial recognition of the asset have an impact
on the estimated future cash flows of the financial asset or the Company of financial assets that can be reliably estimated. Evidence
of impairment may include indications that a debtor or a group of debtors is experiencing significant financial difficulty, default or
delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganization and
observable data indicating that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic
conditions that correlate with defaults.
Financial
assets carried at amortized cost
For
financial assets carried at amortized cost, the Company first assesses whether impairment exists individually for financial assets that
are individually significant, or collectively for financial assets that are not individually significant. If the Company determines that
no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the
asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that
are individually assessed for impairment and for which an impairment loss is, or continues to be, recognized are not included in a collective
assessment of impairment.
The
amount of any impairment loss identified is measured as the difference between the asset's carrying amount and the present value
of estimated future cash flows (excluding future credit losses that have not been incurred). The present value of the estimated future
cash flows is discounted at the financial asset's original effective interest rate (i.e., the effective interest rate computed
at initial recognition).
The
carrying amount of the asset is reduced through the use of an allowance account and the loss is recognized in profit or loss. Interest
income continues to be accrued on the reduced carrying amount using the rate of interest used to discount the future cash flows for the
purpose of measuring the impairment loss. Loans and receivables together with any associated allowance are written off when there is
no realistic prospect of future recovery and all collateral has been realized or has been transferred to the Company.
If,
in a subsequent period, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment
was recognized, the previously recognized impairment loss is increased or reduced by adjusting the allowance account. If a write-off
is later recovered, the recovery is credited to other expenses in the statement of profit or loss.
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20
Classification
and subsequent measurement of financial assets (before application of IFRS 9 on January 1, 2018)
The
Company's financial assets are loans and receivables. The classification depends on the nature and purpose of the financial assets
and is determined at the time of initial recognition.
Loans
and receivables
Loans
and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They
are initially recognized at fair value. Subsequent to initial recognition, loans and receivables (including trade and other receivables,
pledged bank deposits, fixed bank deposits with maturity periods over three months and bank balances) are measured at amortized cost
using the effective interest method, less any identified impairment losses).
Impairment
of financial assets
Financial
assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired
when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial
asset, the estimated future cash flows of the financial assets have been affected.
Objective
evidence of impairment could include:
●
significant
    financial difficulty of the issuer or counterparty; or
●
breach
    of contract, such as a default or delinquency in interest or principal payments; or
●
it
    becoming probable that the borrower will enter bankruptcy or financial re-organization; or disappearance of an active market for
    that financial asset because of financial difficulties.
If
any such evidence exists, the impairment loss on trade receivables and other current receivables and other financial assets carried at
amortized cost is measured as the difference between the asset's carrying amount and the present value of the estimated future
cash flows discounted at the financial asset's original effective interest rate (i.e. the effective interest rate computed at initial
recognition of these assets), where the effect of discounting is material. This assessment is made collectively where these financial
assets share similar risk characteristics, such as similar past due status, and have not been individually assessed as impaired. Future
cash flows for financial assets which are assessed for impairment collectively are based on historical loss experience for assets with
credit risk characteristics similar to the collective group.
If
in a subsequent period the amount of an impairment loss decreases and the decrease can be linked objectively to an event occurring after
the impairment loss was recognized, the impairment loss is reversed through profit or loss. A reversal of an impairment loss shall not
result in the asset's carrying amount exceeding that which would have been determined had no impairment loss been recognized in
prior years.
Impairment
losses are written off against the corresponding assets directly, except for impairment losses recognized in respect of trade receivables
included within trade and other receivables and prepayments, whose recovery is considered doubtful but not remote. In this case, the
impairment losses for doubtful debts are recorded using an allowance account. When the Company is satisfied that recovery is remote,
the amount considered irrecoverable is written off against trade debtors directly and any amounts held in the allowance account relating
to that debt are reversed. Subsequent recoveries of amounts previously charged to the allowance account are reversed against the allowance
account. Other changes in the allowance account and subsequent recoveries of amounts previously written off directly are recognized in
profit or loss.
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21
Derecognition
of financial assets
The
Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers
the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Company neither transfers
nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognizes
its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all
the risks and rewards of ownership of a transferred financial asset, the Company continues to recognize the financial asset and recognizes
a collateralized borrowing for the proceeds received.
On
derecognition of a financial asset measured at amortized cost, the difference between the asset's carrying amount and the sum of
the consideration received and receivable is recognized in profit or loss.
Financial
liabilities and equity instruments
Debt
and equity instruments issued by a group entity are classified as either financial liabilities or as equity in accordance with the substance
of the contractual arrangements and the definitions of a financial liability and an equity instrument.
Equity
instruments
An
equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs.
Effective
interest method
The
effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over
the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees
and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts)
through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial
recognition.
Interest
expense is recognized on an effective interest basis.
Financial
liabilities
Interest-bearing
borrowings are recognized initially at fair value less attributable transaction costs. They are subsequently stated at amortized cost
with any difference between the amount initially recognized and redemption value being recognized in profit or loss over the period of
the borrowings, together with any interest and fees payable, using the effective interest method.
Trade
and other payables are initially recognized at fair value. They are subsequently stated at amortized cost unless the effect of discounting
would be immaterial, in which case they are stated at cost.
Derecognition
The
Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire.
On
derecognition of a financial asset in its entirety, the difference between the asset's carrying amount and the sum of the consideration
received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income and accumulated in equity
is recognized in profit or loss.
The
Company derecognizes a financial liability when, and only when, the Company's obligations are discharged, cancelled or expire.
The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized
in profit or loss.
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2.11
Derivative financial instruments
Initial
recognition and subsequent measurement
The
Company uses derivative financial instruments, such as forward currency contracts, for investment purposes. Such derivative financial
instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently re-measured
at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair
value is negative.
Any
gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss.
2.12
Leases
Finance
leases refers to the situation that the economic ownership of a leased asset is transferred to the lessee if the lessee bears substantially
all the risks and rewards of ownership of the leased asset.
All
other leases are treated as operating leases. Where the Company has the use of assets under operating leases, payments made under the
leases are charged to profit or loss on a straight line basis over the lease terms except where an alternative basis is more representative
of the time pattern of benefits to be derived from the leased assets. Lease incentives received are recognized in profit or loss as an
integral part of the aggregate net lease payments made. Contingent rental are charged to profit or loss in the accounting period in which
they are incurred. Operating leases were treated in accordance to IFRS 16 commencing January 1, 2019.
All
the leases of the Company are operating leases for the years ended December 31, 2023, 2022 and 2021.
2.13
Provisions and contingencies
Provisions
for product warranties, legal disputes, onerous contracts or other claims are recognized when the Company has a present obligation (legal
or constructive) as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the
obligation and a reliable estimate of the amount of the obligation can be made. Where the time value of money is material, provisions
are stated at the present value of the expenditure expected to settle the obligation.
All
provisions are reviewed at each reporting date and adjusted to reflect the current best estimate.
Where
it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation
is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose
existence will only be confirmed by the occurrence or non-occurrence of one or more future uncertain events not wholly within the control
of the Company are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote.
2.14
Share capital
Ordinary
shares are classified as equity. Share capital is determined using the nominal value of shares that have been issued. The Company's
Class A ordinary shares, Class B ordinary shares and Preferred share have no par value as a result of amended and restated memorandum
and articles of association effective on February 21, 2023.
Any
transaction costs associated with the issuing of shares are deducted from share premium (net of any related income tax benefit) to the
extent they are incremental costs directly attributable to the equity transaction.
2.15
Revenue recognition
The
Company follows IFRS 15 for revenue recognition, recognises revenue to depict the transfer of promised goods or services to the customer
in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
To
recognise revenue under IFRS 15, an entity applies the following five steps:
●
identify
    the contract(s) with a customer.
●
identify
    the performance obligations in the contract. Performance obligations are promises in a contract to transfer to a customer goods or
    services that are distinct.
●
determine
    the transaction price. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange
    for transferring promised goods or services to a customer. If the consideration promised in a contract includes a variable amount,
    an entity must estimate the amount of consideration to which it expects to be entitled in exchange for transferring the promised
    goods or services to a customer.
●
allocate
    the transaction price to each performance obligation on the basis of the relative stand-alone selling prices of each distinct good
    or service promised in the contract.
●
recognise
    revenue when a performance obligation is satisfied by transferring a promised good or service to a customer (which is when the customer
    obtains control of that good or service). A performance obligation may be satisfied at a point in time (typically for promises to
    transfer goods to a customer) or over time (typically for promises to transfer services to a customer). For a performance obligation
    satisfied over time, an entity would select an appropriate measure of progress to determine how much revenue should be recognised
    as the performance obligation is satisfied.
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23
Consulting
service and livestreaming ecommerce service are recognized
when
performance obligation is satisfied
by providing the service to customers, usually at a point in time, the transaction price for each performance obligation is determined
.
Interest
income is recognized on a time-proportion basis using the effective interest method.
2.16
Impairment of non-financial assets
Impairment
testing is made on the Company's goodwill at each reporting date. Property, plant and equipment and land use rights are tested
for impairment if there is any indication that the assets may be impaired at the balance sheet date.
If
any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset's recoverable
amount.
Calculation
of recoverable amount
An
asset's recoverable amount is the greater of an asset's or cash-generating unit's fair value less costs of disposal
and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where an asset
does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest
group of assets that generates cash inflows independently (i.e. a cash-generating unit).
Recognition
of impairment losses
An
impairment loss is recognized in profit or loss whenever the carrying amount of an asset, or the cash-generating unit to which it belongs,
exceeds its recoverable amount. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying
amount of any goodwill allocated to that cash-generating unit (or group of units), and then, to reduce on a pro rata basis the carrying
amount of the other assets in the unit (or group of units), except that the carrying amount of an asset will not be reduced below its
individual fair value less costs of disposal (if measurable) or value in use (if determinable).
Reversal
of impairment losses
In
respect of assets other than goodwill, an impairment loss is reversed if there has been a favorable change in the estimates used to determine
the recoverable amount. An impairment loss in respect of goodwill is not reversed.
A
reversal of an impairment loss is limited to the asset's carrying amount that would have been determined had no impairment loss
been recognized in prior years. Reversals of impairment losses are credited to profit or loss in the year in which the reversals are
recognized.
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2.17
Employee benefits
Retirement
benefits
The
employees of the Company's PRC subsidiaries are required to participate in a central pension scheme operated by the local municipal
government. Contributions are recognized as an expense in profit or loss as employees render services during the year. The Company's
obligation under these plans is limited to the fixed percentage contributions payable.
Share-based
employee remuneration
The
Company operates equity-settled share-based remuneration plans for its employees. None of the Company's plans feature any options
for a cash settlement.
The
fair value of share options granted to employees is recognized as an employee cost with a corresponding increase in the share-based payment
reserve within equity. The fair value is measured at the grant date using the Black Scholes Option Pricing Model, taking into account
the terms and conditions upon which the options were granted. Where the employees have to meet vesting conditions before becoming unconditionally
entitled to the share options, the total estimated fair value of the share options is spread over the vesting period, taking into account
the probability that the options will vest.
During
the vesting period, the number of share options expected to vest is reviewed. Any resulting adjustment to the cumulative fair value recognized
in prior years is charged/credited to the profit or loss for the year under review, unless the original employee expenses qualify for
recognition as an asset, with a corresponding adjustment to the share-based payment reserve. On the vesting date, the amount recognized
as an expense is adjusted to reflect the actual number of share options that vest (with a corresponding adjustment to the share-based
payment reserve) except where forfeiture is only due to not achieving vesting conditions that relate to the market price of the Company's
shares. The equity amount is recognized in the share-based payment reserve until either the option is exercised (when it is transferred
to the share premium account) or the option expires (when it is released directly to retained earnings).
2.18
Borrowing costs
Borrowing
costs consist of interest and other costs incurred in connection with the borrowing of funds. Borrowing costs directly attributable to
the acquisition, construction or production of qualifying asset which necessarily takes a substantial period of time to get ready for
its intended use or sale are capitalized as part of the cost of that asset until such time as the assets are substantially ready for
their intended use or sale. Other borrowing costs are expensed when incurred.
2.19
Accounting for income taxes
Income
tax comprises current tax and deferred tax.
Current
tax and movements in deferred tax assets and liabilities are recognized in profit or loss except to the extent that they relate to items
recognized in other comprehensive income or directly in equity, in which case the relevant amounts of tax are recognized in other comprehensive
income or directly in equity, respectively.
Current
tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the
reporting period, and any adjustment to tax payable in respect of previous years.
Deferred
tax is calculated using the liability method on temporary differences at the reporting date between the carrying amounts of assets and
liabilities in the financial statements and their respective tax bases. Deferred tax liabilities are generally recognized for all taxable
temporary differences. Deferred tax assets are recognized for all deductible temporary differences, tax losses available to be carried
forward as well as other unused tax credits, to the extent that it is probable that taxable profit, including existing taxable temporary
differences, will be available against which the deductible temporary differences, unused tax losses and unused tax credits can be utilized.
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25
Deferred
tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from initial recognition (other than
in a business combination) of assets and liabilities in a transaction that affects neither taxable nor accounting profit or loss.
Deferred
tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries, associates and joint ventures,
except where the Company is able to control the reversal of the temporary differences and it is probable that the temporary differences
will not reverse in the foreseeable future.
Deferred
tax is calculated, without discounting, at the tax rates that are expected to apply in the period the liability is settled or the asset
realized, based on tax rate (and tax laws) that have been enacted or substantively enacted at the reporting date.
The
carrying amount of a deferred tax asset is reviewed at the end of each reporting period and is reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow the related tax benefit to be utilized. Any such reduction is reversed
to the extent that it becomes probable that sufficient taxable profits will be available.
Additional
income taxes that arise from the distribution of dividends are recognized when the liability to pay the related dividends is recognized.
Current
tax balances and deferred tax balances, and movements therein, are presented separately from each other and are not offset. Current tax
assets are offset against current tax liabilities, and deferred tax assets are offset against deferred tax liabilities, if the Company
has the legally enforceable right to set off the recognized amounts and the following additional conditions are met:
(a)
in
    the case of current tax assets and liabilities, the Company intends either to settle on a net basis, or to realize the asset and
    settle the liability simultaneously; or
(b)
in
    the case of deferred tax assets and liabilities, if they relate to income taxes levied by the same taxation authority on either:
(i)
the
    same taxable entity; or
(ii)
different
    taxable entities, which, in each future period in which significant amounts of deferred tax liabilities or assets are expected to
    be settled or recovered, intend either to settle current tax liabilities and realize the current tax assets on a net basis, or to
    settle the liabilities and realize the assets simultaneously.
2.20
Research and development activities
Costs
associated with research activities are expensed in profit or loss as they incur. Costs that are directly attributable to development
activities are recognized as intangible assets if, and only if, all of the following have been demonstrated:
(i)
the
    technical feasibility of completing the intangible asset so that the asset will be available for use or sale;
(ii)
the
    intention to complete the intangible asset and use or sell it;
(iii)
the
    ability to use or sell the intangible asset;
(iv)
how
    the intangible asset will generate probable future economic benefits;
(v)
the
    availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset;
    and
(vi)
the
    ability to measure reliably the expenditure attributable to the intangible asset during its development.
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26
The
amount initially recognized for internally-generated intangible assets is the sum of the expenditure incurred from the date when the
intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible asset can be recognized,
development expenditure is recognized in profit or loss in the period in which it is incurred.
Subsequent
to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortization and accumulated impairment
losses, on the same basis as intangible assets that are acquired separately.
Gains
and losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying
amount of the asset, are recognized in profit or loss when the asset is derecognized.
2.21
Segment reporting
The
Company identifies operating segments and prepares segment information based on the regular internal financial information reported to
the Chief Executive Officer and executive directors, who are the Company's chief operating decision maker, for their decisions
about the allocation of resources to the Company's business components and for their review of the performance of those components.
Business
segment
The
Company operates principally in the 1) manufacturing and sale of medium to high-end ceramic tiles and 2) providing business management
consulting, information system technology consulting services including the sales of software use rights for digital data deposit platforms
and asset management systems, and online social media platform development and consulting. The Chief Executive Officer and executive
directors regularly review the Company's business as two business segments.
Geographical
segment
The
business of the Company is engaged entirely in the PRC. The Chief Executive Officer and executive directors regularly review the Company's
business as one geographical segment.
2.22
Related parties
(a)
A
    person, or a close member of that person's family, is related to the Company if that person:
(i)
has
    control or joint control over the Company;
(ii)
has
    significant influence over the Company; or
(iii)
is
    a member of the key management personnel of the Company.
(b)
An
    entity is related to the Company if any of the following conditions applies:
(iv)
The
    entity and the Company are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to
    the others).
(v)
One
    entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the
    other entity is a member).
(vi)
Both
    entities are joint ventures of the same third party.
(vii)
One
    entity is a joint venture of a third entity and the other entity is an associate of the third entity.
F-
27
(viii)
The
    entity is a post-employment benefit plan for the benefit of employees of either the Company or an entity related to the Company.
(ix)
The
    entity is controlled or jointly controlled by a person identified in (a).
(x)
A
    person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity
    (or of a parent of the entity).
Close
members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their
dealings with the entity.
2.22
Non-current assets (or disposal groups) held for sale and discontinued operations
Non-current
assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction
rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount
and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets
and investment property that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt
from this requirement.
An
impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell.
A gain is recognised for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess
of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the non-current
asset (or disposal group) is recognised at the date of derecognition.
Non-current
assets (including those that are part of a disposal group) are not depreciated or amortised while they are classified as held for sale.
Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognised.
Non-current
assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other
assets in the consolidated statement of financial position. The liabilities of a disposal group classified as held for sale are presented
separately from other liabilities in the consolidated statement of financial position.
A
discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a
separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of such a line of
business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations
are presented separately in the consolidated statement of comprehensive income.
3.
CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
3.1
Accounting standards issued but not yet effective
Up
to the date of issue of these financial statements, the IASB has issued a number of amendments, new standards and interpretations which
are not yet effective for the year ended December 31, 2023 and which have not been adopted in these financial statements. These include
the following which may be relevant to the Group:
Amendments
    to IFRS 10 and IAS 28
Sale
    or Contribution of Assets between an Investor and its Associate or Joint Venture (2)
Amendments to IAS 1
Classification of Liabilities as Current or Non- current and Non-current
    Liabilities with Covenants (1)
Amendments to IFRS 16
Lease Liability in a Sale and Leaseback (1)
F-
28
1.
Effective for annual periods beginning on or after January 1, 2024
2.
The effective date of the amendments has yet to be set by the IASB; however, earlier application of the amendments is permitted
The
management of the Company anticipate that the application of all the new and amendments to IFRSs will have no material impact on the
consolidated financial statements in the foreseeable future.
4.
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
The
preparation of the Company's consolidated financial statements requires management to make judgments, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure
of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment
to the carrying amount of assets or liabilities affected in future periods.
Estimates
and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events
that are believed to be reasonable under the circumstances.
The
Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the
related actual results. The key sources of estimation uncertainty and key assumptions concerning the future at the end of the reporting
period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year are discussed below:
Useful
lives and impairment assessment of property, plant and equipment
Property,
plant and equipment are stated at cost less accumulated depreciation and identified impairment losses. The estimation of useful lives
impacts the level of annual depreciation expenses recorded. Property, plant and equipment are evaluated for possible impairment on a
specific asset basis or in groups of similar assets, as applicable. This process requires management's estimate of future cash
flows generated by each asset or group of assets. For any instance where this evaluation process indicates impairment, the relevant asset's
carrying amount is written down to the recoverable amount and the amount of the write-down is charged against profit or loss.
Investment
properties are stated at cost less accumulated depreciation and identified impairment losses. The estimation of useful lives impacts
the level of annual depreciation expenses recorded. Investment properties are evaluated for possible impairment on a specific asset basis
or in groups of similar assets, as applicable. This process requires management's estimate of future cash flows generated by each
asset or group of assets. For any instance where this evaluation process indicates impairment, the relevant asset's carrying amount
is written down to the recoverable amount and the amount of the write-down is charged against profit or loss.
Impairment
loss recognized in respect of property, plant and equipment
As
of December 31, 2023, the net carrying amount of property, plant and equipment was approximately RMB
1,146,000
(2022: RMB
1,006,000
).
No
impairment loss was recognized against the original carrying amount of property, plant and equipment for the years ended December
31, 2023, 2022 and 2021. Determining whether property, plant and equipment are impaired requires an estimation of the recoverable amount
of the property, plant and equipment. Such estimation was based on certain assumptions, which are subject to uncertainty and might materially
differ from the actual results.
F-
29
Impairment
loss recognized in respect of investment property
As
of December 31, 2023, the net carrying amount of investment property was
nil
(2022:
nil
).
No
impairment loss was recognized against the
original carrying amount of investment property for the years ended December 31, 2023, 2022 and 2021, respectively. Determining whether
investment property are impaired requires an estimation of the recoverable amount of the investment property. Such estimation was based
on certain assumptions, which are subject to uncertainty and might materially differ from the actual results.
Impairment
loss recognized in respect of land use rights
As
of December 31, 2023, the net carrying amount of land use rights was
nil
(2022:
nil
).
No
impairment loss was recognized against the original
carrying amount of land use rights for the years ended December 31, 2023, 2022 and 2021. The carrying amounts of land used rights were
reclassified to right-of-use assets to conform to IFRS 16 during the year ended December 31, 2023. Determining whether land use rights
are impaired requires an estimation of the recoverable amount of the land use rights. Such estimation was based on certain assumptions,
which are subject to uncertainty and might materially differ from the actual results.
Impairment
of goodwill
Determining
whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which goodwill has been allocated.
The value in use calculation requires the Company to estimate the future cash flows expected to arise from the cash-generating unit and
a suitable discount rate in order to calculate present value. Where the actual future cash flows are less than expected, a material impairment
loss may arise.
No
impairment was made on goodwill for the years ended December 31, 2023, 2022 and 2021.
Income
tax
The
Company has exposure to income taxes in the PRC. Significant judgment is required in determining the provision for income taxes. There
are certain transactions and computations for which the ultimate tax determination is uncertain during the ordinary course of business.
The Company recognizes liabilities for expected tax issues based on estimates of whether additional taxes will be due. When the final
tax outcome of these matters is different from the amounts that were initially recognized, such differences will impact the income tax
and deferred tax provisions in the period in which such determination is made. The carrying amounts of the Company's income tax
payable as of December 31, 2023 and 2022 were RMB
40,000
and
93,000
, respectively.
Provision
for deferred tax
Determining
income tax provisions involves judgement on the future tax treatment of certain transactions. The management evaluates tax implications
of transactions and tax provisions are set up accordingly. The tax treatment of such transactions is reconsidered periodically to take
into account all changes in tax legislation. Deferred tax assets are recognized for tax losses not yet used and temporary deductible
differences. As those deferred tax assets can only be recognized to the extent that it is probable that future taxable profit will be
available against which the unused tax credits can be utilized, management's judgement is required to assess the probability of
future taxable profits. Management's assessment is constantly reviewed and additional deferred tax assets are recognized if it
becomes probable that future taxable profits will allow the deferred tax asset to be recovered.
Impairment
of trade receivables
The
Company recognizes a loss allowance for expected credit loss ("ECL") on financial assets which are subject to impairment
under IFRS 9 (including trade and other receivables, amounts due from related parties, restricted cash, bank balances and cash). The
amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition.
F-
30
Lifetime
ECL represents the ECL that will result from all possible default events over the expected life of the relevant instrument. In contrast,
12-month ECL ("12m ECL") represents the portion of lifetime ECL that is expected to result from default events that are possible
within 12 months after the reporting date. Assessment are done based on the Company's historical credit loss experience, adjusted
for factors that are specific to the debtors, general economic conditions and an assessment of both the current conditions at the reporting
date as well as the forecast of future conditions.
The
Company applies the IFRS 9 simplified approach to measure ECL which uses a lifetime ECL for all trade receivables. The ECL on these assets
are assessed individually for debtors with significant balances and/or collectively using a provision matrix with appropriate groupings.
For
all other instruments, the Company measures the loss allowance equal to 12m ECL, unless when there has been a significant increase in
credit risk since initial recognition, the Company recognizes lifetime ECL. The assessment of whether lifetime ECL should be recognized
is based on significant increases in the likelihood or risk of a default occurring since initial recognition.
The
Company recognized provision for bad debt (reversal) expense of RMB
nil
and RMB
(
2,751,000
)
from continuing operations during the years
ended December 31, 2023 and 2022, respectively. The Company recognized provision for bad debt (reversal) expense of RMB
(
1,000,000
)
and
RMB
33,365,000
from discontinued operation during the years ended December 31, 2023 and 2022, respectively. The net carrying amounts
of the Company's trade receivables as of December 31, 2023 and 2022 were RMB
nil
and RMB
nil
, respectively.
Net
realizable value of inventories
Net
realizable value of inventories is the management's estimation of future selling price in the ordinary course of business, less
estimated costs of completion and selling expenses. These estimates are based on the current market condition and the historical experience
of selling products of a similar nature. It could change significantly as a result of various market factors. The net carrying amounts
of the Company's inventories as of December 31, 2023 and 2022 were RMB
nil
and RMB
nil
, respectively.
Share-based
payment transaction
The
Company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the
date at which they are granted. Estimating fair value for share-based payment transactions requires determining the most appropriate
valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate
inputs to the valuation model including the expected life of the stock option, volatility and dividend yield and making assumptions about
them. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in Note 27.
5.
REVENUE AND OTHER INCOME
Revenue
comprises the fair value of the consideration received or receivable for the sale of goods. An analysis of the Company's revenue
and other income is as follows:
For the years ended December 31,
2023
2022
2021
RMB'000
RMB'000
RMB'000
Revenue
Continuing operations
Business management and consulting
7,142
12,662
13,026
Livestreaming ecommerce
503,404
273,685
58,501
Discontinued operations
Sale of goods (Note 30)
2,701
37,696
144,743
Total revenue
513,247
324,043
216,270
Other income
Continuing operations
Interest income
2,138
10
10
Foreign exchange gain
—
73
—
Government grant
302
—
-
Other
1,288
2,883
22
Discontinued operations
Other income (Note 30)
5,716
14,244
9,388
Total other income
9,444
17,210
9,420
F-
31
b)
Segment reporting
The
Company identifies operating segments and prepares segment information based on the regular internal financial information reported to
the Chief Executive Officer and executive directors, who are the Company's chief operating decision makers for their decisions
about the allocation of resources to the Company's business components and for their review of the performance of those components.
All
of the Company's operations are considered by the chief operating decision makers to be aggregated into two reportable operating
segments: 1) the manufacture and sale of standard to high-end ceramic tiles, 2) the business management consulting, information system
technology consulting services including the sales of software use rights for digital data deposit platforms and asset management systems,
and online social media platform development and consulting. Operating segments are defined as components of an enterprise for which
separate financial information is available and evaluated regularly by the Company's chief operating decision makers in deciding
how to allocate resources and in assessing performance.
The
business of the Company is engaged entirely in the PRC. The Chief Executive Officer and executive directors regularly review the Company's
business as one geographical segment.
The
following table shows the Company's operations by business segment for the years ended December 31, 2023, 2022 and 2021.
For
    the year Ended December 31,
2023
2022
2021
RMB'000
RMB'000
RMB'000
Revenues
Discontinued
    operations
Sales
    of tile products
2,701
37,696
144,743
Continuing
    operations
Consulting
    income / software
7,142
12,662
13,026
Livestreaming
    ecommerce
503,404
273,685
58,501
Total
    revenues
513,247
324,043
216,270
Cost
    of revenues
Discontinued
    operations
Sales
    of tile products
7,557
41,245
83,436
Continuing
    operations
Consulting
    income / software
13,860
12,819
10,002
Livestreaming
    ecommerce
443,633
245,612
55,491
Total
    cost of revenues
465,050
299,676
148,929
Operating
    costs and expenses
Discontinued
    operations
Sales
    of tile products
3,245
25,324
20,292
Continuing
    operations
Consulting
    income / software
7,330
4,613
9,760
Livestreaming
    ecommerce
60,285
25,167
195
Other
74,799
9,380
10,677
Total
    operating costs and expenses
145,659
64,484
40,924
Bad
    debt expense (reversal)
Discontinued
    operations
Sales
    of tile products
(
1,000
)
33,365
115,407
Continuing
    operations
Consulting
    income / software
—
1,000
4,854
Livestreaming
    ecommerce
—
(
3,751
)
5,293
Total
    bad debt expense (reversal)
(
1,000
)
(
30,614
)
125,554
Other
    expense
Discontinued
    operations
Sales
    of tile products
—
—
90
Continuing
    operations
Consulting
    income / software
—
36
34
Livestreaming
    ecommerce
—
6
—
Other
1,204
—
—
Total
    other expense
1,204
42
124
Other
    income
Discontinued
    operations
Sales
    of tile products
5,716
14,244
9,389
Continuing
    operations
Consulting
    income / software
87
115
29
Livestreaming
    ecommerce
354
2,148
—
Other
3,287
703
2
Total
    other income
9,444
17,210
9,420
Loss
    from operations
Discontinued
    operations
Sales
    of tile products
(
1,385
)
(
47,994
)
(
65,093
)
Continuing
    operations
Consulting
    income / software
(
13,961
)
(
5,691
)
(
11,595
)
Livestreaming
    ecommerce
(
160
)
8,929
(
2,478
)
Other
(
72,716
)
(
8,677
)
(
10,675
)
Loss
    from operations
(
88,222
)
(
53,433
)
(
89,841
)
As
    of
As
    of
December
    31,
December
    31,
2023
2022
Segment
    assets
Discontinued
    operations
Sale
    of tile products
—
74,675
Continuing
    operations
Business
    management and consulting
51,336
15,924
Livestreaming
    ecommerce
13,513
15,004
Others
56,653
4,403
Total
    assets
121,502
110,006
F-
32
6.
FINANCE COSTS
Finance
costs comprise interest expense recognized from lease liabilities upon application of IFRS 16 and interest expense on convertible note:
For
    the years ended December 31,
2023
2022
2021
RMB'000
RMB'000
RMB'000
Interest
    on lease liability– continuing operations
—
25
51
Interest
    on lease liability - discontinued operations (Note 30)
293
1,479
2,115
Interest
    expense on convertible note
975
—
—
7.
LOSS BEFORE TAXATION
The
Company's loss before taxation is arrived at after charging:
For
    the years ended December 31,
2023
2022
2021
RMB'000
RMB'000
RMB'000
Cost
    of inventories recognized as expense
(1)
7,557
41,245
148,929
Depreciation
    expenses
361
266
96
Amortization
    of land use rights
—
—
—
Right-of-use
    asset amortization charge
4,267
13,285
14,067
Auditors'
    remuneration
–
    Audit fees
2,070
2,003
1,898
–
    Audit-related fees
—
—
—
2,070
2,003
1,898
Directors'
    remuneration
–
    salaries and related cost
425
1,619
1,656
–
    retirement scheme contribution
19
13
16
–
    share-based payments
7,037
—
—
Key
    management personnel (other than directors)
–
    salaries and related cost
1,360
712
639
–
    retirement scheme contribution
125
16
23
–
    share-based payments
6,070
2,050
1,835
Research
    and development personnel
–
    salaries and related cost
422
439
644
–
    retirement scheme contribution
—
81
111
Other
    personnel
–
    salaries and related cost
5,246
6,093
7,493
–
    retirement scheme contribution
610
1,262
1,318
Total
    employee benefit expenses
21,314
12,285
13,735
(1)
Cost
    of inventories recognized as expense for discontinued operation included staff costs of RMB
159,000
, RMB
2,539,000
and RMB
4,065,000
,
    retirement scheme contributions of RMB
32,000
, RMB
556,108
and RMB
756,704
, depreciation and amortization expense of RMB
nil
, RMB
nil
and RMB
nil
, right-of-use asset depreciation/operating lease charges of RMB
4,267,000
, RMB
12,801,485
and RMB
12,801,485
, and
    (reversal of ) / write-down of inventories of RMB
nil
, RMB
(
4,045,000
)
and RMB
(
99,237,173
)
for the years ended December 31, 2023,
    2022, and 2021, which amounts are also included in the respective total amounts disclosed separately for each of these types of expenses.
F-
33
8.
INCOME TAX EXPENSE
For
    the years ended December 31,
2023
2022
2021
RMB'000
RMB'000
RMB'000
Continuing
    operations
Current
    Tax:
PRC
    Income Tax
83
209
217
Reversal
    of income tax refundable
—
—
—
Deferred
    tax expense
—
—
—
83
209
217
Discontinued
operations did not incur any income tax expense for the years ended December 31, 2023, 2022 and 2021.
Reconciliation
between income tax expense and loss before taxation at applicable tax rates is as follows:
For
    the years ended December 31,
2023
2022
2021
RMB'000
RMB'000
RMB'000
Loss
    before taxation including discontinued entities
(
14,375
)
(
53,435
)
(
89,841
)
Tax
    calculated at a tax rate of 25%
(
3,445
)
(
13,359
)
(
22,460
)
Tax
    effect on different tax rates of group entities operating in other jurisdictions
21,125
4,705
5,163
Change
    in net operating losses
(
17,597
)
8,863
17,514
Tax
    per financial statements
83
209
217
British
Virgin Islands Profits Tax
The
Company has not been subject to any taxation in this jurisdiction for the years ended December 31, 2023, 2022 and 2021.
Hong
Kong Profits Tax
The
subsidiary in Hong Kong is subject to tax charged on Hong Kong sourced income with a statutory tax rate of
8.25
% for taxable income up
to HKD
2,000,000
, and a statutory tax rate of
16.5
% for taxable income over HKD
2,000,000
. No Hong Kong profits tax has been provided
as the Company has no assessable profit arising in Hong Kong for the years ended December 31, 2023, 2022 and 2021.
PRC
Income Tax
Under
the Enterprise Income Tax ("EIT") Law of the PRC, domestic enterprises and Foreign Investment Enterprises (the "FIE")
are usually subject to a unified
25
% EIT rate while preferential tax rates, tax holidays, and even tax exemption may be granted on case-by-case
basis.
From January 1, 2021 to December 31, 2021, small and low-profit enterprises with annual taxable income not exceeding RMB 1 million,
the actual income to be taxed was further lowered to 12.5% of annual taxable income, and the tax rate will be 20%; From January 1, 2022
to December 31, 2024, small and low-profit enterprises with annual taxable income exceeding RMB 1 million but not more than RMB 3 million,
the actual income to be taxed will be further lowered at 25% of annual taxable income, and the corporate income tax is paid at the rate
of 20%
.
F-
34
Under
the prevailing EIT Law and its relevant regulations, any dividends paid by the Company's PRC subsidiaries to an overseas parent
made out of profits earned after January 1, 2008 to non-PRC corporate residents are subject to a
10
% PRC dividend withholding tax, unless
reduced by tax treaties or arrangements. In addition, under the Sino-Hong Kong Double Tax Arrangement and its relevant regulations, a
qualified Hong Kong tax resident will be liable for withholding tax at the rate of
5
% for dividend income derived from the PRC if the
Hong Kong tax resident is the "beneficial owner" and holds 25% or more of the equity interests of the PRC company. Deferred
tax liabilities have been provided for based on the expected dividends to be distributed from these subsidiaries in the foreseeable future
in respect of the profits generated since 1 January 2008.
Dividends
withholding tax represents tax charged/to be charged by the PRC tax authority on dividends distributed or intended to be distributed
by the Company's subsidiaries in Mainland China during the years.
The
Company did
no
t recognize any deferred tax (assets)/liabilities in the consolidated statements of financial position as of December 31,
2023, 2022 and 2021.
The
Company's PRC subsidiaries, have cumulative undistributed earnings of RMB
22,420,000
, RMB
75,114,000
and RMB
88,164,000
, as of
December 31, 2023, 2022 and 2021, which are included in consolidated retained earnings. No provision has been made for deferred taxes
related to future repatriation of the remaining earnings, as the Company controls the dividend policy of these PRC subsidiaries and it
has been determined that it is probable that these profits will not be distributed in the foreseeable future. If the Company were to
distribute these cumulated earnings in the foreseeable future, the deferred tax liabilities of RMB
1,121,003
, RMB
3,266,000
and RMB
4,408,000
would be recognized as of December 31, 2023, 2022 and 2021.
US
Income Tax
The
Company's U.S. subsidiary is subject to U.S. income tax rate of
21
% and files U.S. federal income tax return. No US income tax
has been provided due to the Company has no assessable profit arising in US for the years ended December 31, 2023.
9.
LOSS PER SHARE
For
    the years ended December 31,
2023
2022
2021
Loss
    attributable to holders of ordinary shares (RMB'000):
Net
    loss from continuing operations
(
86,801
)
(
9,924
)
(
19,077
)
Net
    loss from discontinued operations
72,461
(
47,994
)
(
69,675
)
Weighted
    average number of ordinary shares outstanding used in computing basic (loss)/earnings per share
2,220,209
836,880
514,774
Weighted
    average number of ordinary shares outstanding used in computing diluted (loss)/earnings per share
2,589,731
836,880
514,774
Loss
    per share - basic (RMB)
-
    From continuing operations
(
39.10
)
(
11.90
)
(
37.10
)
-
    From discontinued operations
32.64
(
57.30
)
(
135.40
)
Loss
    per share - diluted (RMB)
-
    From continuing operations
(
39.10
)
(
11.90
)
(
37.10
)
-
    From discontinued operations
27.98
(
57.30
)
(
135.40
)
Warrants
to purchase common stock are not included in the diluted loss per share calculations when their effect is antidilutive. For the year
ended December 31, 2023, about
369,522
of potential shares of common stock related to outstanding warrants and stock options were excluded
from the calculation of diluted net loss per share from continuing operations as such shares are antidilutive when there is a loss. There
were
370,175
and
186,841
post-reverse split outstanding warrants and stock options were excluded from the calculation of diluted net
loss per share as such shares are antidilutive for the years ended December 31, 2022 and 2021, respectively.
F-
35
10.
LOAN RECEIVABLE
From
March 31, 2023 to June 27, 2023, Anhui Zhongjun Enterprise Management Co., Ltd ("Anhui Zhongjun") borrowed a total of RMB
36,780,000
from Antelope Enterprise
Holdings (Chengdu) Co., Ltd with annual interest rate of
4.35
%
. This loan and related interest will be repaid on January 2, 2025.
At
December 31, 2023, the Company assessed whether the credit risk on a financial instrument has increased significantly since initial recognition,
and concluded no loss allowance for expected credit loss ("ECL") needs to be recorded for loan receivable as a result of
the repayment date is not due yet.
11.
NOTE RECEIVABLE
On
April 28, 2023, the Company completed the sale of Stand Best Creation Limited and its subsidiaries, Hengda and Hengdali, to New Stonehenge
Limited for a total of RMB
58,744,000
(equivalent to USD $
8,500,000
). New Stonehenge Limited has agreed to make the payment in four equal
installments on a date that falls 48 months after the effective date of the transaction, with an annual interest rate of
5
%. For the
year ended December 31, 2023, the Company received repayment of RMB
9,404,000
from the buyer and record interest income of RMB
2,006,000
.
At
December 31, 2023, the Company assesse
d
whether the credit risk on a financial instrument has increased significantly since initial recognition,
and concluded no loss allowance for ECL needs to be recorded for note receivable under IFRS 9 as a result of continuous timely repayment
from the lender, and no indication of default for future repayment from the lender.
12.
PROPERTY, PLANT AND EQUIPMENT
Plant
    and
Motor
Office
Buildings
machinery
vehicles
equipment
Total
RMB'000
RMB'000
RMB'000
RMB'000
RMB'000
Cost
At
    January 1, 2022
18,271
746,042
5,369
2,065
771,747
Additions
—
—
—
22
22
Transferred
    to assets classified as held for sale
(
18,271
)
(
746,042
)
(
4,225
)
(
1,886
)
(
770,424
)
At
    December 31,2022
—
—
1,144
201
1,345
Additions
—
—
446
53
499
Disposals
—
—
—
—
—
At
    December 31, 2023
—
—
1,590
254
1,844
Accumulated
    depreciation
At
    January 1, 2022
1,845
349,382
3,802
1,601
356,630
Depreciation
    charge
—
—
217
49
266
Transferred
    to assets classified as held for sale
(
1,845
)
(
349,382
)
(
3,748
)
(
1,582
)
(
356,557
)
At
    December 31, 2022
—
—
271
68
339
Depreciation
    charge
—
—
306
53
359
At
    December 31, 2023
—
—
577
121
698
Impairment
At
    January1, 2022
16,426
396,660
477
304
413,867
Transferred
    to assets classified as held for sale
(
16,426
)
(
396,660
)
(
477
)
(
304
)
(
413,867
)
At
    December 31, 2022
—
—
—
—
—
Impairment
    losses recognized in loss
—
—
—
—
—
At
    December 31, 2023
—
—
—
—
—
Carrying
    amount, net
At
    December 31, 2022
—
—
873
133
1,006
At
    December 31, 2023
—
—
1,013
133
1,146
F-
36
All
property, plant and equipment held by the Company are located in the PRC. The Company's buildings are situated on land under medium-term
land use rights and were reclassified as assets held for sale as of December 31, 2022.
For
the buildings owned collectively by the Company and other three unrelated companies, the cost of buildings are stated according to the
amounts paid by the Company for its part of buildings, which represent the Company's interests in the buildings. Buildings are
depreciated over their expected useful lives of
40
years. These buildings' cost was RMB
2,913,000
, and accumulated depreciation
of RMB
1,226,000
and RMB
1,226,000
as of December 31, 2023 and 2022, respectively, and an impairment allocation of RMB
1,687,000
and
RMB
1,687,000
as of December 31, 2023 and 2022, respectively. No property, plant and equipment was pledged to secure the Company interest-bearing
bank borrowings at December 31, 2023 and 2022. As of December 31, 2022, all buildings were reclassified as assets held for sale.
During
the year ended December 31, 2021, Hengdali subleased all its land and buildings. The cost, accumulated depreciation and impairment of
land and buildings were reclassified to investment property, which in turn was reclassified to assets held for sale as of December 31,
2022. The net effect on the consolidated balance sheet was nil.
13.
INVESTMENT PROPERTY
2023
2022
RMB'000
RMB'000
Cost
As
    of beginning of the year
—
401,231
Transferred
    from property, plant and equipment
—
—
Transferred
    from right-of-use assets
—
—
Transferred
    to assets classified as held for sale
—
(
401,231
)
As
    of end of the year
—
—
Accumulated
    depreciation
As
    of beginning of the year
—
(
53,987
)
Depreciation
    for the year
—
—
Transferred
    from property, plant and equipment
—
Transferred
    from right-of-use assets
—
Transferred
    to assets classified as held for sale
—
53,987
As
    of end of the year
—
—
Impairment
    for the year
As
    of beginning of the year
—
(
347,244
)
Transferred
    from property, plant and equipment
—
—
Transferred
    from right-of-use assets
—
—
Transferred
    to assets classified as held for sale
—
347,244
As
    of end of the year
—
Carrying
    amount, net
At
    December 31, 2023 and 2022
—
—
The
Company's investment property was reclassified as an asset held for sale as of December 31, 2022 and thus has no fair value. The
fair value of this investment property, which is the estimation of the depreciated replacement cost, as of December 31, 2021 was RMB
269,900,000
.
F-
37
However,
due to the absence of the real estate ownership certificate, the Company assessed the recoverable amount of investment property, and
determined that carrying amount was $
nil
at December 31, 2023 and 2022.
During
the year ended December 31, 2021, Hengdali subleased all its land and buildings. The cost, accumulated depreciation and impairment of
land and buildings were reclassified to investment property. The net effect on the consolidated balance sheet was nil.
14.
INTANGIBLE ASSETS
As
    of December 31,
2023
2022
RMB'000
RMB'000
Cost
As
    of beginning of the year
7
—
Addition
—
7
As
    of end of the year
7
7
Accumulated
    amortization
As
    of beginning of the year
(
1
)
—
Amortization
    for the year
(
2
)
(
1
)
As
    of end of the year
(
2
)
(
1
)
Carrying
    amount
At
    December 31, 2023 and 2022
4
6
Intangible
assets consisted of a purchased software license as of December 31, 2023 and 2022. The amortization expense for the years ended December
31, 2023 and 2022 were RMB
2,000
and RMB
1,000
.
15.
FINANCIAL ASSETS
The
following is an analysis of financial assets:
As
    of December 31,
2023
2022
RMB'000
RMB'000
Unlisted
    financial assets
700
8,523
As
of December 31, 2023 and 2022, the fair value of unlisted securities owned by the Company held in the bank amounted to RMB
700,000
and RMB
8,523,000
is determined based on the valuation determined by the Bank using inputs that are not observable in active market.
During
the year ended December 31, 2022, fair value unrealized gain of unlisted financial assets was RMB
130,000
.
16.
INVENTORIES
As
                                            of December 31,
2023
2022
RMB'000
RMB'000
Raw
    materials
—
—
Work
    in progress
—
—
Finished
    goods
—
—
—
—
As
of December 31, 2022, total inventory held by discontinued operations was RMB
28,749,000
(Note 30).
F-
38
The
analysis of the amount of inventories recognized from discontinued operations as an expense and included in profit or loss is as follows:
For
    the years ended December 31,
2023
2022
2021
RMB'000
RMB'000
RMB'000
Discontinued
    operations
Carrying
    amount of inventories sold
—
45,290
248,166
Write
    down (reversal) of inventories (included in cost of sales)
—
(
4,045
)
(
99,237
)
—
41,245
148,929
17.
TRADE RECEIVABLES
As
                                            of December 31,
2023
2022
RMB'000
RMB'000
Trade
    receivables
—
—
Less:
    provision for bad debt allowance
—
—
—
—
As
of December 31, 2022, total trade receivables of discontinued operations were RMB
11,683,000
(Note 30).
The
Company's trade receivables are denominated in Renminbi and non-interest bearing. As of December 31, 2023 and 2022, the Company
accrued RMB
nil
and RMB
795,000,000
, respectively, as a provision for bad debt related to the amount of outstanding trade receivables
that did not conform with the Company's credit policy. As of December 31, 2022, the Company had an increase in bad debts of RMB
33,365,000
in discontinued operations due slower collection of trade receivables.
18.
OTHER RECEIVABLES AND PREPAYMENTS
As
    of December 31,
2023
2022
RMB'000
RMB'000
Prepaid
    expense and prepayments
14,485
13,269
Security
    deposit
—
109
Other
    receivables
5,895
5,802
20,380
19,180
As
of December 31, 2022, total other receivables and prepayments of discontinued operations was RMB
3,000,000
(Note 30).
All
of the other receivables and prepayments are expected to be recovered or recognized as expense within one year. The net carrying value
of these balances is considered a reasonable approximation of fair value. Prepaid expense mainly consisted of advance payment to the
vendors as of December 31, 2023 and 2022.
F-
39
19.
CASH AND BANK BALANCES
As
    of December 31,
2023
2022
RMB'000
RMB'000
Cash
    on hand
—
—
Cash
    at banks
3,808
3,936
Cash
    and bank balances
3,808
3,936
Cash
and bank balances are denominated in the following currencies:
As
    of December 31,
2023
2022
RMB'000
RMB'000
Renminbi
3,619
3,104
Hong
    Kong dollars
1
2
US
    dollars
188
830
3,808
3,936
As
of December 31, 2022, total cash and bank balances held by discontinued operations was RMB
306,000
(Note 30).
Bank
balances denominated in Renminbi are deposited with banks in the PRC and are not freely convertible to foreign currencies. The conversion
of these RMB denominated balances into foreign currencies is subject to the foreign exchange control rules and regulations promulgated
by the PRC Government.
Bank
balances denominated in US dollars are mainly held in bank accounts in Hong Kong and the United States of America.
Cash
at banks and bank deposits comprise cash held by the Company and short-term bank deposits with an original maturity of three months or
less. The deposits carry interest at prevailing market rates.
Restricted
cash
As
of December 31, 2023, the Company had restricted cash of RMB
nil
(2022: RMB
2,069,000
), of which
nil
(2022:
nil
) was used as collateral
for the Company's bank borrowings, and nil was used as collateral for the Company's financial derivatives (2022:
nil
). The
nature of restricted cash is that of a term deposit maturing on January 15, 2023. They were temporarily not available for general use
by the Company as of December 31, 2022.
20.
TRADE PAYABLES
As
    of December 31,
2023
2022
RMB'000
RMB'000
Trade
    payables
—
3,079
Trade
payables are denominated in Renminbi, non-interest bearing and generally settled within
120
-day terms. All of the trade payables are
expected to be settled within one year. The carrying value of trade payables is considered to be a reasonable approximation of fair value.
There was no trade payables held by discontinued operations.
F-
40
21.
ACCRUED LIABILITIES AND OTHER PAYABLES
As
    of December 31,
2023
2022
RMB'000
RMB'000
Deposits
    received from distributors
—
—
Accrued
    salary
488
402
Others
1,044
397
1,532
799
Accrued
liabilities and other payables are denominated in the following currencies:
As
    of December 31,
2023
2022
'000
'000
In
    Renminbi
1,532
799
In
    US dollars
—
—
As
of December 31, 2022, total accrued liabilities and other payables of discontinued operations was RMB
19,197,000
(Note 30).
Deposits
received represent deposits from the Company's distributors. The Company usually requests a deposit from RMB
400,000
to RMB
1,000,000
from new distributors upon signing a distributorship agreement as security for the performance of their obligations under the distributorship
agreement.
Accrued
liabilities consist mainly of accrued rental, wages and utility expenses. Others consist mainly of advance from third-party individuals
and companies, which bear no interest and payable upon demand.
The
carrying value of accrued liabilities and other payables is considered to be a reasonable approximation of fair value.
22.
TAXES PAYABLE
As
    of December 31,
2023
2022
RMB'000
RMB'000
VAT
1,902
436
Income
    tax
40
93
Property
    tax
—
—
Other
51
53
1,993
582
As
of December 31, 2022, total taxes payable of discontinued operations was RMB
951,000
(Note 30).
23.
RIGHT-OF-USE ASSETS AND LEASES LIABILITIES
(a)
Amounts recognized in the consolidated statement of financial position
The
carrying amounts of right-of-use assets for lease are as below:
Net
    book amount at January 1, 2022
RMB
44,288,000
Net
    book amount at December 31, 2022
RMB
469,000
Net
    book amount at January 1, 2023
RMB
469,000
Net
    book amount at December 31, 2023
RMB
nil
As
of December 31, 2022, total net book amount of right-of-use assets of discontinued operations amounts was RMB
30,937,000
.
F-
41
During
the year ended December 31, 2022, Hengdali subleased all its land and buildings. The cost, accumulated depreciation and impairment of
land and buildings were reclassified to investment property. The net effect on the consolidated balance sheet was nil.
The
lease liabilities for continuing operations are as below:
As
    of December 31,
2023
2022
RMB'000
RMB'000
Lease
    liabilities - current
—
328
Lease
    liabilities – noncurrent
—
157
—
485
As
of December 31, 2022, total lease liabilities of discontinued operations was RMB
33,325,000
(Note 30).
Contractual
undiscounted cash flows for the leases:
As
                                            of December 31, 2023
Within
                                            one year
One
                                            to five years
Total
                                            contractual undiscounted cash flow
RMB'000
RMB'000
RMB'000
—
—
—
(b)
Amounts recognized in the consolidated income statement
The
consolidated income statement shows the following amounts from continuing operations relating to leases:
Year
                                            ended
December
                                            31, 2023
Amortization
    charge of right-of-use assets
—
Interest
    expense
—
Year
    ended
December
    31, 2022
Amortization
    charge of right-of-use assets
484
Interest
    expense
25
Year
    ended
December
    31, 2021
Amortization
    charge of right-of-use assets
1,266
Interest
    expense
51
The
consolidated income statement shows the following amounts from discontinued operations relating to leases:
Year
    ended
December
    31, 2023
Amortization
    charge of right-of-use assets
4,267
Interest
    expense
293
Year
    ended
December
    31, 2022
Amortization
    charge of right-of-use assets
12,801
Interest
    expense
1,479
Year
    ended
December
    31, 2021
Amortization
    charge of right-of-use assets
12,801
Interest
    expense
2,115
F-
42
The
total cash outflow in financing activities for leases during the years ended December 31, 2023, 2022 and 2021 was RMB
nil
, RMB
358,000
and RMB
1,144,000
, respectively.
The
total cash outflow in financing activities from discontinued operations for leases during the years ended December 31, 2023, 2022 and
2021 was RMB
14,303,000
, RMB
14,303,000
and RMB
14,303,000
, respectively.
24.
NOTE PAYABLE
Unsecured
Promissory Note in December 2022
On
December 12, 2022, the Company entered into a Note Purchase Agreement with an investor, pursuant to which the Company issued to the Purchaser
an unsecured Promissory Note of $
1,332,500
, for $
1,250,000
in gross proceeds. The Note included an original issue discount ("OID")
of $
62,500
along with $
20,000
for investor's fees, costs and other transaction expenses in connection with the issuance of the
note. The OID was recognized as a debt discount is amortized over the life of the note. The Note bears interest at
8
% per annum compounding
daily, and has a term of 18 months. All outstanding principal and accrued interest on the Note will become due and payable eighteen (18)
months after the purchase price of the Note is delivered by Purchaser to the Company (the "Purchase Price Date"). The Company
may prepay all or a portion of the Note at any time by paying
120
% of the outstanding balance elected for pre-payment. The Investor has
the right to redeem the Note at any time six (6) months after the Purchase Price Date (the "Redemption Start Date"), subject
to maximum monthly redemption amount of $
200,000
. The Company should pay the applicable redemption amount in cash to the Investor within
three (3) Trading Days following the investor's delivery of a redemption notice. At the end of each month following the Redemption
Start Date, if the Company has not reduced the Outstanding Balance by at least $
200,000
, then by the fifth (5th) day of the following
month, the Company must pay in cash to the Investor the difference between $
200,000
and the amount actually redeemed in such month or
the Outstanding Balance will automatically increase by one percent (
1
%) as of such fifth (5th) day. Under the Note Purchase Agreement,
while the Note is outstanding, the Company agreed to keep adequate public information available and maintain its Nasdaq listing. Upon
the occurrence of a Trigger Event (as defined in the Note),
the Investor shall have the right to increase the balance of the Note by
fifteen percent (15%) for Major Trigger Event (as defined in the Note) and five percent (5%) for Minor Trigger Event (as defined in the
Note). In addition, the Note provides that upon occurrence of an Event of Default, the interest rate shall accrue on the outstanding
balance at the rate equal to the lesser of twenty-two percent (22%) per annum or the maximum rate permitted under applicable law.
During
the year ended December 31, 2023, the Company amortized OID of RMB (US: $
20,833
) and recorded RMB
750,932
(US: $
106,050
) interest
expense on this Note, and the Company and Lender exchanged these Partitioned Notes of $
340,000
for the delivery of
70,867
shares of the Company's common stock. During the year ended December 31, 2022, the Company amortized OID of RMB
415,624
(US:
$
60,260
) and recorded RMB
39,851
(US: $
5,922
) interest expense on this Note.
The Company
recorded RMB
1,204,000
(US: $
178,863
) loss on note conversion in 2023.
On September 1, 2023, the Company and the Investor
entered into a standstill agreement with regard to the certain promissory note issued to the Investor dated December 12, 2022.
Pursuant to the standstill agreement, the Investor agreed not to redeem any portion of such promissory note until November 30, 2023.
The Company, in return, agreed to increase the Outstanding Balance of such note by $
96,091
(the "Standstill Fee") as of
the date thereof. Following the application of the Standstill Fee, as of December 31, 2023, the outstanding principal balance of
this note was RMB
7,596,883
(US: $
1,069,999
, net of unamortized OID of $
18,593
).
F-
43
Unsecured
Promissory Note in July 2023
On
July 26, 2023, the Company entered into a Note Purchase Agreement with an investor, pursuant to which the Company issued to the Purchaser
an unsecured Promissory Note of $
1,070,000
, for $
1,000,000
in gross proceeds. The Note included an original issue discount ("OID")
of $
50,000
along with $
20,000
for investor's fees, costs and other transaction expenses in connection with the issuance of the
note. The OID was recognized as a debt discount is amortized over the life of the note. The Note bears interest at
8
% per annum compounding
daily, and has a term of 18 months. All outstanding principal and accrued interest on the Note will become due and payable eighteen (18)
months after the purchase price of the Note is delivered by Purchaser to the Company (the "Purchase Price Date"). The Company
may prepay all or a portion of the Note at any time by paying
120
% of the outstanding balance elected for pre-payment. The Investor has
the right to redeem the Note at any time six (6) months after the Purchase Price Date (the "Redemption Start Date"), subject
to maximum monthly redemption amount of $
200,000
. The Company should pay the applicable redemption amount in cash to the Investor within
three (3) Trading Days following the investor's delivery of a redemption notice. At the end of each month following the Redemption
Start Date, if the Company has not reduced the Outstanding Balance by at least $
160,000
, then by the fifth (5th) day of the following
month, the Company must pay in cash to the Investor the difference between $
160,000
and
the amount actually redeemed in such month or
the Outstanding Balance will automatically increase by one percent (1%) as of such fifth (5th) day. Under the Note Purchase Agreement,
while the Note is outstanding, the Company agreed to keep adequate public information available and maintain its Nasdaq listing.
During
the year ended December 31, 2023, the Company amortized OID of RMB
151,326
(US: $
21,371
) and recorded RMB
266,021
(US: $
37,569
) interest
expense on this Note. As of December 31, 2023, the outstanding principal balance of this note was RMB
7,393,630
(US: $
1,041,371
, net
of unamortized OID of $
28,629
).
25.
SHARE CAPITAL
On
February 21, 2023, the shareholders of the Company approved and adopted an amended and restated memorandum and articles of association
(the "Amended M&A"), which changed the authorized issued share capital of the Company from US$
4,800,000
divided into
200,000,000
ordinary shares with a par value of US$
0.024
each, to (i)
250,000,000
ordinary shares re-designated as (a)
200,000,000
Class
A ordinary shares with no par value each, and (b)
50,000,000
Class B ordinary shares with no par value each, and (ii)
50,000,000
preferred
shares with no par value each, (the "Re-Designation of the Authorized Capital"). Each Class A ordinary share is entitled
to one (1) vote and each Class B ordinary share is entitled to twenty (20) votes. In connection with the Re-Designation of the Authorized
Capital,
977,755
ordinary shares owned by Mr. Weilai (Will) Zhang then were converted into
977,755
Class B ordinary shares, and the rest
of the then outstanding and issued outstanding ordinary shares were converted into Class A ordinary shares on an one-for-one basis.
December
    31, 2023
December
    31, 2022
Number
Number
of
    shares
of
    shares
Authorized:
Preferred
    shares, no par value
50,000,000
50,000,000
Class
    A Ordinary shares, no par value
200,000,000
200,000,000
Class
    B Ordinary shares, no par value
50,000,000
50,000,000
December
    31, 2023
December
    31, 2022
Number
Number
of
    shares
of
    shares
Issued:
3,251,917
805,785
Outstanding
    and fully paid:
Ordinary
    shares, no par value
At
    January 1
805,785
597,610
Issuance
    of new shares for equity financing
1,062,472
166,667
Note
    conversion into shares
70,867
—
Equity
    compensation
1,312,793
41,508
At
    December 31
3,251,917
805,785
F-
44
On
September 3, 2020, the Company effected a reverse stock split, every three issued and outstanding ordinary shares as of the effective
date will automatically be combined into one issued and outstanding share.
On
September 18, 2023, the Company effected a one-for-ten reverse split of its issued and outstanding Class A ordinary shares.
Equity
Financing
On
February 12, 2021, the Company entered into a Securities Purchase Agreement with certain institutional investors for the sale of
588,235
common shares, at a purchase price of $
3.57
per share. Concurrently with the sale of the Common Shares, pursuant to the Purchase Agreement
the Company also sold warrants to purchase
588,235
common shares. The Company sold the Common Shares and Warrants for aggregate gross
proceeds of approximately US$
2.1
million, before commissions and expenses. The
five-year
Warrants will be immediately exercisable at
an exercise price equal to $
3.57
per share, and will terminate on the
five-year
anniversary of the initial exercise date of the Warrants.
The net proceeds from the transactions will be approximately US$
1.86
million, after deducting certain fees due to the placement agent
and the Company's estimated transaction expenses, and will be used for working capital and general corporate purposes.
In
addition, the Placement Agent of this offering also received
five-year
warrants (the "Compensation Warrants") to purchase
up to a number of common shares equal to
5
%
of the aggregate number of shares sold in the Offering, including the warrant shares issuable
upon exercise of the Warrants, which such Compensation Warrants have substantially the same terms as the Warrants sold in the Offering,
except that such Compensation Warrants have an exercise price of $
4.46
per share and will be exercisable
six months
from the effective
date of this offering and will terminate on the
five year
anniversary of the effective date of this offering.
Grant
    date (investors and placement agent, respectively)
February
    17, 2021
Share
    price at date of grant (investors and placement agent, respectively)
US$
4.45
Exercise
    price at date of grant (investors and placement agent, respectively)
US$
3.57
&
4.46
Volatility
107
%
Warrant
    life
5
    years
Dividend
    yield
0
%
Risk-free
    interest rate
0.57
%
Average
    fair value at grant date
US$
3.54
On
June 10, 2021, the Company commenced a registered direct offering of securities, and executed a Securities Purchase Agreement (the "SPA")
with
three
institutional accredited investors pursuant to which it sold
913,875
of the Company's common shares at the per share
price of $
3.48
(which was priced in excess of the average of the five-day closing price for the Company's common shares preceding
execution of the SPA, which was $
3.42
). In a concurrent private placement, the Company sold to such investors warrants to purchase
913,875
common shares (the "Investor Warrants"). The Investor Warrants have an exercise price per share of $
3.42
, subject to adjustment,
and have a term of
five years
. The transactions yielded gross proceeds to the Company of $
3,180,285
, before the payment of commissions
and expenses.
In
addition, the Company issued warrants (the "Placement Agent Warrants") to the Placement Agent to purchase a number of common
shares equal to
5.0
% of the aggregate number of shares sold to the investors in this offering, as well as the warrant shares issuable
upon exercise of the Warrants issued in the concurrent private placement, as additional placement agency compensation. The Placement
Agent Warrants have substantially the same terms as the Investor Warrants, except that the Placement Agent Warrants will have an exercise
price of $
4.35
.
Grant
    date (investors and placement agent, respectively)
June
    14, 2021
Share
    price at date of grant (investors and placement agent, respectively)
US$
3.15
Exercise
    price at date of grant (investors and placement agent, respectively)
US$
3.42
&
4.35
Volatility
115
%
Warrant
    life
5
years
Dividend
    yield
0
%
Risk-free
    interest rate
0.80
%
Average
    fair value at grant date
US$
2.50
F-
45
On
September 30, 2022, the Company commenced a registered direct offering of securities, and executed a Securities Purchase Agreement (the
"SPA") with
two
institutional accredited investors pursuant to which it sold
1,666,667
of the Company's common shares
at the per share price of $
0.60
. In a concurrent private placement, the Company sold to such investors warrants to purchase
1,666,667
common shares (the "Investor Warrants"). The Investor Warrants have an exercise price per share of $
0.82
, subject to adjustment,
and have a term of five years. The transactions yielded gross proceeds to the Company of $
1,000,000
, before the payment of commissions
and expenses. The offering was closed on October 4, 2022.
In
addition, the Company issued warrants (the "Placement Agent Warrants") to the Placement Agent to purchase a number of common
shares equal to
5.0
% of the aggregate number of shares sold to the investors in this offering, as well as the warrant shares issuable
upon exercise of the Warrants issued in the concurrent private placement, as additional placement agency compensation. The Placement
Agent Warrants have substantially the same terms as the Investor Warrants, except that the Placement Agent Warrants will have an exercise
price of $
0.75
.
Grant
    date (investors and placement agent, respectively)
October
    4, 2022
Share
    price at date of grant (investors and placement agent, respectively)
US$
0.58
Exercise
    price at date of grant (investors and placement agent, respectively)
US$
0.82
&
0.75
Volatility
104
%
Warrant
    life
5
years
Dividend
    yield
0
%
Risk-free
    interest rate
3.96
%
Average
    fair value at grant date
US$
0.43
On
January 10, 2023, the Company entered into a certain securities purchase agreement (the "SPA") with Mr. Weilai (Will) Zhang,
the Chief Executive Officer of the Company, Mr. Ishak Han, a director of the Company, and another sophisticated purchaser (collectively,
the "Purchasers"), pursuant to which the Company agreed to sell
1,625,000
ordinary shares (pre-reverse split), par value
$
0.024
per share (the "Ordinary Shares"), at a per share purchase price of $
0.80
(the "Offering"). This Offering
was unanimously approved by the disinterested directors and the board of directors of the Company. The gross proceeds to the Company
from this Offering are $
1.3
million, before deducting any fees or expenses. The Company plans to use the net proceeds from this Offering
for the expansion of its social ecommerce business and for general corporate purposes. The Offering closed on January 12, 2023.
On
January 13, 2023, the Company entered into a certain securities purchase agreement (the "SPA") with a certain purchaser (collectively,
the "Purchasers"), pursuant to which the Company agreed to sell
1,234,568
Class A ordinary shares (pre-reverse split), par
value $
0.024
per share (the "Ordinary Shares"), at a per share purchase price of $
0.81
(the "Offering"), the
closing price of the Ordinary Shares on the Nasdaq Capital Market as of January 10, 2023. The gross proceeds to the Company from this
Offering are approximately $
1
million, before deducting any fees or expenses. The Company plans to use the net proceeds from this Offering
for the expansion of its social ecommerce business and for general corporate purposes.
On
March 30, 2023, the Company entered into a certain securities purchase agreement (the "SPA") with five sophisticated investors
(collectively, the "Purchasers"), pursuant to which the Company agreed to sell
5,681,820
Class A ordinary shares (pre-reverse
split), no par value (the "Ordinary Shares"), at a per share purchase price of $
0.88
(the "Offering"). Upon closing
of this offering, these two beneficial owners of the Purchasers will have approximately
15.15
% of the total voting power of the Company,
and the Company's CEO and Chairman, Weilai (Will) Zhang, will have about
52.13
% of the total voting power of the Company. The gross
proceeds to the Company from this Offering are approximately $
5
million, before deducting any fees or expenses. The Company has issued
the Class A ordinary shares on April 12, 2023 and the Offering was closed on the same day as all closing conditions were satisfied. The
Company plans to use the net proceeds from this Offering for general corporate purposes.
F-
46
On
August 2, 2023,
the Company entered
into
a certain securities purchase agreement with an investor, pursuant to which the Company agreed to sell
2,083,333
Class A ordinary shares
(pre-reverse split), at a per share purchase price of $
0.48
(the "Offering"). The gross proceeds to the Company from this
Offering are approximately $
1
million, before deducting any fees or expenses. The Company has issued the Class A ordinary shares on August
2, 2023 and the Offering was closed on the same day as all closing conditions were satisfied. The Company plans to use the net proceeds
from this Offering for general corporate purposes.
Following
is a summary of the warrant activity (post-reverse stock split) for the years ended December 31, 2023 and 2022:
Weighted
Average
Remaining
Average
Contractual
Number
    of
Exercise
Term
    in
Warrants
Price
Years
Outstanding
    at January 1, 2022
186,841
$
35.0
4.14
Exercisable
    at January 1, 2022
186,841
$
35.0
4.14
Granted
183,333
8.1
5.00
Exercised
—
—
—
Forfeited
—
—
—
Expired
—
—
—
Outstanding
    at December 31, 2022
370,174
21.7
4.02
Exercisable
    at December 31, 2022
370,174
21.7
4.02
Granted
—
—
—
Exercised
—
—
—
Forfeited
—
—
—
Expired
7,219
38.1
—
Outstanding
    at December 31, 2023
362,955
$
21.32
2.24
Exercisable
    at December 31, 2023
362,955
$
21.32
2.24
During
the year ended December 31, 2021, a total of
700,516
shares of warrants were exercised into
685,339
shares of the Company's common
stock (of which,
32,677
shares of warrants were exercised cashless into
17,500
common shares) for total proceeds of RMB
10,258,000
.
Share-based
Compensation
From
January to December 31, 2021, the Company issued aggregate of
33,269
shares to its Chief Financial Officer as stock compensation expense.
The fair value of
33,269
shares was RMB
573,000
. From January to December 31, 2021, the Company issued aggregate of
81,010
shares to
its Chief Executive Officer as stock compensation expense. The fair value of
81,010
shares was RMB
1,262,000
.
From
January to December 31, 2022, the Company issued aggregate of
110,343
shares to its Chief Financial Officer as stock compensation expense.
The fair value of
110,343
shares was RMB
621,000
. From January to December 31, 2022, the Company issued aggregate of
268,331
shares to
its Chief Executive Officer as stock compensation expense. The fair value of
268,331
shares was RMB
1,490,000
. From January to December
31, 2022, the Company issued aggregate of
36,408
shares to its employee as stock compensation expense. The fair value of
36,408
shares
was RMB
69,000
.
From
January to December 31, 2023, the Company issued aggregate of
29,234
shares to its Chief Financial Officer as stock compensation
expense. The fair value of
29,234
shares was RMB
639,000
. From January to December 31, 2023, the Company issued aggregate of
171,338
shares to its Chief Executive Officer as stock compensation expense. The fair value of
171,338
shares was RMB
5,432,000
. From January to December 31, 2023, the Company issued aggregate of
168,000
shares to its
directors
as stock compensation expense. The fair value of
168,000
shares was RMB
7,037,000
.
From January to December 31, 2023,
the Company issued aggregate of
224,793
shares to its employees as stock compensation expense. The fair value of
224,793
shares was RMB
17,282,000
.
From January to December 31, 2023, the Company
issued aggregate of
719,428
shares to its consultants or consulting firms as stock compensation expense. The fair value of
719,428
shares was RMB
19,070,000
.
F-
47
26.
RESERVES
(a)
Statutory
    reserve
In
    accordance with the relevant laws and regulations of the PRC, the Company's PRC subsidiaries are required to transfer
10
% of
    its profit after taxation prepared in accordance with the accounting regulation of the PRC to the statutory reserve until the reserve
    balance reaches
50
% of the respective registered capital. Such reserve may be used to offset accumulated losses or increase the registered
    capital of these subsidiaries, subject to the approval from the Board of Directors, and are not available for dividend distribution
    to the shareholders.
(b)
Currency
    translation reserve
The
    reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations.
(c)
Merger
    reserve
The
    merger reserve of the Company represents the difference between the nominal value of the shares of the subsidiaries acquired in the
    Hengda Reorganization (Note 1) over the nominal value of the shares of the Company issued in exchange thereof.
(d)
Share-based
    payment reserve
After
                                            the successful consummation of the reverse recapitalization, Mr. Wong Kung Tok, the former
                                            sole shareholder of Success Winner, allotted a total of
1,521,528
the Company's ordinary
                                            shares (pre-reverse stock split) to two financial advisors for their financial advisory services
                                            related to the recapitalization activities. The shared based payment reserve represents the
                                            fair value of these allotted shares measured based on the average market price over the service
                                            periods.
The
    share-based payment reserve also represents the equity-settled share options granted to employees (Note 27). The reserve is made
    up of the cumulative value of services received from employees recorded over the vesting period commencing from the grant date of
    equity-settled share options, and is reduced by the expiry or exercise of the share options.
The
    share-based payment reserve also represents the shares issued to its senior officers as stock compensation expense.
(e)
Reverse
    recapitalization reserve
The
    reverse recapitalization reserve arises as a result of the method of accounting for the Success Winner Acquisition. In accordance
    with IFRS, the acquisition has been accounted for as a reverse recapitalization.
(f)
Capital
    reverse
On
    July 31, 2014, Sound Treasure Limited, the Company's largest shareholder and an affiliate of the Company's Chief Executive
    Officer, entered into a three party agreement (the "Novation") with the financial institution that originated the foreign
    currency transaction agreements and the Company. Under the Novation, Sound Treasure Limited assumed these agreements and all assets
    (mainly deposits placed with the financial institution) and all existing and future liabilities arising under these agreements, and
    the Company was released from the liabilities arising under the foreign currency transaction agreements. As a result, after July
    31, 2014, the Company is no longer required to fund any losses related to these agreements, and the Company will neither suffer any
    future liabilities arising under those agreements nor enjoy any benefit arising under those agreements.
F-
48
At
    the time that each of the foreign currency transaction agreements was established with the financial institution, the Company was
    required to deposit monies with the financial institution. RMB
6.7
million of a total of RMB
15.6
million in deposits were funded
    on behalf of the Company by Wong Kung Tok (who is the brother-in-law of the Company's Chief Executive Officer) at the request
    of the Chief Executive Officer, and were included in a total of RMB
40.2
million in loans owed by the Company to Wong Kung Tok as
    of July 9, 2014. In connection with the Novation discussed above, the Company's Chief Executive Officer, Sound Treasure Limited
    and Wong Kung Tok entered into an agreement with the Company (the "Offset Agreement") pursuant to which loans totaling
    RMB
20.7
million owed by the Company to Wong Kung Tok as of the date of the Offset Agreement were transferred to Sound Treasure Limited
    and then were forgiven by Sound Treasure Limited; and in return the Company agreed to forego any claim to RMB
15.6
million in deposits
    under the foreign currency transaction agreements which were transferred to Sound Treasure Limited pursuant to the Novation. As a
    result of these transactions, Sound Treasure Limited released the Company from liabilities aggregating RMB
76.8
million and the Company
    transferred ownership of RMB
15.6
million in deposits held at the financial institution from the Company to Sound Treasure Limited.
    Except as disclosed above, neither the Company's Chief Executive Officer nor any affiliate of the Chief Executive Officer received
    any remuneration for agreeing to assume the foreign currency transaction agreements. The material terms of the Novation and the Sound
    Treasure Agreement were reviewed and approved by the Audit Committee of the Company. As a result of the Novation and the Offset Agreement,
    approximately RMB
76.8
million in liabilities on the Company's books were extinguished in 2014 and the Capital Reserve account
    was increased by approximately RMB
61.3
million.
27.
SHARE-BASED EMPLOYEE REMUNERATION
(a)
Employee share scheme
The
Board of Directors duly adopted and approved the 2019 Equity Compensation Plan ("the 2019 Plan") on December 20, 2019. The
purpose of the 2019 Plan was to attract and retain outstanding individuals as Employees, Directors and Consultants of the Company and
its Subsidiaries, to recognize the contributions made to the Company and its Subsidiaries by Employees, Directors and Consultants, and
to provide such Employees, Directors and Consultants with additional incentive to expand and improve the profits and achieve the objectives
of the Company and its Subsidiaries, by providing such Employees, Directors and Consultants with the opportunity to acquire or increase
their proprietary interest in the Company through receipt of Awards.
The
Board, in its sole discretion, shall determine the Employees, Consultants and Directors to whom, and the time or times at which Awards
will be granted, the form and amount of each Award, the expiration date of each Award, the time or times within which the Awards may
be exercised, the cancellation of the Awards and the other limitations, restrictions, terms and conditions applicable to the grant of
the Awards. To the extent permitted by applicable law, regulation, and rules of a stock exchange on which the Ordinary Shares are listed
or traded, the Board may delegate its authority to grant Awards to Employees or Consultants and to determine the terms and conditions
thereof to its standing committee, e.g., Compensation Committee, as it may determine in its discretion, on such terms and conditions
as it may impose.
The
total number of shares that may be issued under the 2019 Plan was
333,333
. Such shares may be either be authorized but unissued shares
or treasury shares. In the event of any reorganization, recapitalization, share split, distribution, merger, consolidation, split-up,
spin-off, combination, subdivision, consolidation or exchange of shares, any change in the capital structure of the Company or any similar
corporate transaction, the Board shall make such adjustments as it deems appropriate, in its sole discretion, to preserve the benefits
or intended benefits of the 2019 Plan and Awards granted under the 2019 Plan.
The
number of shares issued to Employees, Directors and Consultants is the offer amount divided by the Fair Market Value, meaning (i) if
the principal trading market for the Ordinary Shares is the NASDAQ Capital Market or another national securities exchange, the "closing
transaction" price at which shares of Ordinary Shares are traded on such securities exchange on the relevant date or (if there
were no trades on that date) the latest preceding date upon which a sale was reported, (ii) if the Ordinary Shares is not principally
traded on a national securities exchange, but is quoted on the NASD OTC Bulletin Board ("OTCBB") or the Pink Sheets, the
last reported "closing transaction" price of Ordinary Shares on the relevant date, as reported by the OTCBB or Pink Sheets,
or, if not so reported, as reported in a customary financial reporting service, as the Committee determines, or (iii) if the Ordinary
Shares is not publicly traded or, if publicly traded, is not subject to reported closing transaction prices as set forth above, the Fair
Market Value per share shall be as determined by the Board.
F-
49
From
January to December 31, 2021, the Company issued aggregate of
33,269
shares to its Chief Financial Officer as stock compensation expense,
and issued aggregate of
81,010
shares to its Chief Executive Officer as stock compensation expense.
From
January to December 31, 2022, the Company issued aggregate of
110,343
shares to its Chief Financial Officer as stock compensation expense,
and issued aggregate of
268,331
shares to its Chief Executive Officer as stock compensation expense.
From
January to December 31, 2023, the Company issued aggregate of
29,234
shares to its Chief Financial Officer as stock compensation
expense, and issued aggregate of
171,338
shares to its Chief Executive Officer as stock
compensation expense.
From
January to December 31, 2023, the Company issued aggregate of
168,000
shares to its directors as stock compensation expense. From January
to December 31, 2023, the Company issued aggregate of
224,793
shares to its employees as stock compensation expense.
From
January to December 31, 2023, the Company issued aggregate of
719,428
shares to its consultants or consulting firms as stock compensation
expense.
For
the years ended December 31, 2023, 2022 and 2021, employee remuneration expense for senior officers, employees and directors (all of
which related to equity-settled share-based payment transactions) of RMB
30,390,000
, RMB
2,180,000
and RMB
1,835,000
, respectively, has
been included in profit or loss and credited to the share capital and share-based payment reserve.
For
the years ended December 31, 2023, 2022 and 2021, consulting expense (all of which related to equity-settled share-based payment transactions)
of RMB
19,070,000
, RMB
nil
and RMB
nil
.
28.
SIGNIFICANT RELATED PARTY TRANSACTIONS
Apart
from those discussed elsewhere in these financial statements, the following are significant related party transactions entered into between
the Company and its related parties at agreed rates:
Due
from related parties
2023
2022
RMB'000
RMB'000
Liping Huang (CEO's spouse)
3,550
-
Lei Deng (legal representative of one of the subsidiaries)
1,964
-
Xiaorong Yang (legal representative of one of the subsidiaries)
3,830
-
Total
9,344
-
At
December 31, 2023, the Company assessed whether the credit risk on a financial instrument has increased significantly since initial recognition,
and concluded no loss allowance for ECL needs to be recorded for due from related parties under IFRS 9 as a result of the guaranteed
repayment from the Company's senior officers.
Amount
owned to related parties
2023
2022
RMB'000
RMB'000
Amounts
    owed to related parties
553
1,291
553
1,291
As
of December 31, 2022, total of amounts owed to related parties held by discontinued operations was RMB
35,057,000
.
Mr.
Huang Jia Dong, the prior Chief Executive Officer and a prior director of the company, and Mr. Wong Kung Tok, formerly one of the Company's
significant shareholders, provide working capital loans to the Company from time to time during the normal course of its business. These
loans amounted to RMB
35,057,000
and RMB
35,057,000
as of December 31, 2022 and 2021, respectively. These loans are interest free, unsecured
and repayable on demand. Mr. Huang and Mr. Wong are brothers-in-law. The whole of this amount was held by discontinued operations.
As
of December 31, 2022, the Company had a loan of US$
167,000
(equivalent to RMB
1,160,000
) (2021: US$
167,000
(equivalent to RMB
1,160,000
))
payable to Sound Treasure Limited, an affiliate of Mr. Huang Jia Dong and a shareholder of the Company. This loan is interest free, unsecured
and repayable on demand. As a result of the sale of subsidiaries, the loan was forgiven on the disposal date, and the company recognize
other income totaling US$
167,000
(equivalent to RMB
1,160,000
).
F-
50
As
of December 31, 2022, the Company had a loan of US$
20,000
(equivalent to RMB
131,000
) (2021: US$
20,000
(equivalent to RMB
131,000
))
payable to Alex Ng Man Shek, a former director and corporate secretary of the Company. This loan is interest free, unsecured and repayable
on demand.
As
of December 31, 2023, the Company had due to Weilai Zhang,
(
the Company's CEO
)
of
US$
78,000
(equivalent to RMB
553,000
)
,
no interest, unsecured and payable upon demand.
During
the year ended December 31, 2022, the Company incurred a total of RMB
2,847,000
in consultancy fees to Anhui Zhongjun Enterprise Management
Co., Ltd. ("Anhui Zhongjun"), of which the whole amount were expensed during the year. During the year ended December 31,
2022, the Company received a total of RMB
2,635,000
in cash from Anhui Zhongjun for the provision of business management services. The
Company completed all performance obligations pertaining to the RMB
2,635,000
received and recognized revenue of RMB
2,486,000
, net of
PRC value-added tax of RMB
149,000
. The director of Anhui Zhongjun, Zhang Yonghong is also a director of the Company's subsidiary,
Chengdu Future Talented Management and Consulting Co., Ltd.
During
the year ended December 31, 2021, the Company paid a total of RMB
8,840,000
in consultancy fees to Anhui Zhongjun Enterprise Management
Co., Ltd. ("Anhui Zhongjun"); of the RMB
8,840,000
total consultancy fees, RMB
5,993,000
were expensed during the year. The
remaining RMB
2,847,000
was recorded under prepayments under current assets as of December 31, 2021. During the year ended December 31,
2022, the Company expensed the remaining RMB
2,847,000
prepayment. During the year ended December 31, 2022, the Company received a total
of RMB
2,486,000
from Anhui Zhongjun for the provision of business management services. The Company completed all performance obligations
pertaining to the RMB
2,635,000
received and recognized revenue of RMB
2,486,000
, net of PRC value-added tax of RMB
149,000
. During the
year ended December 31, 2021, the Company received a total of RMB
1,460,000
from Anhui Zhongjun for the provision of business management
services. The Company completed all performance obligations pertaining to the RMB
1,460,000
received and recognized revenue of RMB
1,378,000
,
net of PRC value-added tax of RMB
82,000
.
The
director of Anhui Zhongjun, Zhang Yonghong, is also a director of the Company's subsidiary, Chengdu Future Talented Management
and Consulting Co., Ltd.
During
the year ended December 31, 2021, the Company incurred a total of RMB
36,929,000
in cost of revenue to Lianjie (Hainan)Technology Co.,
Ltd. ("Lianjie"). The Company paid RMB
34,364,000
to Lianjie for the cost of revenue incurred. As of December 31, 2021, the
Company had trade accounts payable of RMB
nil
due to Lianjie. Lin Yufeng, a director of the Company's subsidiary, Hainan Kylin
Cloud Services Technology Co., Ltd., was a significant shareholder of Lianjie from September 22, 2021 until November 19, 2021. Lin Yufeng
was no longer a significant shareholder of Lianjie during the year ended December 31, 2022, and thus Lianjie was no longer a related
party of the Company.
29.
COMMITMENTS
(a)
Operating lease commitments
The
Company leases production factories, warehouses and employees' hostel from unrelated parties under non-cancellable operating lease
arrangements. The leases have varying terms and the total future minimum lease payments of the Company under non-cancellable operating
leases are payable as follows:
As
    of December 31,
2023
2022
2021
RMB'000
RMB'000
RMB'000
Within
    one year
—
328
13,404
After
    one year and within five years
—
157
33,325
—
485
46,729
As
of December 31, 2022, total operating lease liabilities payable of discontinued operations amounts of RMB
33,325,000
(Note 30).
F-
51
The
leases typically run for an initial period of three years, with an option to renew the lease when all terms are renegotiated. Lease payments
are usually increased every three years to reflect market rentals. None of the leases includes contingent rentals.
(b)
Capital commitments
The
Company's capital expenditures consist of expenditures on property, plant and equipment and capital contribution. Capital expenditures
contracted for at the balance sheet date but not recognized in the financial statements are as follows:
As
    of December 31,
2023
2022
2021
RMB'000
RMB'000
RMB'000
Contracted
    for capital commitment in respect of capital contribution to its wholly foreign owned subsidiary in the PRC:
Chengdu
    Future
26,074
30,000
30,000
Antelope
    Chengdu
46,889
65,250
62,250
Hainan
    Antelope Holding
63,726
63,726
63,726
Antelope
    Future (Yangpu)
60,970
63,726
63,726
Antelope
    Investment (Hainan)
50,000
50,000
50,000
Antelope
    Ruicheng Investment
47,245
50,000
50,000
Hangzhou
    Kylin Cloud Service Technology
—
4,500
—
Anhui
    Kylin Cloud Service Technology
2,900
4,900
—
Wenzhou
    Kylin Cloud Service Technology
5,000
—
—
Hubei
    Kylin Cloud Service Technology
5,000
—
—
Jiangxi
    Kylin Cloud Service Technology
5,000
—
—
30.
DISPOSAL OF SUBSIDIARIES
Since
the ceramic tiles manufacturing business of the Company has experienced significant hurdles due to the significant slowdown of the real
estate sector and the impacts of COVID-19 in China, the Company plans to divest its ceramic tiles manufacturing business, which is conducted
through the Company's two subsidiaries, Jinjiang Hengda Ceramics Co., Ltd. and Jiangxi Hengdali Ceramic Materials Co., Ltd.
Jiangxi
Hengdali Ceramics is wholly owned by Jinjiang Hengda Ceramics, which is a wholly owned subsidiary of Stand Best Creation Limited, a Hong
Kong company (the "Target"). The Target is Stand Best Creation Limited, a wholly owned subsidiary of Success Winner Limited
which is 100% owned by the Company ("the Disposition Group").
On
December 30, 2022, the Seller, the Target and New Stonehenge Limited, a British Virgin Islands exempt company which is not affiliate
of the Company or any of its directors or officers, (the "Buyer"), entered into certain share purchase agreement (the "Disposition
SPA"). Pursuant to the Disposition SPA, the Buyer agreed to purchase the Target, and in exchange the Buyer will issue a 5% unsecured
promissory note to the Seller with principal amount of $
8.5
million with a maturity date on the fourth anniversary of its issuance (the
"Note"). Upon the closing of the transaction (the "Disposition") contemplated by the Disposition SPA, the Buyer
will become the sole shareholder of the Target and as a result, assume all assets and liabilities of the Target and subsidiaries owned
or controlled by the Target.
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52
The
Company held an extraordinary meeting of shareholders on February 21, 2023, at 8:30 AM ET, at Junbing Industrial Area, Anhai, Jinjiang,
Fujian, China. There were
5,678,430
ordinary shares voted, representing approximately 56.58% of the total
10,035,188
outstanding ordinary
shares and therefore constituting a quorum of more than fifty percent (50%) of the shares outstanding and entitled to vote at the meeting
as of the record date of January 5, 2023. The final voting results submitted to a vote of shareholders at the meeting were that the following
constitutes the number of votes voted with respect to the proposal of the approval of the proposed sale of the Company's subsidiaries
(the "Disposition Transaction"), Stand Best Creation Limited, Jinjiang Hengda Ceramics Co., Ltd., and Jiangxi Hengdali Ceramic
Materials Co., Ltd. to New Stonehenge Limited, a business company incorporated in the British Virgin Islands with limited liability,
in exchange for an unsecured promissory note with a principal amount of US$
8.5
million, which will be mature in four years after its
issuance. Accordingly, the Disposition Transaction has been approved. The disposal of the subsidiaries for the ceramic tile manufacturing
business were completed on April 28, 2023.
The
following table summarizes the carrying value of the assets and liabilities of disposal group at the closing date of disposal. The Company
recorded RMB
73.8
million gain on disposal of the subsidiaries, which was the difference between the selling price of US$
8.5
million
and the carrying value of the net assets of the disposal group.
As
    of April 28, 2023
RMB'000
Right-of-use
    assets, net
26,670
Inventories,
    net
25,798
Trade
    receivables, net
2,875
Other
    receivables and prepayments
2,890
Cash
    and bank balances
256
Accrued
    liabilities and other payables
(
19,143
)
Amounts
    owed to related parties
(
35,057
)
Lease
    liabilities
(
19,315
)
Taxes
    payable
(
77
)
Assets
and liabilities of the Disposal Group were classified as "Assets classified as held for sale" and "Liabilities directly
associated with assets classified as held for sale" respectively, in accordance with IFRS 5 as at December 31, 2022, is summarized
in the following table.
As of December 31,
2022
RMB'000
ASSETS CLASSIFIED AS HELD FOR SALE
Right-of-use assets, net
30,937
Inventories, net
28,749
Trade receivables, net
11,683
Other receivables and prepayments
3,000
Cash and bank balances
306
Total assets of the Disposal Group held for sale
74,675
As of December 31,
2022
RMB'000
LIABILITIES DIRECTLY ASSOCIATED WITH ASSETS CLASSIFIED AS HELD FOR SALE
Accrued liabilities and other payables
19,197
Amounts owed to related parties
35,057
Lease liabilities
33,325
Taxes payable
951
Total liabilities of the Disposal Group directly associated with assets classified as held for sale
88,530
The
financial performance and cash flow information presented are for the years ended December 31, 2023, 2022 and 2021.
Years
    ended December 31,
2023
2022
2021
RMB'000
RMB'000
RMB'000
Financial
    performance
Net
    sales
2,701
37,696
144,743
Cost
    of goods sold
7,557
41,245
83,436
Gross
    profit (loss)
(
4,856
)
(
3,549
)
61,307
Other
    income
5,716
14,244
9,388
Selling
    and distribution expenses
(
1,517
)
(
5,913
)
(
6,298
)
Administrative
    expenses
(
434
)
(
51,297
)
(
131,867
)
Finance
    costs
(
293
)
(
1,479
)
(
2,115
)
Other
    expenses
—
—
(
90
)
Loss
    before taxation
(
1,384
)
(
47,994
)
(
69,675
)
Gain
    on disposal of discontinued operations
73,846
—
—
Net
    income (loss) for the year from discontinued operations
72,461
(
47,994
)
(
69,675
)
Cash
    flow information
Net
    cash generated from operating activities from discontinued operations
14,118
4,982
3,314
Net
    cash used in investing activities from discontinued operations
—
—
—
Net
    cash used in financing activities from discontinued operations
(
14,303
)
(
14,303
)
(
14,303
)
Net
    (decrease) increase in cash and cash equivalents from discontinued operations
(
185
)
(
9,321
)
(
10,989
)
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53
31.
FINANCIAL RISK MANAGEMENT
The
Company's overall financial risk management program seeks to minimize potential adverse effects of financial performance of the
Company. Management has in place processes and procedures to monitor the Company's risk exposures while balancing the costs associated
with such monitoring and management against the costs of risk occurrence. The Company's risk management policies are reviewed periodically
for changes in market conditions and the Company's operations.
The
Company is exposed to financial risks arising from its operations and the use of financial instruments. The key financial risks included
credit risk, liquidity risk, interest rate risk, foreign currency risk and market price risk.
Except
as disclosed in (d), the Company does not hold or issue derivative financial instruments for trading purposes or to hedge against fluctuations,
if any, in interest rates and foreign exchange rates.
(a)
Credit risk
Credit
risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The
Company's exposure to credit risk arises primarily from bank balances and trade receivables. For trade receivables, the Company
adopts the policy of dealing only with customers of appropriate credit history to mitigate credit risk. For other financial assets, the
Company adopts the policy of dealing only with high credit quality counterparties.
As
the Company does not hold any collateral, the maximum exposure to credit risk for each class of financial assets is the carrying amount
of that class of financial assets presented on the consolidated statements of financial position.
Cash
and bank balances
The
Company's bank deposits are placed with reputable banks in the PRC, Hong Kong and the United States, which management believes
are of high credit quality. The Company performs periodic evaluations of the relative credit standing of these financial institutions.
Trade
receivables
The
Company's objective is to seek continual growth while minimizing losses incurred due to increased credit risk exposure.
The
Company's exposure to credit risks is influenced mainly by the individual characteristics of each customer. The Company typically
gives the existing customers credit terms of approximately 120 days to 150 days. In deciding whether credit shall be extended, the Company
will take into consideration factors such as the relationship with the customer, its payment history and credit worthiness. In relation
to new customers, the sales and marketing department will prepare credit proposals for approval by the Chief Executive Officer.
F-
54
The
Company performs ongoing credit evaluations of its customers' financial condition and requires no collateral from its customers.
The provision for impairment loss for doubtful debts is based upon a review of the expected collectability of all trade and other receivables.
The
Company's concentration of credit risk by geographical location is wholly in the PRC as of December 31, 2023 and 2022.
(b)
Liquidity risk
The
Company's policy is to regularly monitor current and expected liquidity requirements and its compliance with loan covenants to
ensure that it maintains a sufficient amount of cash and adequate committed lines of funding from major financial institutions to meet
its liquidity requirements in the short and longer term.
The
following table details the Company's remaining contractual maturities for its financial liabilities. The table has been drawn
up based on undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay.
The table includes both interest and principal cash flows. To the extent that interest flows are at a floating rate, the undiscounted
amount is calculated based on interest rate at the end of the reporting periods:
As
    of December 31, 2023
Total
Within
    1 year
More
    than 1 year but less than 5 years
contractual
    undiscounted cash flow
Carrying
    amount
RMB'000
RMB'000
RMB'000
RMB'000
Amounts
    owed to related parties
553
—
553
553
Note
    payable
7,597
7,394
14,991
14,991
Total
8,150
7,394
15,544
15,544
As
    of December 31, 2022
More
    than 1
Total
    contractual
Within
    1 year
year
    but less than 5 years
undiscounted
    cash flow
Carrying
    amount
RMB'000
RMB'000
RMB'000
RMB'000
Trade
    payables
3,079
—
3,079
3,079
Amounts
    owed to related parties
1,291
—
1,291
1,291
Note
    payable
—
8,775
8,775
8,775
Lease
    liabilities
349
146
495
495
Total
4,719
8,921
13,640
13,640
(c)
Interest rate risk
Interest
rate risk is the risk that the fair value or future cash flows of the Company's financial instruments will fluctuate because of
changes in market interest rates.
The
Company's exposure to interest rate risk arises primarily from the Company's interest-bearing bank deposits and borrowings.
The
Company is exposed to fair value interest rate risk in relation to its fixed-rate bank borrowings. Bank borrowings subject to fixed interest
rates are contractually repriced at intervals of 12 months. The Company currently does not have an interest rate hedging policy. However,
the management monitors interest rate exposure and will consider other necessary actions when significant interest rate exposure is anticipated.
The
Company is also exposed to cash flow interest rate risk related to bank balances and cash held at financial institutions carried at the
prevailing market rates and variable-rate bank borrowings.
F-
55
At
December 31, 2023 and 2022, the company had no variable-rate risk.
(d)
Foreign currency risk
Currency
risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange
rates. Currency risk arises when transactions are denominated in foreign currencies.
The
Company is mainly exposed to foreign exchange risk arising from future commercial transactions, recognized assets and liabilities denominated
in currencies other than the functional currency of the Company entities to which they relate. The Company's operations are primarily
conducted in the PRC. All the sales and purchases transactions are denominated in RMB. As such, the operations are not exposed to exchange
rate fluctuation.
As
of December 31, 2023 and 2022, nearly all of the Company's monetary assets and monetary liabilities were denominated in RMB except
certain bank balances (Note 19) were denominated in US dollars and HKD.
Sensitivity
analysis
The
Company's foreign currency risk is mainly concentrated on the fluctuation of US$ and HK$. The following table details the Company's
sensitivity to a
4
% increase and decrease in RMB against the relevant foreign currencies. The sensitivity analysis includes only outstanding
foreign currency denominated monetary items and adjusts their translation at the years end for a 4% change. On this basis, if RMB strengthens
against foreign currencies by 4%, the Company's loss before taxation for the year would decrease by the following amount, and vice
versa.
As
    of December 31,
2023
2022
2021
RMB'000
RMB'000
RMB'000
Loss
    before taxation
8
39
895
The
sensitivity analysis has been determined assuming that the change in foreign exchange rates had occurred at the end of the reporting
period and had been applied to re-measure those financial instruments held by the Company which expose the Company to foreign currency
risk at the end of the reporting period. The stated changes represent management's assessment of reasonably possible changes in
foreign exchange rates over the period until the end of next annual reporting period. The analysis is performed on the same basis for
2023, 2022 and 2021.
In
management's opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk as the year end exposure
at the end of the reporting period does not reflect the exposure during the year.
(e)
Fair value measurements
(i)
Financial
    instruments carried at fair value
Fair
value hierarchy
The
following table presents the fair value of the Company's financial instruments measured at the end of the reporting period on a
recurring basis, categorized into the three-level fair value hierarchy as defined in IFRS 13 Fair value measurement. The level into which
a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation
technique as follows:
●
Level
    1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
F-
56
●
Level
    2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that
    is, as prices) or indirectly (that is, derived from prices)
●
Level
    3: inputs for the assets or liability that are not based on observable market data (that is, unobservable inputs). The Company's
    directors are responsible to determine the appropriate valuation techniques and inputs for fair value measurements.
There
were no transfers between instrument levels during the years ended December 31, 2023 and 2022.
As
of December 31, 2023 and 2021 there were no other financial instruments measured on a recurring basis.
(ii)
Financial
    assets and liabilities measured at other than fair value
The
carrying amounts of the Company's other financial instruments carried at cost or amortized cost approximate their fair values as
of December 31, 2023 and 2022.
32.
CAPITAL MANAGEMENT
The
Company's objectives when managing capital are:
(i)
To
    safeguard the Company's ability to continue as a going concern and to be able to service its debts when they are due;
(ii)
To
    maintain an optimal capital structure so as to maximize shareholder value; and
(iii)
To
    maintain a strong credit rating and healthy capital ratios in order to support the Company's stability and growth.
The
Company actively and regularly reviews and manages its capital structure to ensure optimal shareholder returns, taking into consideration
the future capital requirements of the Company and capital efficiency, prevailing and projected profitability, projected operating cash
flows, projected capital expenditures and projected strategic investment opportunities. The Company manages its common shares and stock
options as capital.
The
Company is not subject to externally imposed capital requirements, except for, as disclosed in Note 26(a), the Company's PRC subsidiaries
are required by the Foreign Enterprise Law of the PRC to contribute to and maintain a non-distributable statutory reserve fund whose
utilization is subject to approval by the Board of Directors. This externally imposed capital requirement has been complied with by the
PRC subsidiaries for the years ended December 31, 2023, 2022 and 2021.
In
order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital
to shareholders, increase share capital, obtain new borrowings or sell assets to reduce debt.
There
were no changes in the Company's overall approach to capital management during the report periods.
The
capital structure of the Company consists of debts (which include borrowings, less cash and cash equivalents) and equity attributable
to shareholders of the Company (comprising issued capital and reserves). The Company monitors capital on the basis of the debt to capital
ratio, which is calculated as net debts divided by equity attributable to shareholders of the Company.
As
    of December 31,
2023
2022
RMB'000
RMB'000
Interest-bearing
    bank borrowings
—
—
Note
    payable
14,991
8,775
Amounts
    owed to related parties
553
1,291
Total
    debts
15,544
10,066
Less:
    Cash and cash equivalents (excluding restricted bank balances)
(
3,808
)
(
3,936
)
Net
    debts
11,736
6,130
Equity
    attributable to shareholders of the Company
96,942
1,047
Gearing
    ratio
12
%
585
%
F-
57
33.
SUBSEQUENT EVENTS
The
Company has evaluated all events that have occurred subsequent to December 31, 2023 through the date that the consolidated financial
statements were issued. Management has concluded that the following material subsequent events required disclosure in the consolidated
financial statements.
1)
On
                                            January 9, 2024, the Company entered a service agreement with a consultant, for performing
                                            accounting and financial services to the Company. Pursuant to the service agreement, the
                                            Company issued
100,000
restricted Class A ordinary shares, no par value as the share compensation
                                            expense. The fair value of
100,000
shares was $
190,000
.
2)
On
                                            January 25, 2024, the Company entered into a note purchase agreement with Guoxiang Hu (the
                                            "Investor"), pursuant to which the Company issued the Investor an unsecured promissory
                                            note in the principal amount of $
4,630,000
(the "Note"). The Note bears interest
                                            at a rate of
16
% per annum. All outstanding principal and accrued interest on the Note will
                                            become due and 9 months after the purchase price of the Note is delivered by Investor to
                                            the Company (the "Purchase Price Date"). The Company may prepay all or a portion
                                            of the outstanding balance of the Note prior to its maturity date.
Global
Pacific Securities US Inc. ("Global Pacific") has acted as the lead advisor of the Company for the transaction contemplated
in the Purchase Agreement, and the Company agreed to pay Global Pacific a cash fee equal to three percent (3%) of the gross proceeds
and to reimburse Global Pacific for its accountable expenses up to $
30,000
("Cash Compensation") and to issue to Global Pacific
restricted Class A ordinary shares of the Company ("Share Compensation"), in an amount equal to
7.5
% of the gross proceeds.
On February 2, 2024, the Company issued
193,994
restricted Class A ordinary shares to Global Pacific.
In
addition, the Company may not assign the Note without prior written consent of the Investor. The Investor may be sold, assigned or transferred
by the Investor without the Company's prior written consent. However, in the event that the Company has identified any individual(s)
or entity(ies) that is satisfactory to the Company, to purchase the Note from the Investor, the Investor agreed to use his best efforts
to sell, transfer and assign the Note to such individual or entity identified by the Company within ten (10) calendar days following
receipt of a written notice from the Company, at a price that equal to the outstanding balance of the Note.
Under
the Purchase Agreement, Weilai Zhang, our CEO and Chairman of the board (the "Pledgor"), agreed to enter into a share pledge
agreement with the Investor, on January 25, 2024 (the "Pledge Agreement"), to pledge all Class B ordinary shares of the Company,
no par value ("Class B ordinary shares") owned by him, including any additional Class B ordinary shares issued to him while
the Note is outstanding, and any proceeds thereof (collectively, the "Pledged Collateral"), to secure the Company's
payment and performance of any and all obligations, liabilities and indebtedness of the Company to the Investor pursuant to the terms
of the Purchase Agreement ("Secured Obligations")
3)
On
                                            January 29, 2024, the Compensation Committee of the Board approved, based on the Company's
                                            2023 operating results and performance, to issue
300,000
Class B ordinary shares of the Company,
                                            no par value, as a one-time bonus to the Company's CEO.
F-
58
4)
On
                                            February 12, 2024, the Company enter into certain exchange agreements with each of certain
                                            warrant holders (the "Holders") pursuant to which, each Holder agreed to surrender
                                            the existing warrants held by itself to purchase Class A ordinary shares, no par value, of
                                            the Company ("Class A ordinary shares for cancellation, in exchange for the Company's
                                            payment of an aggregate of $
202,033
in cash ("Cash Consideration") and an issuance
                                            of
101,016
restricted Class A ordinary shares (the "Exchanged Shares").
5)
On
                                            February 15, 2024, the Company enter into certain exchange agreements with warrant holders
                                            (the "Holders") pursuant to which, Holder agreed to surrender the existing warrants
                                            held by itself to purchase Class A ordinary shares, no par value, of the Company ("Class
                                            A ordinary shares for cancellation, in exchange for the Company's payment of an aggregate
                                            of $
55,556
in cash ("Cash Consideration") and an issuance of
27,778
restricted
                                            Class A ordinary shares (the "Exchanged Shares").
6)
On
                                            February 27, 2024, the Company entered into a stock transfer agreement with Right Fortress
                                            Limited (the "transferor"), through which Right Fortress Limited transferred
                                            all its equity in Million Stars US Inc ("Million Star") to Antelope Enterprise
                                            Holdings USA Inc. for $
1
. As of the report date, Million Stars doesn't have any operations.
7)
On
                                            February 23, 2024, the Company entered into a certain securities purchase agreement (the
                                            "SPA") with certain investors (the "Purchasers"), pursuant to which
                                            the Company agreed to sell
1,300,000
Class A ordinary shares, (the "Shares"),
                                            no par value each (the "Ordinary Shares"), at a per share purchase price of $
1.00
(the "Offering"). The gross proceeds to the Company from this Offering are approximately
                                            $
1.30
million, before deducting any fees or expenses. In a concurrent private placement,
                                            the Company also issued the investors warrants to purchase up to
1,300,000
Shares (the "Warrants").
                                            Each Warrant is exercisable for one Class A ordinary share. The Warrants will have an initial
                                            exercise price of $
1.10
per share and will be exercisable at any time on or after the date
                                            of issuance and will expire on the fifth anniversary of the issuance date. The Company plans
                                            to use the net proceeds from this Offering for the expansion of the Company's business
                                            in the U.S., and for general corporate purpose.
8)
On
                                            February 28, 2024, the Company entered into a consulting service agreement with a consultant
                                            to provide marketing consulting services to the Company. The Company agreed to issue
75,000
restricted Class A ordinary shares, no par value, (the "Class A Ordinary Shares")
                                            to the consultant, subject to cancellation in the event that the Service Agreement is terminated
                                            earlier than June 30, 2023 (the "share Compensation").
9)
On
                                            March 15, 2024, the Company entered into certain securities purchase agreement (the "SPA")
                                            with certain investors (the "Purchasers"), pursuant to which the Company agreed
                                            to sell
1,727,941
Class A ordinary shares, (the "Shares"), no par value each
                                            (the "Ordinary Shares"), at a per share purchase price of $
1.36
(the "Offering").
                                            The gross proceeds to the Company from this Offering are approximately $
2.35
million, before
                                            deducting any fees or expenses. The Company plans to use the net proceeds from this Offering
                                            for the expansion of the Company's business in the U.S., including the recruitment
                                            of personnel in the U.S. and for general corporate purpose.
10)
On
                                            March 25, 2024, the Company entered into a consulting service agreement with a consultant
                                            to provide marketing consulting services of e-commence environment to the Company. The Company
                                            agreed to issue
51,471
restricted Class A ordinary shares, no par value, (the "Class
                                            A Ordinary Shares") to the consultant, subject to cancellation in the event that the
                                            Service Agreement is terminated earlier than June 30, 2023 (the "share Compensation").
F-
59
11)
On
                                            April 1, 2024, the board of directors approved to amend employment agreement of Mr. Weilai
                                            Zhang, the CEO and Chairman of the Company. Pursuant to the Amended Employment Agreement,
                                            Mr. Zhang's monthly compensation as the CEO of the Company was changed from $
10,000
in cash and $
20,000
in Class B ordinary shares,
no
par value (the "Class B Ordinary
                                            Shares"), calculated based on the closing price of the Class A ordinary shares,
no
par value (the "Class A Ordinary Shares") on the last trading day of such month,
                                            to be
500,000
Class B Ordinary Shares per year, starting on January 1, 2024. Except for the
                                            changes expressly described above, the Amended Employment Agreement does not amend, supplement
                                            or update any information contained in the employment agreement of Mr. Zhang dated October
                                            24, 2023. The Board approved, as recommended by the Committee, to issue
1,500,000
Class B
                                            Ordinary Shares, to Mr. Zhang, as the compensation for his services for the three years commencing
                                            on January 1, 2024 and ending on December 31, 2026, provided that, in the event Mr. Zhang's
                                            employment is terminated earlier than December 31, 2026, Mr. Zhang shall return the Class
                                            B Ordinary Shares proportionately.
12)
On
                                            April 2, 2024, the Company entered into a warrant exchange agreement (the "Exchange
                                            Agreement") with certain holder (the "Holder") of warrants (the "Warrants")
                                            to purchase Class A ordinary shares,
no
par value each, (the "Class A Ordinary Shares")
                                            of the Company, pursuant to which the Holder agreed to surrender the Warrants for cancellation
                                            and the Company agreed, in exchange, to issue
0.5
restricted Class A Ordinary Shares for
                                            each Warrant. The Holder owned
60,052
Warrants at the time of entering into the Exchange
                                            Agreement and received
30,026
restricted Class A Ordinary Shares (the "Exchanged Shares")
                                            upon closing of the transaction as contemplated in the Exchange Agreement.
13)
On
                                            April 15, 2024, the Company entered into a warrant exchange agreement (the "Exchange
                                            Agreement") with certain holder (the "Holder") of warrants (the "Warrants")
                                            to purchase Class A ordinary shares,
no
par value each, (the "Class A Ordinary Shares")
                                            of the Company, pursuant to which the Holder agreed to surrender the Warrants for cancellation
                                            and the Company agreed, in exchange, to issue
0.5
restricted Class A Ordinary Shares for
                                            each Warrant. The Holder owned
50,071
Warrants at the time of entering into the Exchange
                                            Agreement and received
25,036
restricted Class A Ordinary Shares (the "Exchanged Shares")
                                            upon closing of the transaction as contemplated in the Exchange Agreement.
14)
As of this report date, the Company is preparing a prospectus relates to
the offer and resale, from time to time, by the five selling shareholders identified in the prospectus (the "Selling Shareholders",
each individually, the "Selling Shareholder"), of up to
31,300,000
Class A ordinary shares, no par value each (the "Class
A Ordinary Shares"), of the Company, consisting of (i) up to
30,000,000
Class A Ordinary Shares issuable pursuant to the Subscription
Agreements (as defined below) from time to time after the date of the prospectus and; (ii)
1,300,000
Class A Ordinary Shares issuable
upon exercise of certain outstanding warrants issued on February 27, 2024 (the "Warrants", the holders of such Warrants, the
"Warrant Holders").
On March 25, 2024, the Company entered into three standby equity subscription agreements (the "Subscription Agreements") with
Dafu International Group Ltd., Baisheng International Group Ltd. and Dongsheng International Group Ltd. (each, an "Investor",
collectively, the "Investors"), respectively. Each Subscription Agreements provided for the sale of up to
10,000,000
of the
Class A Ordinary Shares. Under the Subscription Agreements, the Company has the right, but not the obligation, to issue to the Investors,
and each Investor has the obligation to subscribe for, up to
10,000,000
Class A Ordinary Shares. Each Class A Ordinary Share issuable
from time to time under the Subscription Agreements will be issued at a per share purchase price equal to the lesser of (i) the average
closing price of the Class A Ordinary Shares during the three consecutive trading days commencing on the applicable advance notice date,
as set forth in the Subscription Agreements, or (ii) $
1.12
.
On February 23, 2024, the Company entered into a securities purchase agreement with the Warrant Holders (the "Securities Purchase
Agreement"), pursuant to which, the Company issued to the Warrant Holders the Warrants to purchase up to an aggregate of
1,300,000
Class A Ordinary Shares, at an initial exercise price equal to $
1.10
per share. The Warrants were issued on February 27, 2024. They are
exercisable at any time on or after the date of issuance and will expire on the fifth anniversary of the issuance date.
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