Antelope Enterprise Provides Update of its Strategic Diversification into SaaS Technology Business

JINJIANG,China,Nov. 10,2022 -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) ("Antelope Enterprise" or the "Company"),which engages in management and business consulting,and online social commerce and live streaming,and is a manufacturer of ceramic tiles used in residential and commercial buildings in China,today announced that its strategic plan to diversify into new technology sectors that predominantly consist of SaaS+ technology and business services to mitigate the challenging market conditions of its ceramic tile segment is meeting with continued success. As announced on September 29,2022,for the first half of its fiscal year ended June 30,the Company's recorded revenue of $20.8 million,an increase of 169% over the same period in 2021. In addition,revenue attributable to its new technology segments including Hainan Kylin Cloud Services Technology Co.,Ltd ("Kylin Cloud"),its new SaaS+ platform subsidiary,accounted for 88% of the Company's total revenue.

Beginning in fiscal 2020,Antelope Enterprise enacted its strategic plan to pivot towards new technology sectors and engaged a new generation of technology professionals to work for the Company. Its new SaaS platform through its Kylin Cloud subsidiary encompasses (i) SaaS+ technology system services,(ii) service management,(iii) business management including sales of software usage rights for digital data storage platforms and asset management systems,and (iv) online streaming platforms including short video,live streaming and e-commerce platform development and services.

Ms. Meishuang Huang,Chief Executive Officer of Antelope Enterprise,commented,"We are very pleased with the growth and momentum of our SaaS platform businesses. Our new business model leverages our SaaS+ system platform to serve new consumer and business practices. These encompass live streaming,short video,social commerce,technical system services,enterprise management and new streaming media. We are encouraged by the market opportunities that these new areas represent and are optimistic that following recent business wins,bigger breakthroughs could follow."

Over the next few years,the Company expects that the social e-commerce and streaming media industry of short video and live broadcast in China will continue to grow rapidly,and that China will continue to be the largest market for this technology. The strong growth and continued momentum of our new business model has helped us to offset the difficult business conditions of our legacy ceramic tile business that has suffered from the continued slowdown in China's real estate industry. Antelope Enterprise plans to accelerate its business development in this space to capitalize upon the expected growth of the sector. Driven by the new economy and new employment trends,both of which Kylin Cloud is well positioned to address,the new SaaS+ platform businesses could mean that the Company could enter a new stage of sustainable growth as it becomes the new driving force for the Company's future growth.

About Antelope Enterprise Holdings Limited

Antelope Enterprise Holdings Limited engages in business management,information systems consulting,SaaS (software as a service) and PaaS (platform as a service) systems platforms,and online social commerce and live streaming in China. The Company is also a manufacturer of ceramic tiles in China which are used for exterior siding,interior flooring,and design in residential and commercial buildings,and sold under the "Hengda" or "HD" brand. For more information,please visit http://www.aehltd.com.

Safe Harbor Statement

Certain of the statements made in this press release are "forward-looking statements" within the meaning and protections of Section 27A of the Securities Act of 1933,as amended,and Section 21E of the Securities Exchange Act of 1934,as amended. Forward-looking statements include statements with respect to our beliefs,plans,objectives,goals,expectations,anticipations,assumptions,estimates,intentions,and future performance,and involve known and unknown risks,uncertainties and other factors,which may be beyond our control,and which may cause the actual results,performance,capital,ownership or achievements of the Company to be materially different from future results,performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this press release include,without limitation,the continued stable macroeconomic environment in the PRC,the PRC real estate,construction and technology sectors continuing to exhibit sound long-term fundamentals,our ability to bring additional ceramic tile production capacity online going forward as our business improves,our ceramic tile customers continuing to adjust to our product price increases,our ability to sustain our average selling price increases and to continue to build volume in the quarters ahead,and whether our enhanced marketing efforts will help to produce wider customer acceptance of the new price points; and our ability to continue to grow our business management,information system consulting,and online social commerce and live streaming business. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "point to," "project," "could," "intend," "target" and other similar words and expressions of the future.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice,including,those risks and uncertainties described in our annual report on Form 20-F for the year ended December 31,2021 and otherwise in our SEC reports and filings. Such reports are available upon request from the Company,or from the Securities and Exchange Commission,including through the SEC's Internet website at http://www.sec.gov. We have no obligation and do not undertake to update,revise or correct any of the forward-looking statements after the date hereof,or after the respective dates on which any such statements otherwise are made.

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