Antelope Enterprise Appoints Weilai 'Will' Zhang as New CEO

JINJIANG,China,Jan. 5,2023 -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) ("Antelope Enterprise" or the "Company"),which operates KylinCloud,a leading online social ecommerce and live broadcast streaming platform with 200,000+ anchors and influencers,and a legacy ceramic tiles manufacturing business in China,today announced that its Board of Directors has appointed Weilai ('Will') Zhang as its Chief Executive Officer,effectively immediately. Ms. Meishuang Huang has departed from her role as CEO but will remain as Chair of the Board of Directors.

"I am honored and excited to serve as Antelope Enterprise's CEO at this time when the Company is on the cusp of transforming itself into a pure play in the rapidly emerging social ecommerce market in China," said Weilai ('Will') Zhang. "I would also like to thank Ms. Huang for her past leadership and accomplishments as the Company navigated through a challenging real estate market in China over the previous years,and we continue to value her experience and welcome her guidance as Board Chair."

"We believe that the Company's expanding livestreaming platform has strong competitive positioning and a first-mover advantage that offers a unique value proposition for a wide spectrum of anchors and influencers as well as consumer brand companies to bring ecommerce to its next stage of evolution," continued Mr. Zhang. "In addition to KylinCloud's leading-edge technology,we are dedicated to building a new,young and innovative culture and operating infrastructure singularly focused on turning our vision of becoming China's leading social ecommerce platform into a reality."

Will Zhang brings extensive entrepreneurial,venture capital and investment management experience to his new role. From 2011 to 2020,he was the Chairman of Huitong Tianxia Investment Ltd.,an investment company. Since 2020,Mr. Zhang has acted as Chairman of Jinke Yulv Technology Ltd.,an internet technology firm in China. Mr. Zhang 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.

About Antelope Enterprise Holdings Limited

Antelope Enterprise Holdings Limited holds a 51% ownership position in Hainan Kylin Cloud Services Technology Co.,Ltd ("KylinCloud"),which operates a leading online social ecommerce and live broadcast streaming platform with 200,and the Company operates a legacy ceramic tiles manufacturing business in China.

For more information,please visit our website at http://www.aehltd.com,or follow the Company on Twitter at https://twitter.com/aehl_ltd. To receive the Company's public announcements,please email investor@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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