Antelope Enterprise Announces Select Preliminary Unaudited Financial Results for the Fiscal Year 2022: Revenue of $39.1 Million

Revenue from AEHL's New Livestreaming Social Ecommerce Business

Increased 360% Year-over-Year

CHENGDU,China,March 23,2023 --Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) ("Antelope Enterprise" or the "Company"),which operates its 51% subsidiary,KylinCloud,a leading livestreaming social ecommerce platform with 300,000+ anchors and influencers inChina,today announced unaudited revenue results generated from KylinCloud for its fiscal year ended December 31,2022 of approximately $39.1 million (RMB 270 million) compared to $8.5 million (RMB 58.5 million) in revenue generated from Kylin Cloud for fiscal year ended December 31,2021. KylinCloud was only operational during November and December in 2021.

The unaudited year-over-year revenue growth was driven by KylinCloud's gross merchandise value (GMV),a measure of the value of products sold by social media influencers and anchors on the platform,grew to $329.3 million (RMB 2,216.1 million) in fiscal 2022 from $90.1 million (RMB 579.2 million) in fiscal 2021,an increase of 266%. The registered influencers and anchors on the KylinCloud platform also increased dramatically to 316,696 in fiscal 2022 from 39,624 in fiscal year 2021,an increase of 699%.

"I am extremely proud of the achievements of our team in 2022 and pleased with our top line results," said Mr. Will Zhang,CEO of Antelope Enterprise. "KylinCloud growth is outpacing the industry growth rate in livestreaming social ecommerce as our platform is tapping into a previously unserved group of influencers that were considered too small to have an agency represent them. We hear so many great stories from our anchors about how the income from our platform positively changed their lives,and many can even afford to quit their jobs and become influencers full-time."

"In terms of our client servicing of brand companies,our platform is a more scalable and affordable way for them to sell their products than to hire a famous social media celebrity which generates a higher ROI on their ad budget. We look forward to updating our shareholders with more information when we announce our full year 2022 financial results in April," concluded CEO Will Zhang.

Note About Preliminary Results

The financial results presented in this release are preliminary and may change. This preliminary financial information includes calculations or figures that have been prepared internally by management. The Company's independent registered public accounting firm has not finished its audit of,and does not express an opinion with respect to,this data. There can be no assurance that the Company's actual results for the periods presented herein will not differ from the preliminary financial results presented herein,and such changes could be material. These preliminary financial results should not be viewed as a substitute for full financial statements prepared in accordance with U.S. GAAP and are not necessarily indicative of the results to be achieved for any future periods. This preliminary financial information could be impacted by the effects of the Company's financial closing procedures,final adjustments,and other developments,including the ongoing audit of the Company's consolidated financial statements.

About Antelope Enterprise Holdings Limited

Antelope Enterprise Holdings Limited holds a 51% ownership position in Hainan Kylin Cloud Services Technology Co.,Ltd ("KylinCloud"),which operates a leading livestreaming social ecommerce platform with 300,000+ anchors and influencers inChina.

For more information,please visit our website athttp://www.aehl-kylin.com/,or follow the Company on Twitter athttps://twitter.com/aehl_ltd. To receive the Company's public announcements,please emailinvestor@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 endedDecember 31,2021and 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 athttp://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.