Antelope Enterprise Appoints New Chairman and Announces Results of Special Shareholders Meeting

CHENGDU, China, Feb. 27, 2023  /PRNewswire/ -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) ("Antelope Enterprise" or the "Company"), which operates KylinCloud, a leading social and livestreaming ecommerce platform with 300,000+ anchors and influencers in China, today announced that on February 24, 2023, its Board of Directors appointed Mr. Weilai 'Will' Zhang, the Chief Executive Officer of the Company, as the Chairman of the Company's Board of Directors.

Will Zhang joined the management team of the Company on January 5, 2023 and 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. 

Also, on February 24, 2023, Ms. Meishuang Huang, Chairperson of the Board, tendered her resignation. Ms. Huang's resignation was for personal reasons and not due to any disagreements with the Company or its management. 

"I am honored and excited to be appointed as the Chairman as we continue to transform the Company into a fast-growing social ecommerce leader," said Mr. Will Zhang, Chairman and CEO of Antelope Enterprise. "I would like to thank Ms. Huang for her leadership as the Company navigated through a challenging real estate market in China that substantially impacted its ceramic tile business over the previous years, and we wish her the best in her future endeavors."

In addition, the Company is announcing the results of its Special Meeting of Shareholders (the "Special Meeting") where the Company's shareholders approved the proposals to sell its legacy ceramic tile business, amend the Company's authorized share capital including the re-designation of ordinary shares to be Class A ordinary shares and Class B ordinary shares, and file an amended and restated memorandum and articles of association. The Special Meeting was held on February 21, 2023 at the Company's offices in Jinjiang, Fujian, China. 

"With the approved sale of the Company's ceramic tile business, we will be totally focused on growing the Company's KylinCloud subsidiary as a pure play in the livestreaming social ecommerce sector that brings ecommerce to its next stage of evolution," commented Chairman and CEO Will Zhang.

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 social and live streaming ecommerce platform with 300,000+ anchors and influencers in China. The Company also operates a legacy ceramic tile manufacturing business in China.

For more information, please visit our website at http://www.aehl-kylin.com/, or follow the Company on Twitter at https://twitter.com/AntelopeAEHL. To receive the Company's public announcements, please email [email protected].

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, without limitation, 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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SOURCE Antelope Enterprise Holdings Ltd.