Company: AEHL
Filing Date: 2025-08-05
Form Type: 20-F/A
Source: 0001641172-25-022290
Chunk: 119

Company: Antelope Enterprise Holdings Ltd
Filing Date: 2025-08-05
Form: 20-F/A
Chunk 119
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 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