Company: AEHL
Filing Date: 2025-08-05
Form Type: 20-F/A
Source: 0001641172-25-022290
Chunk: 70

Company: Antelope Enterprise Holdings Ltd
Filing Date: 2025-08-05
Form: 20-F/A
Chunk 70
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 have any operations as of this report
date.

| D. | Property, plant and equipment |

On March 1, 2024, we entered into
a Mine lease agreement in Texas for 2.5 years, unless terminated earlier pursuant to the terms thereof. The annual fixed rent is (i) $150,000
for the first year ending on December 31,2025, (ii) $150,000 for the second year ending on December 31, 2026, and (iii) $25,000 for the
third year ending on February 27,2027.

On March 25, 2024, we entered into a lease agreement for an office space of
four thousand fifty-seven (4,057) rentable square feet in Manhattan, New York. for sixty-three (63) months, unless terminated earlier
pursuant to the terms thereof. The annual fixed rent is (i) $307,098 for the first year ending on December 31, 2025, (ii) $315,543 for
the second year ending on December 31, 2026, (iii) $324,221 for the third year ending on December 31, 2027, (iv) $333,137 for the fourth
year ending on December 31, 2028, and (v) $139,429 for the fifth year ending on June 24, 2029.

On March 25, 2024, AEHL US purchased
two used Waukesha 1450 KW generators and two chillers for a total of $594,150. On April 8, 2024, AEHL US purchased two additional used
Fairbanks Morse 3MW generators for a total of $690,000. On April 17, 2024, AEHL US purchased two D Volt transformers each with capacity
of 2,600 KVA for $94,000. The generators, chillers and the transformers will be used in the operation of our energy supply business.

| ITEM 4A. | UNRESOLVED STAFF COMMENTS |

Not applicable.

| 40 |

| ITEM 5. | OPERATING AND FINANCIAL REVIEW AND PROSPECTS |

<div align='center'>MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>

Overview

We are a British Virgin Islands limited liability company with no material operations. Our operations were conducted in