Company: AEHL
Filing Date: 2025-08-05
Form Type: 20-F/A
Source: 0001641172-25-022290
Chunk: 127

Company: Antelope Enterprise Holdings Ltd
Filing Date: 2025-08-05
Form: 20-F/A
Chunk 127
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 PFIC rules described above in respect to its shares as long
as such shares continue to be treated as marketable stock. Instead, in general, the U.S. Holder will include as ordinary income for each
year that Antelope Enterprises is treated as a PFIC, the excess, if any, of the fair market value of its shares at the end of its taxable
year over the adjusted tax basis in its shares. The U.S. Holder also will be allowed to take an ordinary loss in respect of the excess,
if any, of the adjusted tax basis of its shares over the fair market value of its shares at the end of its taxable year (but only to the
extent of the net amount of previously included income as a result of the mark-to-market election). The U.S. Holder’s adjusted tax
basis in its shares will be adjusted to reflect any such income or loss amounts, and any further gain recognized on a sale or other taxable
disposition of the shares in a taxable year in which Antelope Enterprises is treated as a PFIC generally will be treated as ordinary income.
Special tax rules may apply if a U.S. Holder makes a mark-to-market election for a taxable year after the U.S. Holder holds (or is deemed
to hold) the shares and for which Antelope Enterprises is determined to be a PFIC.

The mark-to-market election is
available only for stock that is regularly traded on a national securities exchange that is registered with the Securities and Exchange
Commission, including the NASDAQ Stock Market, or on a foreign exchange or market that the IRS determines has rules sufficient to ensure
that the market price represents a legitimate and sound fair market value. Although Antelope Enterprises’ shares are currently listed
and traded on the NASDAQ Stock Market, it cannot guarantee that its shares will continue to be listed or traded on the NASDAQ Stock Market.
U.S. Holders should consult their own tax advisors regarding the availability and tax consequences of a mark-to-market election in respect
to the shares of Antelope Enterprises under their particular circumstances.

If Antelope Enterprises is a PFIC
and, at any time, has a foreign subsidiary that is classified as a PFIC, a U.S. Holder of Antelope Enterprises’ shares generally
should be deemed to own a portion of the shares of such lower-tier PFIC, and generally could incur liability for the deferred tax and
interest charge described above if Antelope Enterprises receives a distribution from, or disposes of all or part of its interest in,