Company: AEHL
Filing Date: 2025-08-05
Form Type: 20-F/A
Source: 0001641172-25-022290
Chunk: 40

Company: Antelope Enterprise Holdings Ltd
Filing Date: 2025-08-05
Form: 20-F/A
Chunk 40
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 control regulations that restrict our ability to convert Renminbi
into foreign currencies.

| 21 |

Under the EIT Law, Antelope Enterprises, Success Winner and/or Vast Elite and Antelope HK may be classified as a “resident enterprise” of the PRC. Such classification could result in PRC tax consequences to Antelope Enterprises, our non-PRC resident shareholders, Success Winner and/or Vast Elite and Antelope HK.

The EIT Law and its implementing
rules provide that enterprises established outside of China whose “de facto management bodies” are located in China are considered
“resident enterprises” under PRC tax laws. The implementing rules promulgated under the EIT Law define the term “de
facto management bodies” as a management body which substantially manages, or has control over the business, personnel, finance
and assets of an enterprise. In April 2009, the State Administration of Taxation, or SAT, issued a circular, known as Circular 82, which
provides certain specific criteria for determining whether the “de facto management bodies” of a PRC-controlled enterprise
that is incorporated offshore is located in China. However, there are no further detailed rules or precedents governing the procedures
and specific criteria for determining “de facto management body.” If the PRC tax authorities determine that Antelope Enterprises,
Success Winner and/or Vast Elite, Antelope HK are a “resident enterprise” for PRC enterprise income tax purposes, a number
of PRC tax consequences could follow. First, Antelope Enterprises, Success Winner may be subject to the enterprise income tax at a rate
of 25% on Antelope Enterprises’ and Success Winner’s worldwide taxable income, as well as PRC enterprise income tax reporting
obligations. Second, under the EIT Law and its implementing rules, dividends paid between “qualified resident enterprises”
are exempt from enterprise income tax. As a result, if Antelope Enterprises and Success Winner are each treated as “qualified resident
enterprises,” all dividends from subsidiaries to Antelope Enterprises (through Success Winner) should be exempt from the PRC enterprise
income tax. If Antelope HK and Vast Elite were treated as a PRC “non-resident enterprise” under the EIT
Law, then dividends that, Vast Elite receives from Chengdu Future, Antelope HK receives from Antelope Yangpu, Hainan Antelope and Antelope
Chengdu (assuming such dividends were considered sourced within the PRC) (i) may