Company: AEHL
Filing Date: 2025-08-05
Form Type: 20-F/A
Source: 0001641172-25-022290
Chunk: 50

Company: Antelope Enterprise Holdings Ltd
Filing Date: 2025-08-05
Form: 20-F/A
Chunk 50
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 The sale of additional equity securities
could result in additional dilution to our shareholders. The incurrence of indebtedness would result in increased debt service obligations
and could result in operating and financing covenants that would restrict our operations. It is uncertain whether financing will be available
in amounts or on terms acceptable to us, if at all.

| 26 |

| ITEM 4. | INFORMATION ON THE COMPANY |

| A. | History and Development of the Company |

On December 30, 2022, Stand Best
and an unaffiliated entity, New Stonehenge Limited, entered into a purchase agreement, pursuant to which, Stand Best agreed to sell 100%
equity interests in Hengda to New Stonehenge Limited, in exchange for a 5% unsecured promissory note with a principal amount of US$8.5
million. The promissory note will mature in four years and the 5% interest and principal amount on the note is to be paid in four annual
installments. On February 21, 2023, the Company’s shareholders approved this transaction. /On April 28, 2023, this transaction was
closed. The has transferred its ownership of the ceramic tile manufacturing business to the New Stonehenge Limited, and New Stonehenge
Limited has become the 100% owner of Hengda, which is the 100% owner of Hengdali.

On February 21, 2023, our shareholders approved and adopted an amended and
restated memorandum and articles of association (the “Amended M&A”), which changed the authorized issued share capital
of the Company from US$4,800,000 divided into 200,000,000 ordinary shares with a par value of US$0.024 each, to (i) 250,000,000 ordinary
shares re-designated as (a) 200,000,000 Class A ordinary shares with no par value each, and (b) 50,000,000 Class B ordinary shares with
no par value each, and (ii) 50,000,000 preferred shares with no par value each, (the “Re-Designation of the Authorized Capital”).
Each Class A ordinary share is entitled to one (1) vote and each Class B ordinary share is entitled to twenty (20) votes. In connection
with the Re-Designation of the Authorized Capital, 977,755 ordinary shares owned by Mr. Weilai