Company: AEHL
Filing Date: 2025-08-05
Form Type: 20-F/A
Source: 0001641172-25-022290
Chunk: 123

Company: Antelope Enterprise Holdings Ltd
Filing Date: 2025-08-05
Form: 20-F/A
Chunk 123
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 any corporation in which it is considered
to own at least 25% of the shares by value, are held for the production of, or produce, passive income. Passive income generally includes
dividends, interest, rents and royalties (other than certain rents or royalties derived from the active conduct of a trade or business)
and gains from the disposition of passive assets.

Based on the composition (and
estimated values) of the assets and the nature of the income of Antelope Enterprises and its subsidiaries during its 2022 taxable year,
Antelope Enterprises does not believe that it was treated as a PFIC for such year. However, because Antelope Enterprises has not performed
a definitive analysis as to its PFIC status for its 2015 taxable year, there can be no assurance in respect to its PFIC status for such
year. There also can be no assurance with respect to Antelope Enterprises’ status as a PFIC for its current (2023) taxable year
or any future taxable year.

If Antelope Enterprises is determined
to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder of Antelope Enterprises’
shares and, the U.S. Holder did not make a timely QEF election for Antelope Enterprises’ first taxable year as a PFIC in which the
U.S. Holder held (or was deemed to hold) shares, a QEF election along with a purging election or a mark-to-market election, each as described
below, such holder generally will be subject to special rules for regular U.S. federal income tax purposes with respect to:

| ● | any gain recognized by the U.S. Holder on the sale or other disposition of its shares; and                                                                                                                                                                                                                                                                                                                                |
| ● | any “excess distribution” made to the U.S. Holder (generally, any distributions to such U.S. Holder during a taxable year of the U.S. Holder that are greater than 125% of the average annual distributions received by such U.S. Holder in respect of the shares of Antelope Enterprises during the three preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder’s holding period for the shares). |

Under these rules:

| ● | the U.S. Holder’s gain or excess distribution will be allocated ratably over the U.S. Holder’s holding period for the shares; |

| 70 |

| ● | the amount allocated to the U.S. Holder