Company: AEHL
Filing Date: 2025-08-05
Form Type: 20-F/A
Source: 0001641172-25-022290
Chunk: 12

Company: Antelope Enterprise Holdings Ltd
Filing Date: 2025-08-05
Form: 20-F/A
Chunk 12
---
 illegal activities in the securities market, enhancing supervision over China-based companies
listed overseas using variable interest entity structure, adopting new measures to extend the scope of cybersecurity reviews, and
expanding the efforts in anti-monopoly enforcement.

On July 6, 2021, the General Office of the Central
Committee of the Communist Party of China and the General Office of the State Council jointly issued the “Opinions on Severely Cracking
Down on Illegal Securities Activities According to Law,” or the Opinions. The Opinions emphasized the need to strengthen the administration
over illegal securities activities, and the need to strengthen the supervision over overseas listings by Chinese companies. Effective
measures, such as promoting the construction of relevant regulatory systems will be taken to deal with the risks and incidents of China-concept
overseas listed companies, and cybersecurity and data privacy protection requirements and similar matters. The Opinions and any related
implementing rules to be enacted may subject us to compliance requirement in the future. Given the current regulatory environment in the
PRC, we are still subject to the uncertainty of different interpretation and enforcement of the rules and regulations in the PRC adverse
to us, which may take place quickly with little advance notice.

On December 28, 2021, the CAC published the CAC Revised
Measures, which further restates and expands the applicable scope of the cybersecurity review. The CAC Revised Measures took effect on
February 15, 2022. Pursuant to the CAC Revised Measures, if a network platform operator holding personal information of over one million
users seeks for “foreign” listing, it must apply for the cybersecurity review. In addition, operators of critical information
infrastructure purchasing network products and services are also obligated to apply for the cybersecurity review for such purchasing activities.
Although the CAC Revised Measures provides no further explanation on the extent of “network platform operator” and “foreign”
listing, we do not believe we are obligated to apply for a cybersecurity review pursuant to the CAC Revised Measures, considering that
(i) we are not in possession of or otherwise holding personal information of over one million users and it is also very unlikely that
we will reach such threshold in the near future; (ii) as of the date of this this annual report, we have not received any notice or determination
from applicable PRC governmental authorities identifying it as a critical information infrastructure operator.

That being said, the CAC Revised Measures empowers
the cybersecurity review office to initiate cybersecurity review when they