Antelope Enterprise (AEHL) Registration Filing summary

Company overview and business model

• Operates as a British Virgin Islands holding company with primary operations in China through subsidiaries.

• Core business is livestreaming ecommerce, providing one-stop solutions for brands to leverage livestreaming as a sales channel.

• Also offers business management and information systems consulting services, and plans to launch an energy supply business in the U.S. in Q3 2024.

• Divested its legacy ceramic tile manufacturing business in April 2023 due to market headwinds.

• Livestreaming ecommerce is the main revenue driver, accounting for 98.1% of 2023 revenue.

Financial performance and metrics

• 2023 net sales were RMB 510.5 million, up from RMB 286.3 million in 2022.

• Gross profit for 2023 was RMB 53.1 million, with a net loss of RMB 14.5 million, improved from a RMB 53.6 million loss in 2022.

• Livestreaming ecommerce revenue grew 84% year-over-year to RMB 503.4 million in 2023.

• Consulting revenue declined 44% to RMB 7.1 million in 2023.

• Cash and cash equivalents at year-end 2023 were RMB 3.8 million; no outstanding bank loans.

Use of proceeds and capital allocation

• May receive up to $35.03 million from warrant exercises and share sales under subscription agreements.

• Proceeds will be used to repay $6.75 million in promissory notes, expand U.S. operations, recruit U.S. personnel, and for general corporate purposes.