Antelope Enterprise Holdings Limited, through its subsidiaries, manufactures and sells ceramic tiles for exterior siding and interior flooring, and design in residential and commercial buildings in the People's Republic of China. The company provides porcelain tiles, glazed tiles, glazed porcelain tiles, rustic tiles, and polished glazed tiles. It sells its products under the HD, Hengda, HDL, Hengdeli, Pottery Capital of Tang Dynasty, TOERTO, and WULIQIAO brands through a network of distributors, as well as directly to property developers. The company was formerly known as China Ceramics Co., Ltd. and changed its name to Antelope Enterprise Holdings Limited in October 2020. Antelope Enterprise Holdings Limited was founded in 1993 and is headquartered in Jinjiang, the People's Republic of China.
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- Live Streaming Services: Provides interactive live streaming for entertainment and social engagement.
- Online Dating Services: Operates mobile applications for social networking and dating.
- Metaverse Application Services: Develops and offers applications and experiences within the metaverse ecosystem.
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Antelope Enterprise (AEHL) primarily sells its services to other companies (B2B model).
Antelope Enterprise provides live streaming e-commerce services to merchants and brands in China. As disclosed in their SEC filings (e.g., Form 20-F for the fiscal year ended December 31, 2022), the company serves a diversified base of primarily small and medium-sized merchants and brands across various industries. They have stated that no single customer accounted for more than 10% of their total revenues during recent fiscal years. Therefore, there are no individually named "major customers" that can be listed.
Instead, AEHL's customer base consists of businesses from the following categories:
- Companies in the clothing and fashion industry.
- Companies selling cosmetics and beauty products.
- Companies in the food and beverage sector.
- Companies offering various household and daily necessity products.
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Tingting Zhang, Chief Executive Officer
Ms. Tingting Zhang was appointed Chief Executive Officer of Antelope Enterprise Holdings Limited, effective November 3, 2024. She joined the company's Board of Directors in October 2022. Prior to her role as CEO, Ms. Zhang worked at China Mobile's digital content subsidiary, Migo Co Ltd, starting in 2021 as the manager of its post-production department, where she was responsible for video production for significant events like the 2022 Winter Olympics and the Golden Rooster Award. From 2018 to 2021, Ms. Zhang served as a multimedia designer at 4399 Networks Ltd. She holds a Bachelor's degree in Design from Asia University Taiwan.
Xiaoying Song, Chief Financial Officer
Ms. Xiaoying Song was appointed Chief Financial Officer and Executive Director of Antelope Enterprise Holdings Limited, effective December 31, 2024. She was already an existing director of the company prior to this appointment.
Junjie Dong, Corporate Secretary and Chief Compliance Officer
Mr. Junjie Dong was appointed Corporate Secretary and Chief Compliance Officer, effective November 3, 2024.
Ishak Han, Chairman of the Board
Mr. Ishak Han was appointed Chairman of the Board, effective November 3, 2024.
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The increasing vertical integration and direct service offerings by dominant Chinese social media and e-commerce platforms (such as ByteDance's Douyin/TikTok Shop and Tencent's WeChat ecosystem) pose an emerging threat. These platforms are continuously enhancing their in-house capabilities for live-streaming e-commerce, influencer marketing, and brand management, potentially disintermediating third-party service providers like Antelope Enterprise by offering comprehensive solutions directly to brands and content creators.
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Antelope Enterprise Holdings Limited (AEHL) operates in several key markets, with primary focus areas in livestreaming e-commerce, business management and consulting (including SaaS), and energy supply. The addressable market sizes for these main products and services vary by region:
Livestreaming E-commerce Business
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Region: China
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Market Size: China's livestreaming e-commerce market was estimated at 1.2 trillion RMB in 2020 and was projected to exceed 4.9 trillion RMB in 2023, growing at a compound annual growth rate (CAGR) of 58.3%. Other estimates indicated the market was worth over $60 billion annually, with some figures suggesting it generated approximately $170 billion in 2020. The market size in 2020 was equivalent to about $170 billion USD.
Business Management and Consulting Services (including SaaS)
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Region: China
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Market Size: The software as a service (SaaS) market in China generated a revenue of USD 25,864.8 million in 2024 and is expected to reach USD 63,224.2 million by 2030, with a CAGR of 15.3% from 2025 to 2030. The broader IT services industry in China registered revenues of $179.1 billion in 2023 and is expected to grow to $448.2 billion by 2025.
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Region: United States
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Market Size: The U.S. software as a service (SaaS) market generated a revenue of USD 140,732.8 million in 2024 and is expected to reach USD 271,739.2 million by 2030. Another report valued the U.S. SaaS market at USD 129.52 billion in 2024, with projections to reach USD 340.55 billion by 2031 at a CAGR of 14.81%. For the broader IT consulting market in the U.S., the market size is estimated at $759.6 billion in 2025. The U.S. IT services market is expected to reach USD 490.86 billion in 2025 and grow to USD 691.57 billion by 2030.
Energy Supply Business (focused on Data Centers and Cryptocurrency Mining)
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Region: United States
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Market Size (Data Center Power): The U.S. data center power market was valued at USD 8.86 billion in 2023 and is expected to reach USD 17.14 billion by 2029. In terms of energy consumption, U.S. data center energy demand is projected to jump from 224 terawatt-hours (TWh) in 2025 to 606 TWh in 2030. Currently, data centers account for approximately 4% of total U.S. electricity consumption, with this share expected to rise to 12% by 2030. In the third quarter of 2024, data centers' power demand reached 46,000 megawatts.
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Market Size (Cryptocurrency Mining Energy Consumption): Electricity usage from Bitcoin mining in the United States is estimated to range from 0.6% to 2.3% of all U.S. electricity demand. This represented an estimated 25 TWh to 91 TWh in 2023. Globally, Bitcoin's annual energy consumption in 2025 is estimated at 173 TWh. The 34 largest Bitcoin mining facilities in the U.S. consumed 32.3 TWh between mid-2022 and mid-2023.
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Expected Drivers of Future Revenue Growth for Antelope Enterprise (AEHL)
Over the next 2-3 years, Antelope Enterprise (AEHL) is expected to drive future revenue growth through several key initiatives:
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Continued Growth in Livestreaming E-commerce and Influencer Network Expansion: The company's primary business, operated through its KylinCloud subsidiary, is strategically positioned within China's rapidly expanding livestreaming e-commerce sector. Antelope Enterprise plans to leverage this growth by deepening its penetration into China's sales markets and expanding its robust network of hosts and influencers, which already exceeds 400,000 across China. This strategy aims to continually connect consumer brands with a vast audience, thereby driving product sales and profitability.
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Expansion of Mid-Tier Customer Base: Antelope Enterprise is actively pursuing a strategy to acquire and engage a larger number of mid-tier clients within its livestreaming e-commerce business. This shift in business strategy aims to mitigate risks associated with an overconcentration of major clients and has already shown traction, with an increase of nearly 20 clients in the first half of 2024 compared to the same period in 2023, and over 256 clients in fiscal year 2024. The company anticipates this mid-tier customer acquisition strategy will be sustainable over time despite increased competition and price pressures in the sector.
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Entry into the Energy Supply Business: AEHL has announced plans to diversify its business by entering the energy supply sector. The company intends to launch an energy supply business in Texas, with a focus on meeting the growing demands of the computing power industry. This strategic development represents a new market expansion and a potential new revenue stream for the company.
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Strategic Bitcoin Acquisition and Security Initiatives: Antelope Enterprise is making a bold move into the cryptocurrency arena through strategic partnerships, such as the one with BitGo, to enhance its Bitcoin acquisition and security capabilities. This initiative is viewed as a pivot to retain investor interest, sustain market relevance, and represents a diversified strategy within the evolving financial landscape. While the direct revenue generation from "acquisition and security" is not explicitly detailed as sales, this strategic shift positions AEHL within the digital currency market, potentially leading to new financial opportunities.
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Share Repurchases
No information available regarding share repurchases or authorized buybacks over the last 3-5 years.
Share Issuance
In February 2021, Antelope Enterprise raised approximately $2.1 million through a registered direct offering, issuing 588,236 common shares at $3.57 per share along with warrants.
The company completed a $1.3 million registered direct offering and private placement in February 2024.
On April 4, 2025, a one-for-forty reverse stock split was effected, reducing the total outstanding shares from approximately 41.43 million to 1.04 million, primarily to regain compliance with NASDAQ's minimum bid price requirement.
Inbound Investments
In July 2025, Antelope Enterprise secured a financing agreement of up to $50 million from Streeterville Capital, LLC. These funds are exclusively earmarked for Bitcoin acquisitions over a period of 24 months.
Outbound Investments
The net loss for fiscal year 2023 included a $10.4 million gain from the sale of the company's ceramic tile business.
Antelope Enterprise is making a strategic entry into the cryptocurrency asset space, planning Bitcoin acquisitions utilizing the recently secured $50 million financing.
The company continues to operate and expand its 51% ownership in Kylin Cloud, a livestreaming e-commerce business in China, which has demonstrated significant revenue growth.
Capital Expenditures
Over the last 12 months, Antelope Enterprise reported approximately $4.20 million in capital expenditures.
The company is developing an energy supply business with data centers in Texas to provide solutions for the AI and cryptocurrency sectors, indicating planned future capital expenditures in this area.
