Antelope Enterprise announces letter to shareholders from CEO Zhang

Antelope Enterprise announced the following Open Letter to the Company’s shareholders from Chairman and Chief Executive Officer Weilai Zhang. "As we had reported in our previous press releases and earnings reports, China’s real estate sector has experienced a significant slowdown over the past few years which was exacerbated by the impact of the Covid-19 pandemic… As a key element of this transformation, in December 2022 the Company’s Board of Directors unanimously agreed to divest of its legacy ceramic tile building materials business. A special meeting of the Company’s shareholders was held on February 21, 2023 and the shareholders approved the sale of this business which is expected to close pending satisfaction of customary closing conditions… As a result of our corporate transformation, we are now devoting our full resources and energies to developing our 51% owned subsidiary, Hainan Kylin Cloud Services Technology, which operates a leading social and livestreaming social ecommerce platform in China… We believe that KylinCloud has the core competencies and competitive advantages to sustain its leading market share and potentially dominate this key sales channel as a pure play in this sector… We believe that livestreaming social ecommerce is becoming China’s growth engine for consumer brands companies since it leverages the content power of livestreaming broadcasts to engage customers and increase product sales… It is expected that livestreaming ecommerce will comprise an ever-increasing percentage of China’s ecommerce sales in the years ahead spurred by a consumer ecosystem that includes a young demographic and their high usage rate of mobile devices. We are confident that China’s livestreaming social ecommerce sector will experience high double-digit growth for many years to come…Over the past few months, we added four new members to the Company’s Board who are highly experienced and knowledgeable about the digital economy, and whom we believe will contribute valuable guidance in fulfilling our strategic growth plan."