Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of October 2023

ANTELOPE ENTERPRISE HOLDINGS LTD.

(Translation of registrant’s name into English)

Room 1802, Block D, Zhonghai International Center,

Hi- Tech Zone, Chengdu, Sichuan Province, PRC

Telephone +86 (28) 8532 4355

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒

Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

EXPLANATORY NOTE

Antelope Enterprise Holdings Ltd. (the “Company”) is furnishing this report on Form 6-K to provide the six-month interim financial statements for the period ended June 30, 2023 and incorporate such financial statements into the Company’s registration statement referenced below.

This Form 6-K is hereby incorporated by reference into the registration statements on Forms F-3 of the Company (File Number 333-269618, File Number 333-260958, and File Number 333-260958), as amended, and into the registration statements on Forms S-8 of the Company (File Number 333-272024 and File Number 333-267671), as amended, and into the prospectus outstanding under the registration statements, to the extent not superseded by documents or reports subsequently filed or furnished by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

EXHIBIT INDEX

Exhibit No.		Description
99.1		Management’s Discussion and Analysis of Financial Conditions and Operating Results
99.2		Unaudited Condensed Consolidated Financial Statements for the Six Months Ended June 30, 2023 and 2022
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

	ANTELOPE ENTERPRISE HOLDINGS LTD.

	By:	/s/ Hen Man Edmund
		Hen Man Edmund
		Chief Financial Officer

Date: October 2, 2023

Exhibit 99.1

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Overview

We are a British Virgin Islands limited liability company with no material operations. Our operations were conducted in China by our subsidiaries. We provide livestreaming ecommerce services, business management and information systems consulting services. In April 2023, we disposed of our legacy ceramic tile manufacturing business.

Livestreaming Ecommerce Business

Our livestreaming ecommerce business is operated in China through our 51% owned subsidiary, Hainan Kylin Cloud Services Technology Co., Ltd (“Hainan Kylin”) and its subsidiaries, Hangzhou Kylin Cloud Services Technology Co., Ltd (“Hangzhou Kylin”), Anhui Kylin Cloud Services Technology Co., Ltd (“Anhui Kylin”), and Wenzhou Kylin. We aim to provide a one-stop solution for our customers to enable them to utilize the growing sales channel of livestreaming ecommerce. We believe that livestreaming ecommerce is an important growth engine for consumer good brands as it leverages the content of livestreaming to boost customer engagement and sales as it combines instant purchasing of a featured product and audience participation through a chat function or reaction buttons. Our customers usually include consumer brand goods, merchants, and small-scale ecommerce platforms. Our product management office assesses and selects the products from our customers. We then connect with different suppliers, usually staffing agencies that have a growing and diverse pool of hosts and influencers. The hosts and influencers register and claim the tasks for livestreaming for our customers’ products via Hainan Kylin’s SaaS platform. We track the sales of products of each host on the SaaS platform and report the sales results to our customers. We have expanded our reach to second and third tier cities in China where livestreaming ecommerce has a high conversion rate.

Hainan Kylin’s SaaS platform also includes a job-listing page designed especially for our enterprise customers to retain and engage freelancers and independent contractors at a cost-efficient way. We expect to further develop this function of the SaaS platform to provide value-added services to our livestreaming ecommerce customers.

Hainan Kylin started its business in September 2021. For the six months ended June 30, 2023, Hainan Kylin comprised most of our ongoing business operations and accounted for 98.1% of our total revenue.

Ceramic Tile Business

We historically operated a ceramic tile business which are used for exterior siding and for interior flooring and design in residential and commercial buildings. We are manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings in China. The ceramic tiles, sold under the “HD” or “Hengda,” brands are available in over two thousand styles, colors and size combinations. Currently, we have five principal product categories: (i) porcelain tiles, (ii) glazed tiles, (iii) glazed porcelain tiles, (iv) rustic tiles, and (v) polished glazed tiles.

For the six months ended June 30, 2023, we did not produce any ceramic tiles and only had sales from our existing inventory, as compared with the six months ended June 30, 2022, when we utilized production facilities capable of producing 0.8 million square meters and generated sales from newly manufactured products.

Over the last two years, the Company enacted a strategic transition to pivot towards high growth technology areas which included the acquisition of a livestreaming ecommerce business. In December 2022, the Company’s Board of Directors unanimously agreed to divest its 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. On April 28, 2023, this transaction closed, and the Company transferred its ownership of the ceramic tile manufacturing business to New Stonehenge Limited, which, as a result, assumed all of its assets and liabilities.

Business Management and Consulting Business

We also provide business management and consulting services which consists of computer consulting services and software development through our subsidiaries in China, including Chengdu Future and Antelope Chengdu. We diagnose difficulties in infrastructure and enterprise systems and addresses business challenges that enterprises confront by developing strategies to surmount such hurdles to ensure the healthy growth and development of our customers’ businesses. Our consulting teams have advanced technological knowledge and capabilities to implement workflow solutions via proprietary software products and services to provide our customers with customized solutions to help them solve complex business problems.

Impacts of COVID-19

We had experienced significant adverse impacts in our legacy ceramic tile business resulting from the COVID-19 pandemic and the related public health orders. The COVID-19 pandemic disrupted supply chains and affected production and sales across a range of industries as a result of quarantines, facility closures, and travel and logistics restrictions in connection with the outbreak. We experienced reduced demand for our ceramic tile products and an increased level of purchase order cancellations as a result of the COVID-19 pandemic. The impact of the COVID-19 outbreak had a material adverse impact on our operations and financial results for our legacy ceramic tile business. Our consulting income also decreased significantly due to the impact of Covid-19 pandemic. However, our livestreaming ecommerce business was not impacted by Covid-19 pandemic but realized significant growth due to its nature of internet-based business without in-person interaction. In early December 2022, China announced a nationwide loosening of its zero-COVID policy. However, the impact of COVID-19 pandemic still depends on the future developments of the coronavirus, including new information concerning the global severity of and actions taken to contain a pandemic, or the appearance of new or more severe strains of the coronavirus, which are highly uncertain and unpredictable. Therefore, while we do not expect the COVID-19 pandemic to negatively impact our business, results of operations, and financial position, the related financial impact cannot be reasonably estimated at this time.

Basis of Presentation

The following discussion and analysis of our financial condition and results of operations is based on the selected financial information as of and for the six months ended June 30, 2023 and has been prepared based on the consolidated financial statements of Antelope Enterprise Holdings Limited and its subsidiaries. The consolidated financial statements of Antelope Enterprise Holdings Limited and its subsidiaries have been prepared in accordance with IFRS as issued by the International Accounting Standards Board, or “IASB.” The consolidated financial statements have been prepared on the historical cost basis, except for derivative financial instruments that have been measured at fair value.

A.	Operating Results

The following table sets forth our financial results for the six months ended June 30, 2023 and 2022, respectively:

RMB’000	2023			2022

Net sales		309,250			118,246

Cost of goods sold		262,055			116,340

Gross profit		47,195			1,906

Other income		2,831			1,632
Selling and distribution expenses		(49,194	)		(1,876	)
Administrative expenses		(38,715	)		(6,405	)
Bad debt reversal		-			5,293
Finance costs		-			(14	)
Other expenses		-			(4	)

Income (loss) before taxation		(37,883	)		582

Income tax expense		2			83

Net income (loss from continuing operations		(37,885	)		499

Discontinued operations
Gain on disposal of discontinued operations		73,846			-
Loss from discontinued operations		(1,385	)		(26,245	)

Net income (loss)		34,576			(25,746	)

Net income (loss) attributable to:
Equity holders of the Company		34,613			(29,335	)
Non-controlling interest		(37	)		3,589
Net income (loss)		34,576			(25,746	)

Net income (loss) attributable to the equity holders of the Company arise from:
Continuing operations		(37,848	)		(3,090	)
Discontinued operations		72,461			(26,245	)

The following table shows the Company’s operations by business lines for the six months ended June 30, 2023 and 2022, respectively:

	For the Six Months Ended June 30,
	2023			2022
	RMB’000			RMB’000
Revenues
Discontinued operations
Sales of tile products		2,701			16,716
Continuing operations
Consulting income / software		3,302			5,952
Livestreaming ecommerce		305,948			112,293
Total revenues		311,951			134,961

Cost of revenues
Discontinued operations
Sales of tile products		7,557			19,026
Continuing operations
Consulting income / software		8,151			7,123
Livestreaming ecommerce		253,904			109,216
Total cost of revenues		269,612			135,365

Operating costs and expenses
Discontinued operations
Sales of tile products		3,244			13,823
Continuing operations
Consulting income / software		2,584			3,275
Livestreaming ecommerce		53,187			2,450
Other		32,139			2,570
Total operating costs and expenses		91,154			22,118

Bad debt expense (reversal)
Discontinued operations
Sales of tile products		(1,000	)		18,829
Continuing operations
Consulting income / software		-			-
Livestreaming ecommerce		-			(5,293	)
Total bad debt expense		(1,000	)		13,536

Other expenses
Continuing operations
Livestreaming ecommerce		-			4
Total other expenses		-			4

Other income
Discontinued operations
Sales of tile products		5,716			8,716
Continuing operations
Consulting income / software		74			36
Livestreaming ecommerce		1,070			1,489
Other		1,687			158
Total other income		8,547			10,399

Loss from operations
Discontinued operations
Sales of tile products		(1,384	)		(26,246	)
Continuing operations
Consulting income / software		(7,359	)		(4,410	)
Livestreaming ecommerce		(73	)		7,405
Other		(30,452	)		(2,412	)
Loss from operations		(39,268	)		(25,663	)

Description of Selected Income Statement Items

Revenue from sales of livestreaming ecommerce business. Beginning in September 2021, we started to generate revenue from our livestreaming ecommerce business which is operated by Hainan Kylin and its subsidiaries. For the six months ended June 30, 2023 and 2022, respectively, we generated RMB 305.9 million (US$ 44.2 million) and RMB 112.3 million (US$ 17.3 million) in revenue from this business.

Revenue from sales of ceramic tile products. We historically generated revenue from the sales of ceramic tiles, including porcelain tiles, glazed porcelain tiles, glazed tiles, rustic tiles and polished glazed tiles, net of rebates and discounts. For the six months ended June 30, 2023 and 2022, respectively, we generated RMB 2.7 million (US$ 0.4 million) and RMB 16.7 million (US$ 2.6 million) in revenue from this business.

Revenue from business management and information system consulting services. We also generated revenue from business management consulting, information system technology consulting services, including the sales of software use rights for digital data deposit platforms and asset management systems. For the six months ended June 30, 2023 and 2022, we generated RMB 3.3 million (US$ 0.5 million) and RMB 6.0 million (US$ 0.9 million).

Cost of revenues.

Cost of revenues for livestreaming ecommerce. Cost of sales for the livestreaming ecommerce was RMB 253.9 million (US$ 36.6 million) and RMB 109.2 million (US$ 16.9 million) for the six months ended June 30, 2023 and 2022, mainly consisting of professional costs for outsourcing technology services.

Cost of revenues for tile products. Cost of revenues for tile products consists of costs directly attributable to production, including the cost of clay, color materials, glaze materials, coal, salaries for staff engaged in production activity, electricity, depreciation, packing materials and related expenses. For the six months ended June 30, 2023 and 2022, we had cost of revenues related to tile products of RMB 7.6 million (US$1.1 million) and RMB 19.0 million (US$ 2.9 million), respectively.

Cost of revenues for business management and information system consulting services. For the six months ended June 30, 2023 and 2022, we had cost of revenues related to business management and consulting income of RMB 8.2 million (US$ 1.2 million) and RMB 7.1 million (US$ 1.1 million), which mainly consisted of professional costs for outsourcing technology services.

Other income and other expenses. Other income consists of interest income, foreign exchange gain/loss, gain on disposal of equipment and rental income by leasing out one of its production lines. Other expenses primarily consist of the loss on disposal of equipment and the depreciation by leasing out one of our production lines.

Selling and distribution expenses. Selling and distribution expenses consist of payroll, travel expenses, transportation and advertising expenses incurred by our selling and distribution team.

Administrative expenses. Administrative expenses consist primarily of R&D expense, employee remuneration, payroll taxes and benefits, general office expenses and depreciation. We expect administrative expenses to remain constant as compared to the prior year.

Income taxes. Our subsidiaries in the PRC are subject to the PRC Enterprise Income Tax Law, and the applicable income tax rate pursuant to such law for the six months ended June 30, 2023 and 2022 is 25% for Hengda, Hengdali and Hainan Kylin Cloud Services Technology, and 5% for Chengdu Future, Antelope Chengdu, Anhui Kylin Cloud Services Technology and Hangzhou Kylin Cloud Services Technology.

Results of Operations

Six Months Ended June 30, 2023 Compared to the Six Months Ended June 30, 2022

Revenue from livestreaming ecommerce.

For the six months ended June 30, 2023 and 2022, revenue from the livestreaming ecommerce was RMB 305.9 million (US$ 44.2 million) and RMB 112.3 million (US$ 17.3 million), representing an increase of RMB 193.7 million, or 172%. The significant increase was because the rapid growth of livestreaming industry ecommerce in China, and our clientele base increased as well. In the first six months of 2023, the Company had business engagements with more than 50 clients, which represented an increase of nearly 20 clients compared to the same period in 2022. Among these clients, the top five major clients generated revenue of RMB 160 million in the first half of the year. Additionally, the Company added a new promotional service application DOU+, which contributed an additional revenue of over RMB 38.0 million (US$ 5.5 million) by selling the customized DOU+ application to customers. DOU+ is a live broadcast room targeting tool that has been designed by Douyin, the short-video platform that currently has largest number of users in China (the mainland Chinese counterpart of TikTok). DOU+ is a tool provided to anchors on Douyin that can effectively increase the exposure, interaction and popularity of the live broadcast room, which helps merchants solve the problem of having only a small number of people in the live broadcast room. We sell customized DOU+ applications to our customers that specifically fits their needs at a preferential price.

Revenue from sales of tile products.

Revenue from sales of tile products was RMB 2.7 million (US$ 0.4 million) for the six months ended June 30, 2023, compared to RMB 16.7 million (US$ 2.6 million) for the six months ended June 30, 2022, representing a decrease of RMB 14.0 million, or 83.8%. The decrease in revenue was primarily due to the continued slow real estate and construction industry in China.

Revenue from business management and information system consulting services.

Revenue from business management and information system consulting services was RMB 3.3 million (US$ 0.5 million) for the six months ended June 30, 2023, compare to RMB 6.0 million (US$ 0.9 million) for the six months ended June 30, 2022, representing a decrease of RMB 2.7 million or 45%. The decrease in revenue was primarily due to the decreased sales of Chengdu Future. Due to intense market competition and lack of efficient marketing and promotional efforts, Chengdu Future was unable to attract and obtain new customers for the six months ended June 30, 2023, and this segment only generated revenue from the service contracts that were previously entered into. In addition, management focused more attention and allocated more resources to the livestreaming ecommerce segment.

Cost of revenues for livestreaming ecommerce.

Cost of sales for the livestreaming ecommerce was RMB 253.9 million (US$ 36.6 million) and RMB 109.2 million (US$ 16.9 million) for the six months ended June 30, 2023 and 2022. For the six months ended June 30, 2023 and 2022, our cost of sales mainly consisted of professional costs for outsourcing technology services. The increase in the cost of revenues for our livestreaming ecommerce resulted from the rapid growth of this business. In addition, the cost for customized DUO+ application sales was RMB 37.0 million (US$ 5.3 million).

Cost of revenues for sales of tile products.

Cost of revenues for sales of tile products was RMB 7.6 million (US$ 1.1 million) for the six months ended June 30, 2023 compared to RMB 19.0 million (US$ 2.9 million) for the six months ended June 30, 2022, representing a decrease of RMB 11.5 million, or 60.0%. The decrease in cost of sales was primarily due to this segments discontinued operations.

Cost of sales for business management and information system consulting services.

Cost of sales for business management and consulting services was RMB 8.2 million (US$ 1.2 million) and RMB 7.1 million (US$ 1.1 million) for the six months ended June 30, 2023 and 2022.

Gross profit for livestreaming ecommerce. Gross profit for the livestreaming ecommerce was RMB 52.0 million (US$ 7.5 million) and RMB 3.1 million (US$ 0.5 million) for the six months ended June 30, 2023 and 2022.

Gross loss for sales of tile products. Gross loss for the tile products was RMB 4.9 million (US$ 0.7 million) and RMB 2.3 million (US$ 0.4 million) for the six months ended June 30, 2023 and 2022.

Gross loss for business management and consulting. Gross loss for the business management and consulting services was RMB 4.8 million (US$ 0.7 million) and RMB 1.2 million (US$ 0.2 million) for the six months ended June 30, 2023 and 2022.

Other income. Other income for the six months ended June 30, 2023 was RMB 2.8 million (US$ 0.4 million), as compared to RMB 1.7 million (US$ 0.2 million) for the same period of 2022. For the six months ended June 30, 2023, other income mainly consists of a government grant of RMB 307,000, interest income of RMB 530,000, loan forgiveness of RMB 1.2 million and other income RMB 834,000.

For both 2023 and 2022, we had other income from the discontinued operation of RMB 5.7 million (US$ 0.8 million) and RMB 8.7 million (US$1.3 million), which were mainly attributable to the income from leasing out one of the production lines from our Hengdali facility pursuant to an eight-year lease contract.

Selling and distribution expenses. Selling and distribution expenses were RMB 49.2 million (US$ 7.1 million) for the six months ended June 30, 2023, compared to RMB 1.9 million (US$ 0.3 million) for the six months ended June 30, 2022, representing an increase of RMB 47.3 million, or 2,522.3%. The increase in selling and distribution expenses was primarily due to an increased advertising and promotion expense of RMB 44.6 million, an increased commission expense of RMB 2.6 million, and an increased travel expense of RMB 0.1 million, due to the significant growth of our livestreaming ecommerce business. For the six months ended June 30, 2023 and 2022, we had selling and distribution expenses RMB 1.5 million (US$ 0.2 million) and RMB 3.0 million (US$ 0.5 million) from our discontinued operations.

Administrative expenses. Administrative expenses were RMB 38.7 million (US$ 5.6 million) for the six months ended June 30, 2023, compared to RMB 6.4 million (US$ 1.0 million) for the six months ended June 30, 2022, representing an increase of RMB 32.3 million, or 504.4%. The increase in administrative expenses was primarily due to an increase in (i) stock compensation expense of RMB 19.7 million, (ii) an RMB 0.1 million increase in research and development expenses, (iii) an RMB 2.8 million increase in payroll expenses, (iv) an RMB 1.4 million increase in audit fee, (v) an RMB 2.6 million increase in professional fee, (vi) an RMB 1.2 million increase in business appraisal fee, (vii) an RMB 2.5 million increase in business entertainment and promotion expense resulting from our new subsidiaries and increased sales, (ix) an RMB 0.5 million increase in travel expense (x) an RMB 0.3 million increase in Nasdaq listing fee, (xi) an RMB 0.3 million increase in rent expense, (xii) an RMB 0.3 million increase in the annual meeting fee, and (xiii) an RMB 0.6 million increase in other G&A expenses due to the increased expense resulting from our new subsidiaries. For the six months ended June 30, 2023 and 2022, we had administrative expenses of RMB 1.4 million (US$ 0.2 million) and RMB 10.1 million (US$ 1.6 million) from discontinued operations.

Bad debt expense (reversal). Bad debt reversal was RMB nil (US$ nil) for the six months ended June 30, 2023, compared to RMB 5.3 million (US$ 0.8 million) for the six months ended June 30, 2022. We recognize a loss allowance for expected credit loss on our financial assets, primarily on trade receivables, which are subject to impairment under IFRS 9, Financial Instruments, first effective for year 2018. We believe that we have undertaken appropriate measures to resolve the bad debt expense. For the six months ended June 30, 2023 and 2022, we have bad debt reversal of RMB 1.0 million (US$ 0.1 million) and bad debt expense of RMB 18.8 million (US$ 2.9 million) from discontinued operations.

Finance costs. Finance costs were RMB nil (US$ nil) for the six months ended June 30, 2023, compared to RMB 14,000 (US$ 2,161) for the six months ended June 30, 2022. The decrease was mainly due to the decrease of interest expense on lease liabilities. We adopted IFRS 16 during the year ended December 31, 2019, and recognized lease liabilities in relation to leases which had previously been classified as “operating leases”. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of January 1, 2019. The difference between the actual payment and lease liabilities was the interest expense. For the six months ended June 30, 2023 and 2022, we had a financial cost of RMB 0.3 million (US$ 42,290) and RMB 0.7 million (US$ 0.1 million) from discontinued operations.

Income (loss) before taxation. Loss before taxation was RMB 37.9 million (US$ 5.5 million) for the six months ended June 30, 2023, as compared to an income before taxation of RMB 582,000 (US$ 90,000) for the six months ended June 30, 2022. The increase in loss before taxation was mainly due to an increase in selling and distribution expense, increased administrative expenses, and a decrease in the reversal of the bad debt expense of our continued operations, which was partly offset by increased gross profit as described above. For the six months ended June 30, 2023 and 2022, we had a loss before taxation of RMB 1.4 million (US$ 0.2 million) and RMB 26.2 million (US$ 4.1 million) from discontinued operations. In addition, we had a RMB 73.8 million (US$ 10.6 million) gain from disposal of our tile subsidiaries.

Income taxes. We incurred an income tax expense of RMB 2,000 (US$ 300) for the six months ended June 30, 2023 compared to an income tax expense of RMB 83,000 (US$ 13,000) for the six months ended June 30, 2022. Our PRC statutory enterprise income tax rate was 25% for the six months ended June 30, 2023 and 2022.

Net loss attributable to equity holders of the Company. Net loss attribute to equity holders of the Company from continued operations was RMB 37.9 million (US$ 5.5 million) for the six months ended June 30, 2023, as compared to a loss attributable to the Company’s shareholders of RMB 3.1 million (US$ 0.5 million) for the six months ended June 30, 2022. The increase in net loss attributable to shareholders in 2023 was attributable to the reasons described above. For the six months ended June 30, 2023 and 2022, we had income attributable to equity holders of the Company of RMB 72.5 million (US$ 10.5 million) and loss of RMB 26.2 million (US$ 4.1 million) from discontinued operations.

Net income (loss) attributed to non-controlling interest. Net loss attributed to non-controlling interest was RMB 37,000 (US$ 5,000) and net income of RMB 3.6 million (US$ 0.6 million) for the six months ended June 30, 2023 and 2022. The non-controlling interest represents the 49% ownership of Hainan Kylin and its subsidiaries.

B.	Liquidity and Capital Resources

The following table presents a summary of our cash flows and beginning and ending cash balances for the six months ended June 30, 2023 and 2022:

RMB (‘000)	2023			2022
Net cash generated from (used in) operating activities		(38,565	)		7,623
Net cash generated from / (used in) investing activities		2,185			(8,567	)
Net cash generated from financing activities		39,159			(12,030	)
Net cash flow		2,779			(12,974	)
Cash and cash equivalents at beginning of year		4,242			27,880
Effect of foreign exchange rate differences		(3,881	)		97
Cash and cash equivalents at end of year		3,140			15,003

We have historically financed our liquidity requirements mainly through operating cash flow, bank loans and issuance of new shares. We believe that we will generate sufficient cash from operations to meet our needs for the next twelve months.

However, we may sell additional equity or obtain credit facilities to enhance our liquidity position or to increase our cash reserve for future acquisitions and capital equipment expenditures. The sale of additional equity would result in further dilution of our equity to our shareholders. The incurrence in indebtedness would result in increased fixed obligations and could result in operating covenants that would restrict our operations. We cannot provide assurance that financing will be available in amounts or on terms acceptable to us, if at all.

On January 10, 2023, the Company entered into a certain securities purchase agreement with Mr. Weilai (Will) Zhang, the Chief Executive Officer of the Company, Mr. Ishak Han, a director of the Company, and another sophisticated purchaser, pursuant to which the Company agreed to sell 1,625,000 ordinary shares (pre-reverse split), at a per share purchase price of $0.80. The offering was unanimously approved by the disinterested directors and the board of directors of the Company. The gross proceeds to the Company from this offering are $1.3 million, before deducting any fees or expenses. The Company plans to use the net proceeds from this offering for the expansion of its social ecommerce business and general corporate purposes. The offering closed on January 12, 2023.

On January 13, 2023, the Company entered into a certain securities purchase agreement with a certain purchaser, pursuant to which the Company agreed to sell 1,234,568 ordinary shares (pre-reverse split), at a per share purchase price of $0.81, the closing price of the Ordinary Shares on the Nasdaq Capital Market as of January 10, 2023. The gross proceeds to the Company from this Offering are approximately $1 million, before deducting any fees or expenses. The Company plans to use the net proceeds from this offering for the expansion of its social ecommerce business and for general corporate purposes.

On March 30, 2023, the Company entered into a certain securities purchase agreement with five sophisticated investors, pursuant to which the Company agreed to sell 5,681,820 Class A ordinary shares (pre-reverse split), at a per share purchase price of $0.88. The gross proceeds to the Company from this offering are approximately $5 million, before deducting any fees or expenses. The Company has issued the Shares on April 12, 2023 and the Offering was closed on the same day as all closing conditions were satisfied. The Company plans to use the net proceeds from this offering for general corporate purposes.

Cash flows from operating activities.

Our net cash used in operating activities was RMB 38.6 million (US$ 5.6 million) for the six months ended June 30, 2023, an increase of RMB 46.2 million as compared to a cash inflow of RMB 7.6 million for the six months ended June 30, 2022. The increase of cash outflow was mainly due to an increase in cash outflow on loan receivables of RMB 32.5 million, an increase in cash outflow on other receivables and prepayments of RMB 15.2 million, decreased cash inflow on trade receivables of RMB 4.9 million, increased cash outflow from trade payables of RMB 4.1 million, and an increase in operating cash outflow before working capital changes of RMB 6.8 million, which were partly offset by a decrease in cash outflow from unearned revenue of RMB 8.7 million, a decrease in cash outflow on accrued liabilities and other payables of 2.7 million. Also, there was cash inflow from operating activities of RMB 14.1 million and RMB 8.4 million from our discontinued operations for the six months ended June 30, 2023 and 2022, respectively.

Cash flows from investing activities.

Net cash generated from investing activities for the six months ended June 30, 2023 was RMB 2.2 million (US$ 0.3 million), compared to a cash outflow of RMB 8.6 million for the six months ended June 30, 2022. The decrease in cash outflow was mainly due to the decrease in restricted cash.

Cash flows from financing activities.

Net cash generated from financing activities was RMB 39.2 million (US$ 5.7 million) for the six months ended June 30, 2023, compared to net cash used in financing activities of RMB 12.0 million for the six months ended June 30, 2022, primarily due to an increase in the issuance of share capital by RMB 53.1 million for the six months ended June 30, 2023, which was partly offset by a decrease in capital contribution from noncontrolling interest of RMB 2.5 million. For the six months ended June 30, 2023 and 2022, net cash used in financing activities includes a cash outflow of RMB 14.3 million (US$ 2.1 million) and RMB 14.3 million from our discontinued operations, respectively.

Cash and bank balances were RMB 3.1 million (US$ 0.4 million) as of June 30, 2023, as compared to RMB 3.9 million as of December 31, 2022.

As of June 30, 2023, our total outstanding bank loan amounts were nil.

There were no commitments for advertising and insurance expenditure as of June 30, 2023.

In our opinion, our working capital, including our cash, income and cash flows from operations, and short-term borrowings, is sufficient for our present requirements.

Credit Management

Credit terms from our suppliers

Our typical credit terms from our major vendors are from 1 to 4 months after the service have been delivered.

Our average trade payables’ turnover for our livestreaming ecommerce for the six months ended June 30, 2023 and 2022 are as follows:

	2023		2022
Trade payables (RMB’000)		2,594		422
Trade payables turnover (days) ⁽¹⁾		2		0.3

(1)	The average trade payables’ turnover is computed based on the formula: (simple average opening and closing trade payables balance, net of value-added tax in facial year / purchases) × 181 days.

Capital Expenditures

Historically, our capital expenditures primarily consist of expenditures on property, plant and equipment. The capital expenditures for the six months ended June 30, 2023 and 2022 were RMB 500,000 and RMB 11,000, respectively.

Contractual Obligations

Our contractual obligations consist mainly of debt obligations, operating lease obligations and other purchase obligations and commitments, and will be paid off with our cash flow from operations. The following table sets forth a breakdown of our contractual obligations (including both interest and principal cash flows) as of June 30, 2023:

	Payment Due by Period
			Less than 1		1-3		3-5		More than 5
	Total		year		years		years		years
Short-term debt obligations		—		—		—		—		—
Promissory note		9,268		9,268		-		—		—
Total		9,268		9,268		-		—		—

Off-Balance Sheet Arrangements

We do not have any outstanding off-balance arrangements and have not entered into any transactions that are established for the purpose of facilitating off-balance sheet arrangements.

Impact of Inflation

The general annual inflation rate in China was approximately 2.0% in 2022, and 2.1% in 2023 according to the National Bureau of Statistics. Our results of operations may be affected by inflation, particularly rising prices for energy, labor costs, raw materials and other operating costs. See “Item 3. Key Information — Risk Factors — Risks relating to our business. If China’s inflation increases or the prices of energy or raw materials increase, we may not be able to pass the resulting increased costs to our customers and this may adversely affect our profitability or cause us to suffer operating losses.”

FINANCIAL RISK MANAGEMENT

We are exposed to financial risks arising from our operations and the use of financial instruments. The key financial risks included credit risk, liquidity risk, interest rate risk, foreign currency risk and market price risk.

We do not hold or issue derivative financial instruments for trading purposes or to hedge against fluctuations, if any, in interest rates and foreign exchange rates.

(i)

Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to us. Our exposure to credit risk arises primarily from bank balances and trade receivables. For trade receivables, we adopt the policy of dealing only with customers of appropriate credit history to mitigate credit risk. For other financial assets, we adopt the policy of dealing only with high credit quality counterparties.

As we do not hold any collateral, the maximum exposure to credit risk for each class of financial assets is the carrying amount of that class of financial assets presented on the consolidated statements of financial position.

Cash and bank balances

Our bank deposits are placed with reputable banks in the PRC, Hong Kong and the United States. The credit exposure of our cash and bank balances (excluding restricted cash) as of June 30, 2023 and December 31, 2022 were RMB 3,140,000 and RMB 3,936,000, respectively.

(ii)

Liquidity risk

Liquidity risk is the risk that we will encounter difficulty in raising funds to meet commitments associated with financial instruments. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair value.

Our exposure to liquidity risk arises primarily from mismatches of the maturities of financial assets and liabilities. Our objective is to maintain a balance between continuity of funding and flexibility through the use of stand-by credit facilities.

The table below summarizes the maturity profile of the liabilities based on contractual undiscounted payments:

	As of June 30, 2023
			More than 1
			year but less
	Within 1 year		than 5 years		Total
	RMB’000		RMB’000		RMB’000
Trade payables		2,594		—		2,594
Amounts owed to related parties		131		—		131
Note payable		9,268		-		9,268
Total		11,993		-		11,993

(iii)

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of our financial instruments will fluctuate because of changes in market interest rates.

Our interest-bearing bank deposits and borrowings were nil as of June 30, 2023.

(iv)

Foreign currency risk

Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. Currency risk arises when transactions are denominated in foreign currencies.

Our operations are primarily conducted in the PRC. All the sales and purchases transactions are denominated in RMB. As such, our operations are not exposed to exchange rate fluctuation.

As of June 30, 2023 and December 31, 2022, nearly all of our monetary assets and monetary liabilities were denominated in RMB except certain bank balances and other payables which were denominated in US dollars and HKD.

C.	Research and development, patents and licenses, etc.

We focus our research and development efforts on developing innovative Kylin-Cloud service platform.

Costs associated with research activities are expensed in profit or loss as they incur. Costs that are directly attributable to development activities are recognized as intangible assets if, and only if, all of the following have been demonstrated:

(i)

the technical feasibility of completing the intangible asset so that the asset will be available for use or sale;

(ii)

the intention to complete the intangible asset and use or sell it;

(iii)

the ability to use or sell the intangible asset;

(iv)

how the intangible asset will generate probable future economic benefits;

(v)

the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and

(vi)

the ability to measure reliably the expenditure attributable to the intangible asset during its development.

The amount initially recognized for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally generated intangible asset can be recognized, development expenditure is recognized in profit or loss in the period in which it is incurred.

Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.

Gains and losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss when the asset is derecognized.

D.	Critical Accounting Policies and Judgment

The preparation of the condensed consolidated interim financial statements, which have been prepared in accordance with International Accounting Standard (“IAS”) as issued by the International Accounting Standards Board (“IASB”), requires us to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Estimates and judgments are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may materially differ from these estimates under different assumptions or conditions.

Critical accounting estimates and assumptions

We make estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The key sources of estimation uncertainty and key assumptions concerning the future at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

Useful lives and impairment assessment of property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and identified impairment losses. The estimation of useful lives impacts the level of annual depreciation expenses recorded. Property, plant and equipment are evaluated for possible impairment on a specific asset basis or in groups of similar assets, as applicable. This process requires management’s estimate of future cash flows generated by each asset or group of assets. For any instance where this evaluation process indicates impairment, the relevant asset’s carrying amount is written down to the recoverable amount and the amount of the write-down is charged against profit or loss.

Useful lives and impairment assessment of investment property

Investment properties are stated at cost less accumulated depreciation and identified impairment losses. The estimation of useful lives impacts the level of annual depreciation expenses recorded. Investment properties are evaluated for possible impairment on a specific asset basis or in groups of similar assets, as applicable. This process requires management’s estimate of future cash flows generated by each asset or group of assets. For any instance where this evaluation process indicates impairment, the relevant asset’s carrying amount is written down to the recoverable amount and the amount of the write-down is charged against profit or loss.

Impairment loss recognized in respect of property, plant and equipment

As of June 30, 2023, the net carrying amount of property, plant and equipment was approximately RMB 1,327,000 (2022: RMB 1,006,000). No impairment loss was recognized for the six months ended June 30, 2023 and 2022. Determining whether property, plant and equipment are impaired requires an estimation of the recoverable amount of the property, plant and equipment. Such an estimate was based on certain assumptions which are subject to uncertainty and might materially differ from the actual results.

Impairment loss recognized in respect of investment property

As of June 30, 2023, the carrying amount of investment property was nil (2022: nil). No impairment loss was recognized for the six months ended June 30, 2023 and 2022. Determining whether an investment property is impaired requires an estimate of the recoverable amount of the investment property. Such an estimate was based on certain assumptions which are subject to uncertainty and might materially differ from the actual results.

Impairment loss recognized in respect of land use rights

As of June 30, 2023, the carrying amounts of land used rights was nil (2022: nil). No impairment loss were recognized against the original carrying amount of land use rights for the six months ended June 30, 2023 and 2022, respectively. Determining whether land use rights are impaired requires an estimate of the recoverable amount of the land use rights. Such an estimate was based on certain assumptions which are subject to uncertainty and might materially differ from the actual results.

Income tax

The Company has exposure to income taxes in the PRC. Significant judgment is required in determining the provision for income taxes. There are certain transactions and computations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognizes liabilities for expected tax issues based on estimates of whether additional taxes will be due. When the final tax outcome of these matters is different from the amounts that were initially recognized, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made.

Impairment of financial assets (trade receivables)

The Company recognizes a loss allowance for expected credit loss (“ECL”) on financial assets which are subject to impairment under IFRS 9 (including trade and other receivables, amounts due from related parties, restricted cash, bank balances and cash). The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition.

Lifetime ECL represents the ECL that will result from all possible default events over the expected life of the relevant instrument. In contrast, 12-month ECL (“12m ECL”) represents the portion of lifetime ECL that is expected to result from default events that are possible within 12 months after the reporting date. Assessment are done based on the Company’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current conditions at the reporting date as well as the forecast of future conditions.

The Company applies the IFRS 9 simplified approach to measure ECL which uses a lifetime ECL for all trade receivables. The ECL on these assets are assessed individually for debtors with significant balances and/or collectively using a provision matrix with appropriate groupings.

For all other instruments, the Company measures the loss allowance equal to 12m ECL, unless when there has been a significant increase in credit risk since initial recognition, the Company recognizes lifetime ECL. The assessment of whether lifetime ECL should be recognized is based on significant increases in the likelihood or risk of a default occurring since initial recognition.

The Company recognized bad debts reversal of RMB nil and RMB 5.3 million for the six months ended June 30, 2023 and 2022, respectively. The Company’s discontinued operation recognized bad debts reversal of RMB 1.0 million and bad debts expense of RMB 18.8 million for the six months ended June 30, 2023 and 2022.

Share-based payment transaction

The Company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. Estimating fair value for share-based payment transactions requires determining the most appropriate valuation model which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model including the expected life of the stock option, volatility and dividend yield, and the assumptions as to these components.

Exhibit 99.2

ANTELOPE ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

			As of June 30, 2023		As of December 31, 2022
	Notes		RMB’000		RMB’000

ASSETS AND LIABILITIES
NONCURRENT ASSETS
Property and equipment, net				1,327		1,006
Intangible assets, net				5		6
Right-of-use assets, net				-		469
Note Receivable		10		58,744		-
Total noncurrent assets				60,076		1,481

CURRENT ASSETS
VAT receivables				463		142
Due from related party		15		242		-
Loan receivables		9		32,470		-
Other receivables and prepayments				27,759		19,180
Available-for-sale financial assets				7,651		8,523
Restricted cash				-		2,069
Cash and bank balances				3,140		3,936
Total current assets				71,725		33,850

Assets classified as held for sale				-		74,675

Total assets				131,801		110,006

CURRENT LIABILITIES
Trade payables		11		2,594		3,079
Accrued liabilities and other payables		12		856		799
Unearned revenue				391		-
Amounts owed to related parties		15		131		1,291
Note payable		13		9,268		-
Lease liabilities				-		328
Taxes payable				77		582
Total current liabilities				13,317		6,079

NET CURRENT ASSETS				58,408		27,771

NONCURRENT LIABILITIES
Lease liabilities				-		157
Note payable		13		-		8,775
Total noncurrent liabilities				-		8,932

Liabilities directly associated with assets classified as held for sale				-		88,530

Total liabilities				13,317		103,541

NET ASSETS				118,484		6,465

EQUITY
Share capital		14		3,532		1,288
Reserves				109,571		(241	)
Noncontrolling interest				5,381		5,418

Total equity				118,484		6,465

The accompanying notes are an integral part of these consolidated financial statements.

ANTELOPE ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS


			SIX MONTHS ENDED JUNE 30,
			2023			2022
	Notes		RMB’000			RMB’000

Net sales		5		309,250			118,246

Cost of goods sold				262,055			116,340

Gross profit				47,195			1,906

Other income		5		2,831			1,682
Selling and distribution expenses				(49,194	)		(1,876	)
Administrative expenses				(38,715	)		(6,405	)
Bad debt reversal				-			5,293
Finance costs		6		-			(14	)
Other expenses				-			(4	)

Income (loss) before taxation		7		(37,883	)		582

Income tax expense		7		2			83

Net income (loss) for the period from continuing operations				(37,885	)		499

Discontinued operations		17
Gain on disposal of discontinued operations				73,846			-
Loss for the period from discontinued operations				(1,385	)		(26,245	)

Net income (loss) for the period				34,576			(25,746	)

Net income (loss) attributable to :
Equity holders of the Company				34,613			(29,335	)
Non-controlling interest				(37	)		3,589
Net income (loss) for the period				34,576			(25,746	)

Net income (loss) attributable to the equity holders of the Company arise from:
Continuing operations				(37,848	)		(3,090	)
Discontinued operations				72,461			(26,245	)

Other comprehensive loss
Exchange differences on translation of financial statements of foreign operations				(4,145	)		114

Total comprehensive income (loss) for the period				30,431			(25,632	)

Total comprehensive income (loss) attributable to:
Equity holders of the Company				30,468			(29,221	)
Non-controlling interest				(37	)		3,589
Total comprehensive income (loss) for the period				30,431			(25,632	)

Total comprehensive loss attributable to the equity holders of the Company arise from:
Continuing operations				(42,030	)		613
Discontinued operations				72,461			(26,245	)

Loss per share attributable to the equity holders of the Company
Basic (RMB)		8
— from continuing operations				(23.44	)		(5.14	)
— from discontinued operations				44.88			(43.65	)
Diluted (RMB)		8
— from continuing operations				(23.44	)		(5.14	)
— from discontinued operations				36.51			(43.65	)

The accompanying notes are an integral part of these consolidated financial statements.

ANTELOPE ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY


	Share capital		Share premium		Reverse recapitalization reserve			Merger reserve		Share-based payment reserves		Statutory reserve		Capital reserve		Retained earnings			Currency translation reserve			Total			Noncontrolling Interest			Total Equity
	RMB’000		RMB’000		RMB’000			RMB’000		RMB’000		RMB’000		RMB’000		RMB’000			RMB’000			RMB’000			RMB’000			RMB’000
Notes		Note 14

Balance at January 1, 2023		1,288		762,767		(507,235	)		58,989		130,093		135,343		61,266		(640,738	)		(726	)		1,047			5,418			6,465

Net income (loss) for the period		-		-		-			-		-		-		-		34,613			-			34,613			(37	)		34,576
Exchange difference on transaction of financial statements of foreign operations		-		-		-			-		-		-		-		-			(4,145	)		(4,145	)		-			(4,145	)
Total comprehensive income for the period		-		-		-			-		-		-		-		34,613			(4,145	)		30,468			(37	)		30,431
Issuance of new shares for equity financing		1,486		51,449		-			-				-		-		-			-			52,935			-			52,935
Equity compensation - employee share-based compensation		753		-		-			-		27,756		-		-		-			-			28,509			-			28,509
Conversion of long-term notes into common shares		4		140		-			-		-		-		-		-			-			144			-			144
Balance at June 30, 2023		3,531		814,356		(507,235	)		58,989		157,849		135,343		61,266		(606,125	)		(4,871	)		113,103			5,381			118,484

Balance at January 1, 2022		943		757,318		(507,235	)		58,989		127,982		135,343		61,266		(582,820	)		(924	)		50,862			(1,306	)		49,556
Balance		943		757,318		(507,235	)		58,989		127,982		135,343		61,266		(582,820	)		(924	)		50,862			(1,306	)		49,556
Net income (loss) for the period		-		-		-			-		-		-		-		(29,335	)		-			(29,335	)		3,589			(25,746	)
Exchange difference on transaction of financial statements of foreign operations		-		-		-			-		-		-		-		-			114			114			-			114
Total comprehensive loss for the period		-		-		-			-		-		-		-		(29,335	)		114			(29,221	)		3,589			(25,632	)
Total comprehensive income (loss) for the period		-		-		-			-		-		-		-		(29,335	)		114			(29,221	)		3,589			(25,632	)
Issuance of new shares for equity financing		-		-		-			-		-		-		-		-			-			-			-			-
Additional paid in capital		-		-		-			-		-		-		-		-			-			-			2,450			2,450
Equity compensation - employee share-based compensation		21		-		-			-		1,004		-		-		-			-			1,025			-			1,025
Transfer to statutory reserves				-		-			-		-		-		-		-			-			-			-			-
Balance at June 30, 2022		964		757,318		(507,235	)		58,989		128,986		135,343		61,266		(612,155	)		(810	)		22,666			4,733			27,399
Balance		964		757,318		(507,235	)		58,989		128,986		135,343		61,266		(612,155	)		(810	)		22,666			4,733			27,399

The accompanying notes are an integral part of these consolidated financial statements.

ANTELOPE ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS


			Six Months ended June 30,
			2023			2022
	Notes		RMB’000			RMB’000

CASH FLOWS FROM OPERATING ACTIVITIES:
Income (loss) before taxation				(37,883	)		582
Adjustments for
Operating lease charge				-			163
Depreciation of property, plant and equipment				179			126
Loan forgiveness by related party		15		(1,160	)		-
Loss on convertible note		13		34			-
Reversal of bad debt of trade receivables				-			(5,293	)
Share based compensation		14		28,510			1,025
Interest expense on lease liability		6		-			14
Amortization of OID of convertible note		13		151			-
Operating cash flows before working capital changes				(10,169	)		(3,383	)
Decrease in trade receivables				-			4,952
Decrease (Increase) in other receivables and prepayments				(9,177	)		6,054
Increase in loan receivables				(32,470	)		-
Increase (Decrease) in trade payables				(485	)		3,565
Increase (Decrease) in unearned revenue				391			(8,357	)
Decrease in taxes payable				(734	)		(942	)
Increase (Decrease) in accrued liabilities and other payables				56			(2,647	)
Cash used in operations				(52,588	)		(758	)
Interest paid				-			-
Income tax paid				(95	)		(25	)
Net cash generated from operating activities from discontinued operations				14,118			8,406

Net cash generated from (used in) operating activities				(38,565	)		7,623

CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of fixed assets				(500	)		(11	)
Acquisition of intangible assets				-			(6	)
Decrease in available-for-sale financial asset				872			-
Decrease (Increase) in restricted cash				2,069			(8,550	)
Cash disposed as a result of disposal of subsidiaries		17		(256	)		-
Net cash used in investing activities from discontinued operations				-			-

Net cash generated from (used in) investing activities				2,185			(8,567	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Payment for lease liabilities				-			(177	)
Insurance of share capital for equity financing		14		53,075			-
Increase of additional paid in capital				-			2,450
Advance from related parties		15		387			-
Net cash used in financing activities from discontinued operations				(14,303	)		(14,303	)

Net cash generated from (used in) financing activities				39,159			(12,030	)

NET INCREASE (DECREASE) IN CASH & EQUIVALENTS				2,779			(12,974	)
CASH & EQUIVALENTS (INCLUDING CASH CLASSIFIED AS HELD FOR SALE OF RMB 306,000), BEGINNING OF PERIOD				4,242			27,880
EFFECT OF FOREIGN EXCHANGE RATE DIFFERENCES				(3,881	)		97

CASH & EQUIVALENTS, END OF PERIOD				3,140			15,003

ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS:
Cash and cash equivalents				3,140			11,807
Cash and cash equivalents included in assets classified as held for sale				-			3,196
CASH & EQUIVALENTS, END OF YEAR				3,140			15,003

The accompanying notes are an integral part of these consolidated financial statements.

ANTELOPE ENTERPRISE HOLDINGS LIMITED AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED JUNE 30, 2023

(UNAUDITED)

1. GENERAL INFORMATION

Antelope Enterprise Holdings Limited (“Antelope Enterprise” or the “Company”), formerly known as China Ceramics Co., Ltd (“CCCL”), is a British Virgin Islands company operating under the BVI Business Companies Act (2004) with its shares listed on the NASDAQ Stock Market (“symbol: AEHL”). Its predecessor company, China Holdings Acquisition Corp. (“CHAC”), was incorporated in Delaware on June 22, 2007, and was organized as a blank check company for the purpose of acquiring, through a stock exchange, an asset acquisition or other similar business combination, or controlling, through contractual arrangements, an operating business, that has its principal operations in Asia. The Company was organized to have no operations and no assets or liabilities of consequence outside of its investments in its operating subsidiaries. The head office of the Company is located at Room 1802, Block D, Zhonghai International Center, Hi-Tech Zone, Chengdu, Sichuan Province, the People’s Republic of China (“PRC”).

On September 18, 2023, the Company effected a one-for-ten reverse split of its issued and outstanding Class A ordinary shares. The consolidated financial statements as of June 30, 2023 and December 31, 2022, and for the six months ended June 30, 2023 and 2022 were retroactively restated to reflect this reverse split.

Antelope Enterprise and its subsidiaries’ corporate structure as of June 30, 2023 was as follows:

2. BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting, as issued by the International Accounting Standards Board (“IASB”). They do not include all of the information required in annual financial statements in accordance with International Financial Reporting Standards (“IFRS”), and should be read in conjunction with the audited consolidated financial statements and related footnotes on Form 20-F for the year ended December 31, 2022 as filed with the Securities and Exchange Commission. The accompanying unaudited condensed consolidated interim financial statements reflect all normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of the results for the interim periods presented. Results for the six months ended June 30, 2023 are not necessarily indicative of the results expected for the full fiscal year or for any future period.

These interim financial statements are presented in RMB, unless otherwise stated. They were approved for issue by the Audit Committee of the Board of Directors and the Board of Directors on October 2, 2023.

These interim financial statements have been prepared in accordance with the same accounting policies adopted in the 2022 annual financial statements, except for the accounting policy changes that are expected to be reflected in the 2023 annual financial statements. Details of any changes in accounting policies are set out in note 3.

These interim financial statements contain condensed consolidated financial statements and selected explanatory notes. The notes include an explanation of events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the 2021 annual financial statements.

3. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

At the date of authorization of these financial statements, the IASB has issued a number of amendments, new standards and interpretations which are not yet effective for the six months ended June 30, 2023 and which have not been adopted in these financial statements. These include the following which may be relevant to the Group:

Amendments to IFRS 10 and IAS 28

Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

The management of the Company anticipate that the application of all the new and amendments to IFRSs will have no material impact on the consolidated financial statements in the foreseeable future.

4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of interim financial statements in conformity with IAS 34 requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses on a year to date basis. Actual results may differ from these estimates.

5. REVENUE AND OTHER INCOME

	a)	Revenue comprises the fair value of the consideration received or receivable for the sale of goods.

		An analysis of the Company’s revenue and other income is as follows:


	For the six months ended June 30,
	2023		2022
	RMB’000		RMB’000
Revenues
Continuing operations
Business management and consulting		3,302		5,952
Livestreaming ecommerce		305,948		112,294

Discontinued operations
Sale of tiles (Note 17)		2,701		16,715

Total revenues		311,951		134,961

Other income
Continuing operations
Interest income		530		163
Government grant		307		632
Tax subsidy		-		887
Loan forgiveness		1,160		-
Other income		834		-

Discontinued operations
Other income (Note 17)		5,716		8,717
Total other income		8,547		10,399

Segment reporting

The Company identifies operating segments and prepares segment information based on the regular internal financial information reported to the Chief Executive Officer and executive directors, who are the Company’s chief operating decision makers for their decisions about the allocation of resources to the Company’s business components and for their review of the performance of those components.

All of the Company’s operations are considered by the chief operating decision makers to be aggregated into three reportable operating segments: 1) the provision of livestreaming ecommerce industry which was acquired as part of a strategic transformation towards trending technology businesses in China to mitigate the challenging conditions in the real estate market in China, and associated industries like the Company’s legacy ceramic tile business, (2) business management and consulting; and (3) the manufacture and sale of standard to high-end ceramic tiles, which was disposed by the Company in April 2023. Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the Company’s chief operating decision makers in deciding how to allocate resources and in assessing performance.

The business of the Company is engaged entirely in the PRC. The Chief Executive Officer and executive directors regularly review the Company’s business as one geographical segment.

The following table shows the Company’s operations by business segment for the six months ended June 30, 2023 and 2022.


	For the six months ended June 30,
	2023			2022
	RMB’000			RMB’000
Revenues
Discontinued operations
Sales of tile products		2,701			16,716
Continuing operations
Consulting income / software		3,302			5,952
Livestreaming ecommerce		305,948			112,293
Total revenues		311,951			134,961

Cost of revenues
Discontinued operations
Sales of tile products		7,557			19,026
Continuing operations
Consulting income / software		8,151			7,123
Livestreaming ecommerce		253,904			109,216
Total cost of revenues		269,612			135,365

Operating costs and expenses
Discontinued operations
Sales of tile products		3,244			13,823
Continuing operations
Consulting income / software		2,584			3,275
Livestreaming ecommerce		53,187			2,450
Other		32,139			2,570
Total operating costs and expenses		91,154			22,118

Bad debt expense (reversal)
Discontinued operations
Sales of tile products		(1,000	)		18,829
Continuing operations
Consulting income / software		-			-
Livestreaming ecommerce		-			(5,293	)
Total bad debt expense		(1,000	)		13,536

Other expenses
Discontinued operations
Sales of tile products		-			-
Continuing operations
Consulting income / software		-			-
Livestreaming ecommerce		-			4
Total other expenses		-			4

Other income
Discontinued operations
Sales of tile products		5,716			8,716
Continuing operations
Consulting income / software		74			36
Livestreaming ecommerce		1,070			1,489
Other		1,687			158
Total other income		8,547			10,399

Loss from operations
Sales of tile products		(1,384	)		(26,246	)
Consulting income / software		(7,359	)		(4,410	)
Livestreaming ecommerce		(73	)		7,405
Other		(30,452	)		(2,412	)
Loss from operations		(39,268	)		(25,663	)


	As of June 30, 2023		As of December 31, 2022
Segment assets
Ceramic tile products		-		74,675
Consulting income/software		57,284		15,924
Livestreaming ecommerce		14,236		15,004
Others		60,281		4,403
Total assets		131,801		110,006

6. LOSS BEFORE TAXATION

SCHEDULE OF LOSS BEFORE TAXATION


	For the six months ended June 30,
	2023		2022
	RMB’000		RMB’000
Finance costs
Interest expense on lease liability		293		753
Cost of inventories recognized as an expense (including depreciation charge of right-of-use assets for leases)		7,557		19,025
Depreciation of fixed assets		178		132
Depreciation charge of right-of-use assets for leases (included in the administrative expenses)		-		163
Research and development costs		294		806
Staff costs (including key management personnel remuneration)		6,244		5,962

For the six months ended June 30, 2023, the cost of inventories recognized as expense included staff costs of RMB 191,000 (for the six months ended June 30, 2022, this figure was RMB 1.6 million), depreciation and amortization expense (including a depreciation charge of right-of-use assets) of RMB 4.3 million (for the six months ended June 30, 2022, this figure was also RMB 6.4 million).

7. INCOME TAX

SCHEDULE OF INCOME TAX


	For the six months ended June 30,
	2023		2022
	RMB’000		RMB’000
Continuing operations
Current Tax:
PRC Income Tax Expense		2		83
Deferred tax expense		—		—
Total income tax		2		83

Discontinued operations did not incur any income tax expense for the six months ended June 30, 2023 and 2022.

British Virgin Islands Profits Tax

The Company has not been subject to any taxation in this jurisdiction for the six months ended June 30, 2023 and 2022.

Hong Kong Profits Tax

The subsidiaries in Hong Kong are subject to tax charged on Hong Kong sourced income, the corporate tax rate in Hong Kong is a two-tier one starting with the year of assessment 2018/2019 (from April 1 2018): the tax is 8.25% (7.5% for unincorporated companies) on the first 2 million HKD of taxable profits and 16.5% (15% for unincorporated companies) for the rest of the profits. No Hong Kong profits tax has been provided as the Company has no assessable profit arising in Hong Kong for the six months ended June 30, 2023 and 2022.

PRC Income Tax

Most subsidiaries of the Company in the PRC are subject to the enterprise income tax in accordance with “PRC Enterprise Income Tax Law” (“EIT Law”), and the applicable income tax rate for the six months ended June 30, 2023 and 2022 is 25%. Both Antelope Holdings (Chengdu) Co., Ltd (“Antelope Chengdu”) and Chengdu Future Talented Management and Consulting Co, Ltd (“Chengdu Future”) are subject to 2.5% preferential income tax rate for the six months ended June 30, 2023 and 2022.

8. LOSS PER SHARE

SCHEDULE OF LOSS PER SHARE


	For the six months ended June 30,
	2023			2022
	RMB’000			RMB’000
Loss attributable to holders of ordinary shares (RMB’000):
Net loss from continuing operations		(37,848	)		(3,090	)
Net income (loss) from discontinued operations		72,461			(26,245	)
Weighted average number of ordinary shares outstanding used in computing basic earnings per share *		1,614,471			601,314
Weighted average number of ordinary shares outstanding used in computing diluted earnings per share *		1,984,646			601,314
Income (loss) per share – basic (RMB)
From continuing operations		(23.44	)		(5.14	)
From discontinued operations		44.88			(43.65	)
Income (loss) per share - diluted (RMB) **
From continuing operations **		(23.44	)		(5.14	)
From discontinued operations **		36.51			(43.65	)

*	The number of shares reflected the one-for-ten reverse split effective on September 18, 2023.

Warrants to purchase Class A ordinary shares are not included in the diluted loss per share calculations when their effect is antidilutive. For the six months ended June 30, 2023 and 2022, 370,175 shares and 135,316 shares, respectively, on a weighted average basis of potential Class A ordinary shares related to outstanding Class A ordinary shares warrants were excluded from the calculation of diluted net loss per share as such shares are antidilutive when there is a loss.

9. LOAN RECEIVABLE

From March 31, 2023 to June 27, 2023, Anhui Zhongjun Enterprise Management Co., Ltd (“Anhui Zhongjun”) borrowed a total of RMB 32,470,000 from Antelope Enterprise Holdings (Chengdu) Co., Ltd. This loan will be repaid in installments over a period of three years from the date of disbursement. The Company will charge an interest at each year end based on the bank’s commercial loan interest rate.

10. NOTE RECEIVABLE

On April 28, 2023, the Company completed the sale of Stand Best Creation Limited and its subsidiaries, Hengda and Hengdali, to New Stonehenge Limited for a total of RMB 58,744,000 (equivalent to USD $8,500,000). New Stonehenge Limited has agreed to make the payment in four equal installments on a date that falls 48 months after the effective date of the transaction, with an annual interest rate of 5%. For the six months ended June 30, 2023, the Company record interest income of RMB 491,000.

11. TRADE PAYABLES


	As of
	June 30, 2023		December 31, 2022
	RMB’000		RMB’000
Trade payables		2,594		3,079

Trade payables are denominated in Renminbi, non-interest bearing and generally settled within 120-day terms. All of the trade payables are expected to be settled within one year. The carrying value of trade payables is considered to be a reasonable approximation of fair value.

12. ACCRUED LIABILITIES AND OTHER PAYABLES


	As of
	June 30, 2023		December 31, 2022
	RMB’000		RMB’000
Accrued salary		458		402
Others		398		397
		856		799

As of December 31, 2022, total accrued liabilities and other payables of discontinued operations was RMB 19,197,000 (Note 17).

Accrued liabilities consist mainly of accrued rental, wages and utility expenses.

The carrying value of accrued liabilities and other payables is considered to be a reasonable approximation of fair value.

13. NOTE PAYABLE

Unsecured Promissory Note in December 2022

On December 12, 2022, the Company entered into a Note Purchase Agreement with an investor, pursuant to which the Company issued to the Purchaser an unsecured Promissory Note of $1,332,500, for $1,250,000 in gross proceeds. The Note included an original issue discount (“OID”) of $62,500 along with $20,000 for investor’s fees, costs and other transaction expenses in connection with the issuance of the note. The OID was recognized as a debt discount is amortized over the life of the note. The Note bears interest at 8% per annum compounding daily, and has a term of 18 months. All outstanding principal and accrued interest on the Note will become due and payable eighteen (18) months after the purchase price of the Note is delivered by Purchaser to the Company (the “Purchase Price Date”). The Company may prepay all or a portion of the Note at any time by paying 120% of the outstanding balance elected for pre-payment. The Investor has the right to redeem the Note at any time six (6) months after the Purchase Price Date (the “Redemption Start Date”), subject to maximum monthly redemption amount of $200,000. The Company should pay the applicable redemption amount in cash to the Investor within three (3) Trading Days following the investor’s delivery of a redemption notice. At the end of each month following the Redemption Start Date, if the Company has not reduced the Outstanding Balance by at least $200,000, then by the fifth (5th) day of the following month, the Company must pay in cash to the Investor the difference between $200,000 and the amount actually redeemed in such month or the Outstanding Balance will automatically increase by one percent (1%) as of such fifth (5th) day. Under the Note Purchase Agreement, while the Note is outstanding, the Company agreed to keep adequate public information available and maintain its Nasdaq listing. Upon the occurrence of a Trigger Event (as defined in the Note), the Investor shall have the right to increase the balance of the Note by fifteen percent (15%) for Major Trigger Event (as defined in the Note) and five percent (5%) for Minor Trigger Event (as defined in the Note). In addition, the Note provides that upon occurrence of an Event of Default, the interest rate shall accrue on the outstanding balance at the rate equal to the lesser of twenty-two percent (22%) per annum or the maximum rate permitted under applicable law.

During the six months ended June 30, 2023 and 2022, the Company amortized OID of RMB 144,337 (US: $20,833) and recorded RMB 362,877 (US: $52,376) interest expense on this Note and the Company and Lender exchanged these Partitioned Notes of RMB 108,770 (US: $15,000) for the delivery of 22,751 Class A ordinary shares. The Company recorded RMB 34,330 (US: $4,955) loss on conversion of these notes in 2022. As of June 30, 2023 and December 31, 2022, the outstanding principal balance of this note was RMB 9,267,694 (US: $1,278,073, net of unamortized OID of $39,427) and RMB 8,775,000 (US: $1,272,240, net of unamortized OID of $60,260).

14. SHARE CAPITAL

As of

June 30, 2023

December 31, 2022

Number

US$

Number

US$

of shares

‘000

of shares

‘000

Authorized:

Ordinary shares of US$ 0.024 each

200,000,000

4,800

200,000,000

4,800

	June 30, 2023
	Number		RMB
	of shares		‘000
Outstanding and fully paid:
Ordinary shares of US$ 0.024 each
At January 1, 2023		805,785		1,288
Issuance of new shares for equity financing		854,139		1,486
Conversion of Long-term notes into common shares		2,275		4
Issuance of new shares – share-based compensation to CEO and CFO		53,262		93
Issuance of new shares – share-based compensation to Directors		168,000		292
Issuance of new shares – share-based compensation to Employee		211,721		369
At June 30, 2023 *		2,095,182		3,532

*	The number of shares reflected the one-for-ten reverse split effective on September 18, 2023.

On February 12, 2021, the Company entered into a Securities Purchase Agreement with certain institutional investors for the sale of 588,235 common shares (pre-reverse split), at a purchase price of $3.57 per share. Concurrently with the sale of the Common Shares, pursuant to the Purchase Agreement the Company also sold warrants to purchase 588,235 common shares (pre-reverse split). The Company sold the Common Shares and Warrants for aggregate gross proceeds of approximately US$2.1 million, before commissions and expenses. The five-year Warrants will be immediately exercisable at an exercise price equal to $3.57 per share, and will terminate on the five-year anniversary of the initial exercise date of the Warrants. The net proceeds from the transactions will be approximately US$1.86 million, after deducting certain fees due to the placement agent and the Company’s estimated transaction expenses, and will be used for working capital and general corporate purposes.

In addition, the Placement Agent of this offering also received five-year warrants (the “Compensation Warrants”) to purchase up to a number of common shares equal to 5% of the aggregate number of shares sold in the Offering, including the warrant shares issuable upon exercise of the Warrants, which such Compensation Warrants have substantially the same terms as the Warrants sold in the Offering, except that such Compensation Warrants have an exercise price of $4.46 per share and will be exercisable six months from the effective date of this offering and will terminate on the five year anniversary of the effective date of this offering.

Grant date (investors and placement agent, respectively)	February 17, 2021
Share price at date of grant (investors and placement agent, respectively)	US$	4.45
Exercise price at date of grant (investors and placement agent, respectively)	US$	3.57 & 4.46
Volatility		107	%
Warrant life		5 years
Dividend yield		0	%
Risk-free interest rate		0.57	%
Average fair value at grant date	US$	3.54

On June 10, 2021, the Company commenced a registered direct offering of securities, and executed a Securities Purchase Agreement (“SPA”) with three institutional accredited investors pursuant to which it sold 913,875 of the Company’s common shares (pre-reverse split) at the per share price of $3.48 (which was priced in excess of the average of the five-day closing price for the Company’s common shares preceding execution of the SPA, which was $3.42). In a concurrent private placement, the Company sold to such investors warrants to purchase 913,875 common shares (the “Investor Warrants”). The Investor Warrants have an exercise price per share of $3.42, subject to adjustment, and have a term of five years. The transactions yielded gross proceeds to the Company of $3,180,285, before the payment of commissions and expenses.

In addition, the Company issued warrants (the “Placement Agent Warrants”) to the Placement Agent to purchase a number of common shares equal to 5.0% of the aggregate number of shares sold to the investors in this offering, as well as the warrant shares issuable upon exercise of the Warrants issued in the concurrent private placement, as additional placement agency compensation. The Placement Agent Warrants have substantially the same terms as the Investor Warrants, except that the Placement Agent Warrants will have an exercise price of $4.35.

Grant date (investors and placement agent, respectively)	June 14, 2021
Share price at date of grant (investors and placement agent, respectively)	US$	3.15
Exercise price at date of grant (investors and placement agent, respectively)	US$	3.42 & 4.35
Volatility		115	%
Warrant life		5 years
Dividend yield		0	%
Risk-free interest rate		0.80	%
Average fair value at grant date	US$	2.50

On September 30, 2022, the Company commenced a registered direct offering of securities, and executed a Securities Purchase Agreement (the “SPA”) with two institutional accredited investors pursuant to which it sold 1,666,667 of the Company’s common shares (pre-reverse split) at the per share price of $0.60. In a concurrent private placement, the Company sold to such investors warrants to purchase 1,666,667 common shares (pre-reverse split) (the “Investor Warrants”). The Investor Warrants have an exercise price per share of $0.82, subject to adjustment, and have a term of five years. The transactions yielded gross proceeds to the Company of $1,000,000, before the payment of commissions and expenses. The offering was closed on October 4, 2022.

Grant date (investors and placement agent, respectively)	October 4, 2022
Share price at date of grant (investors and placement agent, respectively)	US$	0.58
Exercise price at date of grant (investors and placement agent, respectively)	US$	0.82 & 0.75
Volatility		104	%
Warrant life		5 years
Dividend yield		0	%
Risk-free interest rate		3.96	%
Average fair value at grant date	US$	0.43

On January 10, 2023, the Company entered into a certain securities purchase agreement (the “SPA”) with Mr. Weilai (Will) Zhang, the Chief Executive Officer of the Company, Mr. Ishak Han, a director of the Company, and another sophisticated purchaser (collectively, the “Purchasers”), pursuant to which the Company agreed to sell 1,625,000 ordinary shares (pre-reverse split), par value $0.024 per share (the “Ordinary Shares”), at a per share purchase price of $0.80 (the “Offering”). This Offering was unanimously approved by the disinterested directors and the board of directors of the Company. The gross proceeds to the Company from this Offering are $1.3 million, before deducting any fees or expenses. The Company plans to use the net proceeds from this Offering for the expansion of its social ecommerce business and for general corporate purposes. The Offering closed on January 12, 2023.

On January 13, 2023, the Company entered into a certain securities purchase agreement (the “SPA”) with a certain purchaser (collectively, the “Purchasers”), pursuant to which the Company agreed to sell 1,234,568 Class A ordinary shares (pre-reverse split), par value $0.024 per share (the “Ordinary Shares”), at a per share purchase price of $0.81 (the “Offering”), the closing price of the Ordinary Shares on the Nasdaq Capital Market as of January 10, 2023. The gross proceeds to the Company from this Offering are approximately $1 million, before deducting any fees or expenses. The Company plans to use the net proceeds from this Offering for the expansion of its social ecommerce business and for general corporate purposes.

On March 30, 2023, the Company entered into a certain securities purchase agreement (the “SPA”) with five sophisticated investors (collectively, the “Purchasers”), pursuant to which the Company agreed to sell 5,681,820 Class A ordinary shares (pre-reverse split), no par value (the “Ordinary Shares”), at a per share purchase price of $0.88 (the “Offering”). Upon closing of this offering, these two beneficial owners of the Purchasers will have approximately 15.15% of the total voting power of the Company, and the Company’s CEO and Chairman, Weilai (Will) Zhang, will have about 52.13% of the total voting power of the Company. The gross proceeds to the Company from this Offering are approximately $5 million, before deducting any fees or expenses. The Company has issued the Class A ordinary shares on April 12, 2023 and the Offering was closed on the same day as all closing conditions were satisfied. The Company plans to use the net proceeds from this Offering for general corporate purposes.

Following is a summary of the warrant activity for the six months ended June 30, 2023:

					Weighted
					Average
					Remaining
			Average		Contractual
	Number of		Exercise		Term in
	Warrants		Price		Years
Outstanding at December 31, 2022		370,175	$	21.7		4.02
Exercisable at December 31, 2022		370,175		21.7		4.02
Issued		—		—		—
Exercised		—		—		—
Expired		—		—		—
Outstanding at June 30, 2023 *		370,175		21.7		3.52
Exercisable at June 30, 2023 *		370,175	$	21.7		3.52

*	The number of shares reflected the one-for-ten reverse split effective on September 18, 2023

Share-based Compensation

From January 1 to June 30, 2023, the Company issued an aggregate of 45,365 shares (pre-reverse split) to its Chief Financial Officer as share compensation expense. The fair value of 45,365 shares was RMB 326,309.

From January 1 to June 30, 2023, the Company issued an aggregate of 487,251 shares (pre-reverse split) to its former and current Chief Executive Officer as a share compensation expense. The fair value of 487,251 shares was RMB 2,936,777.

From January 1 to June 30, 2023, the Company issued an aggregate of 1,680,000 shares (pre-reverse split) to its directors as a share compensation expense. The fair value of 1,680,000 shares was RMB 7,187,489.

From January 1 to June 30, 2023, the Company issued an aggregate of 2,117,211 shares (pre-reverse split) to its employees as a share compensation expense. The fair value of 2,117,211 shares was RMB 18,059,565.

15. RELATED PARTY TRANSACTIONS

Apart from those discussed elsewhere in these condensed consolidated financial statements, the following are significant related party transactions entered into between the Company and its related parties at agreed rates:

	June 30, 2023		December 31, 2022
	As of
	June 30, 2023		December 31, 2022
	RMB’000		RMB’000
Amounts owed to related parties		131		1,291

As of June 30, 2023 and December 31, 2022, the Company had a loan of RMB Nil and US$ 167,000 (equivalent to RMB 1,160,000), respectively, payable to Sound Treasure Limited, an affiliate of Mr. Huang Jia Dong and a shareholder of the Company. This loan is interest free, unsecured and repayable on demand. The loan was forgiven during the six months ended June 30, 2023.

As of June 30, 2023, and December 31, 2022, the Company had a loan of US $20,000 (equivalent to RMB 131,000) and of US $20,000 (equivalent to RMB 131,000), respectively, payable to Mr. Alex Ng, who is the executive director of the Company. This loan is interest free, unsecured and repayable on demand.

	June 30, 2023		December 31, 2022
	As of
	June 30, 2023		December 31, 2022
	RMB’000		RMB’000
Amounts owed from related parties		242		-

As of June 30, 2023, the Company had due from CEO of RMB 242,000, the CEO repaid it in full in August 2023.

16. COMMITMENTS

(a) Capital commitments

The Company’s capital expenditures consist of expenditures on property, plant and equipment and capital contributions. Capital expenditures contracted for at the balance sheet date but not recognized in the financial statements are as follows:

	June 30, 2023		December 31, 2022
	As of
	June 30, 2023		December 31, 2022
	RMB’000		RMB’000
Contracted for capital commitment with respect to capital contributions to its wholly foreign owned subsidiary in the PRC:
Chengdu Future		26,074		30,000
Antelope Chengdu		41,500		47,365
Hainan Antelope Holding		63,726		63,726
Antelope Future (Yangpu)		62,426		63,726
Antelope Investment (Hainan)		50,000		50,000
Antelope Ruicheng Investment		48,710		47,245
Hangzhou Kylin Cloud Service Technology		2,220		4,500
Wenzhou Kylin Cloud Service Technology		5,000		-
Anhui Kylin Cloud Service Technology		3,900		4,900
Contractual capital commitments		3,900		4,900

17. ASSETS AND LIABILITIES OF DISPOSAL GROUP

Since the ceramic tiles manufacturing business of the Company has experienced significant hurdles due to the significant slowdown of the real estate sector and the impacts of COVID-19 in China, on April 28, 2023, the Company divested of its ceramic tiles manufacturing business, which was conducted through the Company’s two subsidiaries, Jinjiang Hengda Ceramics Co., Ltd. and Jiangxi Hengdali Ceramic Materials Co., Ltd.

Jiangxi Hengdali Ceramics is wholly owned by Jinjiang Hengda Ceramics, which is a wholly owned subsidiary of Stand Best Creation Limited, a Hong Kong company (the “Target”). The Target is Stand Best Creation Limited, a wholly owned subsidiary of Success Winner Limited which is 100% owned by the Company (“the Disposition Group”).

On December 30, 2022, the Seller, the Target and New Stonehenge Limited, a British Virgin Islands exempt company which is not affiliate of the Company or any of its directors or officers, (the “Buyer”), entered into certain share purchase agreement (the “Disposition SPA”). Pursuant to the Disposition SPA, the Buyer agreed to purchase the Target, and in exchange the Buyer will issue a 5% unsecured promissory note to the Seller with principal amount of $8.5 million with a maturity date on the fourth anniversary of its issuance (the “Note”). Upon the closing of the transaction (the “Disposition”) contemplated by the Disposition SPA, the Buyer will become the sole shareholder of the Target and as a result, assume all assets and liabilities of the Target and subsidiaries owned or controlled by the Target.

The Company held an extraordinary meeting of shareholders on February 21, 2023, at 8:30 AM ET, at Junbing Industrial Area, Anhai, Jinjiang, Fujian, China. There were 5,678,430 ordinary shares voted, representing approximately 56.58% of the total 10,035,188 outstanding ordinary shares and therefore constituting a quorum of more than fifty percent (50%) of the shares outstanding and entitled to vote at the meeting as of the record date of January 5, 2023. The final voting results submitted to a vote of shareholders at the meeting were that the following constitutes the number of votes voted with respect to the proposal of the approval of the proposed sale of the Company’s subsidiaries (the “Disposition Transaction”), Stand Best Creation Limited, Jinjiang Hengda Ceramics Co., Ltd., and Jiangxi Hengdali Ceramic Materials Co., Ltd. to New Stonehenge Limited, a business company incorporated in the British Virgin Islands with limited liability, in exchange for an unsecured promissory note with a principal amount of US$8.5 million, which will be mature in four years after its issuance. Accordingly, the Disposition Transaction has been approved. The disposal of the subsidiaries for the ceramic tile manufacturing business were completed on April 28, 2023.

The following table summarizes the carrying value of the assets and liabilities of disposal group at the closing date of disposal. The Company recorded RMB 73.8 million gain on disposal of the subsidiaries, which was the difference between the selling price of US$8.5 million and the carrying value of the net assets of the disposal group.

	As of April 28, 2023
	RMB’000

Right-of-use assets, net		26,670
Inventories, net		25,798
Trade receivables, net		2,875
Other receivables and prepayments		2,890
Cash and bank balances		256
Accrued liabilities and other payables		(19,143	)
Amounts owed to related parties		(35,057	)
Lease liabilities		(19,315	)
Taxes payable		(77	)

The financial performance and cash flow information of disposed group are for the six months ended June 30, 2023 and 2022:

	2023			2022
	Six Months Ended June 30,
	2023			2022
	RMB’000			RMB’000
Financial performance

Net sales		2,701			16,715

Cost of goods sold		7,557			19,025

Gross loss		(4,856	)		(2,310	)

Other income		5,716			8,717
Selling and distribution expenses		(1,517	)		(2,976	)
Administrative expenses		(1,434	)		(10,108	)
Bad debt Reversal (expense)		1,000			(18,829	)
Finance costs		(293	)		(739	)

Loss before taxation		(1,384	)		(26,245	)

Gain on disposal of discontinued operations		73,846			-
Income tax expense		-			-

Net loss for the year from discontinued operations		72,461			(26,245	)


Cash flow information

Net cash generated from operating activities from discontinued operations		14,118			8,406

Net cash used in investing activities from discontinued operations		-			-

Net cash used in financing activities from discontinued operations		(14,303	)		(14,303	)

Net (decrease) increase in cash and cash equivalents from discontinued operations		(185	)		(5,897	)

18. SUBSEQUENT EVENTS

The Company has evaluated all events that have occurred subsequent to June 30, 2023 through the date that the consolidated financial statements were issued. Management has concluded that the following subsequent events required disclosure in the financial statements:

On July 26, 2023, Antelope Enterprise Holdings Limited, entered into a note purchase agreement with Atlas Sciences, LLC, a Utah limited liability company (the “Investor”), pursuant to which the Company agreed to the Investor an unsecured promissory note in the original principal amount of $1,070,000 (the “Note”), for $1,000,000 in gross proceeds (the “Purchase Price”).

The Note bears interest at a rate of eight percent (8%) per annum compounding daily. All outstanding principal and accrued interest on the Note will become due and payable eighteen (18) months after the purchase price of the Note is delivered by Purchaser to the Company (the “Purchase Price Date”). The Note includes an original issue discount of $50,000 along with $20,000 for Investor’s fees, costs and other transaction expenses incurred in connection with the purchase and sale of the Note. The Company may prepay all or a portion of the Note at any time by paying 120% of the outstanding balance elected for pre-payment. The Investor has the right to redeem the Note at any time six (6) months after the Purchase Price Date (the “Redemption Start Date”), subject to maximum monthly redemption amount of $160,000. The Company should pay the applicable redemption amount in cash to the Investor within three (3) Trading Days (as defined in the Note) following the investor’s delivery of a redemption notice. At the end of each month following the Redemption Start Date, if the Company has not reduced the Outstanding Balance (as defined in the Note) by at least $160,000, then by the fifth (5th) day of the following month, the Company must pay in cash to the Investor the difference between $160,000 and the amount actually redeemed in such month or the Outstanding Balance will automatically increase by one percent (1%) as of such fifth (5th) day.

Under the Purchase Agreement, while the Note is outstanding, the Company agreed to keep adequate public information available and maintain its Nasdaq listing. Upon the occurrence of a Trigger Event (as defined in the Note), the Investor shall have the right to increase the balance of the Note by fifteen percent (15%) for Major Trigger Event (as defined in the Note) and five percent (5%) for Minor Trigger Event (as defined in the Note). In addition, the Note provides that upon occurrence of an Event of Default, the interest rate shall accrue on the outstanding balance at the rate equal to the lesser of twenty-two percent (22%) per annum or the maximum rate permitted under applicable law.

On September 1, 2023, the Company and the Investor entered into a standstill agreement with regard to the certain promissory note issued to the Investor dated December 12, 2022. Pursuant to the standstill agreement the Investor agreed not to redeem any portion of such promissory note until November 30, 2023. The Company, in return, agreed to increase the Outstanding Balance (as defined in such note) of such note by $96,091.77 (the “Standstill Fee”) as of the date thereof. Following the application of the Standstill Fee, the Outstanding Balance of such note became $1,163,778.15 as of September 1, 2023.

On August 2, 2023, Antelope Enterprise Holdings Limited entered into a certain securities purchase agreement with a certain investor, pursuant to which the Company agreed to sell 2,083,333 Class A ordinary shares (pre-reverse split), at a per share purchase price of $0.48 (the “Offering”). The gross proceeds to the Company from this Offering are approximately $1 million, before deducting any fees or expenses. The Company plans to use the net proceeds from this Offering for general corporate purposes.

On August 15, 2023, Hainan Kylin incorporated a 100% owned subsidiary Hubei Kylin Cloud Services Technology Co., Ltd (“Hubei Kylin”) in China. Anhui Kylin is engaged in business management and consulting services for the livestreaming ecommerce industry.

On August 18, 2023, Hainan Kylin incorporated a 100% owned subsidiary Jiangxi Kylin Cloud Services Technology Co., Ltd (“Jiangxi Kylin”) in China. Anhui Kylin is engaged in business management and consulting services for the livestreaming ecommerce industry.

Cover	6 Months Ended
Cover	Jun. 30, 2023
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity Registrant Name	ANTELOPE ENTERPRISE HOLDINGS LTD.
Entity Central Index Key	0001470683
Entity Address, Address Line One	Room 1802
Entity Address, Address Line Two	Block D, Zhonghai International Center
Entity Address, Address Line Three	Hi- Tech Zone
Entity Address, City or Town	Chengdu
Entity Address, Country	CN

Consolidated Statements of Financial Position - CNY (¥)
¥ in Thousands

Jun. 30, 2023

Dec. 31, 2022

NONCURRENT ASSETS

Property and equipment, net

¥ 1,327

¥ 1,006

Intangible assets, net

Right-of-use assets, net

469

Note Receivable

58,744

Total noncurrent assets

60,076

1,481

CURRENT ASSETS

VAT receivables

463

142

Due from related party

242

Loan receivables

32,470

Other receivables and prepayments

27,759

19,180

Available-for-sale financial assets

7,651

8,523

Restricted cash

2,069

Cash and bank balances

3,140

3,936

Total current assets

71,725

33,850

Assets classified as held for sale

74,675

Total assets

131,801

110,006

CURRENT LIABILITIES

Trade payables

2,594

3,079

Accrued liabilities and other payables

856

799

Unearned revenue

391

Amounts owed to related parties

131

1,291

Note payable

9,268

Lease liabilities

328

Taxes payable

582

Total current liabilities

13,317

6,079

NET CURRENT ASSETS

58,408

27,771

NONCURRENT LIABILITIES

Lease liabilities

157

Note payable

8,775

Total noncurrent liabilities

8,932

Liabilities directly associated with assets classified as held for sale

88,530

Total liabilities

13,317

103,541

NET ASSETS

118,484

6,465

EQUITY

Share capital

3,532

^[1]

1,288

Reserves

109,571

(241)

Noncontrolling interest

5,381

5,418

Total equity

¥ 118,484

¥ 6,465

[1]	The number of shares reflected the one-for-ten reverse split effective on September 18, 2023.

Consolidated Statements of Comprehensive Loss - CNY (¥)
¥ in Thousands

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Profit or loss [abstract]

Net sales

¥ 309,250

¥ 118,246

Cost of goods sold

262,055

116,340

Gross profit

47,195

1,906

Other income

2,831

1,682

Selling and distribution expenses

(49,194)

(1,876)

Administrative expenses

(38,715)

(6,405)

Bad debt reversal

5,293

Finance costs

(14)

Other expenses

(4)

Income (loss) before taxation

(37,883)

582

Income tax expense

Net income (loss) for the period from continuing operations

(37,885)

499

Discontinued operations

Gain on disposal of discontinued operations

73,846

Loss for the period from discontinued operations

(1,385)

(26,245)

Net income (loss) for the period

34,576

(25,746)

Net income (loss) attributable to :

Equity holders of the Company

34,613

(29,335)

Non-controlling interest

(37)

3,589

Net income (loss) attributable to the equity holders of the Company arise from:

Continuing operations

(37,848)

(3,090)

Discontinued operations

72,461

(26,245)

Other comprehensive loss

Exchange differences on translation of financial statements of foreign operations

(4,145)

114

Total comprehensive income (loss) for the period

30,431

(25,632)

Total comprehensive income (loss) attributable to:

Equity holders of the Company

30,468

(29,221)

Non-controlling interest

(37)

3,589

Total comprehensive loss attributable to the equity holders of the Company arise from:

Continuing operations

(42,030)

613

Discontinued operations

¥ 72,461

¥ (26,245)

Basic (RMB)

— from continuing operations

¥ (23.44)

¥ (5.14)

— from discontinued operations

44.88

(43.65)

Diluted (RMB)

— from continuing operations

^[1]

(23.44)

(5.14)

— from discontinued operations

^[1]

¥ 36.51

¥ (43.65)

[1]

Consolidated Statements of Changes in Equity - CNY (¥) ¥ in Thousands	Issued capital [member]	Share premium [member]	Reverse recapitalization reserve [member]	Merger reserve [member]	Reserve of share-based payments [member]	Statutory reserve [member]	Capital reserve [member]	Retained earnings [member]	Reserve of exchange differences on translation [member]	Equity attributable to owners of parent [member]	Non-controlling interests [member]	Total
Balance at Dec. 31, 2021	¥ 943	¥ 757,318	¥ (507,235)	¥ 58,989	¥ 127,982	¥ 135,343	¥ 61,266	¥ (582,820)	¥ (924)	¥ 50,862	¥ (1,306)	¥ 49,556
IfrsStatementLineItems [Line Items]
Net income (loss) for the period								(29,335)		(29,335)	3,589	(25,746)
Exchange difference on transaction of financial statements of foreign operations									114	114		114
Total comprehensive income (loss) for the period								(29,335)	114	(29,221)	3,589	(25,632)
Issuance of new shares for equity financing
Equity compensation - employee share-based compensation	21				1,004					1,025		1,025
Additional paid in capital											2,450	2,450
Transfer to statutory reserves
Balance at Jun. 30, 2022	964	757,318	(507,235)	58,989	128,986	135,343	61,266	(612,155)	(810)	22,666	4,733	27,399
Balance at Dec. 31, 2022	1,288	762,767	(507,235)	58,989	130,093	135,343	61,266	(640,738)	(726)	1,047	5,418	6,465
IfrsStatementLineItems [Line Items]
Net income (loss) for the period								34,613		34,613	(37)	34,576
Exchange difference on transaction of financial statements of foreign operations									(4,145)	(4,145)		(4,145)
Total comprehensive income (loss) for the period								34,613	(4,145)	30,468	(37)	30,431
Issuance of new shares for equity financing	1,486	51,449								52,935		52,935
Equity compensation - employee share-based compensation	753				27,756					28,509		28,509
Conversion of long-term notes into common shares	4	140								144		144
Balance at Jun. 30, 2023	¥ 3,531	¥ 814,356	¥ (507,235)	¥ 58,989	¥ 157,849	¥ 135,343	¥ 61,266	¥ (606,125)	¥ (4,871)	¥ 113,103	¥ 5,381	¥ 118,484

Consolidated Statements of Cash Flows - CNY (¥) ¥ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Income (loss) before taxation	¥ (37,883)	¥ 582
Adjustments for
Operating lease charge		163
Depreciation of property, plant and equipment	179	126
Loan forgiveness by related party	(1,160)
Loss on convertible note	34
Reversal of bad debt of trade receivables		(5,293)
Share based compensation	28,510	1,025
Interest expense on lease liability		14
Amortization of OID of convertible note	151
Operating cash flows before working capital changes	(10,169)	(3,383)
Decrease in trade receivables		4,952
Decrease (Increase) in other receivables and prepayments	(9,177)	6,054
Increase in loan receivables	(32,470)
Increase (Decrease) in trade payables	(485)	3,565
Increase (Decrease) in unearned revenue	391	(8,357)
Decrease in taxes payable	(734)	(942)
Increase (Decrease) in accrued liabilities and other payables	56	(2,647)
Cash used in operations	(52,588)	(758)
Interest paid
Income tax paid	(95)	(25)
Net cash generated from operating activities from discontinued operations	14,118	8,406
Net cash generated from (used in) operating activities	(38,565)	7,623
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of fixed assets	(500)	(11)
Acquisition of intangible assets		(6)
Decrease in available-for-sale financial asset	872
Decrease (Increase) in restricted cash	2,069	(8,550)
Cash disposed as a result of disposal of subsidiaries	(256)
Net cash used in investing activities from discontinued operations
Net cash generated from (used in) investing activities	2,185	(8,567)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment for lease liabilities		(177)
Insurance of share capital for equity financing	53,075
Increase of additional paid in capital		2,450
Advance from related parties	387
Net cash used in financing activities from discontinued operations	(14,303)	(14,303)
Net cash generated from (used in) financing activities	39,159	(12,030)
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS	2,779	(12,974)
CASH & EQUIVALENTS (INCLUDING CASH CLASSIFIED AS HELD FOR SALE OF RMB 306,000), BEGINNING OF PERIOD	4,242	27,880
EFFECT OF FOREIGN EXCHANGE RATE DIFFERENCES	(3,881)	97
CASH & EQUIVALENTS, END OF YEAR	3,140	15,003
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS:
Cash and cash equivalents	3,140	11,807
Cash and cash equivalents included in assets classified as held for sale		¥ 3,196

Consolidated Statements of Cash Flows (Parenthetical) - CNY (¥) ¥ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of cash flows [abstract]
Cash classified as held for sale	¥ 306,000	¥ 3,196

GENERAL INFORMATION

6 Months Ended

Jun. 30, 2023

General Information

GENERAL INFORMATION

1. GENERAL INFORMATION

Antelope Enterprise and its subsidiaries’ corporate structure as of June 30, 2023 was as follows:

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

6 Months Ended

Jun. 30, 2023

Changes In Accounting Policies And Disclosures

CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

3. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

Amendments to IFRS 10 and IAS 28

Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

The management of the Company anticipate that the application of all the new and amendments to IFRSs will have no material impact on the consolidated financial statements in the foreseeable future.

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

REVENUE AND OTHER INCOME

6 Months Ended

Jun. 30, 2023

Revenue And Other Income

REVENUE AND OTHER INCOME

5. REVENUE AND OTHER INCOME

	a)	Revenue comprises the fair value of the consideration received or receivable for the sale of goods.

		An analysis of the Company’s revenue and other income is as follows:


	For the six months ended June 30,
	2023		2022
	RMB’000		RMB’000
Revenues
Continuing operations
Business management and consulting		3,302		5,952
Livestreaming ecommerce		305,948		112,294

Discontinued operations
Sale of tiles (Note 17)		2,701		16,715

Total revenues		311,951		134,961

Other income
Continuing operations
Interest income		530		163
Government grant		307		632
Tax subsidy		-		887
Loan forgiveness		1,160		-
Other income		834		-

Discontinued operations
Other income (Note 17)		5,716		8,717
Total other income		8,547		10,399

Segment reporting

The business of the Company is engaged entirely in the PRC. The Chief Executive Officer and executive directors regularly review the Company’s business as one geographical segment.

The following table shows the Company’s operations by business segment for the six months ended June 30, 2023 and 2022.


	For the six months ended June 30,
	2023			2022
	RMB’000			RMB’000
Revenues
Discontinued operations
Sales of tile products		2,701			16,716
Continuing operations
Consulting income / software		3,302			5,952
Livestreaming ecommerce		305,948			112,293
Total revenues		311,951			134,961

Cost of revenues
Discontinued operations
Sales of tile products		7,557			19,026
Continuing operations
Consulting income / software		8,151			7,123
Livestreaming ecommerce		253,904			109,216
Total cost of revenues		269,612			135,365

Operating costs and expenses
Discontinued operations
Sales of tile products		3,244			13,823
Continuing operations
Consulting income / software		2,584			3,275
Livestreaming ecommerce		53,187			2,450
Other		32,139			2,570
Total operating costs and expenses		91,154			22,118

Bad debt expense (reversal)
Discontinued operations
Sales of tile products		(1,000	)		18,829
Continuing operations
Consulting income / software		-			-
Livestreaming ecommerce		-			(5,293	)
Total bad debt expense		(1,000	)		13,536

Other expenses
Discontinued operations
Sales of tile products		-			-
Continuing operations
Consulting income / software		-			-
Livestreaming ecommerce		-			4
Total other expenses		-			4

Other income
Discontinued operations
Sales of tile products		5,716			8,716
Continuing operations
Consulting income / software		74			36
Livestreaming ecommerce		1,070			1,489
Other		1,687			158
Total other income		8,547			10,399

Loss from operations
Sales of tile products		(1,384	)		(26,246	)
Consulting income / software		(7,359	)		(4,410	)
Livestreaming ecommerce		(73	)		7,405
Other		(30,452	)		(2,412	)
Loss from operations		(39,268	)		(25,663	)


	As of June 30, 2023		As of December 31, 2022
Segment assets
Ceramic tile products		-		74,675
Consulting income/software		57,284		15,924
Livestreaming ecommerce		14,236		15,004
Others		60,281		4,403
Total assets		131,801		110,006

LOSS BEFORE TAXATION

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

LOSS BEFORE TAXATION

6. LOSS BEFORE TAXATION

SCHEDULE OF LOSS BEFORE TAXATION


	For the six months ended June 30,
	2023		2022
	RMB’000		RMB’000
Finance costs
Interest expense on lease liability		293		753
Cost of inventories recognized as an expense (including depreciation charge of right-of-use assets for leases)		7,557		19,025
Depreciation of fixed assets		178		132
Depreciation charge of right-of-use assets for leases (included in the administrative expenses)		-		163
Research and development costs		294		806
Staff costs (including key management personnel remuneration)		6,244		5,962

INCOME TAX

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

INCOME TAX

7. INCOME TAX

SCHEDULE OF INCOME TAX


	For the six months ended June 30,
	2023		2022
	RMB’000		RMB’000
Continuing operations
Current Tax:
PRC Income Tax Expense		2		83
Deferred tax expense		—		—
Total income tax		2		83

Discontinued operations did not incur any income tax expense for the six months ended June 30, 2023 and 2022.

British Virgin Islands Profits Tax

The Company has not been subject to any taxation in this jurisdiction for the six months ended June 30, 2023 and 2022.

Hong Kong Profits Tax

PRC Income Tax

LOSS PER SHARE

6 Months Ended

Jun. 30, 2023

Loss Per Share

LOSS PER SHARE

8. LOSS PER SHARE

SCHEDULE OF LOSS PER SHARE


	For the six months ended June 30,
	2023			2022
	RMB’000			RMB’000
Loss attributable to holders of ordinary shares (RMB’000):
Net loss from continuing operations		(37,848	)		(3,090	)
Net income (loss) from discontinued operations		72,461			(26,245	)
Weighted average number of ordinary shares outstanding used in computing basic earnings per share *		1,614,471			601,314
Weighted average number of ordinary shares outstanding used in computing diluted earnings per share *		1,984,646			601,314
Income (loss) per share – basic (RMB)
From continuing operations		(23.44	)		(5.14	)
From discontinued operations		44.88			(43.65	)
Income (loss) per share - diluted (RMB) **
From continuing operations **		(23.44	)		(5.14	)
From discontinued operations **		36.51			(43.65	)

*	The number of shares reflected the one-for-ten reverse split effective on September 18, 2023.

LOAN RECEIVABLE

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

LOAN RECEIVABLE

9. LOAN RECEIVABLE

NOTE RECEIVABLE

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

NOTE RECEIVABLE

10. NOTE RECEIVABLE

TRADE PAYABLES

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

TRADE PAYABLES

11. TRADE PAYABLES


	As of
	June 30, 2023		December 31, 2022
	RMB’000		RMB’000
Trade payables		2,594		3,079

ACCRUED LIABILITIES AND OTHER PAYABLES

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

ACCRUED LIABILITIES AND OTHER PAYABLES

12. ACCRUED LIABILITIES AND OTHER PAYABLES


	As of
	June 30, 2023		December 31, 2022
	RMB’000		RMB’000
Accrued salary		458		402
Others		398		397
		856		799

As of December 31, 2022, total accrued liabilities and other payables of discontinued operations was RMB 19,197,000 (Note 17).

Accrued liabilities consist mainly of accrued rental, wages and utility expenses.

The carrying value of accrued liabilities and other payables is considered to be a reasonable approximation of fair value.

NOTE PAYABLE

6 Months Ended

Jun. 30, 2023

Note Payable

NOTE PAYABLE

13. NOTE PAYABLE

Unsecured Promissory Note in December 2022

SHARE CAPITAL

6 Months Ended

Jun. 30, 2023

Share Capital

SHARE CAPITAL

14. SHARE CAPITAL

As of

June 30, 2023

December 31, 2022

Number

US$

Number

US$

of shares

‘000

of shares

‘000

Authorized:

Ordinary shares of US$ 0.024 each

200,000,000

4,800

200,000,000

4,800

	June 30, 2023
	Number		RMB
	of shares		‘000
Outstanding and fully paid:
Ordinary shares of US$ 0.024 each
At January 1, 2023		805,785		1,288
Issuance of new shares for equity financing		854,139		1,486
Conversion of Long-term notes into common shares		2,275		4
Issuance of new shares – share-based compensation to CEO and CFO		53,262		93
Issuance of new shares – share-based compensation to Directors		168,000		292
Issuance of new shares – share-based compensation to Employee		211,721		369
At June 30, 2023 *		2,095,182		3,532

*	The number of shares reflected the one-for-ten reverse split effective on September 18, 2023.

Grant date (investors and placement agent, respectively)	February 17, 2021
Share price at date of grant (investors and placement agent, respectively)	US$	4.45
Exercise price at date of grant (investors and placement agent, respectively)	US$	3.57 & 4.46
Volatility		107	%
Warrant life		5 years
Dividend yield		0	%
Risk-free interest rate		0.57	%
Average fair value at grant date	US$	3.54

Grant date (investors and placement agent, respectively)	June 14, 2021
Share price at date of grant (investors and placement agent, respectively)	US$	3.15
Exercise price at date of grant (investors and placement agent, respectively)	US$	3.42 & 4.35
Volatility		115	%
Warrant life		5 years
Dividend yield		0	%
Risk-free interest rate		0.80	%
Average fair value at grant date	US$	2.50

Grant date (investors and placement agent, respectively)	October 4, 2022
Share price at date of grant (investors and placement agent, respectively)	US$	0.58
Exercise price at date of grant (investors and placement agent, respectively)	US$	0.82 & 0.75
Volatility		104	%
Warrant life		5 years
Dividend yield		0	%
Risk-free interest rate		3.96	%
Average fair value at grant date	US$	0.43

Following is a summary of the warrant activity for the six months ended June 30, 2023:

					Weighted
					Average
					Remaining
			Average		Contractual
	Number of		Exercise		Term in
	Warrants		Price		Years
Outstanding at December 31, 2022		370,175	$	21.7		4.02
Exercisable at December 31, 2022		370,175		21.7		4.02
Issued		—		—		—
Exercised		—		—		—
Expired		—		—		—
Outstanding at June 30, 2023 *		370,175		21.7		3.52
Exercisable at June 30, 2023 *		370,175	$	21.7		3.52

*	The number of shares reflected the one-for-ten reverse split effective on September 18, 2023

Share-based Compensation

RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2023

Disclosure of transactions between related parties [abstract]

RELATED PARTY TRANSACTIONS

15. RELATED PARTY TRANSACTIONS

	June 30, 2023		December 31, 2022
	As of
	June 30, 2023		December 31, 2022
	RMB’000		RMB’000
Amounts owed to related parties		131		1,291

	June 30, 2023		December 31, 2022
	As of
	June 30, 2023		December 31, 2022
	RMB’000		RMB’000
Amounts owed from related parties		242		-

As of June 30, 2023, the Company had due from CEO of RMB 242,000, the CEO repaid it in full in August 2023.

COMMITMENTS

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

COMMITMENTS

16. COMMITMENTS

(a) Capital commitments

	June 30, 2023		December 31, 2022
	As of
	June 30, 2023		December 31, 2022
	RMB’000		RMB’000
Contracted for capital commitment with respect to capital contributions to its wholly foreign owned subsidiary in the PRC:
Chengdu Future		26,074		30,000
Antelope Chengdu		41,500		47,365
Hainan Antelope Holding		63,726		63,726
Antelope Future (Yangpu)		62,426		63,726
Antelope Investment (Hainan)		50,000		50,000
Antelope Ruicheng Investment		48,710		47,245
Hangzhou Kylin Cloud Service Technology		2,220		4,500
Wenzhou Kylin Cloud Service Technology		5,000		-
Anhui Kylin Cloud Service Technology		3,900		4,900
Contractual capital commitments		3,900		4,900

ASSETS AND LIABILITIES OF DISPOSAL GROUP

6 Months Ended

Jun. 30, 2023

Assets And Liabilities Of Disposal Group

ASSETS AND LIABILITIES OF DISPOSAL GROUP

17. ASSETS AND LIABILITIES OF DISPOSAL GROUP

	As of April 28, 2023
	RMB’000

Right-of-use assets, net		26,670
Inventories, net		25,798
Trade receivables, net		2,875
Other receivables and prepayments		2,890
Cash and bank balances		256
Accrued liabilities and other payables		(19,143	)
Amounts owed to related parties		(35,057	)
Lease liabilities		(19,315	)
Taxes payable		(77	)

The financial performance and cash flow information of disposed group are for the six months ended June 30, 2023 and 2022:

	2023			2022
	Six Months Ended June 30,
	2023			2022
	RMB’000			RMB’000
Financial performance

Net sales		2,701			16,715

Cost of goods sold		7,557			19,025

Gross loss		(4,856	)		(2,310	)

Other income		5,716			8,717
Selling and distribution expenses		(1,517	)		(2,976	)
Administrative expenses		(1,434	)		(10,108	)
Bad debt Reversal (expense)		1,000			(18,829	)
Finance costs		(293	)		(739	)

Loss before taxation		(1,384	)		(26,245	)

Gain on disposal of discontinued operations		73,846			-
Income tax expense		-			-

Net loss for the year from discontinued operations		72,461			(26,245	)


Cash flow information

Net cash generated from operating activities from discontinued operations		14,118			8,406

Net cash used in investing activities from discontinued operations		-			-

Net cash used in financing activities from discontinued operations		(14,303	)		(14,303	)

Net (decrease) increase in cash and cash equivalents from discontinued operations		(185	)		(5,897	)

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2023

Disclosure of non-adjusting events after reporting period [abstract]

SUBSEQUENT EVENTS

18. SUBSEQUENT EVENTS

REVENUE AND OTHER INCOME (Tables)

6 Months Ended

Jun. 30, 2023

Revenue And Other Income

SCHEDULE OF ANALYSIS ABOUT COMPANY'S REVENUE AND OTHER INCOME


	For the six months ended June 30,
	2023		2022
	RMB’000		RMB’000
Revenues
Continuing operations
Business management and consulting		3,302		5,952
Livestreaming ecommerce		305,948		112,294

Discontinued operations
Sale of tiles (Note 17)		2,701		16,715

Total revenues		311,951		134,961

Other income
Continuing operations
Interest income		530		163
Government grant		307		632
Tax subsidy		-		887
Loan forgiveness		1,160		-
Other income		834		-

Discontinued operations
Other income (Note 17)		5,716		8,717
Total other income		8,547		10,399

SCHEDULE OF OPERATIONS BY BUSINESS SEGMENT

The following table shows the Company’s operations by business segment for the six months ended June 30, 2023 and 2022.


	For the six months ended June 30,
	2023			2022
	RMB’000			RMB’000
Revenues
Discontinued operations
Sales of tile products		2,701			16,716
Continuing operations
Consulting income / software		3,302			5,952
Livestreaming ecommerce		305,948			112,293
Total revenues		311,951			134,961

Cost of revenues
Discontinued operations
Sales of tile products		7,557			19,026
Continuing operations
Consulting income / software		8,151			7,123
Livestreaming ecommerce		253,904			109,216
Total cost of revenues		269,612			135,365

Operating costs and expenses
Discontinued operations
Sales of tile products		3,244			13,823
Continuing operations
Consulting income / software		2,584			3,275
Livestreaming ecommerce		53,187			2,450
Other		32,139			2,570
Total operating costs and expenses		91,154			22,118

Bad debt expense (reversal)
Discontinued operations
Sales of tile products		(1,000	)		18,829
Continuing operations
Consulting income / software		-			-
Livestreaming ecommerce		-			(5,293	)
Total bad debt expense		(1,000	)		13,536

Other expenses
Discontinued operations
Sales of tile products		-			-
Continuing operations
Consulting income / software		-			-
Livestreaming ecommerce		-			4
Total other expenses		-			4

Other income
Discontinued operations
Sales of tile products		5,716			8,716
Continuing operations
Consulting income / software		74			36
Livestreaming ecommerce		1,070			1,489
Other		1,687			158
Total other income		8,547			10,399

Loss from operations
Sales of tile products		(1,384	)		(26,246	)
Consulting income / software		(7,359	)		(4,410	)
Livestreaming ecommerce		(73	)		7,405
Other		(30,452	)		(2,412	)
Loss from operations		(39,268	)		(25,663	)


	As of June 30, 2023		As of December 31, 2022
Segment assets
Ceramic tile products		-		74,675
Consulting income/software		57,284		15,924
Livestreaming ecommerce		14,236		15,004
Others		60,281		4,403
Total assets		131,801		110,006

LOSS BEFORE TAXATION (Tables)

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

SCHEDULE OF LOSS BEFORE TAXATION

SCHEDULE OF LOSS BEFORE TAXATION


	For the six months ended June 30,
	2023		2022
	RMB’000		RMB’000
Finance costs
Interest expense on lease liability		293		753
Cost of inventories recognized as an expense (including depreciation charge of right-of-use assets for leases)		7,557		19,025
Depreciation of fixed assets		178		132
Depreciation charge of right-of-use assets for leases (included in the administrative expenses)		-		163
Research and development costs		294		806
Staff costs (including key management personnel remuneration)		6,244		5,962

INCOME TAX (Tables)

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

SCHEDULE OF INCOME TAX

SCHEDULE OF INCOME TAX


	For the six months ended June 30,
	2023		2022
	RMB’000		RMB’000
Continuing operations
Current Tax:
PRC Income Tax Expense		2		83
Deferred tax expense		—		—
Total income tax		2		83

LOSS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2023

Loss Per Share

SCHEDULE OF LOSS PER SHARE

SCHEDULE OF LOSS PER SHARE


	For the six months ended June 30,
	2023			2022
	RMB’000			RMB’000
Loss attributable to holders of ordinary shares (RMB’000):
Net loss from continuing operations		(37,848	)		(3,090	)
Net income (loss) from discontinued operations		72,461			(26,245	)
Weighted average number of ordinary shares outstanding used in computing basic earnings per share *		1,614,471			601,314
Weighted average number of ordinary shares outstanding used in computing diluted earnings per share *		1,984,646			601,314
Income (loss) per share – basic (RMB)
From continuing operations		(23.44	)		(5.14	)
From discontinued operations		44.88			(43.65	)
Income (loss) per share - diluted (RMB) **
From continuing operations **		(23.44	)		(5.14	)
From discontinued operations **		36.51			(43.65	)

*	The number of shares reflected the one-for-ten reverse split effective on September 18, 2023.

TRADE PAYABLES (Tables)

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

SCHEDULE OF INFORMATION ABOUT TRADE PAYABLES


	As of
	June 30, 2023		December 31, 2022
	RMB’000		RMB’000
Trade payables		2,594		3,079

ACCRUED LIABILITIES AND OTHER PAYABLES (Tables)

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

SCHEDULE OF INFORMATION ABOUT ACCRUED LIABILITIES AND OTHER PAYABLES


	As of
	June 30, 2023		December 31, 2022
	RMB’000		RMB’000
Accrued salary		458		402
Others		398		397
		856		799

SHARE CAPITAL (Tables)

6 Months Ended

Jun. 30, 2023

Share Capital

SCHEDULE OF INFORMATION ABOUT CLASSES OF SHARE CAPITAL

As of

June 30, 2023

December 31, 2022

Number

US$

Number

US$

of shares

‘000

of shares

‘000

Authorized:

Ordinary shares of US$ 0.024 each

200,000,000

4,800

200,000,000

4,800

	June 30, 2023
	Number		RMB
	of shares		‘000
Outstanding and fully paid:
Ordinary shares of US$ 0.024 each
At January 1, 2023		805,785		1,288
Issuance of new shares for equity financing		854,139		1,486
Conversion of Long-term notes into common shares		2,275		4
Issuance of new shares – share-based compensation to CEO and CFO		53,262		93
Issuance of new shares – share-based compensation to Directors		168,000		292
Issuance of new shares – share-based compensation to Employee		211,721		369
At June 30, 2023 *		2,095,182		3,532

*	The number of shares reflected the one-for-ten reverse split effective on September 18, 2023.

SCHEDULE OF PRINCIPAL ASSUMPTIONS USED IN VALUATION

Grant date (investors and placement agent, respectively)	February 17, 2021
Share price at date of grant (investors and placement agent, respectively)	US$	4.45
Exercise price at date of grant (investors and placement agent, respectively)	US$	3.57 & 4.46
Volatility		107	%
Warrant life		5 years
Dividend yield		0	%
Risk-free interest rate		0.57	%
Average fair value at grant date	US$	3.54

Grant date (investors and placement agent, respectively)	June 14, 2021
Share price at date of grant (investors and placement agent, respectively)	US$	3.15
Exercise price at date of grant (investors and placement agent, respectively)	US$	3.42 & 4.35
Volatility		115	%
Warrant life		5 years
Dividend yield		0	%
Risk-free interest rate		0.80	%
Average fair value at grant date	US$	2.50

Grant date (investors and placement agent, respectively)	October 4, 2022
Share price at date of grant (investors and placement agent, respectively)	US$	0.58
Exercise price at date of grant (investors and placement agent, respectively)	US$	0.82 & 0.75
Volatility		104	%
Warrant life		5 years
Dividend yield		0	%
Risk-free interest rate		3.96	%
Average fair value at grant date	US$	0.43

SCHEDULE OF SUMMARY OF THE WARRANT ACTIVITY

					Weighted
					Average
					Remaining
			Average		Contractual
	Number of		Exercise		Term in
	Warrants		Price		Years
Outstanding at December 31, 2022		370,175	$	21.7		4.02
Exercisable at December 31, 2022		370,175		21.7		4.02
Issued		—		—		—
Exercised		—		—		—
Expired		—		—		—
Outstanding at June 30, 2023 *		370,175		21.7		3.52
Exercisable at June 30, 2023 *		370,175	$	21.7		3.52

*	The number of shares reflected the one-for-ten reverse split effective on September 18, 2023

RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2023

Disclosure of transactions between related parties [abstract]

SCHEDULE OF SIGNIFICANT RELATED PARTY TRANSACTIONS

	June 30, 2023		December 31, 2022
	As of
	June 30, 2023		December 31, 2022
	RMB’000		RMB’000
Amounts owed to related parties		131		1,291

	June 30, 2023		December 31, 2022
	As of
	June 30, 2023		December 31, 2022
	RMB’000		RMB’000
Amounts owed from related parties		242		-

COMMITMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Notes and other explanatory information [abstract]

SCHEDULE OF CAPITAL EXPENDITURES CONTRACTED FOR AT THE BALANCE SHEET DATE BUT NOT RECOGNIZED

	June 30, 2023		December 31, 2022
	As of
	June 30, 2023		December 31, 2022
	RMB’000		RMB’000
Contracted for capital commitment with respect to capital contributions to its wholly foreign owned subsidiary in the PRC:
Chengdu Future		26,074		30,000
Antelope Chengdu		41,500		47,365
Hainan Antelope Holding		63,726		63,726
Antelope Future (Yangpu)		62,426		63,726
Antelope Investment (Hainan)		50,000		50,000
Antelope Ruicheng Investment		48,710		47,245
Hangzhou Kylin Cloud Service Technology		2,220		4,500
Wenzhou Kylin Cloud Service Technology		5,000		-
Anhui Kylin Cloud Service Technology		3,900		4,900
Contractual capital commitments		3,900		4,900

ASSETS AND LIABILITIES OF DISPOSAL GROUP (Tables)

6 Months Ended

Jun. 30, 2023

Assets And Liabilities Of Disposal Group

SCHEDULE OF ASSETS AND LIABILITIES OF DISPOSAL GROUP

	As of April 28, 2023
	RMB’000

Right-of-use assets, net		26,670
Inventories, net		25,798
Trade receivables, net		2,875
Other receivables and prepayments		2,890
Cash and bank balances		256
Accrued liabilities and other payables		(19,143	)
Amounts owed to related parties		(35,057	)
Lease liabilities		(19,315	)
Taxes payable		(77	)

SCHEDULE OF FINANCIAL PERFORMANCE AND CASH FLOW INFORMATION

The financial performance and cash flow information of disposed group are for the six months ended June 30, 2023 and 2022:

	2023			2022
	Six Months Ended June 30,
	2023			2022
	RMB’000			RMB’000
Financial performance

Net sales		2,701			16,715

Cost of goods sold		7,557			19,025

Gross loss		(4,856	)		(2,310	)

Other income		5,716			8,717
Selling and distribution expenses		(1,517	)		(2,976	)
Administrative expenses		(1,434	)		(10,108	)
Bad debt Reversal (expense)		1,000			(18,829	)
Finance costs		(293	)		(739	)

Loss before taxation		(1,384	)		(26,245	)

Gain on disposal of discontinued operations		73,846			-
Income tax expense		-			-

Net loss for the year from discontinued operations		72,461			(26,245	)


Cash flow information

Net cash generated from operating activities from discontinued operations		14,118			8,406

Net cash used in investing activities from discontinued operations		-			-

Net cash used in financing activities from discontinued operations		(14,303	)		(14,303	)

Net (decrease) increase in cash and cash equivalents from discontinued operations		(185	)		(5,897	)

SCHEDULE OF ANALYSIS ABOUT COMPANY'S REVENUE AND OTHER INCOME (Details) - CNY (¥) ¥ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Revenues
Total revenues	¥ 311,951	¥ 134,961
Interest income	530	163
Government grant	307	632
Tax subsidy		887
Loan forgiveness	1,160
Other income	834
Other income (Note 17)	5,716	8,717
Total other income	8,547	10,399
Business management and consulting [member]
Revenues
Total revenues	3,302	5,952
Live streaming ecommerce [member]
Revenues
Total revenues	305,948	112,294
Tile products [member]
Revenues
Total revenues	¥ 2,701	¥ 16,715

SCHEDULE OF OPERATIONS BY BUSINESS SEGMENT (Details) - CNY (¥) ¥ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total revenues	¥ 309,250	¥ 118,246
Total cost of revenues	262,055	116,340
Total bad debt expense		5,293
Total other expenses		4
Total other income	2,831	1,682
Loss from operations	(37,883)	582
Total assets	131,801		¥ 110,006
Tile products [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total assets			74,675
Consulting income and software [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total assets	57,284		15,924
Live streaming ecommerce [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total assets	14,236		15,004
Other segment [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total assets	60,281		¥ 4,403
Operating segments [member] \| Revenues [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total revenues	311,951	134,961
Operating segments [member] \| Cost of revenues [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total cost of revenues	269,612	135,365
Operating segments [member] \| Operating costs and expenses [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total operating costs and expenses	91,154	22,118
Operating segments [member] \| Bad debt expense reversal [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total bad debt expense	(1,000)	13,536
Operating segments [member] \| Other expenses [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total other expenses		4
Operating segments [member] \| Other income [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total other income	8,547	10,399
Operating segments [member] \| Income loss from operations [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Loss from operations	(39,268)	(25,663)
Operating segments [member] \| Tile products [member] \| Revenues [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total revenues	2,701	16,716
Operating segments [member] \| Tile products [member] \| Cost of revenues [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total cost of revenues	7,557	19,026
Operating segments [member] \| Tile products [member] \| Operating costs and expenses [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total operating costs and expenses	3,244	13,823
Operating segments [member] \| Tile products [member] \| Bad debt expense reversal [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total bad debt expense	(1,000)	18,829
Operating segments [member] \| Tile products [member] \| Other expenses [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total other expenses
Operating segments [member] \| Tile products [member] \| Other income [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total other income	5,716	8,716
Operating segments [member] \| Tile products [member] \| Income loss from operations [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Loss from operations	(1,384)	(26,246)
Operating segments [member] \| Consulting income and software [member] \| Revenues [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total revenues	3,302	5,952
Operating segments [member] \| Consulting income and software [member] \| Cost of revenues [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total cost of revenues	8,151	7,123
Operating segments [member] \| Consulting income and software [member] \| Operating costs and expenses [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total operating costs and expenses	2,584	3,275
Operating segments [member] \| Consulting income and software [member] \| Bad debt expense reversal [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total bad debt expense
Operating segments [member] \| Consulting income and software [member] \| Other expenses [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total other expenses
Operating segments [member] \| Consulting income and software [member] \| Other income [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total other income	74	36
Operating segments [member] \| Consulting income and software [member] \| Income loss from operations [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Loss from operations	(7,359)	(4,410)
Operating segments [member] \| Live streaming ecommerce [member] \| Revenues [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total revenues	305,948	112,293
Operating segments [member] \| Live streaming ecommerce [member] \| Cost of revenues [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total cost of revenues	253,904	109,216
Operating segments [member] \| Live streaming ecommerce [member] \| Operating costs and expenses [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total operating costs and expenses	53,187	2,450
Operating segments [member] \| Live streaming ecommerce [member] \| Bad debt expense reversal [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total bad debt expense		(5,293)
Operating segments [member] \| Live streaming ecommerce [member] \| Other expenses [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total other expenses		4
Operating segments [member] \| Live streaming ecommerce [member] \| Other income [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total other income	1,070	1,489
Operating segments [member] \| Live streaming ecommerce [member] \| Income loss from operations [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Loss from operations	(73)	7,405
Operating segments [member] \| Other segment [member] \| Operating costs and expenses [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Total operating costs and expenses	32,139	2,570
Operating segments [member] \| Other segment [member] \| Other income [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Other	1,687	158
Operating segments [member] \| Other segment [member] \| Income loss from operations [member]
DisclosureOfRevenueAndOtherIncomeLineItems [Line Items]
Loss from operations	¥ (30,452)	¥ (2,412)

SCHEDULE OF LOSS BEFORE TAXATION (Details) - CNY (¥) ¥ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Notes and other explanatory information [abstract]
Interest expense on lease liability	¥ 293	¥ 753
Cost of inventories recognized as an expense (including depreciation charge of right-of-use assets for leases)	7,557	19,025
Depreciation of fixed assets	178	132
Depreciation charge of right-of-use assets for leases (included in the administrative expenses)		163
Research and development costs	294	806
Staff costs (including key management personnel remuneration)	¥ 6,244	¥ 5,962

SCHEDULE OF INCOME TAX (Details) - CNY (¥) ¥ in Thousands	6 Months Ended
SCHEDULE OF INCOME TAX (Details) - CNY (¥) ¥ in Thousands	Jun. 30, 2023	Jun. 30, 2022
Current Tax:
PRC Income Tax Expense	¥ 2	¥ 83
Deferred tax expense
Total income tax	¥ 2	¥ 83

LOSS BEFORE TAXATION (Details Narrative) - CNY (¥)	6 Months Ended
LOSS BEFORE TAXATION (Details Narrative) - CNY (¥)	Jun. 30, 2023	Jun. 30, 2022
IfrsStatementLineItems [Line Items]
Employee benefits expense	¥ 6,244,000	¥ 5,962,000
Depreciation and amortisation expense	4,300,000	6,400,000
Cost of inventories [member]
IfrsStatementLineItems [Line Items]
Employee benefits expense	¥ 191,000	¥ 1,600,000

INCOME TAX (Details Narrative) - HKD ($) $ in Millions	6 Months Ended		9 Months Ended
INCOME TAX (Details Narrative) - HKD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2018
HK [member]
IfrsStatementLineItems [Line Items]
Applicable income tax rate	16.50%		8.25%
Unincorporated tax rate	15.00%		7.50%
Taxable profit	$ 2
CN [member]
IfrsStatementLineItems [Line Items]
Applicable income tax rate	25.00%	25.00%
CN [member] \| Antelope holdings chengdu co ltd [member]
IfrsStatementLineItems [Line Items]
Applicable income tax rate	2.50%	2.50%

SCHEDULE OF LOSS PER SHARE (Details) - CNY (¥)
¥ / shares in Units, ¥ in Thousands

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Loss attributable to holders of ordinary shares (RMB’000):

Net loss from continuing operations

¥ (37,848)

¥ (3,090)

Net income (loss) from discontinued operations

¥ 72,461

¥ (26,245)

Weighted average number of ordinary shares outstanding used in computing basic earnings per share

^[1]

1,614,471

601,314

Weighted average number of ordinary shares outstanding used in computing diluted earnings per share

^[1]

1,984,646

601,314

Income (loss) per share – basic (RMB)

From continuing operations

¥ (23.44)

¥ (5.14)

From discontinued operations

44.88

(43.65)

Income (loss) per share - diluted (RMB) **

From continuing operations

^[2]

(23.44)

(5.14)

From discontinued operations

^[2]

¥ 36.51

¥ (43.65)

[1]

The number of shares reflected the one-for-ten reverse split effective on September 18, 2023.

[2]

SCHEDULE OF LOSS PER SHARE (Details) (Parenthetical) - Integer

Jun. 30, 2023

Dec. 31, 2022

Jun. 30, 2022

IfrsStatementLineItems [Line Items]

Ordinary shares

370,175

^[1]

370,175

Class A ordinary shares [member]

IfrsStatementLineItems [Line Items]

Ordinary shares

370,175

135,316

[1]	The number of shares reflected the one-for-ten reverse split effective on September 18, 2023

LOAN RECEIVABLE (Details Narrative) - Anhui zhongjun enterprise management co ltd [member]	3 Months Ended
	Jun. 27, 2023 CNY (¥)
IfrsStatementLineItems [Line Items]
Borrowing total	¥ 32,470,000
Installments period	three years

SCHEDULE OF INFORMATION ABOUT TRADE PAYABLES (Details) - CNY (¥) ¥ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Notes and other explanatory information [abstract]
Trade payables	¥ 2,594	¥ 3,079

NOTE RECEIVABLE (Details Narrative)	6 Months Ended
NOTE RECEIVABLE (Details Narrative)	Jun. 30, 2023 CNY (¥)	Apr. 28, 2023 USD ($)	Apr. 28, 2023 CNY (¥)
Notes and other explanatory information [abstract]
Note receivable		$ 8,500,000	¥ 58,744,000
Annual interest rate		5.00%	5.00%
Interest income	¥ 491,000

SCHEDULE OF INFORMATION ABOUT ACCRUED LIABILITIES AND OTHER PAYABLES (Details) - CNY (¥) ¥ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Notes and other explanatory information [abstract]
Accrued salary	¥ 458	¥ 402
Others	398	397
Accrued Liabilities and other payables	¥ 856	¥ 799

TRADE PAYABLES (Details Narrative)	12 Months Ended
TRADE PAYABLES (Details Narrative)	Dec. 31, 2022
Notes and other explanatory information [abstract]
Term for settlement of trade payables	120 days

ACCRUED LIABILITIES AND OTHER PAYABLES (Details Narrative) - CNY (¥)	Jun. 30, 2023	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
Accrued liabilities and other payables	¥ 856,000	¥ 799,000
Discontinued operations [member]
IfrsStatementLineItems [Line Items]
Accrued liabilities and other payables		¥ 19,197,000

NOTE PAYABLE (Details Narrative)		6 Months Ended
NOTE PAYABLE (Details Narrative)	Dec. 12, 2022 USD ($)	Jun. 30, 2023 USD ($) shares	Jun. 30, 2023 CNY (¥)	Jun. 30, 2022 USD ($) shares	Jun. 30, 2022 CNY (¥) shares	Jun. 30, 2023 CNY (¥) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2022 CNY (¥) shares	Dec. 30, 2022 USD ($)
IfrsStatementLineItems [Line Items]
Unsecured promissory note									$ 8,500,000
Other expense \| ¥					¥ 4,000
Ordinary shares \| shares		200,000,000				200,000,000	200,000,000	200,000,000
Note purchase agreement [member]
IfrsStatementLineItems [Line Items]
Unsecured promissory note	$ 1,332,500
Gross proceeds	1,250,000
Original issue discount	62,500
Other expense	$ 20,000
Debt interest, rate	8.00%
Prepayment outstanding balance, rate	120.00%
Maximum monthly redemption, amount	$ 200,000
Outstanding balance	$ 200,000
Outstanding balance, rate	1.00%
Outstanding balance interest, description	the Investor shall have the right to increase the balance of the Note by fifteen percent (15%) for Major Trigger Event (as defined in the Note) and five percent (5%) for Minor Trigger Event (as defined in the Note). In addition, the Note provides that upon occurrence of an Event of Default, the interest rate shall accrue on the outstanding balance at the rate equal to the lesser of twenty-two percent (22%) per annum or the maximum rate permitted under applicable law.
Amortized for discount		$ 20,833	144,337	$ 20,833	144,337
Interest expense		52,376	362,877	52,376	362,877
Notes payable		15,000	¥ 108,770	15,000	108,770
Loss on conversion of notes				$ 4,955	¥ 34,330
Outstanding principal balance		1,278,073				¥ 9,267,694	$ 1,272,240	¥ 8,775,000
Unamortized for discount		$ 39,427					$ 60,260
Note purchase agreement [member] \| Class A ordinary shares [member]
IfrsStatementLineItems [Line Items]
Ordinary shares \| shares		22,751		22,751	22,751	22,751

SCHEDULE OF INFORMATION ABOUT CLASSES OF SHARE CAPITAL (Parenthetical) (Details) - $ / shares		6 Months Ended
	Feb. 12, 2021	Jun. 30, 2023	Jan. 13, 2023	Jan. 10, 2023
Share Capital
Par value per share		$ 0.024	$ 0.024	$ 0.024
Reverse stock split		one-for-ten reverse split
Purchase price of per share	$ 3.57

SCHEDULE OF INFORMATION ABOUT CLASSES OF SHARE CAPITAL (Details)
¥ in Thousands, $ in Thousands

6 Months Ended

Jun. 30, 2023

CNY (¥)

Jun. 30, 2022

CNY (¥)

Jun. 30, 2023

USD ($)

Mar. 30, 2023

Jan. 13, 2023

Jan. 10, 2023

Dec. 31, 2022

USD ($)

Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]

Number of shares authorised | shares

200,000,000

Value of Shares authorised | $

$ 4,800

Number of shares outstanding | shares

805,785

Issued capital | ¥

¥ 1,288

Number of shares issued | shares

854,139

5,681,820

1,234,568

1,625,000

Value of shares issued | ¥

1,486

Conversion of Long-term notes into common shares | shares

2,275

Conversion of Long-term notes into common shares | ¥

Issuance of new shares share based compensation to employee, value | ¥

¥ 28,509

¥ 1,025

Number of shares outstanding at end of period | shares

^[1]

2,095,182

Issed capital | ¥

^[1]

¥ 3,532

Chief executive officer and chief financial officer [member]

Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]

Issuance of new shares share based compensation to employee, shares | shares

53,262

Issuance of new shares share based compensation to employee, value | ¥

Director [Member]

Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]

Issuance of new shares share based compensation to employee, shares | shares

168,000

Issuance of new shares share based compensation to employee, value | ¥

292

Employee [member]

Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]

Issuance of new shares share based compensation to employee, shares | shares

211,721

Issuance of new shares share based compensation to employee, value | ¥

¥ 369

[1]	The number of shares reflected the one-for-ten reverse split effective on September 18, 2023.

SCHEDULE OF PRINCIPAL ASSUMPTIONS USED IN VALUATION (Details)	Oct. 04, 2022 USD ($) $ / shares	Jun. 14, 2021 USD ($) $ / shares	Feb. 17, 2021 USD ($) $ / shares	Feb. 12, 2021
DisclosureOfShareCapitalLineItems [Line Items]
Grant date	October 4, 2022	June 14, 2021	February 17, 2021
Share price at date of grant	0.58	3.15	4.45
Volatility			107.00%
Warrant life			5 years	5 years
Dividend yield	0.00%	0.00%	0.00%
Risk-free interest rate	3.96%	0.80%	0.57%
Average fair value at grant date \| $	$ 0.43	$ 2.50	$ 3.54
Bottom of range [member]
DisclosureOfShareCapitalLineItems [Line Items]
Exercise price at date of grant	$ 0.82	$ 3.42	$ 3.57
Top of range [member]
DisclosureOfShareCapitalLineItems [Line Items]
Exercise price at date of grant	$ 0.75	$ 4.35	$ 4.46
Volatility	104.00%	115.00%
Warrant life	5 years	5 years

SCHEDULE OF SUMMARY OF THE WARRANT ACTIVITY (Details)

6 Months Ended

12 Months Ended

Jun. 30, 2023

Integer

¥ / shares

Dec. 31, 2022

Integer

¥ / shares

Share Capital

Number of warrants, outstanding, beginning balance | Integer

370,175

Average exercise price, outstanding, beginning balance | ¥ / shares

¥ 21.7

Weighted average remaining contractual term in years, outstanding

3 years 6 months 7 days

^[1]

4 years 7 days

Number of warrants, exercisable, beginning balance | Integer

370,175

Average exercise price, exercisable, beginning balance | ¥ / shares

¥ 21.7

Weighted average remaining contractual term in years, exercisable

3 years 6 months 7 days

^[1]

4 years 7 days

Number of warrants, outstanding, ending balance | Integer

370,175

^[1]

370,175

Average exercise price, outstanding, ending balance | ¥ / shares

¥ 21.7

^[1]

¥ 21.7

Number of warrants, outstanding, ending balance | Integer

370,175

^[1]

370,175

Average exercise price, exercisable, ending balance | ¥ / shares

¥ 21.7

^[1]

¥ 21.7

[1]	The number of shares reflected the one-for-ten reverse split effective on September 18, 2023

SCHEDULE OF SUMMARY OF THE WARRANT ACTIVITY (Details) (Parenthetical)	6 Months Ended
	Jun. 30, 2023
Share Capital
Reverse stock split	one-for-ten reverse split

SHARE CAPITAL (Details Narrative)									6 Months Ended
SHARE CAPITAL (Details Narrative)	Aug. 02, 2023 USD ($) $ / shares shares	Mar. 30, 2023 USD ($) $ / shares shares	Jan. 13, 2023 USD ($) $ / shares shares	Jan. 10, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) Investors $ / shares shares	Jun. 10, 2021 USD ($) Investors $ / shares shares	Feb. 17, 2021	Feb. 12, 2021 USD ($) $ / shares shares	Jun. 30, 2023 CNY (¥)	Jun. 30, 2023 $ / shares shares
IfrsStatementLineItems [Line Items]
Aggregate the number of share sale \| shares								588,235
Gross Proceeds from pricing of public offering \| $								$ 2,100,000
Purchase price of per share							5 years	5 years
Proceeds from offering \| $								$ 1,860,000
Percentage of aggregate number of shares sold in offering								5.00%
Warrants exercise price per share \| $ / shares								$ 4.46
Number of institutional accredited investors \| Investors					2	3
Number of shares issued \| shares		5,681,820	1,234,568	1,625,000						854,139
Purchase price of per share \| $ / shares								$ 3.57
Par value per share \| $ / shares			$ 0.024	$ 0.024						$ 0.024
Share price, per share \| $ / shares		$ 0.88	$ 0.81	$ 0.80
Proceeds from issuing shares \| $		$ 5,000,000	$ 1,000,000	$ 1,300,000
Chief Financial Officer [Member]
IfrsStatementLineItems [Line Items]
Aggregate of warrants \| shares										45,365
Fair value of shares issued \| ¥									¥ 326,309
Former and chief executive officer [member]
IfrsStatementLineItems [Line Items]
Aggregate of warrants \| shares										487,251
Fair value of shares issued \| ¥									2,936,777
Director [Member]
IfrsStatementLineItems [Line Items]
Aggregate of warrants \| shares										1,680,000
Fair value of shares issued \| ¥									7,187,489
Employees [member]
IfrsStatementLineItems [Line Items]
Aggregate of warrants \| shares										2,117,211
Fair value of shares issued \| ¥									¥ 18,059,565
Weilai will zhang [member]
IfrsStatementLineItems [Line Items]
Proportion of voting rights held in associate percentage		52.13%
Major ordinary share transactions [member]
IfrsStatementLineItems [Line Items]
Number of shares issued \| shares	2,083,333
Share price, per share \| $ / shares	$ 0.48
Proceeds from issuing shares \| $	$ 1,000,000
Proportion of voting rights held in associate percentage		15.15%
Investor warrants [member]
IfrsStatementLineItems [Line Items]
Purchase price of per share						5 years
Proceeds from offering \| $					$ 1,000,000	$ 3,180,285
Warrants exercise price per share \| $ / shares					$ 0.82	$ 3.42
Warrants to purchase shares of common stock \| shares					1,666,667	913,875
Placement agent warrants [member]
IfrsStatementLineItems [Line Items]
Percentage of aggregate number of shares sold in offering					5.00%	5.00%
Warrants exercise price per share \| $ / shares					$ 0.75	$ 4.35
Securities purchase agreement [member]
IfrsStatementLineItems [Line Items]
Number of shares issued \| shares					1,666,667	913,875
Purchase price of per share \| $ / shares					$ 0.60	$ 3.48
Securities purchase agreement [member] \| Investor warrants [member]
IfrsStatementLineItems [Line Items]
Closing price for the common shares preceding execution of the SPA \| $ / shares						$ 3.42

SCHEDULE OF SIGNIFICANT RELATED PARTY TRANSACTIONS (Details) - CNY (¥) ¥ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Disclosure of transactions between related parties [abstract]
Amounts owed to related parties	¥ 131	¥ 1,291
Amounts owed from related parties	¥ 242

RELATED PARTY TRANSACTIONS (Details Narrative)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)
IfrsStatementLineItems [Line Items]
Due from related party		¥ 242,000
Chief Executive Officer [Member]
IfrsStatementLineItems [Line Items]
Due from related party		242,000
Sound treasure limited [member]
IfrsStatementLineItems [Line Items]
Borrowings			$ 167,000	1,160,000
Alex ng [member]
IfrsStatementLineItems [Line Items]
Borrowings	$ 20,000	¥ 131,000	$ 20,000	¥ 131,000

SCHEDULE OF CAPITAL EXPENDITURES CONTRACTED FOR AT THE BALANCE SHEET DATE BUT NOT RECOGNIZED (Details) - CNY (¥)	Jun. 30, 2023	Dec. 31, 2022
Chengdu Future Talented Management And Consulting Co Ltd [Member]
IfrsStatementLineItems [Line Items]
Contractual capital commitments	¥ 26,074	¥ 30,000
Antelope Holdings Chengdu Co. Ltd [Member]
IfrsStatementLineItems [Line Items]
Contractual capital commitments	41,500	47,365
Hainan Antelope Holding [member]
IfrsStatementLineItems [Line Items]
Contractual capital commitments	63,726	63,726
Antelope future yangpu [member]
IfrsStatementLineItems [Line Items]
Contractual capital commitments	62,426	63,726
Antelope investment hainan [member]
IfrsStatementLineItems [Line Items]
Contractual capital commitments	50,000	50,000
Antelope ruicheng investment [member]
IfrsStatementLineItems [Line Items]
Contractual capital commitments	48,710	47,245
Hainan Kylin Cloud Service Technology [Member]
IfrsStatementLineItems [Line Items]
Contractual capital commitments	2,220	4,500
Wenzhou Kylin Cloud Service Technology [Member]
IfrsStatementLineItems [Line Items]
Contractual capital commitments	5,000
Anhui Kylin Cloud Service Technology [Member]
IfrsStatementLineItems [Line Items]
Contractual capital commitments	¥ 3,900	¥ 4,900

SCHEDULE OF ASSETS AND LIABILITIES OF DISPOSAL GROUP (Details) - CNY (¥)	Jun. 30, 2023	Apr. 28, 2023	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
Right-of-use assets, net			¥ 469,000
Accrued liabilities and other payables	¥ (856,000)		¥ (799,000)
Disposal groups classified as held for sale [member]
IfrsStatementLineItems [Line Items]
Right-of-use assets, net		¥ 26,670
Inventories, net		25,798
Trade receivables, net		2,875
Other receivables and prepayments		2,890
Cash and bank balances		256
Accrued liabilities and other payables		(19,143)
Amounts owed to related parties		(35,057)
Lease liabilities		(19,315)
Taxes payable		¥ (77)

SCHEDULE OF FINANCIAL PERFORMANCE AND CASH FLOW INFORMATION (Details) - CNY (¥)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
IfrsStatementLineItems [Line Items]
Net sales	¥ 309,250,000	¥ 118,246,000
Cost of goods sold	262,055,000	116,340,000
Gross profit	47,195,000	1,906,000
Other income	2,831,000	1,682,000
Administrative expenses	(38,715,000)	(6,405,000)
Finance costs		(14,000)
Income (loss) before taxation	(37,883,000)	582,000
Gain on disposal of discontinued operations	(1,385,000)	(26,245,000)
Total comprehensive income (loss) for the period	30,431,000	(25,632,000)
Net cash generated from operating activities from discontinued operations	(38,565,000)	7,623,000
Net cash used in investing activities from discontinued operations	2,185,000	(8,567,000)
Net cash used in financing activities from discontinued operations	39,159,000	(12,030,000)
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS	2,779,000	(12,974,000)
Financial performance [member]
IfrsStatementLineItems [Line Items]
Net sales	2,701	16,715
Cost of goods sold	7,557	19,025
Gross profit	(4,856)	(2,310)
Other income	5,716	8,717
Selling and distribution expenses	(1,517)	(2,976)
Administrative expenses	(1,434)	(10,108)
Bad debt Reversal (expense)	1,000	(18,829)
Finance costs	(293)	(739)
Income (loss) before taxation	(1,384)	(26,245)
Gain on disposal of discontinued operations	73,846
Income tax expense
Total comprehensive income (loss) for the period	72,461	(26,245)
Net cash generated from operating activities from discontinued operations	14,118	8,406
Net cash used in investing activities from discontinued operations
Net cash used in financing activities from discontinued operations	(14,303)	(14,303)
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS	¥ (185)	¥ (5,897)

ASSETS AND LIABILITIES OF DISPOSAL GROUP (Details Narrative) ¥ in Millions, $ in Millions			6 Months Ended
	Apr. 28, 2023	Dec. 30, 2022 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CNY (¥)	Dec. 31, 2022 USD ($) shares
IfrsStatementLineItems [Line Items]
Increase (decrease) in number of ordinary shares issued \| shares		5,678,430
Outstanding ordinary shares \| shares					10,035,188
Unsecured promissory note		$ 8.5
Increase (decrease) through disposal of subsidiary, equity \| ¥				¥ 73.8
Gain loss disposal of assets disposal groups			$ 8.5
Debt securities [member]
IfrsStatementLineItems [Line Items]
Debt instrument fair value					$ 8.5
Success Winner Limited [Member]
IfrsStatementLineItems [Line Items]
Percentage of ownership interest in subsidiary	100.00%

SUBSEQUENT EVENTS (Details Narrative) $ / shares in Units, ¥ in Thousands										6 Months Ended
	Nov. 30, 2023 USD ($)	Sep. 01, 2023 USD ($)	Aug. 02, 2023 USD ($) $ / shares shares	Jul. 26, 2023 USD ($)	Mar. 30, 2023 USD ($) $ / shares shares	Jan. 13, 2023 USD ($) $ / shares shares	Jan. 10, 2023 USD ($) $ / shares shares	Dec. 12, 2022 USD ($)	Feb. 12, 2021 USD ($)	Jun. 30, 2023 CNY (¥) shares	Jun. 30, 2022 CNY (¥)	Aug. 18, 2023	Aug. 15, 2023
IfrsStatementLineItems [Line Items]
Gross Proceeds from pricing of public offering									$ 2,100,000
Other expense \| ¥											¥ 4
Number of shares issued \| shares					5,681,820	1,234,568	1,625,000			854,139
Share issued price per share \| $ / shares					$ 0.88	$ 0.81	$ 0.80
Proceeds from issuing shares					$ 5,000,000	$ 1,000,000	$ 1,300,000
Note purchase agreement [member]
IfrsStatementLineItems [Line Items]
Percentage of debt interest								8.00%
Other expense								$ 20,000
Prepayment outstanding balance percentage								120.00%
Maximum monthly redemption amount								$ 200,000
Outstanding balance of promissory notes								$ 200,000
Percentage of outstanding balance								1.00%
Outstanding balance interest description								the Investor shall have the right to increase the balance of the Note by fifteen percent (15%) for Major Trigger Event (as defined in the Note) and five percent (5%) for Minor Trigger Event (as defined in the Note). In addition, the Note provides that upon occurrence of an Event of Default, the interest rate shall accrue on the outstanding balance at the rate equal to the lesser of twenty-two percent (22%) per annum or the maximum rate permitted under applicable law.
Nonadjusting events [member] \| Hangzhou kylin cloud services technology co. ltd [member]
IfrsStatementLineItems [Line Items]
Percentage of voting equity interests acquired													100.00%
Nonadjusting events [member] \| Jiangxi Kylin Cloud Services Technology Co Ltd [Member]
IfrsStatementLineItems [Line Items]
Percentage of voting equity interests acquired												100.00%
Nonadjusting events [member] \| Note purchase agreement [member]
IfrsStatementLineItems [Line Items]
Debt conversion original debt principal amount				$ 1,070,000
Gross Proceeds from pricing of public offering				$ 1,000,000
Percentage of debt interest				8.00%
Original issuance discount amount				$ 50,000
Other expense				$ 20,000
Prepayment outstanding balance percentage				120.00%
Maximum monthly redemption amount				$ 160,000
Outstanding balance of promissory notes	$ 96,091.77	$ 1,163,778.15		$ 160,000
Percentage of outstanding balance				1.00%
Outstanding balance interest description				the Investor shall have the right to increase the balance of the Note by fifteen percent (15%) for Major Trigger Event (as defined in the Note) and five percent (5%) for Minor Trigger Event (as defined in the Note). In addition, the Note provides that upon occurrence of an Event of Default, the interest rate shall accrue on the outstanding balance at the rate equal to the lesser of twenty-two percent (22%) per annum or the maximum rate permitted under applicable law.
Major ordinary share transactions [member]
IfrsStatementLineItems [Line Items]
Number of shares issued \| shares			2,083,333
Share issued price per share \| $ / shares			$ 0.48
Proceeds from issuing shares			$ 1,000,000

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