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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark one)

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☐ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from January 1, 2025 to September 30,2025

OR

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 001-34944

Antelope Enterprise Holdings Limited

(Exact name of the Registrant as specified in its charter)

British Virgin Islands

(Jurisdiction of incorporation or organization)

Room 1802, Block D, Zhonghai International Center,

Hi-Tech Zone, Chengdu, Sichuan Province, PRC

Telephone: +86 (28) 65770918

(Address of principal executive offices)

Tingting Zhang

Suite 7540, The Empire State Building,

350 Fifth Avenue

New York, New York 10118

Telephone:+1 (838) 500 8888

(Name, Telephone, E-mail and/or Facsimile Number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Ordinary SharesAEHLThe Nasdaq Stock Market

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None.

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None.

(Title of Class)

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the transition report.

An aggregate of 4,580,547 Class A ordinary shares, no par value each, and 2,555,497 Class B ordinary shares, no par value each, were issued and outstanding as of September 30, 2025.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes ☐No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.

☐ Large Accelerated filer☐ Accelerated filer☒ Non-accelerated filer
Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

☐ US GAAP☒ International Financial Reporting Standards as issued by the International Accounting Standards Board☐ Other

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No☒

TABLE OF CONTENTS

Page
EXPLANATORY NOTE REGARDING THE CHANGE IN FISCAL YEAR END3
FORWARD-LOOKING INFORMATION4
Certain information5
PART I6
ITEM 1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS6
ITEM 2.OFFER STATISTICS AND EXPECTED TIMETABLE6
ITEM 3.KEY INFORMATION6
ITEM 4.INFORMATION ON THE COMPANY28
ITEM 4A. UNRESOLVED STAFF COMMENTS47
ITEM 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS48
ITEM 6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES67
ITEM 7.MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS74
ITEM 8.FINANCIAL INFORMATION75
ITEM 9.THE OFFER AND LISTING76
ITEM 10.ADDITIONAL INFORMATION76
ITEM 11.QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK87
ITEM 12.DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES87
PART II88
ITEM 13.DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES88
ITEM 14.MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS88
ITEM 15.CONTROLS AND PROCEDURES88
ITEM 16.RESERVED89
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT89
ITEM 16B. CODE OF ETHICS89
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES89
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES.89
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS89
ITEM 16F. CHANGES IN REGISTRANT’S CERTIFYING ACCOUNTANT90
ITEM 16G. CORPORATE GOVERNANCE90
ITEM 16H. MINE SAFETY DISCLOSURE90
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION90
ITEM 16J. INSIDER TRADING POLICIES91
ITEM 16K. CYBERSECURITY91
PART III92
ITEM 17.FINANCIAL STATEMENTS92
ITEM 18.FINANCIAL STATEMENTS92
ITEM 19.EXHIBITS92
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.