As filed with the Securities
and Exchange Commission on August 12, 2021
Registration No. 333-
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM F-3
REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933
Antelope Enterprise Holdings Ltd.
(Exact name of registrant as specified in its
charter)
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British Virgin
Islands
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Not Applicable
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employe
Identification No.)
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c/o Jinjiang Hengda Ceramics Co., Ltd.
Junbing Industrial Zone, Anhai, Jinjiang City,
Fujian Province, PRC
Telephone: +86 (595) 8576 5053
(Address of principal executive offices, including
zip code)
Copies to:
Ralph V. De Martino, Esq.
Schiff Hardin LLP
901 K Street NW, Suite 700
Washington, DC 20001
Tel: (202)724-6848
Fax: (202) 778-6460
Approximate date of commencement of proposed sale to the public: From
time to time after the effective date of this Registration Statement.
If the only securities being registered on this Form are being offered
pursuant to dividend or interest reinvestment plans, please check the following box. ¨
If any of the securities being registered on this Form are to be offered
on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. x
If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number
of the earlier effective registration statement for the same offering. ¨
If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. ¨
If this Form is a registration statement pursuant
to General Instruction I.C. or a post-effective amendment thereto that shall become effective upon filing with the SEC pursuant to Rule
462(e) under the Securities Act, check the following box. ¨
If this Form is a post-effective amendment to
a registration statement filed pursuant to General Instruction I.C. filed to register additional securities or additional classes of
securities pursuant to Rule 413(b) under the Securities Act, check the following box. ¨
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.
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 7(a)(2)(B) of
the Securities Act. ¨
CALCULATION OF REGISTRATION FEE
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Title of Security Being Registered
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Amount Being
Registered (1)
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Proposed Maximum Aggregate
Offering Price (2)
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Amount of
Registration Fee
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Shares, par value $0.024 per share, to be offered by the selling shareholders
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2,218,702
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$
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6,500,797
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$
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710
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(1) All of the shares being
registered are offered by the Selling Shareholders listed in the registration statement. Accordingly, this registration statement includes
an indeterminate number of additional shares of common stock issuable for no additional consideration pursuant to any stock dividend,
stock split, recapitalization or other similar transaction effected without the receipt of consideration, which results in an increase
in the number of outstanding shares of our common stock. In the event of a stock split, stock dividend or similar transaction involving
our common stock, in order to prevent dilution, the number of shares registered shall be automatically increased to cover the additional
shares in accordance with Rule 416(a) under the Securities Act of 1933.
(2) Estimated solely for the purpose of calculating
the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, as amended, based on the average of the high and low prices
per share of the registrant’s shares as reported on the Nasdaq Capital Market on August 11, 2021.
The Registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which
specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities
Act of 1933 or until this Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting
pursuant to said Section 8(a), may determine.
The information in this prospectus
is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange
Commission is effective. This prospectus is not an offer to sell securities and it is not soliciting an offer to buy securities in any
state where the offer or sale is not permitted.
Subject to Completion, dated
[_], 2021
PRELIMINARY PROSPECTUS
2,218,702 Shares, 566,379 sold in a private
placement and 1,652,323
issuable upon exercise of outstanding warrants
sold in private placements, offered by the Selling Shareholders,
of
Antelope Enterprise Holdings, Ltd.
This prospectus relates to
the offer and sale of up to 566,379 shares of our common shares in a private placement at a price of $2.32 per share (the “December
2020 Shares”), 588,236 shares of our common shares issuable upon the exercise of warrants at an exercise price of $3.57 per share
(the “February 2021 Warrants”), up to 58,824 of our common shares issuable upon the exercise of placement agent warrants
at an exercise price of $4.46 per share (the “February 2021 Placement Agent Warrants”), up to 913,875 of our common shares
issuable upon the exercise of warrants at an exercise price of $3.48 per share (the “June 2021 Warrants”), and up to 91,388of
our common shares issuable upon the exercise of placement agent warrants at an exercise price of $4.35 per share (the “June 2021
Placement Agent Warrants”). Our common shares are issuable upon exercise of these warrants which are currently held by certain
Selling Shareholders named in this prospectus. We issued the June 2021 Warrants and the June 2021 Placement Agent Warrants in connection
with the June 2021 capital raising transaction, and the February 2021 Warrants and the February 2021 Placement Agent Warrants - in connection
with the February 2021 capital raising transaction. The shares issuable upon exercise of such warrants may be offered for sale from time
to time by the Selling Shareholders. We will receive proceeds from any exercises of the above warrants, but not from the sale of the
underlying common shares.
The Selling Shareholders
may sell any or all of the shares on any stock exchange, market or trading facility on which the Shares are traded or in privately negotiated
transactions at fixed prices that may be changed, at market prices prevailing at the time of sale or at negotiated prices. Information
on the Selling Shareholders and the times and manners in which they may offer and sell our shares is described under the sections entitled
“Selling Shareholders” and “Plan of Distribution” in this prospectus. While we will bear all costs, expenses
and fees in connection with the registration of the Shares, we will not receive any of the proceeds from the sale of our shares by the
Selling Shareholders.
Our shares are currently
traded on the Nasdaq Stock Market under the symbol “AEHL”. On August 11, 2021, the closing price for our shares on Nasdaq
was $2.83 per share.
We may amend or supplement
this prospectus from time to time by filing amendments or supplements as required.
Investing in our securities involves risks.
See “Risk Factors” beginning on page 6 of this prospectus.
Neither the Securities and Exchange Commission
(the “SEC”) nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy
or accuracy of this prospectus. Any representation to the contrary is a criminal offense.
Prospectus dated [_], 2021
TABLE OF CONTENTS
ABOUT THIS PROSPECTUS
This prospectus is part of
a registration statement that we filed with the Securities and Exchange Commission. Under this registration process, the selling shareholders
may from time to time sell up to 588,236 Shares in one or more offerings. This prospectus provides you with a general description of
the securities that our selling shareholders may offer. Specific information about the offering may also be included in a prospectus
supplement, which may update or change information included in this prospectus. You should read both this prospectus and any prospectus
supplement together with additional information described under the heading “Where You Can Find More Information.”
You should rely only on the
information contained in this prospectus, any amendment or supplement to this prospectus or any free writing prospectus prepared by or
on our behalf. Neither we, nor the selling shareholders, have authorized any other person to provide you with different or additional
information. Neither we, nor the selling shareholders, take responsibility for, nor can we provide assurance as to the reliability of,
any other information that others may provide. The selling shareholders are not making an offer to sell these securities in any jurisdiction
where the offer or sale is not permitted. The information contained in this prospectus is accurate only as of the date of this prospectus
or such other date stated in this prospectus, and our business, financial condition, results of operations and/or prospects may have
changed since those dates.
Except as otherwise set forth
in this prospectus, neither we nor the selling shareholders have taken any action to permit a public offering of these securities outside
the United States or to permit the possession or distribution of this prospectus outside the United States. Persons outside the United
States who come into possession of this prospectus must inform themselves about and observe any restrictions relating to the offering
of these securities and the distribution of this prospectus outside the United States.
Certain Defined Terms and Conventions
Unless otherwise indicated,
references in this prospectus to:
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“China” or the “PRC”
are to the People’s Republic of China, excluding, for the purpose of this prospectus only, Taiwan and the special administrative
regions of Hong Kong and Macau.
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“Warrants” collectively refers to the February 2021 Warrants,
February 2021 Placement Agent Warrants, June 2021 Warrants, and June 2021 Placement Agent Warrants.
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“RMB” and “Renminbi” are to the legal currency
of China (see “Exchange Rate Information” for translations of RMB into U.S. dollars in this prospectus). This prospectus
contains translations of certain RMB amounts into U.S. dollar amounts at specified rates. We make no representation that the RMB
or U.S. dollar amounts referred to in this prospectus could have been or could be converted into U.S. dollars or RMB, as the case
may be, at any particular rate or at all (also see “Risk Factors”). On August [ ], 2021, the exchange rate was RMB [
] to US$1.00.
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“shares” are to our shares, par value US$0.024 per share.
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“US$” and “U.S. dollars” are to the legal currency
of the United States.
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“we,” “us,” “our,” refer to Antelope
Enterprise Holdings, Ltd., a British Virgin Islands company, and its subsidiaries, including Success Winner Limited (“Success
Winner”), a British Virgin Islands company and wholly owned subsidiary, Stand Best Creation Limited (“Stand Best”),
a Hong Kong company and wholly owned subsidiary of Success Winner and the entity that wholly owns Jinjiang Hengda Ceramics Co., Ltd.
(“Hengda”), a PRC operating company that in turn wholly owns Jiangxi Hengdali Ceramic Materials Co., Ltd. (“Hengdali”),
and Fujian Province Hengdali Building Materials Co., Ltd. each a PRC operating company.
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WHERE YOU CAN FIND MORE INFORMATION
For the purposes of this
section, the term registration statement means the original registration statement and any and all amendments including the schedules
and exhibits to the original registration statement or any amendment. This prospectus does not contain all of the information included
in the registration statement we filed. For further information regarding us and the Shares offered in this prospectus, you may desire
to review the full registration statement, including the exhibits. The registration statement, including its exhibits and schedules,
may be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Room 1580, Washington, D.C.
20549. You may obtain information on the operation of the public reference room by calling 1-202-551-8090. Copies of such materials are
also available by mail from the Public Reference Branch of the SEC at 100 F Street, N.E., Washington, D.C. 20549 at prescribed rates.
In addition, the SEC maintains a website (http://www.sec.gov) from which interested persons can electronically access the registration
statement, including the exhibits and schedules to the registration statement.
We are subject to the reporting
requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are applicable to a foreign private
issuer. In accordance with the Exchange Act, we file reports with the SEC, including annual reports on Form 20-F. We also furnish to
the SEC under cover of Form 6-K material information required to be made public in the British Virgin Islands, filed with and made public
by any stock exchange or automated quotation system or distributed by us to our shareholders. As a foreign private issuer, we are exempt
from the rules under the Exchange Act prescribing the furnishing and content of proxy statements to shareholders. In addition, our officers,
directors and principal shareholders are exempt from the “short-swing profits” reporting and liability provisions contained
in Section 16 of the Exchange Act and related Exchange Act rules.
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
The SEC allows us to “incorporate
by reference” the information we file with them. This means that we can disclose important information to you by referring you
to those documents. Each document incorporated by reference is current only as of the date of such document, and the incorporation by
reference of such documents should not create any implication that there has been no change in our affairs since the date thereof or
that the information contained therein is current as of any time subsequent to its date. The information incorporated by reference is
considered to be a part of this prospectus and should be read with the same care. When we update the information contained in documents
that have been incorporated by reference by making future filings with the SEC, the information incorporated by reference in this prospectus
is considered to be automatically updated and superseded. In other words, in the case of a conflict or inconsistency between information
contained in this prospectus and information incorporated by reference into this prospectus, you should rely on the information contained
in the document that was filed later.
We incorporate by reference
the documents listed below:
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our Annual Report on Form 20-F for the fiscal year ended December 31,
2020 filed with the SEC on April 29, 2021 and
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our report on Form 6-K dated June 16, 2021, respectively;
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with respect to each offering of securities under this prospectus,
all our subsequent Annual Reports on Form 20-F and any report on Form 6-K that (i) we file or furnish with the SEC on or after the
date on which this prospectus is first filed with the SEC and until the termination or completion of the offering under this prospectus
and (ii) indicates that it is being incorporated by reference in this prospectus.
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Unless expressly incorporated
by reference, nothing in this prospectus shall be deemed to incorporate by reference information furnished to, but not filed with, the
SEC. We will provide to each person, including any beneficial owner, who receives a copy of this prospectus, upon written or oral request,
without charge, a copy of any or all of the documents we refer to above which we have incorporated by reference in this prospectus, except
for exhibits to such documents unless the exhibits are specifically incorporated by reference into this prospectus. You should direct
your requests to the attention of our chief financial officer at our principal executive office located in c/o Junbing Industrial Zone,
Anhai, Jinjiang City, Fujian Province, PRC. Our telephone number at this address is +86 (595) 8576 5053 and our fax number is Fax: +86
(595) 8576 5059.
You should rely only on the
information contained or incorporated by reference in this prospectus, in any applicable prospectus supplement or any related free writing
prospectus that we may authorize to be delivered to you. We have not authorized any other person to provide you with different information.
If anyone provides you with different or inconsistent information, you should not rely on it. We will not make an offer to sell these
securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus,
the applicable supplement to this prospectus or in any related free writing prospectus is accurate as of its respective date, and that
any information incorporated by reference is accurate only as of the date of the document incorporated by reference, unless we indicate
otherwise. Our business, financial condition, results of operations and prospects may have changed since those dates.
PROSPECTUS SUMMARY
Our Business
We are a Chinese manufacturer
of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings. The ceramic tiles,
sold under the “HD” or “Hengda,” “HDL” or “Hengdeli”, “Pottery Capital of Tang
Dynasty”, “TOERTO” and ”WULIQIAO” brands are available in over two thousand styles, colors and size combinations.
Currently, we have five principal product categories: porcelain tiles, glazed tiles, glazed porcelain tiles, rustic tiles, and polished
glazed tiles. Ceramic tiles are widely used in the PRC as a construction material for residential and commercial buildings. Ceramic tiles
are used for flooring, interior walls for decorative purposes and on exterior siding due to their resistance to temperature, extreme
environments, erosion, abrasion and discoloration for extended periods of time. Our manufacturing facilities operated by Jinjiang Hengda
Ceramics Co., Ltd. are located in Jinjiang, Fujian Province, and our manufacturing facilities operated by Jiangxi Hengdali Ceramic Materials
Co., Ltd. are located in Gaoan, Jiangxi Province.
Corporate Information
Our principal executive
office is located at Junbing Industrial Zone, Anhai, Jinjiang City, Fujian Province, People’s Republic of China. Our telephone
number at this address is +86 595 8576 5053. Our registered office is Craigmuir Chambers, Road Town, Tortola, British Virgin Islands,
and our registered agent is Harneys Corporate Services Limited. We maintain a website at http://www.cceramics.com that contains information
about our company. Information on this web site is not part of this prospectus.
December 2020 Private Placement
On December 7, 2020, the
Company executed subscription agreements (each a “Subscription Agreement”) in connection with a $1,314,001 private placement
of its ordinary shares with three accredited investors at the price of $2.32 per share (the “December 2020 Shares”). All
respective purchasers in the offering were “accredited investors” (as such term is defined under rules and regulations promulgated
under the Securities Act), and the Company sold the securities in the Offering in reliance upon an exemption from registration contained
in Section 4(2) and Rule 506 under the Securities Act. There were no discounts or brokerage fees associated with this offering. The net
proceeds of the offering were used for working capital and general corporate purposes.
February 2021 Capital Raising Transaction
On February 12, 2021, we
entered into a Securities Purchase Agreement with certain institutional investors for the sale by the Company of 588,236 shares at a
purchase price of $3.57 per share. The shares were offered by us pursuant to the shelf registration statement on Form F-3 (File No. 333-228182),
which was declared effective by the Securities and Exchange Commission on November 19, 2019. Concurrently with the sale of the shares,
the Company also sold the February 2021 Warrants to purchase 588,236 shares. The aggregate gross proceeds of this offering were approximately
$2.1 million, before commissions and expenses. Subject to certain beneficial ownership limitations, the five-year February 2021 Warrants
will be immediately exercisable at an exercise price equal to $3.57 per share, subject to adjustments as provided under the terms of
the February 2021 Warrants, and will terminate on the five-year anniversary of the initial exercise date of the February 2021 Warrants.
The closing of the sales of these securities took place on February 17, 2021.
The warrants and
the shares issuable upon exercise of the warrants were sold without registration under the Securities Act in reliance on the exemptions
provided by Section 4(a)(2) of the Securities Act as transactions not involving a public offering and Rule 506 promulgated under the
Securities Act as sales to accredited investors, and in reliance on similar exemptions under applicable state laws.
Dawson James Securities,
Inc. acted as our exclusive placement agent, on a best-efforts basis, in connection with the offering. We agreed to pay the Placement
Agent a cash placement fee equal to 8% of the gross proceeds of the offering, plus other expenses of the Placement Agent not to exceed
$45,000. The Placement Agent also received five-year February 2021 Placement Agent 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 Placement Agent warrants have substantially the same terms as the February 2021 Warrants sold in the offering, except that
such February 2021 Placement Agent 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.
June 2021 Capital Raising Transaction
On June 10, 2021,
we entered into Securities Purchase Agreements with three institutional accredited investors pursuant to which it sold 913,875 of the
Company’s common shares 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, we sold to
such investors June 2021 Warrants to purchase 913,875 common shares (the “June 2021 Warrants”). The June 2021 Warrants have
an exercise price per share of $3.42, subject to adjustment, and have a term of five years. The June 2021 Warrants were sold without
registration under the Securities in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act as transactions not
involving a public offering and Rule 506 promulgated under the Securities Act as sales to accredited investors. The proceeds of the transaction
will be used for working capital and general working purposes. The transactions yielded gross proceeds to the Company of $3,180,285,
before payment of commissions and expenses.
Dawson James Securities,
Inc. acted as the Company’s exclusive placement agent in connection with this offering. The Company paid the Placement Agent a
fee equal to 8.0% of the gross proceeds of the offering, and a non-accountable expense allowance of $35,000. In addition, the Company
issued June 20201 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 June 2021 Warrants
issued in the concurrent private placement, as additional placement agency compensation. The June 2021 Placement Agent Warrants have
substantially the same terms as the June 2021 Warrants, except that the June 2021 Placement Agent Warrants will have an exercise price
of $4.35. The Placement Agent received customary indemnification in connection with the offering.
RISK FACTORS
Any investment in the shares
is speculative and involves a high degree of risk. Before making an investment decision, you should carefully consider the risks described
under “Risk Factors” in our most recent Annual Report on Form 20-F, or any updates in our reports on Form 6-K, together with
all of the other information appearing in, or incorporated by reference into, this prospectus and any applicable prospectus supplement.
The risks so described are not the only risks facing our company. Additional risks not presently known to us or that we currently deem
immaterial may also impair our business operations. Our business, financial condition and results of operations could be materially adversely
affected by any of these risks. The trading price of our securities could decline due to any of these risks, and you may lose all or
part of your investment.
The Warrants may not have value
The February 2021 Warrants
being offered in this offering have an exercise price of $3.57 per share and the June 2021 Warrants have an exercise price of $3.48.
In the event that our common stock does not exceed the exercise price of the February 2021Warrants or the June 2021 Warrants during the
period when such warrants are exercisable, such warrants may not have any value.
Holders of our Warrants will have no
rights as shareholders until they acquire shares of our common stock, if ever.
The holders of the Warrants
have no rights with respect to our common stock until they acquire shares upon exercise of such Warrants. Upon such exercise, they will
be entitled to exercise the rights of a holder of common stock only as to matters for which the record date occurs after the exercise
date.
There is no public
market for the Warrants being offered by us in this offering and an active trading market for the same is not expected to develop.
There is no established
public trading market for the Warrants being offered in this offering, and we do not expect a market to develop. Without an active market,
the liquidity of the Warrants will be severely limited.
NOTE REGARDING FORWARD-LOOKING
STATEMENTS
Some of the information
in this prospectus, any prospectus supplement, and the documents we incorporate by reference contains forward-looking statements within
the meaning of the federal securities laws. You should not rely on forward-looking statements in this prospectus, any prospectus supplement,
or the documents we incorporate by reference. Forward-looking statements typically are identified by use of terms such as “anticipate,”
“believe,” “plan,” “expect,” “future,” “intend,” “may,” “will,”
“should,” “estimate,” “predict,” “potential,” “continue,” and similar words,
although some forward-looking statements are expressed differently. This prospectus, any prospectus supplement, and the documents we
incorporate by reference may also contain forward-looking statements attributed to third parties relating to their estimates regarding
the growth of our markets. All forward-looking statements address matters that involve risks and uncertainties, and there are many important
risks, uncertainties and other factors that could cause our actual results, as well as those of the markets we serve, levels of activity,
performance, achievements and prospects to differ materially from the forward-looking statements contained in this prospectus, any prospectus
supplement, and the documents we incorporate by reference. You should also consider carefully the statements under “Risk Factors”
and other sections of this prospectus, any prospectus supplement, and the documents we incorporate by reference, which address additional
facts that could cause our actual results to differ from those set forth in the forward-looking statements. We caution investors not
to place significant reliance on the forward-looking statements contained in this prospectus, any prospectus supplement, and the documents
we incorporate by reference. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result
of new information, future developments or otherwise.
PRICE RANGE OF OUR SHARES
Our shares have been listed
on the NASDAQ Stock Market under the symbols CCCL, since January 18, 2011. Our shares were listed on the NASDAQ Capital Market from November
3, 2010 through January 17, 2011 and were relisted on the Nasdaq Capital Market on March 23, 2016 following the listing transfer where
it is trading now under the same symbol “CCCL.” Our shares were listed on the NASDAQ Global Market from January 18, 2011
until March 22, 2016. The shares were previously quoted on the OTC Bulletin Board from December 29, 2009 through November 2, 2010.
The following tables set
forth, for the calendar quarters indicated and through August 11, 2021, the quarterly high and low sale prices for our shares, as reported
on NASDAQ Stock Market and the OTC Bulletin Board, as applicable. The OTC Bulletin Board market quotations reflect inter-dealer prices,
without retail mark-up, mark-down or commission and may not necessarily reflect actual transactions. Prior to June 28, 2016, the sale
prices of our shares were retroactively restated to reflect the 8:1 reverse split effected on that date.
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Shares
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High
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Low
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Annual Highs and Lows
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2012
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36.32
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11.76
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2013
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32.48
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15.84
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2014
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20.48
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5.92
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2015
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11.36
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6.00
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2016
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8.64
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2.09
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Quarterly Highs and Lows
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2015
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First Quarter
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9.92
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6.48
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Second Quarter
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11.36
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8.88
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Third Quarter
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9.28
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6.00
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Fourth Quarter
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9.60
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6.00
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2016
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First Quarter
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8.64
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2.80
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Second Quarter
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4.08
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2.09
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Third Quarter
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5.30
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2.19
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Fourth Quarter
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3.02
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2.10
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2017
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First Quarter
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2.53
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2.08
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Second Quarter
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2.26
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1.32
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Third Quarter
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1.68
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1.31
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Fourth Quarter
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2.39
|
|
|
|
1.32
|
|
|
|
|
|
|
|
|
|
|
|
|
2018
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
|
2.69
|
|
|
|
1.43
|
|
|
Second Quarter
|
|
|
1.76
|
|
|
|
1.37
|
|
|
Third Quarter
|
|
|
1.87
|
|
|
|
1.32
|
|
|
Fourth Quarter
|
|
|
3.67
|
|
|
|
0.80
|
|
|
|
|
|
|
|
|
|
|
|
|
2019
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
|
2.08
|
|
|
|
1.38
|
|
|
Second Quarter
|
|
|
1.76
|
|
|
|
0.80
|
|
|
Third Quarter
|
|
|
0.93
|
|
|
|
0.73
|
|
|
Fourth Quarter
|
|
|
1.06
|
|
|
|
0.67
|
|
|
|
|
|
|
|
|
|
|
|
|
2020
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
|
2.70
|
|
|
|
1.11
|
|
|
Second Quarter
|
|
|
2.82
|
|
|
|
1.14
|
|
|
Third Quarter
|
|
|
3.12
|
|
|
|
1.83
|
|
|
Fourth Quarter
|
|
|
2.64
|
|
|
|
1.97
|
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
|
4.90
|
|
|
|
2.42
|
|
|
Second Quarter
|
|
|
7.70
|
|
|
|
2.46
|
|
(Source: http://finance.yahoo.com)
On August 11, 2021, the closing
price of our shares on the NASDAQ Stock Market was 2.83, with 5,906,866 shares issued and outstanding as of the same date.
CAPITALIZATION
The following table sets
forth our capitalization as of December 31, 2020. Because we will not be receiving any proceeds pursuant to the sale of any Shares by
the selling shareholders, our capitalization table is not adjusted to reflect such sales. You should read the following table in conjunction
with our financial statements, which are incorporated by reference into this prospectus.
|
Capitalization
|
|
As of
|
|
|
(in RMB except share data)
|
|
December
31, 2020
|
|
|
Common shares
issued
|
|
|
3,674,370
|
|
|
Par Value Amount
|
|
|
590,996
|
|
|
Additional Paid-In Capital
|
|
|
456,990,525
|
|
|
Statutory Reserves
|
|
|
135,343,158
|
|
|
Retained Earnings
|
|
|
(494,067,462)
|
|
|
Accumulated Other Comprehensive Income
|
|
|
(1,508,868)
|
|
|
|
|
|
|
|
|
Total:
|
|
|
97,348,349
|
|
USE OF PROCEEDS
We will receive proceeds
from any exercises of the warrants, but not from the sale of the underlying common stock. The selling shareholders will receive all of
the net proceeds from the sale of any shares offered by them under this prospectus. The selling shareholders will pay any underwriting
discounts and commissions and expenses incurred by the selling shareholders for brokerage, accounting, tax, legal services or any other
expenses incurred by the selling shareholders in disposing of these shares. We will bear all other costs, fees and expenses incurred
in effecting the registration of the Shares covered by this prospectus.
DIVIDEND POLICY
We paid a cash dividend of
US$0.10 (equivalent to RMB0.61) per share each on August 13, 2013 and January 14, 2014, respectively, to our shareholders which totaled
in aggregate US$4.1 million (equivalent to RMB24.9 million). Also, we paid a cash dividend of US$0.0125 (equivalent to RMB0.08) per share
each on August 14, 2014 and January 14, 2015, respectively, to its shareholders which totaled in aggregate US$0.5 million (equivalent
to RMB3.2 million).
We do not currently have
any plans to pay any cash dividends in the foreseeable future on our shares being sold in this offering. We currently intend to retain
most, if not all, of our available funds and any future earnings to operate and expand our business. The payment of dividends by entities
organized in China is subject to limitations. Regulations in the PRC currently permit payment of dividends only out of accumulated profits
as determined in accordance with PRC accounting standards and regulations. Each of our Chinese subsidiaries is also required to set aside
at least 10% of its after-tax profit based on China’s accounting standards each year to its general reserves until the cumulative
amount of such reserves reach 50% of its registered capital. These reserves are not distributable as cash dividends. The board of directors
of our PRC subsidiaries, each of which is a wholly foreign owned enterprise, has the discretion to allocate a portion of its after-tax
profits to its staff welfare and bonus funds, which is likewise not distributable to its equity owners except in the event of a liquidation
of the foreign-invested enterprise. If we decide to pay dividends in the future, these restrictions may impede our ability to pay dividends.
In addition, if any of these Chinese entities incurs debt on its own behalf in the future, the instruments governing the debt may restrict
its ability to pay dividends or make other distributions to us. Our Board of Directors has discretion on
whether to pay dividends. Even if our board of directors decides to pay dividends, the form, frequency and amount will depend upon our
future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors
that our board of directors may deem relevant.
SELLING SHAREHOLDERS
This prospectus covers the
public resale of the Shares owned by the selling shareholders named below. Such selling shareholders may from time to time offer and
sell pursuant to this prospectus any or all of the Shares owned by them. The selling shareholders, however, make no representations that
the Shares will be offered for sale. The tables below present information regarding the selling shareholders and the Shares that each
such selling shareholder may offer and sell from time to time under this prospectus.
Unless otherwise indicated,
all information with respect to ownership of our Shares of the selling shareholders has been furnished by or on behalf of the selling
shareholders and is as of August 11, 2021. We believe, based on information supplied by the selling shareholders, that except as may
otherwise be indicated in the footnotes to the tables below, the selling shareholders have sole voting and dispositive power with respect
to the Shares reported as beneficially owned by them. Because the selling shareholders identified in the tables may sell some or all
of the Shares owned by them which are included in this prospectus, and because, except as set forth herein, there are currently no agreements,
arrangements or understandings with respect to the sale of any of the Shares, no estimate can be given as to the number of Shares available
for resale hereby that will be held by the selling shareholders upon termination of this offering. In addition, the selling shareholders
may have sold, transferred or otherwise disposed of, or may sell, transfer or otherwise dispose of, at any time and from time to time,
the Shares they hold in transactions exempt from the registration requirements of the Securities Act after the date on which they provided
the information set forth on the table below. We have, therefore, assumed for the purposes of the following table, that the selling shareholders
will sell all of the Shares owned beneficially by them that are covered by this prospectus, but will not sell any other Ordinary Shares
that they presently own. However, we are not aware of any agreements, arrangements or understandings with respect to the sale of any
of the Shares by any of the selling shareholders. Beneficial ownership for the purposes of this table is determined in accordance with
the rules and regulations of the SEC. These rules generally provide that a person is the beneficial owner of securities if such person
has or shares the power to vote or direct the voting thereof, or to dispose or direct the disposition thereof or has the right to acquire
such powers within 60 days.
The selling shareholders
and intermediaries through whom such securities are sold may be deemed “underwriters” within the meaning of the Securities
Act with respect to the Shares offered by this prospectus, and any profits realized or commissions received may be deemed underwriting
compensation. Additional selling shareholders not named in this prospectus will not be able to use this prospectus for resales until
they are named in the tables above by prospectus supplement or post-effective amendment. Transferees, successors and donees of identified
selling shareholders will not be able to use this prospectus for resales until they are named in the tables above by prospectus supplement
or post-effective amendment. If required, we will add transferees, successors and donees by prospectus supplement in instances where
the transferee, successor or donee has acquired its Shares from holders named in this prospectus after the effective date of this prospectus.
The following table sets forth:
|
|
•
|
the name of each selling shareholder holding Shares;
|
|
|
•
|
the number of Shares beneficially owned by each selling shareholder
prior to the sale of the Shares covered by this prospectus;
|
|
|
•
|
the number of Shares that may be offered by each selling shareholder
pursuant to this prospectus;
|
|
|
•
|
the number of Shares to be beneficially owned by each selling shareholder
following the sale of the Shares covered by this prospectus; and
|
|
|
•
|
the percentage of our issued and outstanding Shares to be owned by
each selling shareholder before and after the sale of the Shares covered by this prospectus.
|
|
Name of Selling Shareholder
|
|
Number of
Shares
Beneficially
Owned
Prior to this
Offering (7)
|
|
|
% of
Outstanding
Shares
Beneficially
Owned
Before Sale
of Shares (7)
|
|
|
Number of
Shares
Available
Pursuant to
this
Prospectus
|
|
|
Number of
Shares
Beneficially
Owned
After Sale
of Shares (8)
|
|
|
% of
Outstanding
Shares
Beneficially
Owned
After Sale
of Shares (8)
|
|
|
Anson Advisors Inc. (1)
|
|
294,753(12)
|
|
|
4.99%(12)
|
|
|
500,703
|
|
|
0
|
|
|
*
|
|
|
Intracoastal Capital, LLC (2)
|
|
294,753(13)
|
|
|
4.99%(13)
|
|
|
500,703
|
|
|
125,643
|
|
|
2.13%
|
|
|
CVI Investments, Inc. (3)
|
|
294,753(14)
|
|
|
4.99%(14)
|
|
|
500,704
|
|
|
125,643
|
|
|
2.13%
|
|
|
Dawson James Securities, Inc. (4)
|
|
228,980
|
|
|
3.88%
|
|
|
115,028
|
|
|
0
|
|
|
1.9%
|
|
|
Robert Keyser, Jr. (5)
|
|
72,961
|
|
|
1.2%
|
|
|
17,592
|
|
|
0
|
|
|
*
|
|
|
Douglas Armstrong (6)
|
|
72,961
|
|
|
1.2%
|
|
|
17,592
|
|
|
0
|
|
|
*
|
|
|
Chen Shengrong (9)
|
|
64,655
|
|
|
1.1%
|
|
|
64,655
|
|
|
0
|
|
|
*
|
|
|
Yu Min (10)
|
|
129,310
|
|
|
2.19%
|
|
|
129,310
|
|
|
0
|
|
|
*
|
|
|
Zheng Weilai (11)
|
|
977,755
|
|
|
16.55%
|
|
|
372,414
|
|
|
605,341
|
|
|
10.25%
|
|
|
(1)
|
The address of the selling shareholder is 155 University Avenue, Suite 207, Toronto, Ontario, Canada
M5H 3B7.
|
|
(2)
|
The address of the selling shareholder is 2211A Lakeside Drive, Bannockburn, IL 60015.
|
|
(3)
|
The address of the selling shareholder is c/o Heights Capital Management, Inc, 1010 California
Street, Suite 3250, San Francisco, CA 94111.
|
|
(4)
|
The address of the selling shareholder is 1 North Federal Highway, 5th Floor, Boca Raton, FL 33432.
|
|
(5)
|
The address of the selling shareholder is 1 North Federal Highway, 5th Floor, Boca Raton, FL 33432.
Does not include securities owned by Dawson James Securities, Inc. By virtue of his position as Chairman and CEO of Dawson James,
Securities, Inc., Mr. Keyser may be deemed to beneficially own the securities owned by Dawson James, Securities, Inc. Mr.
Keyser disclaims ownership of those securities.
|
|
(6)
|
The address of the selling shareholder is 1 North Federal Highway, 5th Floor, Boca Raton, FL 33432.
|
|
(7)
|
Based on 5,906,866 shares outstanding as of the date of this prospectus.
|
|
(8)
|
Assumes that the selling shareholder sells all of the shares offered hereby.
|
|
*
|
Less than 1%
|
|
(9)
|
The address of the selling shareholder is 42-1-4 Yudu Villa, 2 Tong Yi Lu, Jinniu District, Chengdu,
Sichuan, PRC.
|
|
(10)
|
The address of the selling shareholder is 203, 2 Dong, Lang Shi Lv Se Jie Qu, 199 Ying Hui Lu,
Cheng Hua District, Chengdu, Sichuan, PRC.
|
|
(11)
|
The address of the selling shareholder is 2302 Unit 1 Block 2, Phase 1, 88 Hui Yuan Dong Lu, Jinjiang
District, Chengdu, Sichuan, PRC.
|
|
(12)
|
The total number of shares of Common Stock issuable upon the exercise of Warrants exercise is 626,346.
The resale of 500,703 shares issuable upon Warrant exercise are subject to this registration statement and the resale of 125,643
shares issuable upon Warrant exercise are the subject of a separate registration statement, but the number of shares reflected as
beneficially owned is shown at 294,753 or 4.99% of the outstanding number of shares of Common Stock by virtue of a provision set
forth in each warrant that precludes the exercise by the holder if and to the extent that any such exercise would cause the number
of shares of Common Stock held by the holder to exceed 4.99%.
|
|
(13)
|
The total number of shares of Common Stock issuable upon the exercise of Warrants is 626,346. The
resale of 500,703 shares issuable upon Warrant exercise are subject to this registration statement and the resale of 125,643 shares
issuable upon Warrant exercise are the subject of a separate registration statement, but the number of shares reflected as
beneficially owned is shown at 294,753 or 4.99% of the outstanding number of shares of Common Stock by virtue of a provision set
forth in each warrant that precludes the exercise by the holder if and to the extent that any such exercise would cause the number
of shares of Common Stock held by the holder to exceed 4.99%.
|
|
(14)
|
The number of shares of Common issuable upon the exercise of Warrants is 500,704 and the offer
and resale of all such shares are subject to this registration statement, but the number of shares reflected as beneficially owned
is shown at 294,753 or 4.99% of the outstanding by virtue of a provision set forth in each warrant that precludes the exercise by
the holder if and to the extent that any such exercise would cause the number of shares of Common Stock held by the holder to exceed
4.99%.
|
PLAN
OF DISTRIBUTION
The selling shareholders,
which as used herein includes donees, pledgees, transferees or other successors-in-interest selling Shares or interests in Shares received
after the date of this prospectus from a selling shareholder as a gift, pledge, partnership distribution or other transfer, may, from
time to time, sell, transfer or otherwise dispose of any or all of the Shares on any stock exchange, market or trading facility on which
the Shares are traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time
of sale, at prices related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices.
The selling shareholders may use any one or more of the following
methods when disposing of Shares:
|
|
•
|
ordinary brokerage transactions and transactions in which the broker-dealer
solicits purchasers;
|
|
|
•
|
block trades in which the broker-dealer will attempt to sell the Shares
as agent, but may position and resell a portion of the block as principal to facilitate the transaction;
|
|
|
•
|
purchases by a broker-dealer as principal and resale by the broker-dealer
for its account;
|
|
|
•
|
an exchange distribution in accordance with the rules of the applicable
exchange;
|
|
|
•
|
privately negotiated transactions;
|
|
|
•
|
short sales effected after the date the registration statement of which
this prospectus is a part is declared effective by the SEC;
|
|
|
•
|
through the writing or settlement of options or other hedging transactions,
whether through an options exchange or otherwise;
|
|
|
•
|
broker-dealers may agree with the selling shareholders to sell a specified
number of such Shares at a stipulated price per share;
|
|
|
•
|
a combination of any such methods of sale; and
|
|
|
•
|
any other method permitted by applicable law.
|
The selling shareholders
may, from time to time, pledge or grant a security interest in some or all of the Shares owned by them and, if they default in the performance
of their secured obligations, the pledgees or secured parties may offer and sell the Shares, from time to time, under this prospectus,
or under an amendment to this prospectus under Rule 424(b)(3) or other applicable provision of the Securities Act amending the list of
selling shareholders to include the pledgee, transferee or other successors in interest as selling shareholders under this prospectus.
The selling shareholders also may transfer the Shares in other circumstances, in which case the transferees, pledgees or other successors
in interest will be the selling beneficial owners for purposes of this prospectus.
In connection with the sale
of their Shares or interests therein, the selling shareholders may enter into hedging transactions with broker-dealers or other financial
institutions, which may in turn engage in short sales of such Shares in the course of hedging the positions they assume. The selling
shareholders may also sell Shares short and deliver these securities to close out their short positions, or loan or pledge the Shares
to broker-dealers that in turn may sell these securities. The selling shareholders may also enter into option or other transactions with
broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such
broker-dealer or other financial institution of the Shares offered by this prospectus, which shares such broker-dealer or other financial
institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).
The aggregate proceeds to
the selling shareholders from the sale of the Shares offered by them will be the purchase price of such Shares less discounts or commissions,
if any. Each of the selling shareholders reserves the right to accept and, together with their agents from time to time, to reject, in
whole or in part, any proposed purchase of ordinary shares to be made directly or through agents. We will not receive any of the proceeds
from the resale of the Shares.
The selling shareholders
also may resell all or a portion of their Ordinary Shares in open market transactions in reliance upon Rule 144 under the Securities
Act, provided that they meet the criteria and conform to the requirements of that rule.
The selling shareholders
and any underwriters, broker-dealers or agents that participate in the sale of the Shares therein may be “underwriters” within
the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions or profit they earn on any resale of
the Ordinary Shares may be underwriting discounts and commissions under the Securities Act. Selling shareholders who are “underwriters”
within the meaning of Section 2(11) of the Securities Act will be subject to the prospectus delivery requirements of the Securities
Act.
To the extent required, the
Shares to be sold, the names of the selling shareholders, the respective purchase prices and public offering prices, the names of any
agents, dealer or underwriter, any applicable commissions or discounts with respect to a particular offer will be set forth in an accompanying
prospectus supplement or, if appropriate, a post-effective amendment to the registration statement that includes this prospectus.
In order to comply with the
securities laws of some states, if applicable, the Shares may be sold in these jurisdictions only through registered or licensed brokers
or dealers. In addition, in some states the Shares may not be sold unless it has been registered or qualified for sale or an exemption
from registration or qualification requirements is available and is complied with.
We have advised the selling
shareholders that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of Shares in the market and to
the activities of the selling shareholders and their affiliates. In addition, to the extent applicable, we will make copies of this prospectus
(as it may be supplemented or amended from time to time) available to the selling shareholders for the purpose of satisfying the prospectus
delivery requirements of the Securities Act. The selling shareholders may indemnify any broker-dealer that participates in transactions
involving the sale of the Shares against certain liabilities, including liabilities arising under the Securities Act. We have agreed
to indemnify the selling shareholders against liabilities, including liabilities under the Securities Act and state securities laws,
relating to the registration of the Ordinary Shares offered by this prospectus.
EXPENSES
We estimate the fees and
expenses to be incurred by us in connection with the resale of the ordinary shares in this offering, other than underwriting discounts
and commissions, to be as follows:
|
SEC registration fee
|
|
$
|
710
|
|
|
Legal fees and expenses
|
|
$
|
20,000
|
|
|
Accounting fees and expenses
|
|
$
|
5,000
|
|
|
Miscellaneous expenses
|
|
$
|
1,000
|
|
|
|
|
|
|
|
|
Total
|
|
$
|
26,710
|
|
All amounts are estimated except the SEC registration
fee.
LEGAL MATTERS
We are being represented
by Schiff Hardin LLP, Washington, DC with respect to legal matters of United States federal securities. The validity of the shares offered
in this offering and legal matters as to British Virgin Islands law will be passed upon for us by Harney Westwood & Riegels. Legal
matters will be passed upon for any underwriters, dealers or agents by counsel named in the applicable prospectus supplement.
EXPERTS
The financial statements
incorporated by reference in this prospectus have been audited by Centurion ZD CPA & Co., our independent registered public accounting
firm, and are included in reliance upon such reports given upon the authority of said firm as experts in auditing and accounting.
ENFORCEABILITY OF CIVIL
LIABILITIES
Many of our officers and
directors, and some of the experts named in this prospectus, are residents of PRC or elsewhere outside of the U.S., and all of our assets
and the assets of such persons are located outside the U.S. As a result, it may be difficult for investors in the U.S. to effect service
of process within the U.S. upon such directors, officers and representatives of experts who are not residents of the U.S. or to enforce
against them judgments of a U.S. court predicated solely upon civil liability under U.S. federal securities laws or the securities laws
of any state within the U.S.
Substantially all of our
operations and records, and most of our senior management are located in the PRC. Our shareholders have limited ability to assert and
collect on claims in litigation against us and our principals. In addition, corporate organization and structure could further impede
the ability of a person to prove a claim or collect on a judgment against the Company. Finally, China has very restrictive secrecy laws
that prohibit the delivery of many of the financial records maintained by a business located in China to third parties absent Chinese
government approval. Since discovery is an important part of proving a claim in litigation, and since most if not all of the Company’s
records are in China, Chinese secrecy laws could frustrate efforts to prove a claim against the Company or its management. In order to
commence litigation in the United States against an individual such as an officer or director, that individual must be served. While
directors and officers of a Delaware corporation are routinely served for purposes of a suit against them in Delaware for breach of fiduciary
duty and there are means of serving individuals who reside outside the United States in other litigation, generally service requires
the cooperation of the country in which a defendant resides. China has a history of failing to cooperate in efforts to effect such service
upon Chinese citizens in China. These and other similar PRC laws and regulations could substantially impair our shareholders abilities
to investigate and prosecute claims against our Company, our officers and our directors.
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
|
|
Item 8.
|
Indemnification
of Directors and Officers
|
British Virgin Islands law
does limit the extent to which a company’s memorandum and articles of association may provide for indemnification of officers and
directors. The Company’s memorandum and articles of association provides for indemnification of its officers and directors for
any liability incurred in their capacities as such, except through their own fraud or willful default to the extent permitted under BVI
law. Indemnification is only available to a person who acted in good faith and in what that person believed to be in the best interests
of the Company.
Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Company pursuant
to the foregoing provisions, the Company has been informed that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Securities Act and is theretofore unenforceable.
* To be filed by amendment.
|
|
(1)
|
Incorporated by reference to exhibits of the same number filed with
the Registrant’s Registration Statement on Form F-3 filed on April 16, 2018.
|
|
|
|
|
|
|
(2)
|
Incorporated by reference to exhibit of the
same number filed with the Company’s Form 6-K filed with the SEC on February 16, 2021.
|
|
|
(3)
|
Incorporated by reference to exhibit of the same number filed with
the Company’s Form 6-K filed with the SEC on June 16, 2021.
|
|
|
(a)
|
The undersigned registrant hereby undertakes:
|
|
|
(1)
|
to file, during any period in which offers or sales are being made,
a post-effective amendment to this registration statement:
|
|
|
(i)
|
To include any prospectus required by section 10(a)(3) of the Securities
Act of 1933;
|
|
|
(ii)
|
To reflect in the prospectus any facts or events
arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually
or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the
foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed
that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in
the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent
no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee”
table in the effective registration statement;
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(iii)
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To include any material information with respect
to the plan of distribution not previously disclosed in the registration statement or any material change to such information in
the registration statement;
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Provided, however, that paragraphs
(a)(1)(i), (a)(1)(ii) and (a)(1)(iii) of this section do not apply if the information otherwise required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to section 13 or
section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or is contained
in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.
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(2)
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That, for the purpose of determining any liability
under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.
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(3)
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To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the termination of the offering.
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(4)
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To file a post-effective amendment to the registration
statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed offering or throughout
a continuous offering; provided, however, that a post-effective amendment need not be filed to include financial statements and information
otherwise required by Section 10(a)(3) of the Act or §210.3-19 if such financial statements and information are contained in
periodic reports filed with or furnished to the SEC by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange
Act of 1934 that are incorporated by reference in this registration statement.
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(5)
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That, for the purpose of determining liability
under the Securities Act of 1933 to any purchaser:
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(i)
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If the registrant is relying on Rule 430B:
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(A)
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Each prospectus filed by the registrant pursuant
to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of
and included in the registration statement; and
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(B)
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Each prospectus required to be filed pursuant
to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant
to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities
Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus
is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus.
As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall
be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which
that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that
is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede
or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or
made in any such document immediately prior to such effective date; or
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(ii)
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If the registrant is subject to Rule 430C, each
prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements
relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the
registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made
in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed
incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a
purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration
statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of
first use.
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(6)
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That, for the purpose of determining liability
of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:
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The undersigned registrant undertakes that in
a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following
communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities
to such purchaser:
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(i)
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Any preliminary prospectus or prospectus of the
undersigned registrant relating to the offering required to be filed pursuant to Rule 424; (ii) Any free writing prospectus relating
to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; (iii) The
portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and (iv) Any other communication that is an offer
in the offering made by the undersigned registrant to the purchaser.
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(b)
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The undersigned registrant hereby undertakes that,
for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant’s annual report pursuant
to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit
plan’s annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in
the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
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(c)
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Insofar as indemnification for liabilities arising
under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director,
officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of
whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication
of such issue.
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(d)
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The undersigned registrant hereby further undertakes
that:
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(1)
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For purposes of determining any liability under
the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance
upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4), or 497(h) under the
Securities Act of 1933 shall be deemed to be part of this registration statement as of the time it was declared effective.
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(2)
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For the purpose of determining any liability under
the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.
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SIGNATURES
Pursuant to the requirements
of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form F-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunder duly
authorized, in the City of Jinjiang, Fujian Province, PRC on August 12, 2021.
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Antelope Enterprise Holdings Ltd.
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By:
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/s/ Huang Meishuang
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Name:
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Huang Meishuang
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Title:
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Chief Executive Officer
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NOW ALL MEN BY THESE PRESENTS,
that each person whose signature appears below constitutes and appoints Hen Man Edmund, his true and lawful attorneys-in-fact and agents,
with full power of substitution and resubstitution for him and in his name, place and stead, in any and all capacities, to sign any and
all amendments (including post-effective amendments) to this Registration Statement, and any subsequent registration statements pursuant
to Rule 462 of the Securities Act of 1933 and to file the same, with all exhibits thereto, and other documents in connection therewith,
with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority
to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents
and purposes as he might or could do in person, hereby ratifying and confirming all that each of said attorney-in-fact or his substitute
or substitutes, may lawfully do or cause to be done by virtue hereof. Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the capacities and on the dates indicated.
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Signature
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Title
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Date
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/s/ Huang Meishuang
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Chief Executive Officer
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August 12, 2021
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(Principal Executive Officer
and Director)
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/s/ Hen Man Edmund
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Chief Financial Officer
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August 12, 2021
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(Principal Financial Officer and
Principal Accounting Officer)
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/s/ Roy Tan Choon
Kang
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Director
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August 12, 2021
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/s/ Song Chungen
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Director
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August 12, 2021
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/s/ Alex Ng Man
Shek
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Director
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August 12, 2021
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/s/ Shen Cheng
Liang
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Director
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August 12, 2021
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