Antelope Enterprise Provides Update of its Strategic Diversification into SaaS Technology Business
Antelope Enterprise Holdings Limited, which engages in management and business consulting, and online social commerce and live streaming, and is a manufacturer of ceramic tiles used in residential and commercial buildings in China, announced that its strategic plan to diversify into new technology sectors that predominantly consist of SaaS+ technology and business services to mitigate the challenging market conditions of its ceramic tile segment is meeting with continued success. As announced on September 29, 2022, for the first half of its fiscal year ended June 30, 2022, the Company’s recorded revenue of $20.8 million, an increase of 169% over the same period in 2021. In addition, revenue attributable to its new technology segments including Hainan Kylin Cloud Services Technology Co., Ltd, its new SaaS+ platform subsidiary, accounted for 88% of the Company’s total revenue.
Beginning in fiscal 2020, Antelope Enterprise enacted its strategic plan to pivot towards new technology sectors and engaged a new generation of technology professionals to work for the Company. Its new SaaS platform through its Kylin Cloud subsidiary encompasses (i) SaaS+ technology system services, (ii) service management, (iii) business management including sales of software usage rights for digital data storage platforms and asset management systems, and (iv) online streaming platforms including short video, live streaming and e-commerce platform development and services.
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Ms. Meishuang Huang, Chief Executive Officer of Antelope Enterprise, commented, “We are very pleased with the growth and momentum of our SaaS platform businesses. Our new business model leverages our SaaS+ system platform to serve new consumer and business practices. These encompass live streaming, short video, social commerce, technical system services, enterprise management and new streaming media. We are encouraged by the market opportunities that these new areas represent and are optimistic that following recent business wins, bigger breakthroughs could follow.”
Over the next few years, the Company expects that the social e-commerce and streaming media industry of short video and live broadcast in China will continue to grow rapidly, and that China will continue to be the largest market for this technology. The strong growth and continued momentum of our new business model has helped us to offset the difficult business conditions of our legacy ceramic tile business that has suffered from the continued slowdown in China’s real estate industry. Antelope Enterprise plans to accelerate its business development in this space to capitalize upon the expected growth of the sector. Driven by the new economy and new employment trends, both of which Kylin Cloud is well positioned to address, the new SaaS+ platform businesses could mean that the Company could enter a new stage of sustainable growth as it becomes the new driving force for the Company’s future growth.
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