CREGReceives NASDAQ Notice of Bid Price Deficiency

XI'AN,China,June 23,2015 -- China Recycling Energy Corp. (NASDAQ: CREG or "the Company"), a leading industrialwaste-to-energy solution provider inChina,today announced that it received notice from Nasdaq's Listing QualificationsDepartment indicating that the closing bid price of the Company's common stockwas below the minimum requirement of US$1.00 per share for 30 consecutivebusiness days and the Company was therefore not in compliance with NASDAQlisting rule 5450(a)(1).

Pursuant to listing rule5810(c)(3)(A), the Company has 180 calendar days, or until December 16, 2015,to regain compliance with the minimum bid price rule. If, at any time duringthe 180-day period the closing bid price per share of the Company’s commonstock is US$1.00 or above for a minimum of ten consecutive business days, the Nasdaqstaff will provide written confirmation of compliance and this matter will beclosed.

The Company is currently looking intovarious options available with respect to regaining such compliance. Thenotification letter has no effect at this time on the listing of the Company'scommon stock on The NASDAQ Global Market. CREG's common stock will continue totrade on The NASDAQ Global Market under the symbol "CREG".

AboutChinaRecycling Energy Corp.

China Recycling EnergyCorp. (NASDAQ: CREG or "the Company") is based in Xi'an,Chinaand providesenvironmentally friendly waste-to-energy technologies to recycle industrialbyproducts for steel mills, cement factories and coke plants inChina.Byproducts include heat, steam, pressure, and exhaust to generate large amountsof lower-cost electricity and reduce the need for outside electrical sources.The Chinese government has adopted policies to encourage the use of recyclingtechnologies to optimize resource allocation and reduce pollution. Currently,recycled energy represents only an estimated 1 percent of total energyconsumption and this renewable energy resource is viewed as a growth market dueto intensified environmental concerns and rising energy costs as the Chineseeconomy continues to expand. The management and engineering teams have over 20years of experience in industrial energy recovery inChina. For more information aboutCREG, please visit http://creg-cn.investorroom.com.

Safe Harbor Statement

This press release may contain certain "forward-lookingstatements" relating to the business of China Recycling Energy Corp. andits subsidiary companies. All statements, other than statements of historicalfact included herein are "forward-looking statements." Theseforward-looking statements are often identified by the use of forward-lookingterminology such as "believes," "expects" or similar expressions,involve known and unknown risks and uncertainties. Although the Companybelieves that the expectations reflected in these forward-looking statementsare reasonable, they do involve assumptions, risks and uncertainties, and theseexpectations may prove to be incorrect. Investors should not place unduereliance on these forward-looking statements, which speak only as of the dateof this press release. The Company's actual results could differ materiallyfrom those anticipated in these forward-looking statements as a result of avariety of factors, including those discussed in the Company's periodic reportsthat are filed with the Securities and Exchange Commission and available on itswebsite at http://www.sec.gov. Allforward-looking statements attributable to the Company or persons acting on itsbehalf are expressly qualified in their entirety by these factors. Other thanas required under the securities laws, the Company does not assume a duty toupdate these forward-looking statements.

For more information, pleasecontact:

Mr. Jackie Shi, Chief Financial Officer
ChinaRecycling Energy Corp.
Tel: +86- 13992870723

Email: shi723910@163.com / shi723@creg-cn.com

Christensen

Ms. Xiaoyan Su (China)

Vice President

Tel: +86-10-5900 3429

Email: xsu@christensenir.com

Mr. Christian Arnell (China)

Vice President

Phone: +86-10-5900 1548

E-mail: carnell@christensenir.com