中国循环能源公告管理层变更

China Recycling Energy Corporation Announces

Management Change

XI'AN, China, May11, 2015 --ChinaRecycling Energy Corp. (NASDAQ: CREG) ("CREG" or "theCompany"), a leading industrial waste-to-energy solution provider inChina, today announced that Mr. David Chong, has resigned as the Company's ChiefFinancial Officer (“CFO”) and Secretary, effective May 16, 2015. TheCompany's Board of Directors (the "Board") has appointed Mr. JackieShi, the Company's Vice President in charge of financing as the new CFO and Secretary, effective May 16, 2015. Mr. Chong’s resignation doesnot result from any disagreement with the Company on any matter regarding itsoperation, policies or practices. Mr. Chong will continue to advise the Companyas a consultant for Investor Relations, Public Relations and Overseas FundRaising.

Mr. Shi has been servingas the Assistant CFO & Vice President in charge of finance for the Companysince January 2015. Before that, he worked as the Director of InvestorRelations for Xilan Natural Gas Group from 2005 to 2014. He worked as Deputy FinancialManager for a four-star hotel in Sydney, Australia from 2003 to 2004, and as anassistant to the CEO of Shaanxi Qinjing Industrial and Commercial Company from1998 to 2000. Mr. Shi holds a master degree in finance from the University ofNew South Wales, Australia and a bachelor degree of law from NorthwestUniversity of China.

Mr. Guohua Ku, Chairman and CEO of CREG commented, “Iwould like to sincerely thank Mr. Chong on behalf of the Board and managementfor his contribution to the Company during the past four years. We wish him thevery best in his future endeavors. We are pleased to welcome Mr. Shi as our newCFO. We believe his experience in finance and accounting will greatly contributeto our future development. We remain confident in the prospectof China's energy recycling market and committed to increase long-term valuefor our shareholders.”

AboutChinaRecycling Energy Corp.

China Recycling Energy Corp. (NASDAQ: CREG) ("CREG" or "the Company")is based in Xi'an,Chinaand provides environmentally friendlywaste-to-energy technologies to recycle industrial byproducts for steel mills,cement factories and coke plants inChina. Byproducts include heat,steam, pressure, and exhaust to generate large amounts of lower-costelectricity and reduce the need for outside electrical sources. The Chinesegovernment has adopted policies to encourage the use of recycling technologiesto optimize resource allocation and reduce pollution. Currently, recycledenergy represents only an estimated 1 percent of total energy consumption andthis renewable energy resource is viewed as a growth market due to intensifiedenvironmental concerns and rising energy costs as the Chinese economy continuesto expand. The management and engineering teams have over 20 years ofexperience in industrial energy recovery inChina. For more information aboutCREG, please visit http://www.creg-cn.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 similarexpressions, involve known and unknown risks and uncertainties. Although theCompany believes that the expectations reflected in these forward-lookingstatements are reasonable, they do involve assumptions, risks anduncertainties, and these expectations may prove to be incorrect. Investorsshould not place undue reliance on these forward-looking statements, whichspeak only as of the date of this press release. The Company's actual resultscould differ materially from those anticipated in these forward-lookingstatements as a result of a variety of factors, including those discussed inthe Company's periodic reports that are filed with the Securities and ExchangeCommission and available on its website at http://www.sec.gov.All forward-looking statements attributable to the Company or persons acting onits behalf are expressly qualified in their entirety by these factors. Otherthan as required under the securities laws, the Company does not assume a dutyto update these forward-looking statements.

For more information, please contact:

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