-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001181431-07-071566.txt : 20071126
<SEC-HEADER>0001181431-07-071566.hdr.sgml : 20071126
<ACCEPTANCE-DATETIME>20071126163118
ACCESSION NUMBER:		0001181431-07-071566
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20071116
FILED AS OF DATE:		20071126
DATE AS OF CHANGE:		20071126

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHINA RECYCLING ENERGY CORP
		CENTRAL INDEX KEY:			0000721693
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				900093373
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		429 GUANGDONG ROAD
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200001
		BUSINESS PHONE:		86-21 6336-8686

	MAIL ADDRESS:	
		STREET 1:		429 GUANGDONG ROAD
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200001

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHINA DIGITAL WIRELESS INC
		DATE OF NAME CHANGE:	20040810

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BOULDER ACQUISITIONS  INC
		DATE OF NAME CHANGE:	20020430

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BOULDER BREWING CO
		DATE OF NAME CHANGE:	19920703

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CAGP III CO-INVESTMENT, L.P.
		CENTRAL INDEX KEY:			0001419258
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12536
		FILM NUMBER:		071266572

	BUSINESS ADDRESS:	
		STREET 1:		C/O WALKERS SPV LIMITED
		STREET 2:		WALKER HOUSE, MARY STREET PO BOX 908 GT
		CITY:			GEORGE TOWN, GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-9002
		BUSINESS PHONE:		(202) 729-5626

	MAIL ADDRESS:	
		STREET 1:		C/O THE CARLYLE GROUP
		STREET 2:		1001 PENNSYLVANIA AVENUE, N.W. STE. 220
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20004-2505

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CARLYLE ASIA GROWTH PARTNERS III, L.P.
		CENTRAL INDEX KEY:			0001419251
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12536
		FILM NUMBER:		071266573

	BUSINESS ADDRESS:	
		STREET 1:		C/O WALKERS SPV LIMITED
		STREET 2:		WALKER HOUSE, MARY STREET PO BOX 908 GT
		CITY:			GEORGE TOWN, GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-9002
		BUSINESS PHONE:		(202) 729 5626

	MAIL ADDRESS:	
		STREET 1:		C/O THE CARLYLE GROUP
		STREET 2:		1001 PENNSYLVANIA AVENUE, N.W. STE. 220
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20004-2505

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			TCG HOLDINGS CAYMAN, L.P.
		CENTRAL INDEX KEY:			0001419257
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12536
		FILM NUMBER:		071266576

	BUSINESS ADDRESS:	
		STREET 1:		C/O WALKERS SPV LIMITED
		STREET 2:		WALKER HOUSE, MARY STREET PO BOX 908 GT
		CITY:			GEORGE TOWN, GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-9002
		BUSINESS PHONE:		(202) 729 5626

	MAIL ADDRESS:	
		STREET 1:		C/O THE CARLYLE GROUP
		STREET 2:		1001 PENNSYLVANIA AVENUE, N.W. STE. 220
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20004-2505

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CARLYLE OFFSHORE PARTNERS II LTD
		CENTRAL INDEX KEY:			0001158931

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12536
		FILM NUMBER:		071266577

	BUSINESS ADDRESS:	
		STREET 1:		CARLYLE GROUP
		STREET 2:		1001 PENNSYLVANIA AVE. N.W. STE. 220 S.
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20004-2505
		BUSINESS PHONE:		2023472626

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			TC GROUP CAYMAN, L.P.
		CENTRAL INDEX KEY:			0001419255
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12536
		FILM NUMBER:		071266575

	BUSINESS ADDRESS:	
		STREET 1:		C/O WALKERS SPV LIMITED
		STREET 2:		WALKER HOUSE, MARY STREET PO BOX 908 GT
		CITY:			GEORGE TOWN, GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-9002
		BUSINESS PHONE:		(202) 729 5626

	MAIL ADDRESS:	
		STREET 1:		C/O THE CARLYLE GROUP
		STREET 2:		1001 PENNSYLVANIA AVENUE, N.W. STE. 220
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20004-2505

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CAGP GENERAL PARTNER, L.P.
		CENTRAL INDEX KEY:			0001419252
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12536
		FILM NUMBER:		071266578

	BUSINESS ADDRESS:	
		STREET 1:		C/O WALKERS SPV LIMITED
		STREET 2:		WALKER HOUSE, MARY STREET PO BOX 908 GT
		CITY:			GEORGE TOWN, GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-9002
		BUSINESS PHONE:		(202) 729 5626

	MAIL ADDRESS:	
		STREET 1:		C/O THE CARLYLE GROUP
		STREET 2:		1001 PENNSYLVANIA AVENUE, N.W. STE. 220
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20004-2505

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			CAGP, LTD.
		CENTRAL INDEX KEY:			0001419253
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12536
		FILM NUMBER:		071266574

	BUSINESS ADDRESS:	
		STREET 1:		C/O WALKERS SPV LIMITED
		STREET 2:		WALKER HOUSE, MARY STREET PO BOX 908 GT
		CITY:			GEORGE TOWN, GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-9002
		BUSINESS PHONE:		(202) 729 5626

	MAIL ADDRESS:	
		STREET 1:		C/O THE CARLYLE GROUP
		STREET 2:		1001 PENNSYLVANIA AVENUE, N.W. STE. 220
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20004-2505
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>rrd179761.xml
<DESCRIPTION>FORM 3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2007-11-16</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000721693</issuerCik>
        <issuerName>CHINA RECYCLING ENERGY CORP</issuerName>
        <issuerTradingSymbol>CREG</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001419252</rptOwnerCik>
            <rptOwnerName>CAGP GENERAL PARTNER, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O THE CARLYLE GROUP</rptOwnerStreet1>
            <rptOwnerStreet2>1001 PENNSYLVANIA AVE., N.W., STE. 220 S</rptOwnerStreet2>
            <rptOwnerCity>WASHINGTON</rptOwnerCity>
            <rptOwnerState>DC</rptOwnerState>
            <rptOwnerZipCode>20004-2505</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001158931</rptOwnerCik>
            <rptOwnerName>CARLYLE OFFSHORE PARTNERS II LTD</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O THE CARLYLE GROUP</rptOwnerStreet1>
            <rptOwnerStreet2>1001 PENNSYLVANIA AVE., N.W., STE. 220 S</rptOwnerStreet2>
            <rptOwnerCity>WASHINGTON</rptOwnerCity>
            <rptOwnerState>DC</rptOwnerState>
            <rptOwnerZipCode>20004-2505</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001419257</rptOwnerCik>
            <rptOwnerName>TCG HOLDINGS CAYMAN, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O THE CARLYLE GROUP</rptOwnerStreet1>
            <rptOwnerStreet2>1001 PENNSYLVANIA AVE., N.W., STE. 220 S</rptOwnerStreet2>
            <rptOwnerCity>WASHINGTON</rptOwnerCity>
            <rptOwnerState>DC</rptOwnerState>
            <rptOwnerZipCode>20004-2505</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001419255</rptOwnerCik>
            <rptOwnerName>TC GROUP CAYMAN, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O THE CARLYLE GROUP</rptOwnerStreet1>
            <rptOwnerStreet2>1001 PENNSYLVANIA AVE., N.W., STE. 220 S</rptOwnerStreet2>
            <rptOwnerCity>WASHINGTON</rptOwnerCity>
            <rptOwnerState>DC</rptOwnerState>
            <rptOwnerZipCode>20004-2505</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001419253</rptOwnerCik>
            <rptOwnerName>CAGP, LTD.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O THE CARLYLE GROUP</rptOwnerStreet1>
            <rptOwnerStreet2>1001 PENNSYLVANIA AVE., N.W., STE. 220 S</rptOwnerStreet2>
            <rptOwnerCity>WASHINGTON</rptOwnerCity>
            <rptOwnerState>DC</rptOwnerState>
            <rptOwnerZipCode>20004-2505</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001419251</rptOwnerCik>
            <rptOwnerName>CARLYLE ASIA GROWTH PARTNERS III, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O THE CARLYLE GROUP</rptOwnerStreet1>
            <rptOwnerStreet2>1001 PENNSYLVANIA AVE., N.W., STE. 220 S</rptOwnerStreet2>
            <rptOwnerCity>WASHINGTON</rptOwnerCity>
            <rptOwnerState>DC</rptOwnerState>
            <rptOwnerZipCode>20004-2505</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001419258</rptOwnerCik>
            <rptOwnerName>CAGP III CO-INVESTMENT, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O THE CARLYLE GROUP</rptOwnerStreet1>
            <rptOwnerStreet2>1001 PENNSYLVANIA AVE., N.W., STE. 220 S</rptOwnerStreet2>
            <rptOwnerCity>WASHINGTON</rptOwnerCity>
            <rptOwnerState>DC</rptOwnerState>
            <rptOwnerZipCode>20004-2505</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>10% SECURED CONVERTIBLE PROMISSORY NOTE</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.23</value>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2007-11-16</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2009-11-16</value>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>4065040</value>
                    <footnoteId id="F1"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Held by Limited Partnership (see attached)</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">See Exhibit 99.1.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/  See signatures attached as Exhibit 99.2</signatureName>
        <signatureDate>2007-11-26</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>rrd159445_180068.htm
<DESCRIPTION>EXPLANATION OF RESPONSES
<TEXT>
<HTML>
<HEAD>
<TITLE>
rrd159445_180068.html
</TITLE>
</HEAD>
<BODY>
<PRE>
                                                                    EXHIBIT 99.1
                            Explanation of Responses

Name:         CAGP General Partner, L.P.

Address:      C/O THE CARLYLE GROUP
              1001 PENNSYLVANIA AVENUE, N.W., STE. 220 S

Issuer and Ticker Symbol: CHINA RECYCLING ENERGY CORPORATION (CREG)

Date of Event:           11/16/2007

Requiring Statement:

Explanation of Responses:

        On November 16, 2007, China Recycling Energy Corporation (the "Company")
and its direct and indirect wholly-owned subsidiaries, Carlyle Asia Growth
Partners III, L.P., a Cayman Islands exempt limited partnership ("Asia Growth")
and CAGP III Co-Investment, L.P., a Cayman Islands exempt limited partnership
("Co-Investment," and collectively with Asia Growth, the "Investors") entered
into a Stock and Notes Purchase Agreement ("Purchase Agreement"). Under the
terms of the Purchase Agreement, the Company sold to the Investors a 10% Secured
Convertible Promissory Note in the principal amount of $5,000,000 (the "Note").
The Note bears interest at 10% per annum and matures on November 16, 2009. The
principal face amount of the Note, together with any interest thereon, convert,
at the option of the Investors at any time on or prior to maturity, into shares
of common stock at an initial conversion price of $1.23 per share (subject to
anti-dilution adjustments). The number of shares of Common Stock issuable to the
Investors upon conversion of the Note, without giving effect to interest thereon
and assuming that there are no events requiring adjustment to the conversion
price, shall be 4,065,040, with cash payment to the Investors in lieu of
fractional shares. The shares of Common Stock issuable upon conversion of the
Note are the only reportable shares of Common Stock owned by the Investors.
Pursuant to the Purchase Agreement, any shares issuable upon the conversion of
the Note are allocable among the Investors 95.741% to Asia Growth, and 4.259% to
Co-Investment.

        Without giving effect to interest accrued on the Note subsequent to its
issuance to Asia Growth and Co-Investment, at the close of the sale and purchase
of the Note on November 16, 2007, Asia Growth and Co-Investment are, for
purposes of this Statement, the owners of record of 3,893,505 and 173,130 shares
of Common Stock, respectively. CAGP General Partner, L.P. is the general partner
of both Asia Growth and Co-Investment. CAGP General Partner, L.P. may, by virtue
of it being the general partner of Asia Growth and Co-Investment, be deemed to
have voting control and investment discretion over the securities held by Asia
Growth and Co-Investment. CAGP General Partner, L.P. disclaims beneficial
ownership of such securities and this Statement shall not be deemed an admission
that CAGP General Partner, L.P. is the beneficial owner of, or has any pecuniary
interest in, such securities for purposes of Section 16 of the Securities
Exchange Act of 1934, as amended, or for any other purpose. The general partner
of CAGP General Partner, L.P. is CAGP Ltd., a limited company that is wholly
owned by TC Group Cayman, L.P. The sole general partner of TC Group Cayman, L.P.
is TCG Holdings Cayman, L.P. Carlyle Offshore Partners II, Ltd. is the sole
general partner of TCG Holdings Cayman, L.P. Each of CAGP Ltd., TC Group Cayman,
L.P., TCG Holdings Cayman, L.P., and Carlyle Offshore Partners II, Ltd. may, by
virtue of being the owner or general partner, as the case may be, of CAGP
General Partner, L.P., CAGP Ltd., TC Group Cayman, L.P., and TCG Holdings
Cayman, respectively, be deemed to have voting control and investment discretion
over securities held by Asia Growth and Co-Investment. CAGP Ltd., TC Group
Cayman, L.P., TCG Holdings Cayman, L.P., and Carlyle Offshore Partners II, Ltd.
each disclaims beneficial ownership of such securities and this Statement shall
not be deemed an admission that any such entity is the beneficial owner of, or
has any pecuniary interest in, such securities for purposes of Section 16 of the
Securities Exchange Act of 1934, as amended, or for any other purpose.

        William E. Conway, Jr., Daniel A. D'Aniello, David M. Rubenstein, Allan
M. Holt, Jeffrey W. Ferguson and Bruce E. Rosenblum, as the directors of Carlyle
Offshore Partners II, Ltd., may be deemed have voting control and investment
discretion over securities held by Asia Growth and Co-Investment. Such persons
disclaim such beneficial ownership of such securities and this Statement shall
not be deemed an admission that any such person is the beneficial owner of, or
has any pecuniary interest in, such securities for purposes of Section 16 of the
Securities Exchange Act of 1934, as amended, or for any other purpose.

</PRE>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>rrd159445_180085.htm
<DESCRIPTION>JOINT FILER INFORMATION
<TEXT>
<HTML>
<HEAD>
<TITLE>
rrd159445_180085.html
</TITLE>
</HEAD>
<BODY>
<PRE>
                                                                    EXHIBIT 99.2

                             Joint Filer Information

This Statement on Form 3 is filed jointly by Carlyle Asia Growth Partners III,
L.P., CAGP III Co-Investment, L.P., CAGP General Partner, L.P., CAGP Ltd., TC
Group Cayman, L.P., TCG Holdings Cayman, L.P., and Carlyle Offshore Partners II,
Ltd (collectively, the "Reporting Persons"). The principal business address of
each of the Reporting Persons is c/o The Carlyle Group 1001 Pennsylvania Avenue,
N.W., Ste. 220 S, Washington D.C. 20004-2505.

Name of Designated Filer: CAGP GENERAL PARTNER, L.P.
Date of Event Requiring Statement: November 16, 2007
Issuer Name and Ticker or Trading Symbol: CHINA RECYCLING ENERGY CORPORATION
(CREG)

         CARLYLE OFFSHORE PARTNERS II, LTD

                                        /s/ Daniel A. D'Aniello
         By:                            ----------------------------------------
         Name:                          Daniel A. D'Aniello
         Title:                         Director

         TCG HOLDINGS CAYMAN, L.P.
         By: CARLYLE OFFSHORE PARTNERS II, LTD., as its general partner

                                        /s/ Daniel A. D'Aniello
         By:                            ----------------------------------------
         Name:                          Daniel A. D'Aniello
         Title:                         Director

         TC GROUP CAYMAN, L.P.
         By: TCG HOLDINGS CAYMAN, L.P., as its general partner
         By: CARLYLE OFFSHORE PARTNERS II, LTD., as its general partner

                                        /s/ Daniel A. D'Aniello
         By:                            ----------------------------------------
         Name:                          Daniel A. D'Aniello
         Title:                         Director

         CAGP, LTD.

                                        /s/ Daniel A. D'Aniello
         By:                            ----------------------------------------
         Name:                          Daniel A. D'Aniello
         Title:                         Director

         CAGP GENERAL PARTNER, L.P.
         By: CAGP, LTD., as its general partner

                                        /s/ Daniel A. D'Aniello
         By:                            ----------------------------------------
         Name:                          Daniel A. D'Aniello
         Title:                         Director

         CARLYLE ASIA GROWTH PARTNERS III, L.P.
         By: CAGP GENERAL PARTNER, L.P., as its general partner
         By: CAGP, LTD., as its general partner

                                        /s/ Daniel A. D'Aniello
         By:                            ----------------------------------------
         Name:                          Daniel A. D'Aniello
         Title:                         Director

         CAGP III CO-INVESTMENT, L.P..
         By: CAGP GENERAL PARTNER, L.P., as its general partner
         By: CAGP, LTD., as its general partner

                                        /s/ Daniel A. D'Aniello
         By:                            ----------------------------------------
         Name:                          Daniel A. D'Aniello
         Title:                         Director

</PRE>
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