<SEC-DOCUMENT>0001144204-14-036765.txt : 20140624
<SEC-HEADER>0001144204-14-036765.hdr.sgml : 20140624
<ACCEPTANCE-DATETIME>20140610133412
ACCESSION NUMBER:		0001144204-14-036765
CONFORMED SUBMISSION TYPE:	8-K/A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20130911
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140610
DATE AS OF CHANGE:		20140610

FILER:

	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

	FILING VALUES:
		FORM TYPE:		8-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34625
		FILM NUMBER:		14901539

	BUSINESS ADDRESS:	
		STREET 1:		12TH FLOOR, TOWER A, CHANG AN INTL BLDG
		STREET 2:		NO. 88 NAN GUAN ZHENG XIE
		CITY:			XI AN CITY, SHAN XI PROVINCE
		STATE:			F4
		ZIP:			710068
		BUSINESS PHONE:		86-29-8765-1097

	MAIL ADDRESS:	
		STREET 1:		12TH FLOOR, TOWER A, CHANG AN INTL BLDG
		STREET 2:		NO. 88 NAN GUAN ZHENG XIE
		CITY:			XI AN CITY, SHAN XI PROVINCE
		STATE:			F4
		ZIP:			710068

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K/A
<SEQUENCE>1
<FILENAME>v381083_8ka.htm
<DESCRIPTION>8-K/A CURRENT REPORT
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>UNITED
STATES<BR>
securities and exchange commission<BR>
Washington, D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(Amendment No. 1)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Date of Report (Date of earliest event
reported): September 11, 2013</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CHINA RECYCLING ENERGY CORPORATION</B><BR>
<FONT STYLE="font-size: 10pt">(Exact Name Of Registrant As Specified In Charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Nevada</B></FONT></TD>
    <TD STYLE="width: 28%; text-align: center"><FONT STYLE="font-size: 10pt"><B>000-12536</B></FONT></TD>
    <TD STYLE="width: 38%; text-align: center"><FONT STYLE="font-size: 10pt"><B>90-0093373</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State of Incorporation)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Commission File No.)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer</FONT><BR>
<FONT STYLE="font-size: 10pt">Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>12/F, Tower A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Chang An International Building</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>No. 88 Nan Guan Zheng Jie</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Xi An City, Shan Xi Province</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><B>China 710068</B><BR>
(Address of principal executive offices, including zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(86-29) 8769-1097</B><BR>
(Registrant&rsquo;s telephone number, including area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Not Applicable</B><BR>
(Former name or address, if changed since last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2 below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Explanatory Note</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">China Recycling Energy
Corporation (the &ldquo;Company&rdquo;) is filing this Amendment No. 1 (this &ldquo;Amendment&rdquo;) to amend its Current Report
on Form 8-K, initially filed with the Securities and Exchange Commission on September 16, 2013 ( the &ldquo;Original 8-K&rdquo;).
The purpose of this Amendment is to accurately reflect that the agreements referenced below and attached hereto as Exhibit 10.1
and Exhibit 10.2 were entered into as of September 11, 2013, the date on which the agreements were executed by all parties thereto,
instead of September 5, 2013, the date identified on the Original 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">This Amendment reports
events as of the filing date of the Original 8-K and does not reflect events that may have occurred subsequent to the original
filing date, and except as described above, no other changes have been made to the Original 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 1.01 Entry into a Material Definitive
Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">On September 11, 2013,
Xi&rsquo;an TCH Energy Technology Co., Ltd (&ldquo;Xi&rsquo;an TCH&rdquo;), a wholly owned subsidiary of China Recycling Energy
Corporation (the &ldquo;Company&rdquo;) entered into a Biomass Power Generation Asset Transfer Agreement (the &ldquo;Transfer Agreement&rdquo;)
with Pucheng Xin Heng Yuan Biomass Power Generation Corporation (the &ldquo;Seller&rdquo;), a limited liability company incorporated
in China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Transfer Agreement
provides for the sale to Xi&rsquo;an TCH of a set of 12,000 KW biomass power generation systems (the &quot;Transfer Assets&quot;)
from the Seller. As consideration for the biomass power generation system, Xi&rsquo;an TCH will pay to the Seller RMB 100,000,
000 (approximately $16,393,443) in the form of the common stock shares of the Company at the price of $1.87 per share with a total
of 8,766,547 shares (the &quot;Shares&quot;). The exchange rate between U.S. Dollar and Chinese RMB in connection with the stock
issuance is 1:6.1. The Company will file a Form S-3 Registration Statement to register the resale of the Shares for the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Seller and Xi&rsquo;an
TCH have made customary representations, warranties and covenants in the Transfer Agreement. The description contained herein of
the terms of the Transfer Agreement does not purport to be complete and is qualified in its entirety by reference to the Transfer
Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">On September 11, 2013,
Xi&rsquo;an TCH also entered into a Biomass Power Generation Project Lease Agreement (the &ldquo;Lease Agreement&rdquo;) with the
Seller. Under the Lease Agreement, Xi'an TCH will combine the lease for the Transfer Assets with the lease for the 12,000 KW biomass
power generation station of Pucheng Phase I project disclosed in the Form 8-K filed with SEC on July 6, 2010, under a single lease
to the Seller for RMB 3,800,000 million (approximately $622,951) per month, and the term for the combined lease is from September
2013 to June 2025 and the lease agreement for the 12,000 KW station from Pucheng Phase I project ended with the execution of the
Lease Agreement starting from September 1st, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The description contained
herein of the terms of the Lease Agreement does not purport to be complete and is qualified in its entirety by reference to the
Lease Agreement, a copy of which is attached hereto as Exhibit 10.2 and incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 3.02 Unregistered Sales of Equity
Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">See Item 1.01 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">The Shares issuable
in connection with the transaction described at Item 1.01 of this report on Form 8-K will be issued by the Company in reliance
on an exemption from the registration requirements of the Securities Act of 1933, as amended (the &ldquo;Act&rdquo;) for the private
placement of our securities pursuant to Regulation S of the Act. The Shares will be issued to non-U.S. persons (as such term is
defined in Regulation S) in an offshore transaction relying on Regulation S. The Seller has acknowledged that the Shares to be
issued have not been registered under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 9.01 Financial Statements and Exhibits
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d) The following exhibits are filed with
this report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; text-align: justify"><FONT STYLE="font-size: 10pt"><B><U>Exhibits<BR>
Number</U></B></FONT></TD>
    <TD STYLE="width: 88%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Description</U></B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Biomass Power Generation Asset Transfer Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">10.2</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Biomass Power Generation Project Lease Agreement</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>SIGNATURE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 47%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>China Recycling Energy Corporation</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Registrant)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Dated: June 10, 2014</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><U>/s/ David Chong&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">David Chong</FONT><BR>
<FONT STYLE="font-size: 10pt">Chief Financial Officer and Secretary</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v381083_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Assets Transfer Agreement for Pucheng
12000 KW Biomass Power Generation Project Phase II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This agreement is signed on September 5,
2013 in Xi&rsquo;an, Shaanxi between Pucheng Xin Heng Yuan Biomass Power Generation Co., Ltd. and Xi&rsquo;an TCH Energy Technology
Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Assets Transfer Agreement for Pucheng
12000 KW Biomass Power Generation Project Phase II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transferor: Pucheng Xin Heng Yuan Biomass
Power Generation Co., Ltd. (hereinafter referred to as Transferor)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Legal Representative: Xueyi Dong</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transferee: Xi&rsquo;an TCH Energy Technology
Co., Ltd (hereinafter referred to as Transferee)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Legal Representative: Guohua Ku</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This agreement is the final official agreement
based on the <I>Letter of Intent for Technical Transformation</I> signed on May 18, 2013 between two parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whereas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. The Transferor is a limited liability
company established and existed under the laws of People&rsquo;s Republic of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. The Transferee is a limited liability
company established and existed under the laws of People&rsquo;s Republic of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. Through amicable negotiation, Parties
entered the <I>Letter of Intent for Technical Transformation</I> on May 18, 2013. The Transferor owns a thermal power plant and
agrees to cooperate with the Transferee to reform the thermal power plant into a biomass power plant. After transformation, the
biomass power plant will be transferred to the Transferee. Both parties will complete the asset transfer according to the letter
of intent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. Parties have completed the transformation
in accordance with the technical plan provided by the Transferee. The power plant has met requirements for a biomass power generation
plant and equipment runs properly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item One Definition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise specified in this agreement,
the terms are defined as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Transferred assets: all assets stipulated
in Exhibit A of this agreement&mdash;<I>Assets Transfer List</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Working Days: Monday to Friday of every
week, excluding public holidays of China.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. Effective Day: the date when this agreement
comes into legal force.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. Signature Date: the date when Parties
sign or seal the agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5. Closing Day: the day on which the Transferor
transfers the assets and ownership to the Transferee, that is, the effective date of this agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6. Chinese Law: applicable laws, regulations,
orders, notices, and rules that are promulgated by the Chinese government and its agencies on or before the effective date of this
agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item Two Asset Transfer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. The Transferor agrees to transfer all
assets stipulated on Exhibit A of this agreement&mdash;<I>Assets Transfer List </I>to the Transferee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. The Transferee agrees to accept the
transferred assets from the Transferor according to this agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. All assets under this agreement shall
be transferred to the Transferee on the Closing Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. The Transferee will become the only
legal owner of the transferred assets and assumes all rights and obligations from the Closing Day, unless otherwise specified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item Three Transfer of Assets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Parties agreed that the assets and their
ownership to be transferred are all listed on the exhibit of this agreement. Any contracts, agreements, rights and responsibilities
in the agreements between Transferor and any third parties that relate to the transfer assets and their debt and credit relationship
are not included. The Transferor shall assume such responsibilities to the third party by itself and protect and ensure Transferee
is free from these liabilities and responsibilities. Parties agree, the Transferee will not assume any debt, liability, account
receivable, bank loan, government tax or fee or any other mortgages on the transfer assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item Four Others</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. If Transferor has purchased any type
of insurance for the transfer assets, and such insurance is still valid upon the closing date, then Transferor shall change the
insurer and beneficiary person on the insurance policy to Transferee within 5 working days of the Closing Date, and provide the
original insurance policy to Transferee. The Transferee shall receive all the benefit and income from the insurance policy from
the closing date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Transferor promise, upon and after the
closing date, if Transferor acknowledges any business information directly relates to the business that Transferee is operating,
Transferor shall first and immediately provide such business information to the Transferee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item Five Price, Time and Method of
Payment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on the construction and transfer
price for biomass power plants with the same capacity on the current market, and the assets condition and transformation cost for
the original thermal power plant of the Transferor, Parties agreed that the transfer price is RMB 100 million in total (including
RMB 32 million for transformation cost prepaid by the Transferor as described in the letter of intent). Parties agreed that the
payment shall be made by issuing common stock shares by the parent company of Transferee, China Recycling Energy Corporation (CREG)
to the Transferor at the price of $1.87 per share as the payment for assets transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. The Transferee shall issue 8,766,547
common stock shares of CREG (the &quot;Shares&quot;) as payment to the Transferor within ten working days upon the Closing Date
when the assets are transferred to the Transferee. Both parties agree that the exchange rate for USD to RMB for the agreement and
the payment is 1:6.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. The Transferee shall complete all procedures
for the issuance of shares, and the Transferor shall provide required documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. The Transferee agrees to urge its U.S.
parent company CREG to register all the Shares with SEC in the Form S-3 in a reasonable amount of time. If Transferee&rsquo;s parent
company is not eligible for Form S-3 registration for any reason, then it shall provide the Transferor the piggy back registration
rights for Form S-1 registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item Six Representation, Warrant and
Covenants of the Transferor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.15in">Transferor represents
and warrants to the Transferee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. The Transferor is a Chinese legal business
entity with good standing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Transferor has lawful and full ownership
rights to the transfer assets and has the rights to execute this agreement and transfer the assets. The transfer assets or their
related rights and beneficiaries are free of any mortgage, lien, pledge, restrictions or claims from any third parties as well
as free from any court judgment or verdict by arbitration commissions or any other defects. Transferee shall have all the lawful
ownership rights of the transfer assets upon the effective date of this Agreement, including but not limited to possession, use,
beneficial and disposal rights of the transfer assets. The transfer assets are not to be confiscated or detained under Chinese
law or by any third person or be imposed with any mortgage, lien, pledge or any other forms of obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. Transferor warrants, as to the effective
date of this Agreement, Transferor has not infringed any third party&rsquo;s patents, copy rights, trademark intellectual property
rights or any other property rights with regard to the transfer assets, and there is no third party has made any claims for these
rights. Upon and after the closing date, the exercise of the transfer assets rights by Transferee will not infringe any third party&rsquo;s
patents, copy rights, trademark intellectual property rights or any other property rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. As to the effective date of this Agreement,
Transferor has notified all third parties that are related to the transfer assets with regard to the transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5. Transferor didn&rsquo;t make any promises,
agreements or arrangements that could create or cause any mortgage, lien, pledge or any other rights on the transfer assets which
will benefit any third party on or after the closing date,.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6. As to the closing date of this Agreement,
Transferor hasn&rsquo;t acknowledged any claims or requests from any third party regarding to any part of the transfer assets which
could have negative impact on Transferee&rsquo;s rights, nor has it had any direct or indirect disputes, litigation or arbitration
related to the transfer assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">7. Transferor has disclosed to Transferee
all the information related to the transfer assets that Transferee needs to know for the daily operation of the transfer assets,
and hasn&rsquo;t withheld any information the disclosure of which might affect the execution of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">8. Transferor shall deliver the transfer
assets list to Transferee on the date of signature date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The above representations, warrants and
covenants have the effect of tracing to the effective date of this Agreement and will keep effect after the signature date of this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item Seven Representations, Warrants
and Covenants of the Transferee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Transferee is a legally incorporated
and existing legal entity under Chinese Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Transferee has the full rights to conduct
the assets transfer under this Agreement and has obtained any authorization to execute and perform this Agreement. Transferee&rsquo;s
board of directors have approved the assets transfer under this Agreement by its resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. Make the payments to Transferor according
to the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item Eight Other Items</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Parties agree, based upon the principle
of honesty and trust, Transferor shall complete the assets transfer process within three working days of the signature date of
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Transferor agrees to complete any other
matters, including but not limited to sign or have any third party to sign any documents or application, or obtain any approval
consent or permit, or complete any registration or filing before the closing date. Parties further agree, upon the execution of
this Agreement, to make supplement agreements before the closing date, so the transaction could be completed. The supplement agreement
shall be an integrated part of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item Nine Liabilities for Breach</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Any party&rsquo;s breach of its representation,
warrants and covenants or any other terms of this Agreement will be consider as a breach of the Agreement. The breaching party
shall pay full and adequate compensation to the other party, including but not limited to the legal fees of another party due the
breach (including but not limited to the professional consulting fees) and lawsuits with any third party or compensation to any
third party (including but not limited to the professional consulting fees).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. On and after the closing date, if there
are any disputes or debts related to the transfer assets which Transferor didn&rsquo;t disclose to Transferee on or before the
closing date, Transferor shall try its best to solve it to avoid any damages to the Transferee and the transfer assets. If such
disputes or debts cause any loss to the Transferee or the transfer assets, Transferor shall compensate Transferee for all losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item Ten Dispute Resolution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Disputes arising from the execution
of this agreement or in connection with this agreement shall be settled by both parties through amicable negotiation. If consensus
cannot be resolved, either party may, according to the agreement, submit a complaint to China International Economic and Trade
Arbitration Commission Beijing Branch, which will arbitrate the compliant in accordance with its current effective rules. The arbitration
award shall be final and binding in both parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. During the arbitration, except the matters
or obligations in dispute submitted to arbitration, both parties shall continue to fulfill the other undisputed liabilities of
this agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Item Eleven</B></FONT><B><FONT STYLE="font-size: 12pt">
</FONT><FONT STYLE="font-size: 10pt">Entire Agreement</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to Chinese law, if any terms
are considered invalid by Arbitration Commission, the validity of other terms of this Agreement shall not be affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item Twelve Applicable Law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any issues relating to the execution, effectiveness,
interpretation, performance and disputes of this Agreement shall be governed by Chinese laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item Thirteen Agreement Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Without written consent by another party,
no party shall transfer its rights and obligations under this Agreement to any other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item Fourteen Taxes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Parties agree any taxes or fees required
for each party by the Chinese laws due to its performance of this Agreement shall be assumed by such party itself. If the taxes
or fees are required to be assumed by both parties, the parties shall split it equally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item Fifteen Force Majeure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Force Majeure is the event that could
not be controlled, foreseen or even is foreseen but could not be avoided, and such event prevents, delays or affects any party
of the Agreement to perform all or part of its obligation. Such event includes but not limited to earthquake, typhoon, flood, fire
or any other natural disaster, war, riot, strike or serious epidemic decease or other similar events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. If there is a force majeure event, the
party suffering such event shall notify the other party by the fastest possible measure, and it shall provide supporting evidences
within 15 days with details and reasons why such party cannot perform all or part of its obligation or needs to delay its performance,
then the Parties shall consult whether to delay the performance of this Agreement or terminate this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item Sixteen Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All the exhibits of this Agreement are
integrated parts of this Agreement and have same legal effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item Seventeen Copies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Agreement is written in Chinese. There
are two original copies and each party holds one copy. Each original copy has same legal effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item Eighteen Others</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. Any notice from one party to another
in connection with this Agreement shall be in written format and sent by personal delivery, fax, telex or mail. If the notice is
sent by personal delivery, it is considered as delivered when it is sent to the other party&rsquo;s mailing address and signature
demonstrating receipt has been obtained. If it is sent by fax or telex, it is considered as delivered when the sender received
the sent answer report from the machine; if it is sent by registered mail, it is considered as delivered on the 5th working days
after the mailing out date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Any change to this agreement shall be
agreed upon in writing by both parties before it could take effect. Any change and supplement to this Agreement is an integrated
part of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. Any party fails to or delays to exercise
its rights or benefits under this Agreement should not be considered as the waiver of such rights. Also, the partial non-exercise
of such rights should not prevent such party from exercising such rights or benefits in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4. The rights or remedies under this Agreement
are cumulative and don&rsquo;t eliminate other rights and remedies provided by Chinese Laws or provided by laws, regulations or
other legally enforceable measures and documents from Chinese government after the closing date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5. Parties confirm that this Agreement
will take effect upon the Parties or their representatives&rsquo; execution of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Parties have signed this assets transfer
agreement for the 12000 KW biomass power generation project of Pucheng II and acknowledge holding a fully executed copy of this
agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transferor: Pucheng Xin Heng Yuan Biomass
Power Generation Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Authorized Representative: __________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transferee: Xi&rsquo;an TCH Energy Technology
Co., Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Authorized Representative: ___________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Assets Transfer List</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>


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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.9pt; text-align: center; text-indent: -11.9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.85pt; text-align: center; text-indent: -13.85pt">Xi&rsquo;an
TCH Energy Technology Co., Ltd</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.85pt; text-align: center; text-indent: -13.85pt">Pucheng
Xin HengYuan Biomass Power Generation Co., Ltd</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.85pt; text-align: center; text-indent: -13.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Biomass Power Generation Project Lease
Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">September, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.9pt; text-align: center; text-indent: -11.9pt">Biomass
Power Generation Project Lease Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.9pt; text-align: justify; text-indent: -11.9pt"><B>Lessor</B>:
Xi&rsquo;an TCH Energy Technology Co., Ltd (hereinafter refers to as Party A)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11.95pt; text-align: justify; text-indent: -11.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Leasee</B>: PuCheng XinHengYuan Biomass
Power Generation Co., Ltd. (hereinafter refers to as Party B)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Whereas:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. In order to improve the efficiency of
assets operation and decrease the management cost, Party A agrees Party B to lease its biomass power generation assets, and Party
B agrees to lease such biomass power generation assets and pay the leasing fee according to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">2. Both Parties have received valid authorization
for the lease agreement, and such lease does not need any further review, verification or approval by relevant government agencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3. Through friendly negotiation, Parties
reach the agreement on Party B leasing Party A&rsquo;s biomass power generation assets. According to the Contract Law of China
and other laws and regulations, Parties hereby enter into the lease agreement that is binding on both.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 1 Lease scope</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.1 The Phase I and Phase II biomass power
generation equipment assets that Party B leases from Party A (<FONT STYLE="color: black">hereinafter referred to as &ldquo;Lease
Project&rdquo;</FONT>) has a total installed capacity of 2 x 12,000 kw. The details of the Lease Project see &ldquo;Target Assets
List&rdquo; as an attachment of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.2 Party B leases the Lease Project for
its power generation purpose, and Party B will enjoy the incomes from such power generation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1.3 Party B operates the Lease Project,
<FONT STYLE="color: black">keeps its own accounts</FONT>,<FONT STYLE="color: black"> and is responsible for its own profits or
losses.</FONT> Party B shall bear all the taxes and fees in connection with the operation of the Lease Project.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 2 Lease Term</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Lease Term is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Phase I of the project: June 29, 2010 to
June 28, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Phase II of the project: September 2, 2013
to June 28, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the expiration, Party A will transfer
the lease assets to Party B at no cost.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 3 Leasing fee and method of payment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.1 The leasing fee is RMB 3.8 million
per month. The payment of the leasing fee will be made monthly by wire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.2 Party B ensures to make payment of
leasing fees on the 15<SUP>th</SUP> of each month.(If the 15<SUP>th</SUP> of the month is a weekend or national holiday, such payment
shall be made on the first working day after the weekend or holiday)<FONT STYLE="color: black"> Party B shall pay a </FONT>default
fee to Party A everyday that equals to 0.08% of leasing fee <FONT STYLE="color: black">for everyday of its delaying payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">3.3 Party B confirms that the operation
expense, depreciation and the amount of power generated of the lease project remain the same during the lease term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 4 Lease Deposit</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.1 To ensure the operating profit of the
Lease Project and Party B to fulfill its obligations under this Agreement, both Parties agree that Party B shall pay Party A certain
amount of security deposit. The security deposit will guarantee Party B operates the project honestly, manage the power generation
assets diligently and carefully and bear the operating risk during the operation period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.2 Party B shall pay RMB 3.8 million to
Party A as deposit within 10 days after the execution of the agreement. ( RMB 1.9 million has been paid for phase I, the actual
deposit payment is RMB 1.9 million this time.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.3 If there is any damage or loss to the
Lease Project caused by the operating risk during Party B&rsquo;s operation process, Party A has the rights to deduct the relevant
amount from leasing deposit paid by Party B <FONT STYLE="color: black">as a compensation based upon specific situation according
to </FONT>this Agreement and its attachment. If the deposit is not enough to pay for Party A&rsquo;s loss, Party A has the right
to request Party B to pay for the difference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">4.4 Upon the expiration of this Agreement,
Party A shall return the deposit to Party B after Parties conclude the accounting based upon this Agreement, excluding the amount
that should be deducted subject to this Agreement and its attachment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 5 Rights and Obligations of Party
A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.1 Party A has the right to supervise
Party B on Lease Project. For the behaviors that could damage the Lease Project and affect the economy of the operation, Party
A has the right to stop them and terminate this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.2 Party B shall pay the leasing fee on
schedule. If Party B delays the payment, Party A has the right to deduct the fee from leasing deposit. If the deposit is not enough
to pay for the leasing fee, Party A has the right to request Party B to <FONT STYLE="color: black">pay the default fee subject
to this Agreement and request Party B </FONT>to compensate Party A&rsquo;s losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.3 Party A shall not interfere with Party
B&rsquo;s normal operation and management activities. The incomes that Party B obtains during its lease term belong to Party B
after payment of the leasing fee in full and leasing deposit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">5.4 A shareholder of Party B shall provide
joint liability guarantee to Party A to ensure that Party B will make full payment of leasing fees on time and perform its obligations
under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 6 Rights and Obligations to Party
B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.1 During the operating period, Party
B has the rights to autonomous management, assuming full responsibilities for profits and losses, and independent and s<FONT STYLE="color: black">eparate
accounts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.2 Party B shall complete all related
review and approval procedures for the Lease Project and obtain the operating rights for the Lease Project by itself.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.3 Party B shall ensure the integrity
and good operating condition of the Lease Project. If the Lease Project has problems during operation, Party B is responsible for
the repair, maintenance and their costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.4 Party B shall pay the leasing fee on
schedule and give written notice to Party A when making such payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.5 Party B shall pay the lease deposit
in full, and such deposit accrues no interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">6.6 During the operating period, Party
B shall not terminate or cancel this Agreement without Party A&rsquo;s consent. If this Agreement is terminated due to Party B&rsquo;s
reason and it has caused losses to Party A, it shall be considered as a breach of Agreement by Party B. Party B shall pay the breach
of contract penalty to Party A and be responsible to <FONT STYLE="color: black">compensate Party A&rsquo;s losses </FONT>(subject
to the evaluation of the third party).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 7 Force Majeure (as defined by
the law)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the &ldquo;Lease Project&rdquo; could
not be appropriately used due to force majeure, Party A or Party B can be partially or wholly exempted from its liability practically
and realistically according to the impact caused by the force majeure. Either Party that suffers a force majeure shall notify the
other party within 2 working days and provide proofs for the force majeure within 15 days, and shall endeavor to retrieve any loss
as much as possible. Party A has the right to terminate this Agreement if this Agreement cannot be performed due to the force majeure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 8 Liability of breach of contract</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">8.1 Unless otherwise
agreed in this Agreement or other written consents by Parties, neither party can modify or terminate this Agreement during the
term without the written consent from the other party.<FONT STYLE="color: black"> If any party breaches this Agreement, it shall
pay for all the losses suffered by the other party as a result of its breach.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">8.2. <FONT STYLE="color: black">Party
B shall pay a </FONT>default fee to Party A each day that equals to 0.08% of the leasing fee<FONT STYLE="color: black"> for everyday
of its delaying payment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">8.3 If Party B defaults
payment of leasing fee accumulatively for 3 months, it is considered as lack of ability to pay leasing fee, and Party A has the
right to terminate this Agreement, and Party B shall compensate all the losses of Party A and pay default fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">8.4 If Party B breaches
the term of Article 6 of this Agreement and causes losses to Party A, Party B shall be responsible to compensate Party A&rsquo;s
losses and pay a breach of contract penalty fee that equals to 40% of the overall leasing fees of this Agreement to Party A. At
the same time, Party A has the right to seek compensation from the person who provides guarantee for the Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: justify">Article 9 Effect of the Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">This Agreement is established
when both Parties sign and seal the agreement. This Agreement will take effect on the date when Parties sign &ldquo;Target Assets
List&rdquo; and &ldquo;Joint Liability Guarantee Agreement&rdquo;. If the dates are different on the aforementioned documents,
this Agreement takes effect on the date of the last agreement is signed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">If any term of this
Agreement is considered invalid by the Court, the validity of other terms of this Agreement shall not be affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">Upon this agreement
takes effect, the assets lease agreement by the Parties dated June 29, 2010 shall stop its effect from September 1, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 10 Settlement of dispute</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any disputes arising out of this Agreement
shall be settled through friendly negotiation, in case no settlement can be reached, each party can file a law suit to the local
People&rsquo;s Court with jurisdiction in which the Party A is located.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Article 11 Others</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 30pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 30pt">1. For any other matters
not addressed in this Agreement, Party A and Party B may reach &ldquo;Supplement Agreement&rdquo;, and &ldquo;Supplement Agreement&rdquo;
has the same legal effect to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">2. Party B agrees, during
the implementation of this Agreement, Part A can change or assign this Agreement to any other party that Party A designates, if
necessary. Party B shall not assign/transfer its rights and obligations under this Agreement without the written approval of Party
A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">3. This Agreement has
six original copies. Party A and Party B each holds three copies and they all have same legal effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: justify"><FONT STYLE="font-size: 10pt">Party A : &nbsp;&nbsp;&nbsp;&nbsp;(sealed)</FONT></TD>
    <TD STYLE="width: 70%; text-align: justify"><FONT STYLE="font-size: 10pt">Party B : &nbsp;&nbsp;&nbsp;&nbsp;(sealed)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Signature of representative: &nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Signature of representative:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Signing date</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Signing date</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

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