<SEC-DOCUMENT>0001213900-19-009569.txt : 20190524
<SEC-HEADER>0001213900-19-009569.hdr.sgml : 20190524
<ACCEPTANCE-DATETIME>20190524163816
ACCESSION NUMBER:		0001213900-19-009569
CONFORMED SUBMISSION TYPE:	S-1
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20190524
DATE AS OF CHANGE:		20190524

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
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-1
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-231755
		FILM NUMBER:		19854935

	BUSINESS ADDRESS:	
		STREET 1:		4/F, TOWER C, RONG CHENG YUN GU BUILDING
		STREET 2:		KEJI 3RD ROAD, YANTA DISTRICT
		CITY:			XI'AN CITY, SHAANXI PROVINCE
		STATE:			F4
		ZIP:			710075
		BUSINESS PHONE:		86-29-8765-1097

	MAIL ADDRESS:	
		STREET 1:		4/F, TOWER C, RONG CHENG YUN GU BUILDING
		STREET 2:		KEJI 3RD ROAD, YANTA DISTRICT
		CITY:			XI'AN CITY, SHAANXI PROVINCE
		STATE:			F4
		ZIP:			710075

	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>S-1
<SEQUENCE>1
<FILENAME>fs12019_chinarecycling.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><B>As&nbsp;filed&nbsp;with&nbsp;the&nbsp;United&nbsp;States&nbsp;Securities&nbsp;and&nbsp;Exchange&nbsp;Commission&nbsp;on&nbsp;May
24, 2019</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM S-1</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT
OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>CHINA RECYCLING ENERGY CORPORATION</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Name of Registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Nevada</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>7389</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>90-0093373</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">(State or other jurisdiction</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">of incorporation)</P></TD>
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">(Primary Standard Industrial</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">Classification Code Number)</P></TD>
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">(IRS Employer</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">Identification No.)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>4/F, Tower C</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Rong Cheng Yun Gu Building</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Keji 3<SUP>rd</SUP>&nbsp;Road, Yanta District</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Xi&rsquo;an City, Shaanxi Province</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>China 710068</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>+ 86-29-8769-1097</B><BR>
(Address and telephone number of principal executive offices and principal place of business)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Guohua Ku, Chief Executive Officer</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>4/F, Tower C</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Rong Cheng Yun Gu Building</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Keji 3<SUP>rd</SUP>&nbsp;Road, Yanta District</B></P>

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>+ 86-29-8769-1097</B><BR>
(Name address and telephone number of agent for service)</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><I>Copies to:</I></B></P>

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Garvey Schubert Barer, P.C.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Flour Mill Building<BR>
1000 Potomac Street NW, Suite 200<BR>
Washington, D.C. 20007-3501</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(202) 298-1735</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Approximate date of commencement of proposed
sale to the public:</B>&nbsp;From time to time after this registration statement is declared effective.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following
box:&nbsp; <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">If this Form is filed to register additional securities
for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering.&nbsp; <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number
of the earlier effective registration statement for the same offering.&nbsp; <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">If this Form is a post-effective amendment filed
pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number
of the earlier effective registration statement for the same offering.&nbsp; <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant is
a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo;
and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act. (Check one):</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="width: 63%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Large accelerated filer&nbsp; <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></FONT></TD>
    <TD STYLE="width: 37%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Accelerated filer <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Non-accelerated filer <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Smaller reporting company <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></FONT></TD></TR>
<TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Emerging growth company <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided to Section 7(a)(2)(B) of the Securities Act.&nbsp; <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif"></FONT></P>

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




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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B>CALCULATION OF REGISTRATION FEE</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>Title
of each class of securities to be registered</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount to be&nbsp;</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>registered</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>Proposed</B></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>maximum<BR>
        offering&nbsp;<BR>
        price per</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1.5pt solid">
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>Proposed</B></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>maximum<BR>
        aggregate</B></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>offering price</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1.5pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount of</B></FONT><BR>
<FONT STYLE="font-size: 10pt"><B>registration fee</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1.5pt; font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 53%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">Common Stock, par value $0.001 per share</FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">5,658,641</FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 8%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">0.5182</FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">2,932,307.77</FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 9%; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 10pt">355.40</FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 96%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">This registration statement registers for resale by the selling shareholders (i) 3,754,536 shares of common stock of the registrant, par value $0.001 per share (&ldquo;Common Stock&rdquo;), that are issuable upon the exercise of common stock purchase warrants of the registrant issued pursuant to private placements; (ii) 304,105 shares of Common Stock that are issuable upon the exercise of common stock purchase warrants of the registrant issued to the placement agent&rsquo;s designees in connection with such private placements; and (iii) 1,600,000 shares of Common Stock sold to a selling shareholder in a prior private placement. In accordance with Rule 416(a), there also are being registered hereunder an indeterminate number of shares that may be issued and resold resulting from stock splits, stock dividends, recapitalizations or similar transactions.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="width: 96%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Estimated pursuant to Rule 457(c) of the Securities Act of 1933 solely for the purpose of computing the amount of the registration fee based on the average of the high and low prices reported on the Nasdaq Capital Market on May 22, 2019.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>The Registrant hereby amends
this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file
a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance
with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the
Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B></B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B></B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; color: red; text-align: justify"><I>The information in this prospectus is not complete and
may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission
is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities
in any state where the offer or sale is not permitted.</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SUBJECT TO COMPLETION,&nbsp;DATED MAY 24, 2019</B></P>

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

<P STYLE="font: 10pt Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red">&nbsp;<IMG SRC="logo_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CHINA RECYCLING ENERGY CORPORATION</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>5,658,641 Shares of Common Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The selling shareholders identified in this prospectus
may offer and sell up to 5,658,641 shares of our common stock, of which (i) 3,754,536 shares of common stock of the registrant,
par value $0.001 per share (&ldquo;Common Stock&rdquo;), are issuable upon the exercise of common stock purchase warrants of the
registrant issued pursuant to private placements (the &ldquo;Investor Warrants&rdquo;); (ii) 304,105 shares of Common Stock are
issuable upon the exercise of common stock purchase warrants of the registrant issued to the placement agent&rsquo;s designees
in connection with such private placements (the &ldquo;Agent Warrants,&rdquo; and together with the Investor Warrants, the &ldquo;Warrants&rdquo;);
and (iii) 1,600,000 shares of Common Stock were sold to a selling shareholder in a prior private placement.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">We are not selling any shares of our common stock
in this offering and will not receive any proceeds from this offering. However, upon a cash exercise of the Warrants by the selling
stockholders, we will receive a per share exercise price of $1.3725 or $0.9365 for Investor Warrants and $1.875 or $1.00 for Agent
Warrants, depending on the terms of the Warrant, before any adjustments as set forth in the Warrants. If the Warrants are exercised
in a cashless exercise, we will not receive any proceeds from the exercise of the Warrants. We have agreed to pay certain registration
expenses, other than underwriting discounts and commissions.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The selling stockholders may from time to time
sell, transfer or otherwise dispose of any or all of their shares of Common Stock in a number of different ways and at varying
prices. See &ldquo;Plan of Distribution&rdquo; for more information.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">We may amend or supplement this prospectus from
time to time by filing amendments or supplements as required. You should read this entire prospectus and any amendments or supplements
carefully before you make your investment decision.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Our common stock trades on the&nbsp;Nasdaq Capital
Market under the symbol &ldquo;CREG.&rdquo; The closing price of our common stock on the Nasdaq Capital Market on&nbsp;May 22,
2019, was $0.501 per share.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Investing in our Common
Stock involves significant risks. See &ldquo;Risk Factors&rdquo; beginning on page 11 of this prospectus.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) nor any state securities commission has approved or disapproved of these securities
or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>The date of this prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2019.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="toc"></A><B>TABLE OF CONTENTS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 90%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: black 1.5pt solid; font: 10pt Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Page</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman,serif"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">Prospectus Summary</FONT></A></TD>
    <TD STYLE="text-align: center">1</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font: 10pt Times New Roman,serif"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></A></TD>
    <TD STYLE="text-align: center">11</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman,serif"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">Cautionary Note Concerning Forward-Looking Statements</FONT></A></TD>
    <TD STYLE="text-align: center">25</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font: 10pt Times New Roman,serif"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">Use of Proceeds</FONT></A></TD>
    <TD STYLE="text-align: center">26</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman,serif"><A HREF="#a_005"><FONT STYLE="font-size: 10pt">Dividend Policy</FONT></A></TD>
    <TD STYLE="text-align: center">26</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font: 10pt Times New Roman,serif"><A HREF="#a_006"><FONT STYLE="font-size: 10pt">Management&rsquo;s Discussion and Analysis of Financial Condition</FONT></A></TD>
    <TD STYLE="text-align: center">27</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">Our Business</FONT></TD>
    <TD STYLE="text-align: center"></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font: 10pt Times New Roman,serif"><A HREF="#a_007"><FONT STYLE="font-size: 10pt">Management</FONT></A></TD>
    <TD STYLE="text-align: center">43</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman,serif"><A HREF="#a_008"><FONT STYLE="font-size: 10pt">Executive Compensation</FONT></A></TD>
    <TD STYLE="text-align: center">45</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font: 10pt Times New Roman,serif"><A HREF="#a_009"><FONT STYLE="font-size: 10pt">Certain Relationships and Related Party Transactions</FONT></A></TD>
    <TD STYLE="text-align: center">47</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman,serif"><A HREF="#a_010"><FONT STYLE="font-size: 10pt">Security Ownership of Certain Beneficial Owners and Management</FONT></A></TD>
    <TD STYLE="text-align: center">48</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font: 10pt Times New Roman,serif"><A HREF="#a_011"><FONT STYLE="font-size: 10pt">Selling Shareholders</FONT></A></TD>
    <TD STYLE="text-align: center">49</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman,serif"><A HREF="#a_012"><FONT STYLE="font-size: 10pt">Plan of Distribution</FONT></A></TD>
    <TD STYLE="text-align: center">51</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">Shares Eligible for Future Sale</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman,serif"><A HREF="#a_013"><FONT STYLE="font-size: 10pt">Experts</FONT></A></TD>
    <TD STYLE="text-align: center">54</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font: 10pt Times New Roman,serif"><A HREF="#a_014"><FONT STYLE="font-size: 10pt">Legal Matters</FONT></A></TD>
    <TD STYLE="text-align: center">54</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman,serif"><A HREF="#a_015"><FONT STYLE="font-size: 10pt">Where You Can Find More Information</FONT></A></TD>
    <TD STYLE="text-align: center">54</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="font: 10pt Times New Roman,serif"><A HREF="#a_016"><FONT STYLE="font-size: 10pt">Incorporation of Certain Information by Reference</FONT></A></TD>
    <TD STYLE="text-align: center">54</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus is part of
a registration statement that we filed with the SEC pursuant to which the selling stockholders named herein may, from time to time,
offer and sell or otherwise dispose of the shares of our common stock covered by this prospectus.&nbsp; You should not assume that
the information contained in this prospectus is accurate on any date subsequent to the date set forth on the front cover of this
prospectus or that any information we have incorporated by reference is correct on any date subsequent to the date of the document
incorporated by reference, even though this prospectus is delivered or shares of common stock are sold or otherwise disposed of
on a later date.&nbsp; It is important for you to read and consider all information contained in this prospectus, including the
documents incorporated by reference herein, in making your investment decision. You should also read and consider the information
in the documents to which we have referred you under the captions &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Incorporation
of Certain Information by Reference&rdquo; in this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not authorized any
dealer, salesman or other person to give any information or to make any representation other than those contained or incorporated
by reference in this prospectus. You must not rely upon any information or representation not contained or incorporated by reference
in this prospectus. This prospectus does not constitute an offer to sell or the solicitation of an offer to buy any of our shares
of common stock other than the shares of our common stock covered hereby, nor does this prospectus constitute an offer to sell
or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer
or solicitation in such jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus contains forward-looking
statements that are subject to a number of risks and uncertainties, many of which are beyond our control. See &ldquo;Risk Factors&rdquo;
and &ldquo;Cautionary Note Regarding Forward-Looking Statements.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless the context otherwise
requires, the terms &ldquo;CREG,&rdquo; &ldquo;the Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; in
this prospectus refer to China Recycling Energy Corporation, our subsidiaries and consolidated entities. &ldquo;China&rdquo; and
the &ldquo;PRC&rdquo; refer to the People&rsquo;s Republic of China.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>


<DIV STYLE="padding: 5; border: Black 1.5pt solid; width: 97%">

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><A NAME="a_001"></A><B>PROSPECTUS SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>This summary highlights
information contained elsewhere in this prospectus, is not complete, and does not contain all of the information that you should
consider before making your investment decision. You should carefully read the entire prospectus, including the information presented
under the sections entitled &ldquo;Risk Factors&rdquo; and &ldquo;Cautionary Note Regarding Forward-Looking Statements&rdquo; and
the consolidated financial statements and the notes thereto and other documents incorporated by reference in this prospectus before
making an investment decision.</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>Overview</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are currently engaged in
the recycling energy business, providing energy savings and recycling products and services. We are a leading developer of waste
energy recycling projects for industrial applications in China, and we believe we are the only developer to use a Build-Operate-Transfer
(&ldquo;BOT&rdquo;) model to provide energy saving and recovery facilities for multiple energy intensive industries in China. Our
waste energy recycling projects allow customers which use substantial amounts of electricity to recapture previously wasted pressure,
heat, and gas from their manufacturing processes to generate electricity. We currently offer waste energy recycling systems to
companies for use in iron and steel, nonferrous metal, cement, coal and petrochemical plants. We construct our projects at our
customer&rsquo;s facility and the electricity produced is used on-site by the customer. While some of our competitors offer projects
targeting one or two verticals, we serve multiple verticals.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We develop fully customized
projects across several verticals to better meet customer&rsquo;s energy recovery needs. Our waste pressure-to-energy solution
primarily consists of the Blast Furnace Top Gas Recovery Turbine Unit (&ldquo;TRT&rdquo;), a system that utilizes high pressure
gas emitted from the blast furnace top to drive turbine units and generate electricity. Our waste heat-to-energy solution primarily
consists of heat power generation projects for applications in cement, steel, coking coal, and nonferrous metal industries, which
collect the residual heat from various manufacturing processes, e.g. the entrance and exit ends of the cement rotary kilns, to
generate electricity. Our waste gas-to-energy solution primarily consists of the Waste Gas Power Generation system (&ldquo;WGPG&rdquo;)
and the Combined Cycle Power Plant (the &ldquo;CCPP&rdquo;). A WGPG system utilizes flammable waste gas from coal mining, petroleum
exploitation, refinery processing or other sources as a fuel source to generate electricity through the use of a gas turbine. A
CCPP system employs more than one power generating cycle to utilize the waste gas, which not only generates electricity by burning
the flammable waste gas in a gas turbine (as a WGPG) but also uses the waste heat from burning the gas to make steam to generate
additional electricity via a steam turbine.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We provide a clean-technology
and energy-efficient solution aimed at reducing the air pollution and energy shortage problems in China. Our projects capture industrial
waste energy to produce low-cost electricity, enabling industrial manufacturers to reduce their energy costs, lower their operating
costs, and extend the life of primary manufacturing equipment. In addition, our waste energy recycling projects allow our industrial
customers to reduce their reliance on China&rsquo;s centralized national power grid, which is prone to black-outs or brown-outs
or is completely inaccessible from certain remote areas. Our projects generally produce lower carbon dioxide emissions and other
pollutants, and are hence more environmentally friendly than other forms of power generation.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since 2007, we have primarily
used the BOT model to serve our customers. For each project, we design, finance, construct and install the waste energy recycling
projects for our customers, operate the projects for five to 20 years, and then transfer the projects to the owners. The BOT model
creates a win-win solution for both our customers and us. We provide the capital expenditure financing in exchange for attractive
returns on each project; our customers can focus their capital resources on their core businesses, do not need to invest additional
capitals to comply with government environmental regulations, reduce noise and emissions and reduce their energy costs. We in turn
efficiently recapture our costs through the stream of lease payments.</P>

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

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>
<DIV STYLE="padding: 5; border: Black 1.5pt solid; width: 97%">
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>Our Projects</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We design, finance, construct,
operate and eventually transfer waste energy recycling projects to meet the energy saving and recovery needs of our customers.
Our waste energy recycling projects use the pressure, heat or gas, which is generated as a byproduct of a variety of industrial
processes, to create electricity. The residual energy from industrial processes, which was traditionally wasted, may be captured
in a recovery process and utilized by our waste energy recycling projects to generate electricity burning additional fuel and additional
emissions. Among a wide variety of waste-to-energy technologies and solutions, we primarily focus on waste pressure to energy systems,
waste heat to energy systems and waste gas power generation systems. We do not manufacture the equipment and materials that are
used in the construction of our waste energy recycling projects. Rather, we incorporate standard power generating equipment into
a fully integrated onsite project for our customers.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Waste Pressure to Energy Systems</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">TRT is a power generating system
utilizing the exhaust pressure and heat from industrial processes in the iron, steel, petrochemical, chemical and non-ferrous metals
industries, often from blast furnace gases in the metal production industries. Without TRT power systems, blast furnace gas is
treated by various de-pressurizing valves to decrease its pressure and temperature before the gas is transmitted to end users.
No electricity is generated during the process and noise and heat pollution is released. In a TRT system, the blast furnace gas
produced during the smelting process is directed through the system to decrease its pressure and temperature. The released pressure
and heat is then utilized to drive the turbine unit to generate electricity, which is then transmitted back to the producer. We
believe our projects are superior to those of our competitors due to the inclusion of advanced dry-type de-dusting technology,
joined turbine systems, and automatic power grid synchronization.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Waste Heat to Energy Systems</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Waste heat to energy systems
utilize waste heat generated in industrial production to generate electricity. The waste heat is trapped to heat a boiler to create
steam and power a steam turbine. Our waste heat to energy systems have used waste heat from cement production and from metal production.
We invested in and have built two cement low temperature heat power generation systems. These projects can use about 35% of the
waste heat generated by the cement kiln, and generate up to 50% of the electricity needed to operate the cement plant.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Waste Gas to Energy Systems</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Waste Gas to Energy Systems
primarily include Waste Gas Power Generation (&ldquo;WGPG&rdquo;) systems and Combined Cycle Power Plant (&ldquo;CCPP&rdquo;) systems.
WGPG uses the flammable waste gases emitted from industrial production processes such as blast furnace gas, coke furnace gas, and
oil gas, to power gas-fired generators to create energy. A CCPP system employs more than one power generating cycle to utilize
the waste gas, which is more efficient because it not only generates electricity by burning the flammable waste gas in a gas-fired
generator (WGPG) but also uses the waste heat from burning the gas to make steam to generate additional electricity via a steam
generator (CCPP).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Shanghai TCH and its Subsidiaries</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shanghai TCH was established
as a foreign investment enterprise in Shanghai under the laws of the PRC on May 25, 2004 and has a registered capital of $29.80
million. Xi&rsquo;an TCH was incorporated in Xi&rsquo;an, Shaanxi Province under the laws of the PRC on November 8, 2007. In February
2009, Huahong was incorporated in Xi&rsquo;an, Shaanxi province. Erdos TCH was incorporated in April 2009 in Erdos, Inner Mongolia
Autonomous Region. On July 19, 2013, Xi&rsquo;an TCH formed Xi&rsquo;an Zhonghong New Energy Technology Co., Ltd (&ldquo;Zhonghong&rdquo;).
Xi&rsquo;an TCH owns 90% and Shanghai TCH owns 10% of Zhonghong, which provides energy saving solutions and services, including
constructing, selling and leasing energy saving systems and equipment to customers.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of March 31, 2019, Shanghai
TCH, through its subsidiaries, had sales or sales-type leases with Pucheng (for two biomass power generation (&ldquo;BMPG&rdquo;)
systems).&nbsp;In addition, as of March 31, 2019, Erdos TCH leased power and steam generating systems from waste heat from metal
refining to Erdos (a total of five systems) and charges Erdos a leasing fee based on actual electricity generated. &nbsp;&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<DIV STYLE="padding: 5; border: Black 1.5pt solid; width: 97%">
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Erdos TCH &ndash; Joint Venture</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 14, 2009, the Company
formed Erdos TCH as a joint venture (the &ldquo;JV&rdquo; or &ldquo;Erdos TCH&rdquo;) with Erdos Metallurgy Co., Ltd. (&ldquo;Erdos&rdquo;)
to recycle waste heat from Erdos&rsquo; metal refining plants to generate power and steam to be sold back to Erdos. The JV has
a term of 20 years with a total investment for the project estimated at $79 million (RMB 500 million) and an initial investment
of $17.55 million (RMB 120 million). Erdos contributed 7% of the total investment for the project, and Xi&rsquo;an TCH contributed
93%. According to Xi&rsquo;an TCH and Erdos&rsquo; agreement on profit distribution, Xi&rsquo;an TCH and Erdos will receive 80%
and 20%, respectively, of the profit from the JV until Xi&rsquo;an TCH receives the complete return of its investment. Xi&rsquo;an
TCH and Erdos will then receive 60% and 40%, respectively, of the profit from the JV. On June 15, 2013, Xi&rsquo;an TCH and Erdos
entered into a share transfer agreement, pursuant to which Erdos transferred and sold its 7% ownership interest in the JV to Xi&rsquo;an
TCH for $1.29 million (RMB 8 million), plus certain accumulated profits as described below. Xi&rsquo;an TCH paid the $1.29 million
in July 2013 and, as a result, became the sole stockholder of Erdos TCH. In addition, Xi&rsquo;an TCH is required to pay Erdos
accumulated profits from inception up to June 30, 2013 in accordance with the supplementary agreement entered on August 6, 2013.
In August 2013, Xi&rsquo;an TCH paid 20% of the accumulated profit (calculated under PRC GAAP) of $226,000 to Erdos. Erdos TCH
currently has two power generation systems in Phase I with a total of 18 MW power capacity, and three power generation systems
in Phase II with a total of 27 MW power capacity.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With the current economic conditions
in China, the government has limited and reduced over capacity and production in the iron and steel industry, which has resulted
in a sharp decrease of Erdos Metallurgy Co., Ltd&rsquo;s production of ferrosilicon, its revenue and cash flows, and has made it
difficult for Erdos to make the monthly minimum lease payment.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After considering the challenging
economic conditions facing Erdos, and to maintain the long-term cooperative relationship between the parties, which we believe
will continue to produce long-term benefits, on April 28, 2016, Erdos TCH and Erdos entered into a supplemental agreement, effective
May 1, 2016. Under the supplemental agreement, Erdos TCH cancelled monthly minimum lease payments from Erdos, and agreed to charge
Erdos based on actual electricity sold at RMB 0.30 / KWH, which such price will be adjusted annually based on prevailing market
conditions.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company evaluated the modified
terms for payments based on actual electricity sold as minimum lease payments as defined in ASC 840-10-25-4, since lease payments
that depend on a factor directly related to the future use of the leased property are contingent rentals and, accordingly, are
excluded from minimum lease payments in their entirety. The Company wrote off the net investment receivables of these leases at
the lease modification date.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Pucheng Biomass Power Generation Projects</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 29, 2010, Xi&rsquo;an
TCH entered into a Biomass Power Generation (&ldquo;BMPG&rdquo;) Project Lease Agreement with PuchengXinHeng Yuan Biomass Power
Generation Co., Ltd. (&ldquo;Pucheng&rdquo;), a limited liability company incorporated in China. Under this lease agreement, Xi&rsquo;an
TCH leased a set of 12MW BMPG systems to Pucheng at a minimum of $279,400 (RMB 1,900,000) per month for a term of 15 years. (&ldquo;Pucheng
Phase I&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 11, 2013, Xi&rsquo;an
TCH entered into a BMPG Asset Transfer Agreement (the &ldquo;Pucheng Transfer Agreement&rdquo;) with Pucheng Xin Heng Yuan Biomass
Power Generation Corporation (&ldquo;Pucheng&rdquo;), a limited liability company incorporated in China. The Pucheng Transfer Agreement
provided for the sale by Pucheng to Xi&rsquo;an TCH of a set of 12 MW BMPG systems with the completion of system transformation
for a purchase price of RMB 100 million ($16.48 million) in the form of 8,766,547 shares of common stock of the Company at $1.87
per share. Also on September 11, 2013, Xi&rsquo;an TCH also entered into a BMPG Project Lease Agreement with Pucheng (the &ldquo;Pucheng
Lease&rdquo;). Under the Pucheng Lease, Xi&rsquo;an TCH leases this same set of 12 MW BMPG system to Pucheng, and combines this
lease with the lease for the 12 MW BMPG station of Pucheng Phase I project, under a single lease to Pucheng for RMB 3.8 million
($0.63 million) per month (the &ldquo;Pucheng Phase II Project&rdquo;). The term for the consolidated lease is from September 2013
to June 2025. The lease agreement for the 12 MW station from Pucheng Phase I project terminated upon the effective date of the
Pucheng Lease. The ownership of two 12 MW BMPG systems will transfer to Pucheng at no additional charge when the Pucheng Lease
expires.</P>

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

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<DIV STYLE="padding: 5; border: Black 1.5pt solid; width: 97%">
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Shenqiu Yuneng Biomass Power Generation Projects</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 25, 2011, Xi&rsquo;an
TCH entered into a Letter of Intent with Shenqiu YuNeng Thermal Power Co., Ltd. (&ldquo;Shenqiu&rdquo;) to reconstruct and transform
a Thermal Power Generation System owned by Shenqiu into a 75T/H BMPG System for $3.57 million (RMB 22.5 million). The project commenced
in June 2011 and was completed in the third quarter of 2011. On September 28, 2011, Xi&rsquo;an TCH entered into a Biomass Power
Generation Asset Transfer Agreement with Shenqiu (the &ldquo;Shenqiu Transfer Agreement&rdquo;). Pursuant to the Shenqiu Transfer
Agreement, Shenqiu sold Xi&rsquo;an TCH a set of 12 MW BMPG systems (after Xi&rsquo;an TCH converted the system for BMPG purposes).
As consideration for the BMPG systems, Xi&rsquo;an TCH paid Shenqiu $10.94 million (RMB 70 million) in cash in three installments
within six months upon the transfer of ownership of the systems. By the end of 2012, all the consideration was paid. On September
28, 2011, Xi&rsquo;an TCH and Shenqiu also entered into a Biomass Power Generation Project Lease Agreement (the &ldquo;2011 Shenqiu
Lease&rdquo;). Under the 2011 Shenqiu Lease, Xi&rsquo;an TCH agreed to lease a set of 12 MW BMPG systems to Shenqiu at a monthly
rental rate of $286,000 (RMB 1.8 million) for 11 years. Upon expiration of the 2011 Shenqiu Lease, ownership of this system will
transfer from Xi&rsquo;an TCH to Shenqiu at no additional cost. In connection with the 2011 Shenqiu Lease, Shenqiu paid one month&rsquo;s
rent as a security deposit to Xi&rsquo;an TCH, in addition to providing personal guarantees.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 8, 2012, Xi&rsquo;an
TCH entered into a Letter of Intent for technical reformation of Shenqiu Project Phase II with Shenqiu for technical reformation
to enlarge the capacity of the Shenqiu Project Phase I (the &ldquo;Shenqiu Phase II Project&rdquo;). The technical reformation
involved the construction of another 12 MW BMPG system. After the reformation, the generation capacity of the power plant increased
to 24 MW. The project commenced on October 25, 2012 and was completed during the first quarter of 2013. The total cost of the project
was $11.1 million (RMB 68 million). On March 30, 2013, Xi&rsquo;an TCH and Shenqiu entered into a BMPG Project Lease Agreement
(the &ldquo;2013 Shenqiu Lease&rdquo;). Under the 2013 Shenqiu Lease, Xi&rsquo;an TCH agreed to lease the second set of 12 MW BMPG
systems to Shenqiu for $239,000 (RMB 1.5 million) per month for 9.5 years. When the 2022 Shenqiu Lease expires, ownership of this
system will transfer from Xi&rsquo;an TCH to Shenqiu at no additional cost.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 4, 2019, Xi&rsquo;an
Zhonghong, Xi&rsquo;an TCH, and Mr. Chonggong Bai, a resident of China, entered into a Projects Transfer Agreement (the &ldquo;Agreement&rdquo;),
pursuant to which Xi&rsquo;an TCH will transfer two Biomass Power Generation Projects in Shenqiu (&ldquo;Shenqiu Phase I and II
Projects&rdquo;) to Mr. Bai for RMB 127,066,000 ($18.55 million). Mr. Bai agreed to transfer all the equity shares of his wholly
owned company, Xi&rsquo;an Hanneng Enterprises Management Consulting Co. Ltd. (&ldquo;Xi&rsquo;an Hanneng&rdquo;) to Beijing Hongyuan
Recycling Energy Investment Center, LLP (the &ldquo;HYREF&rdquo;) as repayment for the loan made by Xi&rsquo;an Zhonghong to HYREE
as consideration for the transfer of the Shenqiu Phase I and II Projects. The transfer was completed on February 15, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Yida Coke Oven Gas Power Generation Projects</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 28, 2014, Xi&rsquo;an
TCH entered into an Asset Transfer Agreement (the &ldquo;Transfer Agreement&rdquo;) with Qitaihe City Boli Yida Coal Selection
Co., Ltd. (&ldquo;Yida&rdquo;), a limited liability company incorporated in China. The Transfer Agreement provided for the sale
to Xi&rsquo;an TCH of a 15 MW coke oven WGPG station, which was converted from a 15 MW coal gangue power generation station from
Yida. As consideration for the Transfer Asset, Xi&rsquo;an TCH paid Yida RMB 115 million ($18.69 million) in the form of the common
stock shares of the Company at the average closing price per share of the Stock for the 10 trading days prior to the closing date
of the transaction (the &ldquo;Shares&rdquo;). The exchange rate between US Dollar and Chinese RMB in connection with the stock
issuance was the rate equal to the middle rate published by the People&rsquo;s Bank of China on the closing date of the assets
transfer.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 28, 2014, Xi&rsquo;an
TCH also entered into a Coke Oven Gas Power Generation Project Lease Agreement (the &ldquo;Lease Agreement&rdquo;) with Yida. Under
the Lease Agreement, Xi&rsquo;an TCH leased the Transfer Asset to Yida for RMB 3 million ($0.49 million) per month, and the term
of the lease is from June 28, 2014 to June 27, 2029. Yida will also provide an RMB 3 million ($0.49 million) security deposit (without
interest) for the lease. Xi&rsquo;an TCH will transfer the Transfer Asset back to Yida at no cost at the end of the lease term.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 22, 2016, Xi&rsquo;an
TCH entered into a Coal Oven Gas Power Generation Project Repurchase Agreement (the &ldquo;Repurchase Agreement&rdquo;) with Yida.
Under the Repurchase Agreement, Xi&rsquo;an TCH agreed to transfer to Yida all the project assets for RMB 112,000,000 ($16.89 million)
(the &ldquo;Transfer Price&rdquo;) with Yida&rsquo;s retention of ownership of the Shares. Yida agreed to make the following payments:
(i) the outstanding monthly leasing fees for April and May 2016 of RMB 6,000,000 ($0.90 million) to Xi&rsquo;an TCH within 5 business
days from the execution of the Repurchase Agreement; (ii) a payment of RMB 50,000,000 ($7.54 million) of the Transfer Price to
Xi&rsquo;an TCH within 5 business days from the execution of the Repurchase Agreement; and (iii) a payment of the remaining RMB
62,000,000 ($9.35 million) of the Transfer Price to Xi&rsquo;an TCH within 15 business days from the execution of the Repurchase
Agreement. Under the Repurchase Agreement, ownership of the project assets was transferred from Xi&rsquo;an TCH to Yida within
3 business days after Xi&rsquo;an TCH received the full Transfer Price and the outstanding monthly leasing fees. In July 2016,
the Company received the full payment of the Transfer Price and title to the system was transferred at that time. The Company recorded
a $0.42 million loss from this transaction in 2016.</P>

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

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<DIV STYLE="padding: 5; border: Black 1.5pt solid; width: 97%">
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>The Fund Management Company and the HYREF Fund</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 25, 2013, Xi&rsquo;an
TCH and Hongyuan Huifu Venture Capital Co. Ltd (&ldquo;Hongyuan Huifu&rdquo;) jointly established Hongyuan Recycling Energy Investment
Management Beijing Co., Ltd (the &ldquo;Fund Management Company&rdquo;) with registered capital of RMB 10 million ($1.45 million).
Xi&rsquo;an TCH made an initial capital contribution of RMB 4 million ($650,000) and had a 40% ownership interest in the Fund Management
Company. With respect to the Fund Management Company, voting rights and dividend rights were allocated 80% and 20% between Hongyuan
Huifu and Xi&rsquo;an TCH, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund Management Company
is the general partner of Beijing Hongyuan Recycling Energy Investment Center, LLP (the &ldquo;HYREF Fund&rdquo;), a limited liability
partnership established July 18, 2013 in Beijing. The Fund Management Company made an initial capital contribution of RMB 5 million
($830,000) to the HYREF Fund. An initial amount of RMB 460 million ($77 million) was fully subscribed by all partners for the HYREF
Fund. The HYREF Fund has three limited partners: (1) China Orient Asset Management Co., Ltd., which made an initial capital contribution
of RMB 280 million ($46.67 million) to the HYREF Fund and is a preferred limited partner; (2) Hongyuan Huifu, which made an initial
capital contribution of RMB 100 million ($16.67 million) to the HYREF Fund and is an ordinary limited partner; and (3) the Company&rsquo;s
wholly-owned subsidiary, Xi&rsquo;an TCH, which made an initial capital contribution of RMB 75 million ($12.5 million) to the HYREF
Fund and is a secondary limited partner. The term of the HYREF Fund&rsquo;s partnership is six years from the date of its establishment,
expiring on July 18, 2019. The term is four years from the date of contribution for the preferred limited partner, and four years
from the date of contribution for the ordinary limited partner. The size of the HYREF Fund is RMB 460 million ($76.66 million).
The HYREF Fund was formed to invest in Xi&rsquo;an Zhonghong New Energy Technology Co., Ltd., a then 90% owned subsidiary of Xi&rsquo;an
TCH, for the construction of two coke dry quenching (&ldquo;CDQ&rdquo;) waste heat power generation (&ldquo;WHPG&rdquo;) stations
with Jiangsu Tianyu Energy and Chemical Group Co., Ltd. (&ldquo;Tianyu&rdquo;) and one CDQ WHPG station with Boxing County Chengli
Gas Supply Co., Ltd. (&ldquo;Chengli&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Chengli Waste Heat Power Generation Projects</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 19, 2013, Xi&rsquo;an
TCH formed a new company, &ldquo;Xi&rsquo;an Zhonghong New Energy Technology Co., Ltd.&rdquo; (&ldquo;Zhonghong&rdquo;), with registered
capital of RMB 30 million ($4.85 million). Xi&rsquo;an TCH paid RMB 27 million ($4.37 million) and owns 90% of Zhonghong. Zhonghong
is engaged to provide energy saving solution and services, including constructing, selling and leasing energy saving systems and
equipment to customers. On December 29, 2018, Shanghai TCH entered into a Share Transfer Agreement with HYREF, pursuant to which
HYREF transferred its 10% ownership in Xi&rsquo;an Zhonghong to Shanghai TCH for consideration of RMB 3 million ($0.44 million).
The transfer was completed January 22, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 24, 2013, Zhonghong
entered into a Cooperative Agreement of CDQ and CDQ WHPG Project with Boxing County Chengli Gas Supply Co., Ltd. (&ldquo;Chengli&rdquo;).
The parties entered into a supplement agreement on July 26, 2013. Pursuant to these agreements, Zhonghong agreed to design, build
and maintain a 25 MW CDQ system and a CDQ WHPG system to supply power to Chengli, and Chengli agreed to pay energy saving fees
(the &ldquo;Chengli Project&rdquo;). Chengli will contract the operation of the system to a third party contractor that is mutually
agreed to by Zhonghong. In addition, Chengli will provide the land for the CDQ system and CDQ WHPG system at no cost to Zhonghong.
The term of these Agreements is 20 years. The watt hours generated by the Chengli Project will be charged at RMB 0.42 ($0.068)
per KWH (excluding tax). The operating time shall be based upon an average 8,000 hours annually. If the operating time is less
than 8,000 hours per year due to a reason attributable to Chengli, then time charged shall be 8,000 hours a year, and if it is
less than 8,000 hours due to a reason attributable to Zhonghong, then it shall be charged at actual operating hours. The construction
of the Chengli Project was completed in the second quarter of 2015 and the project successfully completed commissioning tests in
the first quarter of 2017. The Chengli Project is now operational, however, due to intensifying environmental protection, the local
environmental authorities required the project owner constructing CDQ sewage treatment to complete supporting works, which were
completed and passed through acceptance inspection during the quarter ended September 30, 2018. However, the owner of Chengli Project
changed from Chengli to Shandong Boxing Shengli Technology Company Ltd. (&ldquo;Shengli&rdquo;). This change resulted from transfer
of the equity ownership of Chengli to Shengli (a private company). Chengli, a 100% state-owned enterprise that is 100% owned by
the local Power Supply Bureau, is not allowed to carry out business activities, and Shengli, the new owner, is not entitled to
the high on-grid prices, and thus demanded a renegotiation of the settlement terms for the project.</P>

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

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<DIV STYLE="padding: 5; border: Black 1.5pt solid; width: 97%">
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 22, 2013, Zhonghong
entered into an Engineering, Procurement and Construction (&ldquo;EPC&rdquo;) General Contractor Agreement for the Boxing County
Chengli Gas Supply Co., Ltd. CDQ Power Generation Project (the &ldquo;Chengli Project&rdquo;) with Xi&rsquo;an Huaxin New Energy
Co., Ltd. (&ldquo;Huaxin&rdquo;). Zhonghong, as the owner of the Chengli Project, contracted EPC services for a CDQ system and
a 25 MW CDQ WHPG system for Chengli to Huaxin. Huaxin shall provide construction, equipment procurement, transportation, installation
and adjustment, test run, construction engineering management and other necessary services to complete the Chengli Project and
ensure the CDQ system and CDQ WHPG system for Chengli meet the inspection and acceptance requirements and work normally. The Chengli
Project is a turn-key project in which Huaxin is responsible for monitoring the quality, safety, duration and cost of the Chengli
Project. The total contract price is RMB 200 million ($33.34 million), which includes all materials, equipment, labor, transportation,
electricity, water, waste disposal, machinery and safety costs.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 29, 2018, Xi&rsquo;an
Zhonghong, Xi&rsquo;an TCH, the &ldquo;HYREF&rdquo;, Guohua Ku, and Mr. Chonggong Bai entered into a CDQ WHPG Station Fixed Assets
Transfer Agreement, pursuant to which Xi&rsquo;an Zhonghong transferred Chengli CDQ WHPG station as the repayment of loan at RMB
188,639,400 ($27.54 million) to HYREF. Xi&rsquo;an Zhonghong, Xi&rsquo;an TCH, Guohua Ku and Chonggong Bai also agreed to buy back
the CDQ WHPG Station when conditions under the Buy Back Agreement are met. The transfer was completed January 22, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Tianyu Waste Heat Power Generation Project</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 19, 2013, Zhonghong
entered into a Cooperative Agreement (the &ldquo;Tianyu Agreement&rdquo;) for Energy Management of CDQ and CDQ WHPG with Jiangsu
Tianyu Energy and Chemical Group Co., Ltd (&ldquo;Tianyu&rdquo;). Pursuant to the Tianyu Agreement, Zhonghong will design, build,
operate and maintain two sets of 25 MW CDQ and CDQ WHPG systems for two subsidiaries of Tianyu &ndash; Xuzhou Tian&rsquo;an Chemical
Co., Ltd (&ldquo;Xuzhou Tian&rsquo;an&rdquo;) and Xuzhou Huayu Coking Co., Ltd. (&ldquo;Xuzhou Huayu&rdquo;) &ndash; to be located
at Xuzhou Tian&rsquo;an and Xuzhou Huayu&rsquo;s respective locations (the &ldquo;Tianyu Project&rdquo;). Upon completion of the
Tianyu Project, Zhonghong will charge Tianyu an energy saving fee of RMB 0.534 ($0.087) per KWH (excluding tax). The operating
time will be based upon an average 8,000 hours annually for each of Xuzhou Tian&rsquo;an and Xuzhou Huayu. If the operating time
is less than 8,000 hours per year due to a reason attributable to Tianyu, then time charged will be 8,000 hours a year. Because
of the overcapacity and pollution of the iron and steel and related industries, the government has imposed production limitations
for the energy-intensive enterprises with heavy pollution, including Xuzhou Tian&rsquo;an.&nbsp;Xuzhou Tian&rsquo;an has slowed
the construction process for its dry quenching production line which caused the delay of our project. The construction of the Xuzhou
Tian&rsquo;an Project is anticipated to be completed by the second quarter of 2019. Xuzhou Tian&rsquo;an will provide the land
for the CDQ and CDQ WHPG systems for free. Xuzhou Tian&rsquo;an has also guaranteed that it will purchase all of the power generated
by the CDQ WHPG systems. The Xuzhou Huayu Project is currently on hold due to a conflict between Xuzhou Huayu Coking Co., Ltd.
and local residents on certain pollution-related issues. The local government has acted in its capacity to coordinate the resolution
of this issue. The local residents were requested to move from the hygienic buffer zone of the project location with compensatory
payments from the government. Xuzhou Huayu was required to stop production and implement technical innovations to mitigate pollution
discharge including sewage treatment, dust collection, noise control, and recycling of coal gas. Currently, some local residents
have moved. Xuzhou Huayu has completed the implementation of the technical innovations of sewage treatment, dust collection, and
noise control, and the Company is waiting for local governmental agencies to approve these technical innovations so that we can
resume construction. Due to the stricter administration of environmental protection policies and recent increase of environmental
protections for the coking industry in Xuzhou, all local coking, as well as steel iron enterprises, are facing a similar situation
of suspended production while rectifying technologies and procedures. The Company expects to receive governmental acceptance and
approval and to resume construction in the second quarter of 2019. &nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 22, 2013, Xi&rsquo;an
Zhonghong New Energy Technology Co., Ltd. entered into an EPC General Contractor Agreement for the Xuzhou Tianyu Group CDQ Power
Generation Project (the &ldquo;Project&rdquo;) with Xi&rsquo;an Huaxin New Energy Co., Ltd. (&ldquo;Huaxin&rdquo;). Zhonghong as
the owner of the Project contracted EPC for the two sets of CDQ and 25 MW CDQ WHPG systems for Tianyu to Huaxin&mdash;one for Xuzhou
Tian&rsquo;an and one for Xuzhou Huayu. Huaxin shall provide construction, equipment procurement, transportation, installation
and adjustment, test run, construction engineering management and other necessary works to complete the Project and ensure the
CDQ and CDQ WHPG systems for Tianyu meet the inspection and acceptance requirements and work normally. The Project is a turn-key
project and Huaxin is responsible for the quality, safety, duration and cost of the Project. The total contract price is RMB 400
million ($66.67 million), of which RMB 200 million ($33.34 million) is for the Xuzhou Tian&rsquo;an system and RMB 200 million
is for the Xuzhou Huayu system. The price is a cover-all price, which includes but not limited to all the materials, equipment,
labor, transportation, electricity, water, waste disposal, machinery and safety matters.&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<DIV STYLE="padding: 5; border: Black 1.5pt solid; width: 97%">
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 4, 2019, Xi&rsquo;an
Zhonghong, Xi&rsquo;an TCH, and Mr. Chonggong Bai, entered into a Projects Transfer Agreement (the &ldquo;Agreement&rdquo;), pursuant
to which Xi&rsquo;an Zhonghong will transfer a CDQ WHPG station (under construction) located in Xuzhou City for Xuzhou Huayu Coking
Co., Ltd. (&ldquo;Xuzhou Huayu Project&rdquo;) to Mr. Bai for RMB 120,000,000 ($17.52 million). Mr. Bai agreed to transfer all
the equity shares of his wholly owned company, Xi&rsquo;an Hanneng, to the HYREF as repayment for the loan made by Xi&rsquo;an
Zhonghong to HYREF as consideration for the transfer of the Xuzhou Huayu Project. The transfer was completed on February 15, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Zhongtai Waste Heat Power Generation Energy
Management Cooperative Agreement</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 6, 2013, Xi&rsquo;an
TCH entered into a CDQ and WHPG Energy Management Cooperative Agreement (the &ldquo;Zhongtai Agreement&rdquo;) with Xuzhou Zhongtai
Energy Technology Co., Ltd. (&ldquo;Zhongtai&rdquo;), a limited liability company incorporated in Jiangsu Province, China.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Zhongtai Agreement,
Xi&rsquo;an TCH will design, build and maintain a 150 ton per hour CDQ system and a 25 MW CDQ WHPG system (the &ldquo;Project&rdquo;)
and sell the power to Zhongtai, and Xi&rsquo;an TCH will also build a furnace to generate steam from the waste heat of the smoke
pipeline and sell the steam to Zhongtai.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The construction period of
the Project is expected to be 18 months from the date when conditions are ready for construction to begin. Zhongtai will start
to pay an energy saving fee from the date when the WHPG station passes the required 72-hour test run. The term of payment is 20
years. For the first 10 years of the term, Zhongtai shall pay an energy saving fee at RMB 0.534 ($0.089) per KWH (including value
added tax) for the power generated from the system. For the second 10 years of the term, Zhongtai shall pay an energy saving fee
at RMB 0.402 ($0.067) per KWH (including value added tax). During the term of the contract the energy saving fee shall be adjusted
at the same percentage as the change of local grid electricity price. Zhongtai shall also pay an energy saving service fee for
the steam supplied by Xi&rsquo;an TCH at RMB 100 ($16.67) per ton (including value added tax). Zhongtai and its parent company
will provide guarantees to ensure Zhongtai will fulfill its obligations under the Agreement. Upon the completion of the term, Xi&rsquo;an
TCH will transfer the systems to Zhongtai at RMB 1 ($0.16). Zhongtai shall provide waste heat to the systems for no less than 8,000
hours per year and waste gas volume no less than 150,000 Nm3 per hour with a temperature no less than 950&deg;C. If these requirements
are not met, the term of the Zhongtai Agreement will be extended accordingly. If Zhongtai wants to terminate the Zhongtai Agreement
early, it shall provide Xi&rsquo;an TCH a 60 day notice and pay the termination fee and compensation for the damages to Xi&rsquo;an
TCH according to the following formula: (i) if it is less than five years into the term when Zhongtai requests termination, Zhongtai
shall pay: Xi&rsquo;an TCH&rsquo;s total investment amount plus Xi&rsquo;an TCH&rsquo;s annual investment return times five years
minus the years in which the system has already operated; or (ii) if it is more than five years into the term when Zhongtai requests
the termination, Zhongtai shall pay Xi&rsquo;an TCH&rsquo;s total investment amount minus total amortization cost (the amortization
period is 10 years).&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 14, 2016, Xi&rsquo;an
TCH entered into a Xuzhou Zhongtai CDQ and Waste Heat Power Generation System Transfer Agreement (the &ldquo;Transfer Agreement&rdquo;)
with Zhongtai and Xi&rsquo;an Huaxin New Energy Co., Ltd., a limited liability company incorporated in China (the &ldquo;Contractor&rdquo;).</P>

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

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<DIV STYLE="padding: 5; border: Black 1.5pt solid; width: 97%">
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Transfer Agreement provides
for the sale to Zhongtai of all the assets of the Project under construction from Xi&rsquo;an TCH. Additionally, Xi&rsquo;an TCH
will transfer to Zhongtai the Engineering, Procurement and Construction (&ldquo;EPC&rdquo;) Contract for the Project, which Xi&rsquo;an
TCH had entered into with the Contractor in connection with the Project. As consideration for the transfer of the Project, Zhongtai
is to pay to Xi&rsquo;an TCH an aggregate purchase price of RMB 167,360,000 ($25.75 million and the &ldquo;Transfer Price&rdquo;),
on the following schedule: (i) RMB 50,000,000 ($7.69 million) of the Transfer Price was paid within 20 business days from the execution
of the Transfer Agreement; (ii) RMB 30,000,000 ($4.32 million) of the Transfer Price was paid within 20 business days upon the
completion of the construction of the Project but not later than July 30, 2016; and (iii) RMB 87,360,000 ($13.45 million) of the
Transfer Price was to be paid before July 30, 2017. The temporary ownership of the Project was transferred from Xi&rsquo;an TCH
to Zhongtai after the Xi&rsquo;an TCH received the first payment of RMB 50,000,000, and the full ownership of the Project is to
be officially transferred to Zhongtai upon full payment of the Transfer Price. The Zhongtai Agreement is to be terminated and Xi&rsquo;an
TCH will agree not to pursue any breach of contract liability against the Zhongtai under the Zhongtai Agreement when Zhongtai fully
pays the Transfer Price according to the terms of the Transfer Agreement. If the Transfer Price is not fully paid on time pursuant
to the Transfer Agreement, the Transfer Agreement automatically terminates and Xi&rsquo;an TCH retains ownership of the Project,
and both parties would continue to possess their respective rights and obligations according to the Zhongtai Agreement and assume
the liabilities for breach of the Zhongtai Agreement. Xuzhou Taifa Special Steel Technology Co., Ltd. (&ldquo;Xuzhou Taifa&rdquo;)
has guaranteed the payments by Zhongtai. The Company recorded a $2.82 million loss from this transaction in 2016. In 2016, Xi&rsquo;an
TCH received the first payment of $7.70 million and the second payment of $4.32 million. However, the Company received a repayment
commitment letter from Zhongtai on February 23, 2018, in which Zhongtai committed to pay the remaining payment of RMB 87,360,000
($13.45 million) no later than the end of July 2018; in July 2018, Zhongtai and the Company reached a further oral agreement to
extend the repayment term of RMB 87,360,000 ($13.45 million) by another two to three months. In August 2018, the Company received
$1,070,000 from Zhongtai; as of March 31, 2019 and December 31, 2018, the Company had receivable from Zhongtai for $11.88 million
(with bad debt allowance of $3.56 million). Zhongtai provided an acknowledgement letter to the Company stating they expect to repay
the remaining balance of $11.88 million by the end of October 2019, once it resumes normal production.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Formation of Zhongxun</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
March 24, 2014, Xi&rsquo;an TCH incorporated a new subsidiary, Zhongxun Energy Investment (Beijing) Co., Ltd (&ldquo;Zhongxun&rdquo;)
with registered capital of $5,695,502 (RMB 35,000,000), to be paid no later than October 1, 2028. Zhongxun is 100% owned by Xi&rsquo;an
TCH and is mainly engaged in project investment, investment management, economic information consulting, and technical services.
Zhongxun has not yet commenced operations as of the date of this report.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Formation of Yinghua</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
February 11, 2015, the Company incorporated a new subsidiary, Shanghai Yinghua Financial Leasing Co., Ltd (&ldquo;Yinghua&rdquo;)
with registered capital of $30,000,000, to be paid within 10 years from the date the business license is issued. Yinghua is 100%
owned by the Company and is mainly engaged in financial leasing, purchase of financial leasing assets, disposal and repair of financial
leasing assets, consulting and ensuring of financial leasing transactions, and related factoring business. Yinghua has not yet
commenced operations as of the date of this report.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Summary of Sales-Type Leases at March 31, 2019</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">As of March 31, 2019, the Company had the following
sales-type leases: BMPG systems to Pucheng Phase I and II (15 and 11-year terms, respectively).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Asset Repurchase Agreement</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the years ended December
31, 2018 and 2017, the Company entered into or completed the following Asset Repurchase Agreements:</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 16, 2015, Xi&rsquo;an
TCH entered into a Transfer Agreement of CDQ and a CDQ WHPG system with Rongfeng and Xi&rsquo;an Huaxin New Energy Co., Ltd., a
limited liability company incorporated in China (&ldquo;Xi&rsquo;an Huaxin&rdquo;). The Transfer Agreement provided for the sale
to Rongfeng of the CDQ Waste Heat Power Generation Project (the &ldquo;Project&rdquo;) from Xi&rsquo;an TCH. Additionally, Xi&rsquo;an
TCH agreed to transfer to Rongfeng the Engineering, Procurement and Construction (&ldquo;EPC&rdquo;) Contract for the CDQ Waste
Heat Power Generation Project which Xi&rsquo;an TCH had entered into with Xi&rsquo;an Huaxin in connection with the Project. As
consideration for the transfer of the Project, Rongfeng will pay to Xi&rsquo;an TCH an aggregate purchase price of RMB 165,200,000
($25.45 million), whereby (a) RMB 65,200,000 ($10.05 million) will be paid by Rongfeng to Xi&rsquo;an TCH within 20 business days
after the Transfer Agreement is signed, (b) RMB 50,000,000 ($7.70 million) will be paid by Rongfeng to Xi&rsquo;an TCH within 20
business days after the Project is completed, but no later than March 31, 2016 and (c) RMB 50,000,000 ($7.70 million) will be paid
by Rongfeng to Xi&rsquo;an TCH no later than September 30, 2016. Mr. Cheng Li, the largest stockholder of Rongfeng, has personally
guaranteed the payments. The ownership of the Project was conditionally transferred to Rongfeng within 3 business days following
the initial payment of RMB 65,200,000 ($10.05 million) by Rongfeng to Xi&rsquo;an TCH and the full ownership of the Project has
been officially transferred to Rongfeng after it completes the entire payment pursuant to the Transfer Agreement. The Company recorded
a $3.78 million loss from this transaction in 2015. The Company received full payment of $25.45 million in 2016.</P>

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

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
<DIV STYLE="padding: 5; border: Black 1.5pt solid; width: 97%">
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In March 2016, Xi&rsquo;an
TCH entered into a Transfer Agreement of CDQ and a CDQ WHPG system with Zhongtai and Xi&rsquo;an Huaxin (the &ldquo;Transfer Agreement&rdquo;).
Under the Transfer Agreement, Xi&rsquo;an TCH agreed to transfer to Zhongtai all of the assets associated with the CDQ Waste Heat
Power Generation Project (the &ldquo;Project&rdquo;), which is under construction pursuant to the Zhongtai Agreement. Xi&rsquo;an
Huaxin will continue to construct and complete the Project and Xi&rsquo;an TCH agreed to transfer all its rights and obligation
under the &ldquo;EPC&rdquo; Contract to Zhongtai. As consideration for the transfer of the Project, Zhongtai agreed to pay to Xi&rsquo;an
TCH an aggregate transfer price of RMB 167,360,000 ($25.77 million) including payments of: (i) RMB 152,360,000 ($23.46 million)
for the construction of the Project; and (ii) RMB 15,000,000 ($2.31 million) as payment for partial loan interest accrued during
the construction period. Those amounts have been, or will be, paid by Zhongtai to Xi&rsquo;an TCH according to the following schedule:
(a) RMB 50,000,000 ($7.70 million) was paid within 20 business days after the Transfer Agreement was signed; (b) RMB 30,000,000
($4.32 million) will be paid within 20 business days after the Project is completed, but no later than July 30, 2016; and (c) RMB
87,360,000 ($13.45 million) will be paid no later than July 30, 2017. Xuzhou Taifa Special Steel Technology Co., Ltd. (&ldquo;Xuzhou
Taifa&rdquo;) has guaranteed the payments from Zhongtai to Xi&rsquo;an TCH. The ownership of the Project was conditionally transferred
to Zhongtai following the initial payment of RMB 50,000,000 ($7.70 million) by Zhongtai to Xi&rsquo;an TCH and the full ownership
of the Project will be officially transferred to Zhongtai after it completes all payments pursuant to the Transfer Agreement. Xi&rsquo;an
TCH received the first payment of $7.70 million and the second payment of $4.32 million in 2016. The Company recorded a $2.82 million
loss from this transaction. As of the date of this report, the Company has not yet received the remaining payment of RMB 87,360,000
($13.45 million). However, the Company received a repayment commitment letter from Zhongtai on February 23, 2018, in which Zhongtai
committed to pay the remaining payment of RMB 87,360,000 ($13.45 million) no later than the end of July 2018. In July 2018, Zhongtai
and the Company reached a further oral agreement to extend the repayment term of RMB 87,360,000 ($13.45 million) by another two
to three months. In August 2018, the Company received $1,070,000 from Zhongtai. As of March 31, 2019, the Company had receivables
from Zhongtai for $11.66 million (with bad debt allowance of $3.50 million). On January 23, 2019, Zhongtai provided an ackno</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company was incorporated
on May 8, 1980 as Boulder Brewing Company under the laws of the State of Colorado. On September 6, 2001, the Company changed its
state of incorporation to the State of Nevada. In 2004, the Company changed its name from Boulder Brewing Company to China Digital
Wireless, Inc. and on March 8, 2007, again changed its name from China Digital Wireless, Inc. to its current name, China Recycling
Energy Corporation. The Company, through its subsidiaries, provides energy saving solutions and services, including selling and
leasing energy saving systems and equipment to customers, project investment, investment management, economic information consulting,
technical services, financial leasing, purchase of financial leasing assets, disposal and repair of financial leasing assets, consulting
and ensuring of financial leasing transactions in the Peoples Republic of China (&ldquo;PRC&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business is primarily conducted
through our wholly-owned subsidiaries, Yinghua and Sifeng, Sifeng&rsquo;s wholly-owned subsidiaries, Huahong and Shanghai TCH,
Shanghai TCH&rsquo;s wholly-owned subsidiaries, Xi&rsquo;an TCH, Xi&rsquo;an TCH&rsquo;s wholly-owned subsidiary Erdos TCH and
Xi&rsquo;an TCH&rsquo;s 90% owned and Shanghai TCH&rsquo;s 10% owned subsidiary Xi&rsquo;an Zhonghong New Energy Technology Co.,
Ltd., and Zhongxun. Shanghai TCH was established as a foreign investment enterprise in Shanghai under the laws of the PRC on May
25, 2004, and currently has registered capital of $29.80 million. Xi&rsquo;an TCH was incorporated in Xi&rsquo;an, Shaanxi Province
under the laws of the PRC in November 2007. Erdos TCH was incorporated in April 2009. Huahong was incorporated in February 2009.
Xi&rsquo;an Zhonghong New Energy Technology Co., Ltd. was incorporated in July 2013. Xi&rsquo;an TCH owns 90% and Shanghai TCH
owns 10% of Zhonghong. Zhonghong provides energy saving solutions and services, including constructing, selling and leasing energy
saving systems and equipment to customers. Zhongxun was incorporated in March 2014, and is a wholly-owned subsidiary of Xi&rsquo;an
TCH.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are headquartered in China.
Our principal executive offices are located at 4/F, Tower C, Rong Cheng Yun Gu Building, Keji 3<SUP>rd&nbsp;</SUP>Road, Beilin
District, Xi&rsquo;an City, Shaanxi Province, China, and our telephone number at this location is +86-29-8769-1098.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>Other Information</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For a complete
description of our business, financial condition, results of operations and other important information, we refer you to our
filings with the Securities and Exchange Commission (the &ldquo;<B>SEC</B>&rdquo;) that are incorporated by reference in this
prospectus, including our Annual Report on Form 10-K for the year ended December 31, 2018. For instructions on how to find
copies of these documents, please see the section titled &ldquo;Incorporation of Certain Information by reference&rdquo;
beginning on page 54  of this prospectus.</P>

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</DIV>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<DIV STYLE="padding: 5; border: Black 1.5pt solid; width: 97%">
<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>THE
OFFERING</B></FONT> &nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman,serif; width: 31%"><FONT STYLE="font-size: 10pt">Common stock offered by selling shareholders</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify; width: 69%"><P STYLE="margin: 0pt 0">Up to 5,658,641 shares, of which (i) 3,754,536 shares of common stock of the registrant, par value $0.001
per share (&ldquo;Common Stock&rdquo;), are issuable upon the exercise of common stock purchase warrants of the registrant issued
pursuant to private placement concurrently with our registered direct offerings on April 15, 2019 (the &ldquo;April Warrants&rdquo;)
and October 29, 2018 (the &ldquo;October Warrants&rdquo; and together with the April Warrants, the &ldquo;Investor Warrants&rdquo;);
(ii) 304,105 shares of Common Stock that are issuable upon the exercise of common stock purchase warrants of the registrant issued
to the placement agent&rsquo;s designees in connection with such private placements (the &ldquo;Agent Warrants,&rdquo; and together
with the Investor Warrants, the &ldquo;Warrants&rdquo;); and (iii) 1,600,000 shares of Common Stock sold to a selling shareholder
in a prior private placement, dated February 13, 2019.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">Common stock to be outstanding after the offering</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Up to 16,106,498 shares.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">Exercise prices, conditions and terms</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">Use of proceeds</P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">The October Warrants are currently exercisable,
        and the April Warrants will be exercisable beginning on the six month anniversary of the date of issuance. The Investor Warrants
        will expire on the five and one-half year anniversaries of their respective dates of issuance.</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">138,956 shares of Agent Warrants are current exercisable
        and the remaining 165,149 shares of Agent Warrants will be exercisable on the later of (i) October 16, 2019, which is six months
        of the issuance date or (ii) the date on which the Company increases the number of its authorized shares, and shall <FONT STYLE="background-color: white">expire
        on October 29, 2023 and April 15, 2024, respectively.</FONT></P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">We will not receive any proceeds from the sale
        of shares of our Common Stock by the selling stockholders in this offering. See &ldquo;Use of Proceeds&rdquo; for a complete description.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">Nasdaq Capital Market ticker symbol</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">CREG</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Investing in our Common Stock involves a high degree of risk. You should carefully review and consider the &ldquo;Risk Factors&rdquo; beginning on page 11 of this prospectus, which incorporates by reference risk factors set forth in our most recent Annual Report on Form 10-K.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The number of shares of our common stock outstanding after the offering is based on 16,106,498 shares of our common stock outstanding as of May 23, 2019, which excludes 4,058,641 shares of our Common Stock reserved for issuance upon exercise of the Warrants outstanding as of May 23, 2019.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
</DIV>
<P STYLE="text-align: justify; font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"></FONT></P>

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




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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><A NAME="a_002"></A>RISK FACTORS</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>An investment in our securities
involves significant risks. You should carefully consider each of the risk factors set forth in our most recent Annual Report on
Form 10-K, which was filed with the SEC on April 16, 2019, as amended by that Form 10-K/A filed on April 29, 2019, and as may be
updated from time to time by our Quarterly Reports on Form 10-Q and other SEC filings filed after such annual report, and future
filings with the SEC, which are incorporated by reference into this prospectus. Before making an investment decision, you should
carefully consider these risks as well as other information we include or incorporate by reference in this prospectus and any prospectus
supplement. Any of these risks and uncertainties could have a material adverse effect on our business, financial condition, cash
flows and results of operations. If that occurs, the trading price of our common stock could decline materially and you could lose
all or part of your investment.</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The risks we have incorporated
by reference into this prospectus are not the only risks we face. We may experience additional risks and uncertainties not currently
known to us, or as a result of developments occurring in the future. Conditions that we currently deem to be immaterial may also
materially and adversely affect our business, financial condition, cash flows, results of operations and prospects.</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>Risks Related to our Common Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B><I>The market price for our common stock may be volatile</I></B><I>.</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The market price for our common
stock is highly volatile and subject to wide fluctuations in response to factors including the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">actual or anticipated fluctuations in our quarterly operating results;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">announcements of new services by us or our competitors;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">announcements by our competitors of significant acquisitions, strategic partnerships, joint ventures or capital commitments;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">changes in financial estimates by securities analysts;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">conditions in the energy recycling market;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">changes in the economic performance or market valuations of other companies involved in the same industry;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">changes in accounting standards, policies, guidance, interpretation or principles;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">loss of external funding sources;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">failure to maintain compliance with NASDAQ listing rules;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">additions or departures of key personnel;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">potential litigation;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">conditions in the market; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">relatively small size of shares of our common stock available for purchase.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the securities
markets from time to time experience significant price and volume fluctuations that are not related to the operating performance
of particular companies. These market fluctuations may also materially and adversely affect the market price of our common stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B><I>Shareholders could experience substantial dilution</I></B><I>.</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may issue additional shares
of our capital stock to raise additional cash for working capital. If we issue additional shares of our capital stock, our shareholders
will experience dilution in their respective percentage ownership in the company.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>We have no present intention to pay dividends</I></B><I>.</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not paid dividends
or made other cash distributions on our common stock during any of the past three years, and we do not expect to declare or pay
any dividends in the foreseeable future. We intend to retain any future earnings for working capital and to finance current operations
and expansion of our business.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>A large portion of our common stock is controlled
by a small number of shareholders</I></B><I>.</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A large portion of our common
stock is held by a small number of shareholders. As a result, these shareholders are able to influence the outcome of shareholder
votes on various matters, including the election of directors and extraordinary corporate transactions including business combinations.
In addition, the occurrence of sales of a large number of shares of our common stock, or the perception that these sales could
occur, may affect our stock price and could impair our ability to obtain capital through an offering of equity securities. Furthermore,
the current ratios of ownership of our common stock reduce the public float and liquidity of our common stock which can in turn
affect the market price of our common stock.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>We may be unable to maintain compliance with
NASDAQ Marketplace Rules which could cause our common stock to be delisted from the NASDAQ Capital Market. This could result in
the lack of a market for our common stock, cause a decrease in the value of our common stock, and adversely affect our business,
financial condition and results of operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the NASDAQ Marketplace
Rules our common stock must maintain a minimum price of $1.00 per share for continued inclusion on the NASDAQ Capital Market. The
per share price of our common stock has fluctuated significantly. We cannot guarantee that our stock price will remain at or above
$1.00 per share and if the price again drops below $1.00 per share, the stock could become subject to delisting. If our common
stock is delisted, trading of the stock will most likely take place on an over-the-counter market established for unlisted securities.
An investor is likely to find it less convenient to sell, or to obtain accurate quotations in seeking to buy, our common stock
on an over-the-counter market, and many investors may not buy or sell our common stock due to difficulty in accessing over-the-counter
markets, or due to policies preventing them from trading in securities not listed on a national exchange or other reasons. For
these reasons and others, delisting would adversely affect the liquidity, trading volume and price of our common stock, causing
the value of an investment in us to decrease and having an adverse effect on our business, financial condition and results of operations
by limiting our ability to attract and retain qualified executives and employees and limiting our ability to raise capital.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 19, 2015, the Company
was notified by The NASDAQ Stock Market (the &ldquo;NASDAQ&rdquo;) that the Company was not in compliance with the $1.00 minimum
closing bid price requirement under the NASDAQ Listing Rules (the &ldquo;Minimum Closing Bid Price&rdquo;) and the Company was
afforded 180 calendar days, or until December 16, 2015, to regain compliance with the requirement of Minimum Closing Bid Price.
The Company did not regain compliance with the minimum $1.00 bid price per share by December 16, 2015. On December 7, 2015, the
Company transferred the listing of its securities from The NASDAQ Global Market to The Nasdaq Capital Market (the &ldquo;Capital
Market&rdquo;). On December 17, 2015, the Company received a letter from NASDAQ indicating that NASDAQ determined that the Company
is eligible for an additional 180 calendar day period, or until June 13, 2016 (the &ldquo;Second Compliance Period&rdquo;), to
regain compliance. NASDAQ&rsquo;s determination was based on the Company meeting the continued listing requirement for market value
of publicly held shares and all other applicable requirements for initial listing on the Capital Market with the exception of the
bid price requirement, and the Company&rsquo;s written notice to NASDAQ of its intention to cure the deficiency during the Second
Compliance Period by effecting a reverse stock split, if necessary.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 24, 2016, the Company
filed with the Nevada Secretary of State&rsquo;s office a Certificate of Change, by which the Company authorized and approved a
1-for-10 reverse stock split of the Company&rsquo;s authorized shares of common stock from 200,000,000 shares to 20,000,000 shares,
accompanied by a corresponding decrease in the Company&rsquo;s issued and outstanding shares of common stock (the &ldquo;Reverse
Stock Split&rdquo;). The common stock continues to have a par value of $0.001. The Certificate of Change became effective on May
25, 2016, and the Reverse Stock Split became effective for trading purposes at the market opening on May 26, 2016, at which time
the Company&rsquo;s common stock began trading on the Nasdaq Capital Market on a split-adjusted basis under the symbol &ldquo;CREG.&rdquo;
The CUSIP number for the Company&rsquo;s common stock post-Reverse Stock Split is 168913200.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Risks Related to Our Business Operations</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>In recent years, the growth of Chinese economy
has experienced slowdown, and if the growth of the economy continues to slow or if the economy contracts, our financial condition
may be materially and adversely affected.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The rapid growth of the PRC
economy has historically resulted in widespread growth opportunities in industries across China. As a result of the global financial
crisis and the inability of enterprises to gain comparable access to the same amounts of capital available in past years, the business
climate has changed and growth of private enterprise in the PRC have slowed down. An economic slowdown could have an adverse effect
on our financial condition. Further, if economic growth slows, and if, in conjunction, inflation is allowed to proceed unchecked,
our costs would likely increase, and there can be no assurance that we would be able to increase our prices to an extent that would
offset the increase in our expenses.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B><I>We depend on the waste energy of our customers to generate electricity</I></B><I>.</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We acquire waste pressure,
heat and gases from steelworks, cement, coking or metallurgy plants and use these to generate power. Therefore, our power generating
capacity depends on the availability of an adequate supply of our &ldquo;raw materials&rdquo; from our customers. If we do not
have enough supply, power generated for those customers will be impeded. Since our contracts are often structured so that we receive
compensation based on the amount of energy we supply, a reduction in production may cause problems for our revenues and results
of operations.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>Our revenue depends on gaining new customers
and project contracts and purchase commitments from customers</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Currently and historically,
we have only had a limited number of projects in process at any time. Thus, our revenues have historically resulted, and are expected
to continue in the immediate future to result, primarily from the sale and operation of our waste energy recycling projects that,
once completed, typically produce ongoing revenues from energy production. Customers may change or delay orders for any number
of reasons, such as force majeure or government approval factors that are unrelated to us. As a result, in order to maintain and
expand our business, we must continue to develop and obtain new orders. However, it is difficult to predict whether and when we
will receive such orders or project contracts due to the lengthy process, which may be affected by factors that we do not control,
such as market and economic conditions, financing arrangements, commodity prices, environmental issues and government approvals.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>We may require additional funds to run our
business and may be required to raise these funds on terms which are not favorable to us or which reduce our stock price.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may need to complete additional
equity or debt financings to fund our operations. Our inability to obtain additional financing could adversely affect our business.
Financings may not be available at all or on terms favorable to us. In addition, these financings, if completed, may not meet our
capital needs and could result in substantial dilution to our stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>Changes in the economic and credit environment
could have an adverse effect on demand for our projects, which would in turn have a negative impact on our results of operations,
our cash flows, our financial condition, our ability to borrow and our stock price</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since late 2008 and continuing
through 2018, global market and economic conditions have been disrupted and volatile. Concerns over slowdown of Chinese economy,
geopolitical issues, the availability and cost of credit, to this increased volatility. These factors, combined with declining
business and consumer confidence and increased unemployment, precipitated a global recession. It is difficult to predict how long
the current economic conditions will persist or whether they will deteriorate further. As a result, these conditions could adversely
affect our financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The slow growth of global economy
has also resulted in tighter credit conditions, which may lead to higher financing costs. Although poor market conditions can act
as an incentive for our customers to reduce their energy costs, if the global economic slowdown persists and has material adverse
effects on our customers&rsquo; business, our customers may delay or cancel their plan of installing waste energy recycling projects.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>Decreases in the price of coal, oil and gas
or a decline in popular support for &ldquo;green&rdquo; energy technologies could reduce demand for our waste energy recycling
projects, which could materially harm our ability to grow our business</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Higher coal, oil and gas prices
provide incentives for customers to invest in &ldquo;green&rdquo; energy technologies such as our waste energy recycling projects
that reduce their need for fossil fuels. Conversely, lower coal, oil and gas prices would tend to reduce the incentive for customers
to invest in capital equipment to produce electric power or seek out alternative energy sources. Demand for our projects and services
depends in part on the current and future commodity prices of coal, oil and gas. We have no control over the current or future
prices of these commodities.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, popular support
by governments, corporations and individuals for &ldquo;green&rdquo; energy technologies may change. Because of the ongoing development
of, and the possible change in support for, &ldquo;green&rdquo; energy technologies we cannot assure you that negative changes
to this industry will not occur. Changes in government or popular support for &ldquo;green&rdquo; energy technologies could have
a material adverse effect on our business, prospects and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>Changes in the growth of demand for or pricing
of electricity could reduce demand for our waste energy recycling projects, which could materially harm our ability to grow our
business</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our revenues depend on our
ability to provide savings on energy costs for our clients. According to the National Bureau of Statistics of the PRC, China&rsquo;s
total electricity consumption in 2018 was 6.84 trillion kilowatt-hours, up 8.5 percent year on year, the highest growth rate since
2012. The growth in electricity consumption increases due to the continued development of the Chinese economy. However, such growth
is unpredictable and depends on general economic conditions and consumer demand, both of which are beyond our control. Furthermore,
pricing of electricity in the PRC is set in advance by the state or local electricity administration and may be artificially depressed
by governmental regulation or influenced by supply and demand imbalances. If these changes reduce the cost of electricity from
traditional sources of supply, the demand for our waste energy recycling projects could be reduced, and therefore, could materially
harm our ability to grow our business.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>Our insurance may not cover all liabilities
and damages</I></B><I>.</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our industry can be dangerous
and hazardous. The insurance we carry might not be enough to cover all the liabilities and damages that may be caused by potential
accidents.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>A downturn in the Chinese economy may slow
down our growth and profitability</I></B><I>.</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The growth of the Chinese economy
has been uneven across geographic regions and economic sectors. There is no assurance that growth of the Chinese economy will be
steady or that any downturn will not have a negative effect on our business. Our profitability will decrease if less energy is
consumed due to a downturn in the Chinese economy.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>Our heavy reliance on the experience and
expertise of our management may cause adverse impacts on us if a management member departs</I></B><I>.</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We depend on key personnel
for the success of our business. Our business may be severely disrupted if we lose the services of our key executives and employees
or fail to add new senior and middle managers to our management.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our future success is heavily
dependent upon the continued service of our key executives. We also rely on a number of key technology staff for the operation
of our company. Our future success is also dependent upon our ability to attract and retain qualified senior and middle managers
to our management team. If one or more of our current or future key executives or employees are unable or unwilling to continue
in their present positions, we may not be able to easily replace them, and our business may be severely disrupted. In addition,
if any of these key executives or employees joins a competitor or forms a competing company, we could lose customers and suppliers
and incur additional expenses to recruit and train personnel. We do not maintain key-man life insurance for any of our key executives.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>We may need more capital for the operation
and failure to raise capital we need may delay the development plan and reduce the profits</I></B><I>.</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we do not have adequate
income or our capital cannot meet the requirement for expansion of operations, we will need to seek financing to continue our business
development. If we fail to acquire adequate financial resources at acceptable terms, we might have to postpone our proposed business
development plans and reduce projections of our future incomes.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>Our use of a &ldquo;Build-Operate-Transfer&rdquo;
model requires us to invest substantial financial and technical resources in a project before we deliver a waste energy recycling
project</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We use a &ldquo;Build-Operate-Transfer&rdquo;
model to provide our waste energy recycling projects to our customers. This process requires us to provide significant capital
at the beginning of each project. The design, construction and completion of a waste energy recycling project is highly technical
and the time necessary to complete a project can take three to 12 months without any delays, including delays outside our control
such as from the result of customer&rsquo;s operations, and we incur significant expenses as part of this process. Our initial
cash outlay and the length of the delivery time makes us particularly vulnerable to the loss of a significant customer or contract
because we may be unable to quickly replace the lost cash flow.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>Our BOT model and the accounting for our
projects as sales-type leases could result in a difference between our revenue recognition and our cash flows</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While we recognize a large
portion of the revenue from each project when it goes on-line, all of the cash flow from the project is received in even monthly
payments across the term of the lease. Although our revenues may be high, the initial cash outlay required for each project is
substantial and even with the recovery of this cost in the early years of each lease, we may need to raise additional capital resulting
in a dilution in your holdings. This discrepancy between revenue recognition and cash flow could also contribute to volatility
in our stock price.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>There is collection risk associated with
payments to be received over the terms of agreements with customers of our waste energy recycling projects</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We depend in part on the viability
of our customers for collections under our BOT model. Customers may experience financial difficulties that could cause them to
be unable to fulfill their contractual payment obligations to us. Although our customers usually provide collateral or other guarantees
to secure their obligations to provide the minimum electricity income from the waste energy recycling projects, there is no guarantee
that such collateral will be sufficient to meet all obligations under the respective contract. As a result, our future revenues
and cash flows could be adversely affected.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>We may not be able to assemble and deliver
our waste energy recycling projects as quickly as customers may require which could cause us to lose sales and could harm our reputation</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may not be able to assemble
our waste energy recycling projects and deliver them to our customers at the times they require. Manufacturing delays and interruptions
can occur for many reasons, including, but not limited to:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the failure of a supplier to deliver needed components on a timely basis or of acceptable quality;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">equipment failures;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">personnel shortage;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">labor disputes; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">transportation disruptions.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Assembly of our waste energy
recycling projects is complex. If we fail to assemble and deliver our waste energy recycling projects in a timely fashion, our
reputation may be harmed, we may jeopardize existing orders and lose potential future sales, and we may be forced to pay penalties
to our customers.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>We operate in an emerging competitive industry
and if we are unable to compete successfully our revenue and profitability will be adversely affected</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Currently, the PRC waste energy
recycling market is fragmented but competitive. As the industry evolves, we anticipate that competition will increase. We currently
face competition primarily from companies that focus on one type of waste energy recycling project or one industry in the waste
energy recycling market, some of which may have more expertise in their area of focus than we do. We also compete against companies
that have substantial competitive advantage because of longer operating histories and larger marketing budgets, as well as substantially
greater financial and other resources than us. Our largest potential clients may choose to build their own systems. National or
global competitors could enter the market with more substantial financial and workforce resources, stronger existing customer relationships,
and greater name recognition or could choose to target medium to small companies in our traditional markets. Competitors could
focus their substantial resources on developing a more attractive solution set than ours or products with technologies that reduce
demand for energy beyond what our solutions can provide and at cheaper prices. Competition also places downward pressure on our
contract prices and profit margins, which presents us with significant challenges in our ability to maintain strong growth rates
and acceptable profit margins. If we are unable to meet these competitive challenges, we could lose market share to our competitors
and experience an overall reduction in our profits.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>If we infringe the rights of third parties,
we could be prevented from selling products, forced to pay damages and compelled to defend against litigation</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If our waste energy recycling
projects, methods, processes and other technologies infringe proprietary rights of other parties, we may have to obtain licenses
(which may not be available on commercially reasonable terms, if at all), redesign our waste energy recycling projects or processes,
stop using the subject matter claimed in the asserted patents, pay damages, or defend litigation or administrative proceedings,
which may be costly whether we win or lose. All of the above could result in a substantial diversion of valuable management resources
and we could incur substantial costs.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe we have taken reasonable
steps, including prior patent searches, to ensure we have the freedom to operate under our intellectual property rights, and that
our development and commercialization efforts can be carried out as planned without infringing others&rsquo; proprietary rights.
However, a third-party patent may have been filed or will be filed that may contain subject matter of relevance to our development,
causing a third-party patent holder to claim infringement. Resolution of such issues sometimes results in lengthy and costly legal
proceedings, the outcome of which we cannot predict accurately.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>We may not be able to adequately respond
to changes in technology affecting the waste energy recycling industry</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our industry could experience
rapid technological changes and new product introductions. Current competitors or new market entrants could introduce new or enhanced
products with features which render the systems used in our projects obsolete or less marketable. Our future success will depend,
in part, on our ability to respond to changing technology and industry standards in a timely and cost-effective manner. We may
not be successful in effectively using new technologies, developing new systems or enhancing our existing systems and technology
on a timely basis. Our new technologies or enhancements may not achieve market acceptance. Our pursuit of new technologies may
require substantial time and expense. We may need to license new technologies to respond to technological change. These licenses
may not be available to us on terms that we can accept. Finally, we may not succeed in adapting our projects to new technologies
as they emerge.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>We are dependent on third parties for manufacturing
key components and delays by third parties may cause delays in assembly and increased costs to us</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We rely upon third parties
for the manufacture of key components. Delays and difficulties in the manufacturing of our waste energy recycling projects could
substantially harm our revenues. There are limited sources of supply for some key waste energy recycling project components. Business
disruptions, financial difficulties of the manufacturers or suppliers of these components, or raw material shortages could increase
our costs, reduce the availability of these components or delay our delivery of projects to customers. To date, we have been able
to obtain adequate supplies of these key components. If we are unable to obtain a sufficient supply of required components, we
could experience significant delays in construction, which could result in the loss of orders and customers, and could materially
and adversely affect our business, financial condition and results of operations. If the cost of components increases, we may not
be able to pass on price increases to our customers if we are to remain competitively priced. This would reduce profit, which in
turn would reduce the value of your investment.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>Increases in income tax rates, changes in
income tax laws or disagreements with tax authorities could adversely affect our business, financial condition or results of operations.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
are subject to income taxes in the United States and in certain foreign jurisdictions in which we operate. Increases in income
tax rates or other changes in income tax laws that apply to our business could reduce our after-tax income from such jurisdiction
and could adversely affect our business, financial condition or results of operations. Our operations outside the United States
generate a significant portion of our income. In addition, the United States and many of the other countries in which our products
are distributed or sold, including countries in which we have significant operations, have recently made or are actively considering
changes to existing tax laws. For example, the Tax Cuts and Jobs Act (the &ldquo;TCJ Act&rdquo;) was recently signed into law in
the United States. The changes in the TCJ Act are broad and complex and we are continuing to examine the impact the TCJ Act may
have on our business and financial results. This provisional expense is subject to change, possibly materially, due to, among other
things, changes in estimates, interpretations and assumptions we have made, changes in Internal Revenue Service (IRS) interpretations,
the issuance of new guidance, legislative actions, changes in accounting standards or related interpretations in response to the
TCJ Act and future actions by states within the United States that have not yet adopted state-level laws similar to the TCJ Act.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Additional
changes in the U.S. tax regime or in how U.S. multinational corporations are taxed on foreign earnings, including changes in how
existing tax laws are interpreted or enforced, could adversely affect our business, financial condition or results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
are also subject to regular reviews, examinations and audits by the IRS and other taxing authorities with respect to income and
non-income based taxes both within and outside the United States. Economic and political pressures to increase tax revenues in
jurisdictions in which we operate, or the adoption of new or reformed tax legislation or regulation, may make resolving tax disputes
more difficult and the final resolution of tax audits and any related litigation could differ from our historical provisions and
accruals, resulting in an adverse impact on our business, financial condition or results of operations. In addition, in connection
with the Organization for Economic Co-operation and Development Base Erosion and Profit Shifting project, companies are required
to disclose more information to tax authorities on operations around the world, which may lead to greater audit scrutiny of profits
earned in various countries.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Risks Related to the People&rsquo;s Republic
of China</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>Adverse changes in political and economic
policies of the PRC government could have a material adverse effect on the overall economic growth of China, which could materially
and adversely affect the demand for our projects and our business</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Currently, all of our operations
are conducted in China. Accordingly, our business, financial condition, results of operations and prospects are affected significantly
by economic, political and legal developments in China. The PRC economy differs from the economies of most developed countries
in many respects, including:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the amount of government involvement;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the level of development;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the growth rate;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the control of foreign exchange; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font: 10pt Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the allocation of resources.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While the PRC economy has grown
significantly since the late 1970s, the growth has been uneven, both geographically and among various sectors of the economy. The
PRC government has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these
measures benefit the overall PRC economy, but may also have a negative effect on us. For example, our financial condition and results
of operations may be adversely affected by government control over capital investments or changes in tax regulations that are applicable
to us.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The PRC economy has been transitioning
from a planned economy to a more market-oriented economy. Although the PRC government has in recent years implemented measures
emphasizing the utilization of market forces for economic reform, the reduction of state ownership of productive assets and the
establishment of sound corporate governance in business enterprises, a substantial portion of the productive assets in China is
still owned by the PRC government. The continued control of these assets and other aspects of the national economy by the PRC government
could materially and adversely affect our business. The PRC government also exercises significant control over economic growth
in China through the allocation of resources, controlling payment of foreign currency-denominated obligations, setting monetary
policy and providing preferential treatment to particular industries or companies. Efforts by the PRC government to slow the pace
of growth of the PRC economy could result in decreased capital expenditure by energy users, which in turn could reduce demand for
our products. In addition, the PRC government, which regulates the power industry in China, has adopted laws related to renewable
energy, and has adopted policies for the accelerated development of renewable energy as part of a Development Plan promulgated
on August 31, 2007.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any adverse change in the economic
conditions or government policies in China could have a material adverse effect on the overall economic growth and the level of
energy investments and expenditures in China, which in turn could lead to a reduction in demand for our products and consequently
have a material adverse effect on our business and prospects.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>Restrictions under PRC law on our subsidiaries&rsquo;
ability to make dividends and other distributions could materially and adversely affect our ability to grow, make investments or
acquisitions that could benefit our business, pay dividends to you, and otherwise fund and conduct our business</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We conduct all of our business
through our consolidated subsidiaries and affiliated companies operating in the PRC. We rely on dividends paid by these consolidated
subsidiaries for our cash needs, including the funds necessary to pay any dividends and other cash distributions to our stockholders,
to service any debt we may incur and to pay our operating expenses. The payment of dividends by entities established in the PRC
is subject to limitations imposed by government regulations. Regulations in the PRC currently permit payment of dividends only
out of accumulated profits as determined in accordance with accounting standards and regulations in the PRC, subject to certain
statutory procedural requirements and these may not be calculated in the same manner as US GAAP. In addition, each of our subsidiaries
in China is required to set aside a certain amount of its after-tax profits each year, if any, to fund certain statutory reserves.
These reserves are not distributable as cash dividends. Furthermore, if our subsidiaries in China incur debt on their own behalf
in the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments to us. Any
limitations on the ability of our PRC subsidiaries to transfer funds to us could materially and adversely limit our ability to
grow, make investments or acquisitions that could be beneficial to our business, pay dividends and otherwise fund and conduct our
business.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>Fluctuation in the value of the Renminbi
may have a material adverse effect on your investment</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The value of the Renminbi (&ldquo;RMB&rdquo;)
against the US Dollar and other currencies may fluctuate and is affected by, among other things, changes in China&rsquo;s political
and economic conditions. The conversion of RMB into foreign currencies, including US Dollars, has historically been set by the
People&rsquo;s Bank of China. On March 17, 2014, the PRC government changed its policy of pegging the value of the RMB to the US
Dollar. Under the new policy, the RMB is permitted to fluctuate within a band against a basket of certain foreign currencies, determined
by the Bank of China, against which it can rise or fall by as much as 2% each day. Since the adoption of this new policy, the value
of the RMB against the US Dollar has fluctuated on a daily basis within narrow ranges, but overall has strengthened against the
US Dollar. There remains significant international pressure on the PRC government to further liberalize its currency policy, which
could result in a further and more significant appreciation in the value of the RMB against the US Dollar. Appreciation or depreciation
in the value of the RMB relative to the US Dollar would affect our financial results reported in US Dollar terms even if there
is no underlying change in our business or results of operations. In addition, if we decide to convert our RMB into US Dollars
for the purpose of making payments for dividends on our common stock or for other business purposes, appreciation of the US Dollar
against the RMB would have a negative effect on the US Dollar amount available to us.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>The PRC currency is not a freely convertible
currency, which could limit our ability to obtain sufficient foreign currency to support our business operations in the future.
In addition, changes in foreign exchange regulations in the PRC may affect our ability to pay dividends in foreign currency or
conduct other foreign exchange business</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The PRC government imposes
controls on the convertibility of RMB into foreign currencies and, in certain cases, the remittance of currency out of the PRC.
We receive substantially all of our revenues in RMB, which is currently not a freely convertible currency. Shortages in the availability
of foreign currency may restrict our ability to remit sufficient foreign currency to pay dividends, or otherwise satisfy foreign
currency-denominated obligations. Under existing PRC foreign exchange regulations, payments of current account items, including
profit distributions, interest payments and expenditures from the transaction, can be made in foreign currencies without prior
approval from the PRC State Administration of Foreign Exchange, or the SAFE, by complying with certain procedural requirements.
However, approval from appropriate governmental authorities is required where RMB are to be converted into foreign currency and
remitted out of China to pay capital expenses such as the repayment of bank loans denominated in foreign currencies.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The PRC government may also
at its discretion restrict access in the future to foreign currencies for current account transactions. If the foreign exchange
control system prevents us from obtaining sufficient foreign currency to satisfy our currency demands, we may not be able to pay
certain of our expenses as they come due.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>There are significant uncertainties under
the Enterprise Income Tax Law regarding our PRC enterprise income tax liabilities, such as tax on dividends paid to us by our PRC
subsidiaries and tax on any dividends we pay to our non-PRC stockholders</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Enterprise Income Tax Law,
also known as the EIT Law, provides that enterprises established outside of the PRC whose &ldquo;de facto management bodies&rdquo;
are located in the PRC are considered as a &ldquo;tax-resident enterprise&rdquo; and are generally subject to the uniform 25.0%
enterprise income tax rate on global income. Under the implementation regulations to EIT Law, &ldquo;de facto management body&rdquo;
refers to a managing body that in practice exercises overall management control over the production and business, personnel, accounting
and assets of an enterprise. In addition, on April 22, 2009, the State Administration of Taxation of the PRC issued the&nbsp;<I>Notice
on the Issues Regarding Recognition of Overseas Incorporated Enterprises that are Domestically Controlled as PRC Resident Enterprises
Based on the De Facto Management Body Criteria</I>, which was retroactively effective as of January 1, 2008. This notice provides
that an overseas incorporated enterprise that is controlled domestically will be recognized as a &ldquo;tax-resident enterprise&rdquo;
if it satisfies all of the following conditions: (i) the senior management responsible for daily production/business operations
are primarily located in the PRC, and the location(s) where such senior management execute their responsibilities are primarily
in the PRC; (ii) strategic financial and personnel decisions are made or approved by organizations or personnel located in the
PRC; (iii) major properties, accounting ledgers, company seals and minutes of board meetings and stockholder meetings, etc., are
maintained in the PRC; and (iv) 50.0% or more of the board members with voting rights or senior management habitually reside in
the PRC.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, dividends paid
by us to our non-PRC stockholders as well as gains realized by such stockholders from the sale or transfer of our stock may be
subject to a PRC tax under the EIT Law, and we may be required to withhold PRC tax on dividends paid to our non-PRC stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>PRC regulation of loans to and direct investment
by offshore holding companies in PRC entities may delay or prevent us from making loans or additional capital contributions to
our PRC operating companies, which could materially and adversely affect our liquidity and ability to fund and expand our business</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As an offshore holding company
of PRC operating companies, we may make loans or additional capital contributions to our PRC operating companies. Any loans to
our PRC operating companies are subject to PRC regulations. For example, loans to our operating companies in China to finance their
activities may not exceed statutory limits and must be registered with SAFE. If we decide to make capital contributions to our
operating entities in the PRC, the PRC Ministry of Commerce, or MOFCOM, (or MOFCOM&rsquo;s local counterpart, depending on the
amount involved) may need to approve these capital contributions. We cannot assure you that we will be able to obtain these government
approvals on a timely basis, if at all, with respect to any such capital contributions. If we fail to receive such approvals, our
ability to capitalize our PRC operations may be negatively affected, which could adversely affect our ability to fund and expand
our business.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>We may face PRC regulatory risks relating
to our equity incentive plan</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 28, 2007, the SAFE
promulgated a notice requiring PRC individuals who are granted stock options and other types of stock-based awards by an overseas
publicly-listed company to obtain approval from the local SAFE branch through an agent of the overseas publicly-listed company
(generally its PRC subsidiary or a financial institution).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We urged our PRC management
personnel, directors, employees and consultants who were granted stock options under our Incentive Plan to register them with the
local SAFE pursuant to the said regulation. However, we cannot ensure that each of these individuals have carried out all of the
required registration procedures.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we, or any of these persons,
fail to comply with the relevant rules or requirements, we may be subject to penalties, and may become subject to more stringent
review and approval processes with respect to our foreign exchange activities, such as our PRC subsidiaries&rsquo; dividend payment
to us or borrowing foreign currency loans, all of which may adversely affect our business and financial condition.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>The Chinese government exerts substantial
influence over the manner in which we must conduct our business activities</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Chinese government has
exercised and continues to exercise substantial control over virtually every sector of the Chinese economy through regulation and
state ownership. Our ability to operate in China may be harmed by changes in its laws and regulations, including those relating
to taxation, environmental regulations, land use rights, property and other matters. The central or local governments of these
jurisdictions may impose new, stricter regulations or interpretations of existing regulations that would require additional expenditures
and efforts on our part to ensure our compliance with such regulations or interpretations. Accordingly, government actions in the
future, including any decision not to continue to support recent economic reforms and to return to a more centrally planned economy
or regional or local variations in the implementation of economic policies, could have a significant effect on economic conditions
in China or particular regions thereof, and could require us to divest ourselves of any interest we then hold in Chinese properties.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>Uncertainties with respect to the PRC legal
system could adversely affect us and we may have limited legal recourse under PRC law if disputes arise under our contracts with
third parties</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Since 1979, PRC legislation
and regulations have significantly enhanced the protections afforded to various forms of foreign investments in China. However,
China has not developed a fully integrated legal system and recently enacted laws and regulations may not sufficiently cover all
aspects of economic activities in China in particular, because these laws and regulations are relatively new, and because of the
limited volume of published decisions and their non-binding nature, the interpretation and enforcement of these laws and regulations
involve uncertainties. In addition, the PRC legal system is based in part on government policies and internal rules (some of which
are not published on a timely basis or at all) that may have a retroactive effect. As a result, we may not be aware of our violation
of these policies and rules until some time after violation.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Chinese government has
enacted some laws and regulations dealing with matters such as corporate organization and governance, foreign investment, commerce,
taxation and trade. However, their experience in implementing, interpreting and enforcing these laws and regulations is limited,
and our ability to enforce commercial claims or to resolve commercial disputes is unpredictable. The resolution of these matters
may be subject to the exercise of considerable discretion by agencies of the Chinese government, and forces unrelated to the legal
merits of a particular matter or dispute may influence their determination. Any rights we may have to specific performance, or
to seek an injunction under PRC law, in either of these cases, are severely limited, and without a means of recourse by virtue
of the Chinese legal system, we may be unable to prevent others from violating our rights. The occurrence of any such events could
have a material adverse effect on our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>We must comply with the Foreign Corrupt Practices
Act and Chinese anti-corruption laws</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are required to comply with
the United States Foreign Corrupt Practices Act, or FCPA, which prohibits US companies from engaging in bribery or other prohibited
payments to foreign officials for the purpose of obtaining or retaining business. Foreign companies, including some of our competitors,
are not subject to these prohibitions. The PRC also strictly prohibits bribery of government officials. Certain of our suppliers
are owned by the PRC government and our dealings with them are likely to be considered to be with government officials for these
purposes. Corruption, extortion, bribery, pay-offs, theft and other fraudulent practices occur from time-to-time in China. It is
our policy to prohibit our employees and to discourage our agents, representatives and consultants from engaging in such practices.
If our competitors engage in these practices, they may receive preferential treatment from personnel of some companies, giving
our competitors an advantage in securing business or from government officials who might give them priority in obtaining new licenses,
which would put us at a disadvantage. Our employees, agents, representatives and consultants may not always be subject to our control.
If any of them violates FCPA or other anti-corruption law, we might be held responsible. We could suffer severe penalties in that
event. In addition, the US government may seek to hold us liable for successor liability FCPA violations committed by companies
in which we invest or which we acquire.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>We may have difficulty maintaining adequate
management, legal and financial controls in the PRC</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The PRC historically has been
deficient in western style management and financial reporting concepts and practices, as well as in modern banking, and other control
systems. We may have difficulty in hiring and retaining a sufficient number of qualified employees to work in the PRC. As a result
of these factors, and especially since we are a publicly listed company in the US and subject to regulation as such, we may experience
difficulty in maintaining management, legal and financial controls, collecting financial data and preparing financial statements,
books of account and corporate records and instituting business practices that meet western standards. We may have difficulty establishing
adequate management, legal and financial controls in the PRC. Therefore, we may, in turn, experience difficulties in implementing
and maintaining adequate internal controls as required under Section 404 of the Sarbanes-Oxley Act of 2002, or SOX 404, and other
applicable laws, rules and regulations. This may result in significant deficiencies or material weaknesses in our internal controls
which could impact the reliability of our financial statements and prevent us from complying with SEC rules and regulations and
the requirements of the Sarbanes-Oxley Act of 2002. Any such deficiencies, weaknesses or lack of compliance could have a materially
adverse effect on our business and the market price of our stock.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>If we fail to maintain an effective system
of internal control over financial reporting, our ability to accurately and timely report our financial results or prevent fraud
may be adversely affected and investor confidence and the market price of our ordinary shares may be adversely impacted</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As directed by SOX 404, the
SEC adopted rules requiring public companies to include a report of management on the company&rsquo;s internal controls over financial
reporting in their annual reports. Our management may conclude that our internal controls over our financial reporting are not
effective, which could result in an adverse reaction in the financial marketplace due to a loss of investor confidence in the reliability
of our reporting processes, which could adversely impact the market price of our common stock.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>Your ability to bring an action against us
or against our directors and officers, or to enforce a judgment against us or them, will be limited because we conduct substantially
all of our operations in the PRC and because the majority of our directors and officers reside outside of the United States</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a Nevada corporation
but nearly all of our assets are located outside of the US. Most of our current operations are conducted in the PRC. In addition,
most of our directors and officers are nationals and residents of the PRC. A substantial portion of the assets of these persons
is located outside the US. As a result, it may be difficult for you to effect service of process within the United States upon
these persons. It may also be difficult for you to enforce in US courts judgments on the civil liability provisions of the US federal
securities laws against us and our officers and directors. In addition, there is uncertainty as to whether the courts of the PRC
would recognize or enforce judgments of US courts. The recognition and enforcement of foreign judgments are provided for under
the&nbsp;<I>PRC Civil Procedures Law</I>. Courts in the PRC may recognize and enforce foreign judgments in accordance with the
requirements of the&nbsp;<I>PRC Civil Procedures Law&nbsp;</I>based on treaties between the PRC and the country where the judgment
is made or on reciprocity between jurisdictions. The PRC does not have any treaties or other arrangements that provide for the
reciprocal recognition and enforcement of foreign judgments with the United States. In addition, according to the&nbsp;<I>PRC Civil
Procedures Law</I>, courts in the PRC will not enforce a foreign judgment against us or our directors and officers if they decide
that the judgment violates basic principles of PRC law or national sovereignty, security or the public interest. So it is uncertain
whether a PRC court would enforce a judgment rendered by a court in the US.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>A failure by our stockholders or beneficial
owners who are PRC residents to comply with certain PRC foreign exchange regulations could restrict our ability to distribute profits,
restrict our overseas and cross-border investment activities or subject us to liability under PRC laws, which could adversely affect
our business and financial condition</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 21, 2005, SAFE issued
the Notice on Relevant Issues Concerning Foreign Exchange Administration for PRC Residents Engaging in Financing and Roundtrip
Investments via Offshore Special Purpose Vehicles, or State Administration of Foreign Exchange of China (&ldquo;SAFE&rdquo;) Circular
75. SAFE Circular 75 states that PRC residents (including both legal persons and natural persons) must register with SAFE or its
local branch in connection with their establishment or control of an offshore entity established for the purpose of overseas equity
financing involving a roundtrip investment whereby the offshore entity acquires or controls onshore assets or equity interests
held by the PRC residents. In addition, such PRC residents must update their SAFE registrations when the offshore SPV undergoes
material events relating to increases or decreases in investment amount, transfers or exchanges of shares, mergers or divisions,
long-term equity or debt investments, external guarantees, or other material events that do not involve roundtrip investments.
To further clarify the implementation of SAFE Circular 75, the General Affairs Department of SAFE issued SAFE Circular 106 on May
29, 2007. Under SAFE Circular 106, PRC subsidiaries of an offshore company governed by SAFE Circular 75 are required to coordinate
and supervise the filing of SAFE registrations in a timely manner by the offshore holding company&rsquo;s shareholders who are
PRC residents. If these shareholders fail to comply, the PRC subsidiaries are required to report to the local SAFE authorities.
If our shareholders who are PRC residents do not complete their registration with the local SAFE authorities, our PRC subsidiaries
will be prohibited from distributing their profits and proceeds from any reduction in capital, share transfer or liquidation to
us, and we may be restricted in our ability to contribute additional capital to our PRC subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 14, 2014, SAFE promulgated
the Circular Relating to Foreign Exchange Administration of Offshore Investment, Financing and Return Investment by Domestic Residents
Utilizing Special Purpose Vehicles (Circular 37). Replacing an earlier circular published by SAFE in 2005 (Circular 75), Circular
37 further simplifies the registration process for Chinese residents seeking the round-trip investment transactions where Chinese
companies (Domestic Entities) are re-organized to create an offshore holding company (the SPV) that will control the Domestic Entities
and seek offshore financing. Also, for the first time overseas investments by Chinese individuals are formally legalized under
Circular 37.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are committed to complying,
and to ensuring that our shareholders, who are PRC residents, comply with the SAFE Circular 37 requirements. We believe that all
of our PRC resident shareholders and beneficial owners have completed their required registrations with SAFE, or are otherwise
in the process of registering. However, we may not at all times be fully aware or informed of the identities of all our beneficial
owners who are PRC residents, and we may not always be able to compel our beneficial owners to comply with the SAFE Circular 37
requirements. As a result, we cannot assure you that all of our shareholders or beneficial owners who are PRC residents will at
all times comply with, or in the future make or obtain any applicable registrations or approvals required by, SAFE Circular 37
or other related regulations. Failure by any such shareholders or beneficial owners to comply with SAFE Circular 37 could subject
us to fines or legal sanctions, restrict our overseas or cross-border investment activities, limit our subsidiaries&rsquo; ability
to make distributions or pay dividends or affect our ownership structure, which could adversely affect our business and prospects.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>PRC regulations involve complex procedures
for acquisitions conducted by foreign investors that could make our restructuring or an offering subject to government approval</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Regulations
on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors (&ldquo;M&amp;A Rule&rdquo;), effective as of September
8, 2006 and revised as of June 22, 2009, additional procedures and requirements were established that are expected to make merger
and acquisition activities in China by foreign investors more time-consuming and complex, including requirements in some instances
that MOFCOM be notified in advance of any change-of-control transaction in which a foreign investor takes control of a PRC domestic
enterprise, or that the approval from MOFCOM be obtained in circumstances where overseas companies established or controlled by
PRC enterprises or residents acquire affiliated domestic companies and special anti-monopoly submissions for parties meeting certain
reporting thresholds.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The M&amp;A Rules require offshore
companies formed for overseas listing purposes through acquisitions of PRC domestic companies and controlled by PRC companies or
individuals to obtain the approval of MOFCOM prior to a cross-border share swap and the CSRC prior to the public listing of their
securities on an overseas stock exchange through share swap. On September 21, 2006, pursuant to the M&amp;A Rule and other PRC
Laws, the CSRC published on its official website relevant guidance with respect to the listing and trading of PRC domestic enterprises&rsquo;
securities on overseas stock exchanges (&ldquo;Related Clarifications&rdquo;), including a list of application materials regarding
the listing on overseas stock exchange by special purpose vehicles, however, the CSRC currently has not issued any definitive rule
concerning whether an offering, is subject to the M&amp;A Rule and Related Clarifications.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are substantial uncertainties
regarding the interpretation and application of the above rules, and MOFCOM and CSRC have yet to promulgate any written provisions
or formally to declare or state whether the overseas listing of a PRC related company similar to us will be subject to approvals
from MOFCOM and CSRC with respect to any offering or a failure to maintain an offering. If MOFCOM and CSRC approvals are required
in connection with our previous restructuring, our failure to obtain or delay in obtaining such approval could result in penalties
imposed by MOFCOM, CSRC and other PRC regulatory agencies. These penalties could include fines and penalties on our operations
in China, restriction or limitation on remitting dividends outside of China, and other forms of sanctions that may cause a material
and adverse effect on our business, operations and financial conditions.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding those provisions,
we are advised by our PRC counsel, Shaanxi Yan Tan Law Firm, MOFCOM and CSRC approvals are not required in the context of our previous
restructuring, because our previous restructuring does not constitute a cross-border share swap contemplated by the M&amp;A Rule.
However, we cannot assure you that the relevant PRC government agencies, including MOFCOM and CSRC, would reach the same conclusion,
and we still cannot rule out the possibility that MOFCOM and CSRC may deem our listing structure as circumventing the M&amp;A Rule
and Related Clarifications, in particular in consideration of the fact that our restructuring was completed through several steps.
Please refer to the Company History section about our restructuring.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>PRC regulations also involve complex procedures
for acquisitions conducted by foreign investors that could make it more difficult for us to grow through acquisitions</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may grow our business in
part by acquiring other companies in the PRC. Complying with the requirements of the M&amp;A Rule to complete such transactions
could be time-consuming, and any required approval processes, including approval from MOFCOM, may delay or inhibit our ability
to complete such transactions, which could affect our ability to expand our business or maintain our market share.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>Our labor costs may increase due to the implementation
of the new PRC Labor Contract Law</I>.</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The PRC Labor Contract Law
was adopted by the Standing Committee of the National People&rsquo;s Congress of PRC in June 2007 and became effective on January
1, 2008. The Implementation Rules of the PRC Labor Contract Law were passed by the PRC State Council in September 2008 and became
effective that same month. The implementation of the new law and its Implementation Rules, particularly the following provisions,
may increase our labor costs: (a) an employer shall make monetary compensation, which shall be based on the number of an employee&rsquo;s
working years with the employer at the rate of one month&rsquo;s wage for each year, to the employee upon termination of an employment
contract with certain exceptions (for example, in circumstances where the term of a fixed-term employment contract expires and
the employee does not agree to renew the contract even though the conditions offered by the employer are the same as or better
than those stipulated in the current contract); (b) the wages of an employee who is on probation may not be less than the lowest
wage level for the same job with the employer or less than 80% of the wage agreed upon in the employment contract, and may not
be less than the local minimum wage rate; (c) if an employee has been working for the employer for a consecutive period of not
less than 10 years, or if a fixed-term employment contract with an employee was entered into on two consecutive occasions, generally
the employer should enter into an open-ended employment contract with such employee, unless the employee requests a fixed-term
employment contract; (d) if an employer fails, in violation of the related provisions, to enter into an open-ended employment contract
with an employee, it shall in each month pay to the employee twice his/her wage, starting from the date on which an open-ended
employment contract should have been entered into; (e) if an employer fails to enter into a written employment contract with an
employee more than one month but less than one year after the date on which it started employing him/her, it shall in each month
pay to the employee twice his/her wage; and (f) if an employer hires an employee whose employment contract with another employer
has not yet been terminated or ended, causing the other employer to suffer a loss, the later hiring employer shall be jointly and
severally liable with the employee for the compensation for such loss. Our labor costs may increase due to the implementation of
the new PRC Labor Contract Law and the Implementation Rules of the PRC Labor Contract Law and our business and results of operations
may be materially and adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>




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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B><A NAME="a_003"></A>CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus contains forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E
of the Securities Exchange Act of 1934, as amended, or the Exchange Act, regarding our company that include, but are not limited
to, any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management
for future operations; any statements concerning proposed new products, services or developments; any statements regarding future
economic conditions or performance; any statements or belief; and any statements of assumptions underlying any of the foregoing.
These forward-looking statements are based on our current expectations, estimates and projections about our industry, management&rsquo;s
beliefs and certain assumptions made by us. Words such as &ldquo;anticipates,&rdquo; &ldquo;expects,&rdquo; &ldquo;intends,&rdquo;
&ldquo;plans,&rdquo; &ldquo;predicts,&rdquo; &ldquo;potential,&rdquo; &ldquo;believes,&rdquo; &ldquo;seeks,&rdquo; &ldquo;hopes,&rdquo;
&ldquo;estimates,&rdquo; &ldquo;should,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;with a view to&rdquo; and variations
of these words or similar expressions are intended to identify forward-looking statements. These statements are not guarantees
of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These forward-looking statements
involve various risks and uncertainties. Although we believe our expectations expressed in these forward-looking statements are
reasonable, our expectations may later be found to be incorrect. Our actual results could be materially different from our expectations.
Important risks and factors that could cause our actual results to be materially different from our expectations are generally
set forth in &ldquo;Risk Factors,&rdquo; &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of
Operations,&rdquo; &ldquo;Our Business&rdquo; and other sections in this prospectus. You should read this prospectus and the documents
we refer to thoroughly with the understanding that our actual future results may be materially different from and worse than what
we expect. Other sections of this prospectus include additional factors which could adversely impact our business and financial
performance.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus contains statistical
data we obtained from various publicly available government publications and industry-specific third party reports. Statistical
data in these publications also include projections based on a number of assumptions. The markets for our products may not grow
at the rate projected by market data, or at all. The failure of these markets to grow at the projected rates may have a material
adverse effect on our business and the market price of our securities. In addition, the rapidly changing nature of our customers&rsquo;
industries results in significant uncertainties in any projections or estimates relating to the growth prospects or future condition
of our markets. Furthermore, if any one or more of the assumptions underlying the market data is later found to be incorrect, actual
results may differ from the projections based on these assumptions. You should not place undue reliance on these forward-looking
statements.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated,
information in this prospectus concerning economic conditions and our industry is based on information from independent industry
analysts and publications, as well as our estimates. Except where otherwise noted, our estimates are derived from publicly available
information released by third party sources, as well as data from our internal research, and are based on such data and our knowledge
of our industry, which we believe to be reasonable. None of the independent industry publication market data cited in this prospectus
was prepared on our or our affiliates&rsquo; behalf.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The forward-looking statements
made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus.
Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a
result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence
of unanticipated events. You should read this prospectus and the documents we refer to in this prospectus and have filed as exhibits
to this prospectus completely and with the understanding that our actual future results may be materially different from what we
expect.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><B><A NAME="a_004"></A>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will not receive any proceeds
from sale of the shares of common stock covered by this prospectus by the selling shareholders.&nbsp;To the extent the selling
shareholders exercise for cash all of the warrants covering the 4,058,641 shares of common stock issuable upon exercise of all
of the warrants held by such selling shareholders at the initial exercise prices of $0.9365 and $1.3725 per share for Investor
Warrants and $1.00 and $1.875 per share for Agent Warrants, we would receive $4,807,313.22 from such exercises.&nbsp;The warrants
may expire without having been exercised. Even if some or all of these warrants are exercised, we cannot predict when they will
be exercised and when we would receive the proceeds. We intend to use any proceeds we receive upon exercise of the warrants for
general working capital and other corporate purposes.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>DETERMINATION OF OFFERING PRICE</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">The
selling stockholders will offer their shares at prevailing market or privately negotiated prices, in one or more transactions that
may take place by ordinary broker&rsquo;s transactions, privately-negotiated transactions or through sales to one or more dealers for
resale.&nbsp;&nbsp;The selling stockholders will receive all proceeds from the sale of the common stock. We will, however, receive
the sale price of any common stock we sell to the selling stockholder upon exercise of any warrants held by such stockholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The $0.9365, $1.3725, $1.00 and $1.875 per share initial exercise price of the warrants is not necessarily
related to our book value, net worth or any other established criteria of value and may or may not be considered the fair value
of our common stock included in the warrants. These prices were established in connection with our private placement and resulted
from negotiations with the investors therein. After the date of this prospectus, our common stock may trade at prices above or
below the applicable exercise price. You should not consider such exercise price as an indication of value of our Company or our
common stock. You should not assume or expect that our shares of common stock will trade at or above the exercise price in any
given time period. The market price of our common stock may decline after the exercise of warrants and you may not be sell the
shares of our common stock. You should obtain a current quote for our common stock before exercising and make your own assessment
of our business and financial condition, our prospects for the future, and the terms of the warrants. On May 22, 2019, the closing
sale price of our common stock was $0.501 per share on the Nasdaq Capital Market.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B><A NAME="a_005"></A>DIVIDEND POLICY</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not currently have any
plans to pay any cash dividends in the foreseeable future on our ordinary shares. We currently intend to retain most, if not all,
of our available funds and any future earnings to operate and expand our business.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are a holding company incorporated
in the State of Nevada. We rely on dividends paid by our subsidiaries for our cash needs. The payment of dividends by entities
organized in China is subject to limitations. Regulations in the PRC currently permit payment of dividends only out of accumulated
profits based on PRC accounting standards and regulations. Our Chinese subsidiaries are also required to withhold at least 10%
of their after-tax profit based on China&rsquo;s accounting standards each year as their general reserves until the cumulative
amount of such reserves reach 50% of its registered capital. These reserves are not distributable as cash dividends.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Boards of Directors of
our PRC subsidiaries, which are foreign-owned enterprises, have the discretion to allocate a portion of their respective after-tax
profits to its staff welfare and bonus funds, which are likewise not distributable to their equity owners except in the event of
a liquidation of the foreign-invested enterprise. If the respective Boards decide to pay dividends in the future, these restrictions
may impede our ability to pay dividends and/or the amount of dividends we could pay. In addition, if our subsidiaries incur debt
in the future, the instruments governing such debt may restrict such entities&rsquo; ability to pay dividends or make other distributions
to us.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Board of Directors has
discretion to pay dividends. Even if our Board of Directors decides to pay dividends, the form, frequency and amount will depend
upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions
and other factors that our Board of Directors may deem relevant.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><A NAME="a_006"></A><B>MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>AND RESULTS OF OPERATIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>Safe Harbor Declaration</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The comments made throughout
this prospectus should be read in conjunction with our financial statements and the notes thereto, and other financial information
appearing elsewhere in this prospectus. In addition to historical information, the following discussion and other parts of this
prospectus contain certain forward-looking information. When used in this discussion, the words, &ldquo;believes,&rdquo; &ldquo;anticipates,&rdquo;
&ldquo;expects&rdquo; and similar expressions are intended to identify forward-looking statements. Such statements are subject
to certain risks and uncertainties, which could cause actual results to differ materially from projected results, due to a number
of factors beyond our control. We do not undertake to publicly update or revise any of these forward-looking statements, even if
experience or future changes show that the indicated results or events will not be realized. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as of the date hereof. Readers also are urged to carefully
review and consider our discussions regarding the various factors that affect the company&rsquo;s business, which are described
in this section and elsewhere in this prospectus.</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>OVERVIEW OF BUSINESS BACKGROUND</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">China Recycling Energy Corporation (the &ldquo;Company&rdquo;
or &ldquo;CREG&rdquo;) was incorporated on May 8, 1980 as Boulder Brewing Company under the laws of the State of Colorado. On September
6, 2001, the Company changed its state of incorporation to Nevada. In 2004, the Company changed its name from Boulder Brewing Company
to China Digital Wireless, Inc. and on March 8, 2007, the Company again changed its name from China Digital Wireless, Inc. to its
current name, China Recycling Energy Corporation. The Company, through its subsidiaries, sells and leases energy saving systems
and equipment to its customers in the People&rsquo;s Republic of China (&ldquo;PRC&rdquo;). Typically, the Company transfers ownership
of the waste energy recycling power generating projects to its customers at the end of each sales-type lease and provides financing
to its customers for the cost of the projects as described below.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company is in the process of transforming and
expanding into an energy storage integrated solution provider. We plan to pursue disciplined and targeted expansion strategies
for market areas that we currently do not serve. We are actively seeking and exploring opportunities to apply energy storage technologies
to new industries or segments with high growth potential, including industrial and commercial complexes, large scale photovoltaic
(PV) and wind power stations,&nbsp;remote islands without electricity,&nbsp;and smart energy cities with multi-energy supplies.
By supporting and motivating all kinds of the electric power market to participate in resource development and utilization of demand
response, we plan to provide services including peak shaving with compensation and frequency modulation. We intend to gradually
form motor load performance for peak and low-hours, which will account for about 3% of the annual maximum power load on the demand
side and to ensure the electricity supply and demand balance for situations of non-severe power shortages.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business is primarily conducted through our
wholly-owned subsidiaries, Sifang Holdings Co., Ltd. (&ldquo;Sifang&rdquo;) and Shanghai Yinghua Financial Leasing Co., Ltd (&ldquo;Yinghua&rdquo;);
Sifang&rsquo;s wholly-owned subsidiaries, Huahong New Energy Technology Co., Ltd. (&ldquo;Huahong&rdquo;) and Shanghai TCH Energy
Tech Co., Ltd. (&ldquo;Shanghai TCH&rdquo;); Shanghai TCH&rsquo;s wholly-owned subsidiary, Xi&rsquo;an TCH Energy Technology Company,
Ltd (&ldquo;Xi&rsquo;an TCH&rdquo;), Xi&rsquo;an TCH&rsquo;s wholly-owned subsidiaries, Erdos TCH Energy Saving Development Co.,
Ltd (&ldquo;Erdos TCH&rdquo;) and Zhongxun Energy Investment (Beijing) Co., Ltd (&ldquo;Zhongxun&rdquo;); and Xi&rsquo;an TCH&rsquo;s
90% and Shanghai TCH&rsquo;s 10% owned subsidiary, Xi&rsquo;an Zhonghong New Energy Technology Co., Ltd. (&ldquo;Zhonghong&rdquo;).
Zhonghong provides energy saving solutions and services, including constructing, selling and leasing energy saving systems and
equipment to customers, and project investment.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s organizational chart as of
March 31, 2019 is as follows:</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>CREG Legal Structure</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Shanghai TCH and its Subsidiaries</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shanghai TCH was established as a foreign investment
enterprise in Shanghai under the laws of the PRC on May 25, 2004 and has a registered capital of $29.80 million. Xi&rsquo;an TCH
was incorporated in Xi&rsquo;an, Shaanxi Province under the laws of the PRC on November 8, 2007. In February 2009, Huahong was
incorporated in Xi&rsquo;an, Shaanxi province. Erdos TCH was incorporated in April 2009 in Erdos, Inner Mongolia Autonomous Region.
On July 19, 2013, Xi&rsquo;an TCH formed Xi&rsquo;an Zhonghong New Energy Technology Co., Ltd (&ldquo;Zhonghong&rdquo;). Xi&rsquo;an
TCH owns 90% and Shanghai TCH owns 10% of Zhonghong, which provides energy saving solutions and services, including constructing,
selling and leasing energy saving systems and equipment to customers.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of March 31, 2019, Shanghai TCH, through its
subsidiaries, had sales or sales-type leases with the following party: Pucheng (for two biomass power generation (&ldquo;BMPG&rdquo;)
systems).&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The Fund Management Company and the HYREF Fund</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 25, 2013, Xi&rsquo;an TCH and Hongyuan
Huifu Venture Capital Co. Ltd (&ldquo;Hongyuan Huifu&rdquo;) jointly established Beijing Hongyuan Recycling Energy Investment Management
Company Ltd. (the &ldquo;Fund Management Company&rdquo;) with registered capital of RMB 10 million ($1.45 million). Xi&rsquo;an
TCH made an initial capital contribution of RMB 4 million ($650,000) and had a 40% ownership interest in the Fund Management Company.
With respect to the Fund Management Company, voting rights and dividend rights are allocated 80% and 20% between Hongyuan Huifu
and Xi&rsquo;an TCH, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund Management Company is the general partner
of Beijing Hongyuan Recycling Energy Investment Center, LLP (the &ldquo;HYREF Fund&rdquo;), a limited liability partnership established
July 18, 2013 in Beijing. The Fund Management Company made an initial capital contribution of RMB 5 million ($830,000) to the HYREF
Fund. RMB 460 million ($77 million) was fully subscribed by all partners for the HYREF Fund. The HYREF Fund has three limited partners:
(1) China Orient Asset Management Co., Ltd., which made an initial capital contribution of RMB 280 million ($46.67 million) to
the HYREF Fund and is a preferred limited partner; (2) Hongyuan Huifu, which made an initial capital contribution of RMB 100 million
($16.67 million) to the HYREF Fund and is an ordinary limited partner; and (3) the Company&rsquo;s wholly-owned subsidiary, Xi&rsquo;an
TCH, which made an initial capital contribution of RMB 75 million ($12.5 million) to the HYREF Fund and is a secondary limited
partner.&nbsp;In addition, Xi&rsquo;an TCH and HongyuanHuifu formed Beijing Hongyuan Recycling Energy Investment Management Company
Ltd. to manage this Fund and also subscribed in the amount of RMB 5 million ($830,000) from the Fund. The term of the HYREF Fund&rsquo;s
partnership is six years from the date of its establishment, expiring on July 18, 2019. The term is four years from the date of
contribution for the preferred limited partner, and four years from the date of contribution for the ordinary limited partner.
The size of the HYREF Fund is RMB 460 million ($77 million). The HYREF Fund was formed for the purpose of investing in Xi&rsquo;an
Zhonghong New Energy Technology Co., Ltd., a then 90% owned subsidiary of Xi&rsquo;an TCH, for the construction of two coke dry
quenching (&ldquo;CDQ&rdquo;) waste heat power generation (&ldquo;WHPG&rdquo;) stations with Jiangsu Tianyu Energy and Chemical
Group Co., Ltd. (&ldquo;Tianyu&rdquo;) and one CDQ WHPG station with Boxing County Chengli Gas Supply Co., Ltd. (&ldquo;Chengli&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 29, 2018, Xi&rsquo;an TCH entered into
a Share Transfer Agreement with Hongyuan Huifu, pursuant to which Xi&rsquo;an TCH transferred its 40% ownership in the Fund Management
Company to Hongyuan Huifu for consideration of RMB 3,453,867 ($0.53 million). The transfer was completed on January 22, 2019. The
Company did not have any ownership in the Fund Management Company after this transaction.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0"><I>Erdos TCH &ndash; Joint Venture</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 14, 2009, the Company formed Erdos TCH
as a joint venture (the &ldquo;JV&rdquo; or &ldquo;Erdos TCH&rdquo;) with Erdos Metallurgy Co., Ltd. (&ldquo;Erdos&rdquo;) to recycle
waste heat from Erdos&rsquo; metal refining plants to generate power and steam to be sold back to Erdos. The JV has a term of 20
years with a total investment for the project estimated at $79 million (RMB 500 million) and an initial investment of $17.55 million
(RMB 120 million). Erdos contributed 7% of the total investment for the project, and Xi&rsquo;an TCH contributed 93%. According
to Xi&rsquo;an TCH and Erdos&rsquo; agreement on profit distribution, Xi&rsquo;an TCH and Erdos will receive 80% and 20%, respectively,
of the profit from the JV until Xi&rsquo;an TCH receives the complete return of its investment. Xi&rsquo;an TCH and Erdos will
then receive 60% and 40%, respectively, of the profit from the JV. On June 15, 2013, Xi&rsquo;an TCH and Erdos entered into a share
transfer agreement, pursuant to which Erdos transferred and sold its 7% ownership interest in the JV to Xi&rsquo;an TCH for $1.29
million (RMB 8 million), plus certain accumulated profits as described below. Xi&rsquo;an TCH paid the $1.29 million in July 2013
and, as a result, became the sole stockholder of Erdos TCH. In addition, Xi&rsquo;an TCH is required to pay Erdos accumulated profits
from inception up to June 30, 2013 in accordance with the supplementary agreement entered on August 6, 2013. In August 2013, Xi&rsquo;an
TCH paid 20% of the accumulated profit (calculated under PRC GAAP) of $226,000 to Erdos. Erdos TCH currently has two power generation
systems in Phase I with a total of 18 MW power capacity, and three power generation systems in Phase II with a total of 27 MW power
capacity.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With the current economic conditions in China,
the government has limited and reduced over-capacity and production in the iron and steel industry, which has resulted in a sharp
decrease of Erdos Metallurgy Co., Ltd&rsquo;s production of ferrosilicon, its revenue and cash flows, and has made it difficult
for Erdos to make the monthly minimum lease payment.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After considering the challenging economic conditions
facing Erdos, and to maintain the long-term cooperative relationship between the parties, which we believe will continue to produce
long-term benefits, on April 28, 2016, Erdos TCH and Erdos entered into a supplemental agreement, effective May 1, 2016. Under
the supplemental agreement, Erdos TCH cancelled monthly minimum lease payments from Erdos, and agreed to charge Erdos based on
actual electricity sold at RMB 0.30 / KWH, which such price will be adjusted annually based on prevailing market conditions.&nbsp;&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company evaluated the modified terms for payments
based on actual electricity sold as minimum lease payments as defined in ASC 840-10-25-4, since lease payments that depend on a
factor directly related to the future use of the leased property are contingent rentals and, accordingly, are excluded from minimum
lease payments in their entirety. The Company wrote off the net investment receivables of these leases at the lease modification
date. In addition, Erdos TCH has 30% ownership in DaTangShiDai (BinZhou) Energy Savings Technology Co., Ltd. (&ldquo;BinZhou Energy
Savings&rdquo;), 30% ownership in DaTangShiDai DaTong Recycling Energy Technology Co., Ltd. (&ldquo;DaTong Recycling Energy&rdquo;),
and 40% ownership in DaTang ShiDai TianYu XuZhou Recycling Energy Technology Co, Ltd. (&ldquo;TianYu XuZhou Recycling Energy&rdquo;).
These companies were incorporated in 2012 but have not had any operations since then nor has any registered capital contribution
been made.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Shenqiu Yuneng Biomass Power Generation Projects</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On May 25, 2011, Xi&rsquo;an TCH entered into a
Letter of Intent with Shenqiu YuNeng Thermal Power Co., Ltd. (&ldquo;Shenqiu&rdquo;) to reconstruct and transform a Thermal Power
Generation System owned by Shenqiu into a 75T/H BMPG System for $3.57 million (RMB 22.5 million). The project commenced in June
2011 and was completed in the third quarter of 2011. On September 28, 2011, Xi&rsquo;an TCH entered into a Biomass Power Generation
Asset Transfer Agreement with Shenqiu (the &ldquo;Shenqiu Transfer Agreement&rdquo;). Pursuant to the Shenqiu Transfer Agreement,
Shenqiu sold Xi&rsquo;an TCH a set of 12 MW BMPG systems (after Xi&rsquo;an TCH converted the system for BMPG purposes). As consideration
for the BMPG systems, Xi&rsquo;an TCH paid Shenqiu $10.94 million (RMB 70 million) in cash in three installments within six months
upon the transfer of ownership of the systems. By the end of 2012, all of the consideration was paid. On September 28, 2011, Xi&rsquo;an
TCH and Shenqiu also entered into a Biomass Power Generation Project Lease Agreement (the &ldquo;2011 Shenqiu Lease&rdquo;). Under
the 2011 Shenqiu Lease, Xi&rsquo;an TCH agreed to lease a set of 12 MW BMPG systems to Shenqiu at a monthly rental rate of $286,000
(RMB 1.8 million) for 11 years. Upon expiration of the 2011 Shenqiu Lease, ownership of this system will transfer from Xi&rsquo;an
TCH to Shenqiu at no additional cost. In connection with the 2011 Shenqiu Lease, Shenqiu paid one month&rsquo;s rent as a security
deposit to Xi&rsquo;an TCH, in addition to providing personal guarantees.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 8, 2012, Xi&rsquo;an TCH entered into
a Letter of Intent for technical reformation of Shenqiu Project Phase II with Shenqiu for technical reformation to enlarge the
capacity of the Shenqiu Project Phase I (the &ldquo;Shenqiu Phase II Project&rdquo;). The technical reformation involved the construction
of another 12 MW BMPG system. After the reformation, the generation capacity of the power plant increased to 24 MW. The project
commenced on October 25, 2012 and was completed during the first quarter of 2013. The total cost of the project was $11.1 million
(RMB 68 million). On March 30, 2013, Xi&rsquo;an TCH and Shenqiu entered into a BMPG Project Lease Agreement (the &ldquo;2013 Shenqiu
Lease&rdquo;). Under the 2013 Shenqiu Lease, Xi&rsquo;an TCH agreed to lease the second set of 12 MW BMPG systems to Shenqiu for
$239,000 (RMB 1.5 million) per month for 9.5 years. When the 2022 Shenqiu Lease expires, ownership of this system will transfer
from Xi&rsquo;an TCH to Shenqiu at no additional cost.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 4, 2019, Xi&rsquo;an Zhonghong, Xi&rsquo;an
TCH, and Mr. Chonggong Bai, a resident of China, entered into a Projects Transfer Agreement (the &ldquo;Agreement&rdquo;), pursuant
to which Xi&rsquo;an TCH transferred two Biomass Power Generation Projects in Shenqiu (&ldquo;Shenqiu Phase I and II Projects&rdquo;)
to Mr. Bai for RMB 127,066,000 ($18.55 million). Mr. Bai transferred all the equity shares of his wholly owned company, Xi&rsquo;an
Hanneng Enterprises Management Consulting Co. Ltd. (&ldquo;Xi&rsquo;an Hanneng&rdquo;) to Beijing Hongyuan Recycling Energy Investment
Center, LLP (the &ldquo;HYREF&rdquo;) as repayment for the loan made by Xi&rsquo;an Zhonghong to HYREE as consideration for the
transfer of the Shenqiu Phase I and II Projects. The transfer was completed February 15, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Pucheng Biomass Power Generation Projects</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On June 29, 2010, Xi&rsquo;an TCH entered into
a Biomass Power Generation (&ldquo;BMPG&rdquo;) Project Lease Agreement with Pucheng XinHengYuan Biomass Power Generation Co.,
Ltd. (&ldquo;Pucheng&rdquo;), a limited liability company incorporated in China. Under this lease agreement, Xi&rsquo;an TCH leased
a set of 12MW BMPG systems to Pucheng at a minimum of $279,400 (RMB 1,900,000) per month for a term of 15 years (&ldquo;Pucheng
Phase I&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 11, 2013, Xi&rsquo;an TCH entered
into a BMPG Asset Transfer Agreement (the &ldquo;Pucheng Transfer Agreement&rdquo;) with Pucheng Xin Heng Yuan Biomass Power Generation
Corporation (&ldquo;Pucheng&rdquo;), a limited liability company incorporated in China. The Pucheng Transfer Agreement provided
for the sale by Pucheng to Xi&rsquo;an TCH of a set of 12 MW BMPG systems with the completion of system transformation for a purchase
price of RMB 100 million ($16.48 million) in the form of 8,766,547 shares of common stock of the Company at $1.87 per share. Also
on September 11, 2013, Xi&rsquo;an TCH also entered into a BMPG Project Lease Agreement with Pucheng (the &ldquo;Pucheng Lease&rdquo;).
Under the Pucheng Lease, Xi&rsquo;an TCH leases this same set of 12 MW BMPG system to Pucheng, and combines this lease with the
lease for the 12 MW BMPG station of Pucheng Phase I project, under a single lease to Pucheng for RMB 3.8 million ($0.63 million)
per month (the &ldquo;Pucheng Phase II Project&rdquo;). The term for the consolidated lease is from September 2013 to June 2025.
The lease agreement for the 12 MW station from Pucheng Phase I project terminated upon the effective date of the Pucheng Lease.
The ownership of two 12 MW BMPG systems will transfer to Pucheng at no additional charge when the Pucheng Lease expires.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Chengli Waste Heat Power Generation Projects</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 19, 2013, Xi&rsquo;an TCH formed a new
company, &ldquo;Xi&rsquo;an Zhonghong New Energy Technology Co., Ltd.&rdquo; (&ldquo;Zhonghong&rdquo;), with registered capital
of RMB 30 million ($4.85 million). Xi&rsquo;an TCH paid RMB 27 million ($4.37 million) and owns 90% of Zhonghong. Zhonghong is
engaged to provide energy saving solution and services, including constructing, selling and leasing energy saving systems and equipment
to customers. On December 29, 2018, Shanghai TCH entered into a Share Transfer Agreement with HYREF, pursuant to which HYREF transferred
its 10% ownership in Xi&rsquo;an Zhonghong to Shanghai TCH for consideration of RMB 3 million ($0.44 million). The transfer was
completed January 22, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 24, 2013, Zhonghong entered into a Cooperative
Agreement of CDQ and CDQ WHPG Project with Boxing County Chengli Gas Supply Co., Ltd. (&ldquo;Chengli&rdquo;). The parties entered
into a supplement agreement on July 26, 2013. Pursuant to these agreements, Zhonghong agreed to design, build and maintain a 25
MW CDQ system and a CDQ WHPG system to supply power to Chengli, and Chengli agreed to pay energy saving fees (the &ldquo;Chengli
Project&rdquo;). Chengli will contract the operation of the system to a third party contractor that is mutually agreed to by Zhonghong.
In addition, Chengli will provide the land for the CDQ system and CDQ WHPG system at no cost to Zhonghong. The term of these Agreements
is 20 years. The watt hours generated by the Chengli Project will be charged at RMB 0.42 ($0.068) per KWH (excluding tax). The
operating time shall be based upon an average 8,000 hours annually. If the operating time is less than 8,000 hours per year due
to a reason attributable to Chengli, then time charged shall be 8,000 hours a year, and if it is less than 8,000 hours due to a
reason attributable to Zhonghong, then it shall be charged at actual operating hours. The construction of the Chengli Project was
completed in the second quarter of 2015 and the project successfully completed commissioning tests in the first quarter of 2017.
The Chengli Project is now operational, however, due to intensifying environmental protection, the local environmental authorities
required the project owner constructing CDQ sewage treatment to complete supporting works, which were completed and passed through
acceptance inspection during the quarter ended September 30, 2018. However, the owner of Chengli Project changed from Chengli to
Shandong Boxing Shengli Technology Company Ltd. (&ldquo;Shengli&rdquo;). This change resulted from transfer of the equity ownership
of Chengli to Shengli (a private company). Chengli, a 100% state-owned enterprise that is 100% owned by the local Power Supply
Bureau, is not allowed to carry out business activities, and Shengli, the new owner, is not entitled to the high on-grid prices,
and thus demanded a renegotiation of the settlement terms for the project.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 22, 2013, Zhonghong entered into an Engineering,
Procurement and Construction (&ldquo;EPC&rdquo;) General Contractor Agreement for the Boxing County Chengli Gas Supply Co., Ltd.
CDQ Power Generation Project (the &ldquo;Chengli Project&rdquo;) with Xi&rsquo;an Huaxin New Energy Co., Ltd. (&ldquo;Huaxin&rdquo;).
Zhonghong, as the owner of the Chengli Project, contracted EPC services for a CDQ system and a 25 MW CDQ WHPG system for Chengli
to Huaxin. Huaxin shall provide construction, equipment procurement, transportation, installation and adjustment, test run, construction
engineering management and other necessary services to complete the Chengli Project and ensure the CDQ system and CDQ WHPG system
for Chengli meet the inspection and acceptance requirements and work normally. The Chengli Project is a turn-key project in which
Huaxin is responsible for monitoring the quality, safety, duration and cost of the Chengli Project. The total contract price is
RMB 200 million ($33.34 million), which includes all materials, equipment, labor, transportation, electricity, water, waste disposal,
machinery and safety costs.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 29, 2018, Xi&rsquo;an Zhonghong, Xi&rsquo;an
TCH, the &ldquo;HYREF&rdquo;, Guohua Ku, and Mr. Chonggong Bai entered into a CDQ WHPG Station Fixed Assets Transfer Agreement,
pursuant to which Xi&rsquo;an Zhonghong transferred Chengli CDQ WHPG station as the repayment of loan at RMB 188,639,400 ($27.54
million) to HYREF. Xi&rsquo;an Zhonghong, Xi&rsquo;an TCH, Guohua Ku and Chonggong Bai also agreed to buy back the CDQ WHPG Station
when conditions under the Buy Back Agreement are met . The transfer was completed January 22, 2019.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Tianyu Waste Heat Power Generation Project</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 19, 2013, Zhonghong entered into a Cooperative
Agreement (the &ldquo;Tianyu Agreement&rdquo;) for Energy Management of CDQ and CDQ WHPG with Jiangsu Tianyu Energy and Chemical
Group Co., Ltd (&ldquo;Tianyu&rdquo;). Pursuant to the Tianyu Agreement, Zhonghong will design, build, operate and maintain two
sets of 25 MW CDQ and CDQ WHPG systems for two subsidiaries of Tianyu &ndash; Xuzhou Tian&rsquo;an Chemical Co., Ltd (&ldquo;Xuzhou
Tian&rsquo;an&rdquo;) and Xuzhou Huayu Coking Co., Ltd. (&ldquo;Xuzhou Huayu&rdquo;) &ndash; to be located at Xuzhou Tian&rsquo;an
and Xuzhou Huayu&rsquo;s respective locations (the &ldquo;Tianyu Project&rdquo;). Upon completion of the Tianyu Project, Zhonghong
will charge Tianyu an energy saving fee of RMB 0.534 ($0.087) per KWH (excluding tax). The operating time will be based upon an
average 8,000 hours annually for each of Xuzhou Tian&rsquo;an and Xuzhou Huayu. If the operating time is less than 8,000 hours
per year due to a reason attributable to Tianyu, then time charged will be 8,000 hours a year. Because of the overcapacity and
pollution of the iron and steel and related industries, the government has imposed production limitations for the energy-intensive
enterprises with heavy pollution, including Xuzhou Tian&rsquo;an.&nbsp;Xuzhou Tian&rsquo;an has slowed the construction process
for its dry quenching production line which caused the delay of our project. The construction of the Xuzhou Tian&rsquo;an Project
is anticipated to be completed by the second quarter of 2019. Xuzhou Tian&rsquo;an will provide the land for the CDQ and CDQ WHPG
systems for free. Xuzhou Tian&rsquo;an has also guaranteed that it will purchase all of the power generated by the CDQ WHPG systems.
The Xuzhou Huayu Project is currently on hold due to a conflict between Xuzhou Huayu Coking Co., Ltd. and local residents on certain
pollution-related issues. The local government has acted in its capacity to coordinate the resolution of this issue. The local
residents were requested to move from the hygienic buffer zone of the project location with compensatory payments from the government.
Xuzhou Huayu was required to stop production and implement technical innovations to mitigate pollution discharge including sewage
treatment, dust collection, noise control, and recycling of coal gas. Currently, some local residents have moved. Xuzhou Huayu
has completed the implementation of the technical innovations of sewage treatment, dust collection, and noise control, and the
Company is waiting for local governmental agencies to approve these technical innovations so that we can resume construction. Due
to the stricter administration of environmental protection policies and recent increase of environmental protections for the coking
industry in Xuzhou, all local coking, as well as steel iron enterprises, are facing a similar situation of suspended production
while rectifying technologies and procedures. The Company expects to receive governmental acceptance and approval and to resume
construction in the second quarter of 2019. &nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 22, 2013, Xi&rsquo;an Zhonghong New Energy
Technology Co., Ltd. entered into an EPC General Contractor Agreement for the Xuzhou Tianyu Group CDQ Power Generation Project
(the &ldquo;Project&rdquo;) with Xi&rsquo;an Huaxin New Energy Co., Ltd. (&ldquo;Huaxin&rdquo;). Zhonghong as the owner of the
Project contracted EPC for the two sets of CDQ and 25 MW CDQ WHPG systems for Tianyu to Huaxin&mdash;one for Xuzhou Tian&rsquo;an
and one for Xuzhou Huayu. Huaxin shall provide construction, equipment procurement, transportation, installation and adjustment,
test run, construction engineering management and other necessary works to complete the Project and ensure the CDQ and CDQ WHPG
systems for Tianyu meet the inspection and acceptance requirements and work normally. The Project is a turn-key project and Huaxin
is responsible for the quality, safety, duration and cost of the Project. The total contract price is RMB 400 million ($66.67 million),
of which RMB 200 million ($33.34 million) is for the Xuzhou Tian&rsquo;an system and RMB 200 million is for the Xuzhou Huayu system.
The price is a cover-all price, which includes but not limited to all the materials, equipment, labor, transportation, electricity,
water, waste disposal, machinery and safety matters.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 4, 2019, Xi&rsquo;an Zhonghong, Xi&rsquo;an
TCH, and Mr. Chonggong Bai, entered into a Projects Transfer Agreement (the &ldquo;Agreement&rdquo;), pursuant to which Xi&rsquo;an
Zhonghong transferred a CDQ WHPG station (under construction) located in Xuzhou City for Xuzhou Huayu Coking Co., Ltd. (&ldquo;Xuzhou
Huayu Project&rdquo;) to Mr. Bai for RMB 120,000,000 ($17.52 million). Mr. Bai transferred all the equity shares of his wholly
owned company, Xi&rsquo;an Hanneng, to the &ldquo;HYREF&rdquo; as repayment for the loan made by Xi&rsquo;an Zhonghong to HYREF
as consideration for the transfer of the Xuzhou Huayu Project. The transfer was completed February 15, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Zhongtai WHPG Energy Management Cooperative
Agreement</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 6, 2013, Xi&rsquo;an TCH entered into
a CDQ and WHPG Energy Management Cooperative Agreement (the &ldquo;Zhongtai Agreement&rdquo;) with Xuzhou Zhongtai Energy Technology
Co., Ltd. (&ldquo;Zhongtai&rdquo;), a limited liability company incorporated in Jiangsu Province, China.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Zhongtai Agreement, Xi&rsquo;an
TCH will design, build and maintain a 150 ton per hour CDQ system and a 25 MW CDQ WHPG system (the &ldquo;Project&rdquo;) and sell
the power to Zhongtai, and Xi&rsquo;an TCH will also build a furnace to generate steam from the waste heat of the smoke pipeline
and sell the steam to Zhongtai.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The construction period of the Project is expected
to be 18 months from the date when conditions are ready for construction to begin. Zhongtai will start to pay an energy saving
fee from the date when the WHPG station passes the required 72-hour test run. The term of payment is 20 years. For the first 10
years of the term, Zhongtai shall pay an energy saving fee at RMB 0.534 ($0.089) per KWH (including value added tax) for the power
generated from the system. For the second 10 years of the term, Zhongtai shall pay an energy saving fee at RMB 0.402 ($0.067) per
KWH (including value added tax). During the term of the contract the energy saving fee shall be adjusted at the same percentage
as the change of local grid electricity price. Zhongtai shall also pay an energy saving service fee for the steam supplied by Xi&rsquo;an
TCH at RMB 100 ($16.67) per ton (including value added tax). Zhongtai and its parent company will provide guarantees to ensure
Zhongtai will fulfill its obligations under the Agreement. Upon the completion of the term, Xi&rsquo;an TCH will transfer the systems
to Zhongtai at RMB 1 ($0.16). Zhongtai shall provide waste heat to the systems for no less than 8,000 hours per year and waste
gas volume no less than 150,000 Nm3 per hour with a temperature no less than 950&deg;C. If these requirements are not met, the
term of the Zhongtai Agreement will be extended accordingly. If Zhongtai wants to terminate the Zhongtai Agreement early, it shall
provide Xi&rsquo;an TCH a 60 day notice and pay the termination fee and compensation for the damages to Xi&rsquo;an TCH according
to the following formula: (i) if it is less than five years into the term when Zhongtai requests termination, Zhongtai shall pay:
Xi&rsquo;an TCH&rsquo;s total investment amount plus Xi&rsquo;an TCH&rsquo;s annual investment return times five years minus the
years in which the system has already operated; or (ii) if it is more than five years into the term when Zhongtai requests the
termination, Zhongtai shall pay Xi&rsquo;an TCH&rsquo;s total investment amount minus total amortization cost (the amortization
period is 10 years).&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 14, 2016, Xi&rsquo;an TCH entered into
a Xuzhou Zhongtai CDQ and Waste Heat Power Generation System Transfer Agreement (the &ldquo;Transfer Agreement&rdquo;) with Zhongtai
and Xi&rsquo;an Huaxin New Energy Co., Ltd., a limited liability company incorporated in China (the &ldquo;Contractor&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Transfer Agreement provides for the sale to
Zhongtai of all the assets of the Project under construction from Xi&rsquo;an TCH. Additionally, Xi&rsquo;an TCH will transfer
to Zhongtai the Engineering, Procurement and Construction (&ldquo;EPC&rdquo;) Contract for the Project, which Xi&rsquo;an TCH had
entered into with the Contractor in connection with the Project. As consideration for the transfer of the Project, Zhongtai is
to pay to Xi&rsquo;an TCH an aggregate purchase price of RMB 167,360,000 ($25.75 million and the &ldquo;Transfer Price&rdquo;),
on the following schedule: (i) RMB 50,000,000 ($7.69 million) of the Transfer Price was paid within 20 business days from the execution
of the Transfer Agreement; (ii) RMB 30,000,000 ($4.32 million) of the Transfer Price was paid within 20 business days upon the
completion of the construction of the Project but not later than July 30, 2016; and (iii) RMB 87,360,000 ($13.45 million) of the
Transfer Price was to be paid before July 30, 2017. The temporary ownership of the Project was transferred from Xi&rsquo;an TCH
to Zhongtai after the Xi&rsquo;an TCH received the first payment of RMB 50,000,000, and the full ownership of the Project is to
be officially transferred to Zhongtai upon full payment of the Transfer Price. The Zhongtai Agreement is to be terminated and Xi&rsquo;an
TCH will agree not to pursue any breach of contract liability against the Zhongtai under the Zhongtai Agreement when Zhongtai fully
pays the Transfer Price according to the terms of the Transfer Agreement. If the Transfer Price is not fully paid on time pursuant
to the Transfer Agreement, the Transfer Agreement automatically terminates and Xi&rsquo;an TCH retains ownership of the Project,
and both parties would continue to possess their respective rights and obligations according to the Zhongtai Agreement and assume
the liabilities for breach of the Zhongtai Agreement. Xuzhou Taifa Special Steel Technology Co., Ltd. (&ldquo;Xuzhou Taifa&rdquo;)
has guaranteed the payments by Zhongtai. The Company recorded a $2.82 million loss from this transaction in 2016. In 2016, Xi&rsquo;an
TCH had received the first payment of $7.70 million and the second payment of $4.32 million. However, the Company received a repayment
commitment letter from Zhongtai on February 23, 2018, in which Zhongtai committed to pay the remaining payment of RMB 87,360,000
($13.45 million) no later than the end of July 2018; in July 2018, Zhongtai and the Company reached a further oral agreement to
extend the repayment term of RMB 87,360,000 ($13.45 million) by another two to three months. In August 2018, the Company received
$1,070,000 from Zhongtai; as of March 31, 2019, the Company had receivables from Zhongtai for $11.88 million (with bad debt allowance
of $3.56 million). On January 23, 2019, Zhongtai provided an acknowledgement letter to the Company stating it expects to repay
the remaining balance of $11.88 million by the end of October 2019, once it resumes its normal production.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Related Party Transactions</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of March 31, 2019, the Company had $41,159 in
advances from the Company&rsquo;s management, which bear no interest, are unsecured, and are payable upon demand.&nbsp;&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Critical Accounting Policies and Estimates</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our management&rsquo;s discussion and analysis
of our financial condition and results of operations are based on our consolidated financial statements (&ldquo;CFS&rdquo;), which
were prepared in accordance with accounting principles generally accepted in the United States of America (&ldquo;US GAAP&rdquo;).
The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of
assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well
as the reported net sales and expenses during the reporting periods. On an ongoing basis, we evaluate our estimates and assumptions.
We base our estimates on historical experience and various other factors that we believe are reasonable under the circumstances,
the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily
apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Basis of Consolidation</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s consolidated financial statements
(&ldquo;CFS&rdquo;) include the accounts of CREG and, its subsidiary, Sifang Holdings and Yinghua; Sifang Holdings&rsquo; wholly-owned
subsidiaries, Huahong and Shanghai TCH; Shanghai TCH&rsquo;s wholly-owned subsidiary Xi&rsquo;an TCH; and Xi&rsquo;an TCH&rsquo;s
subsidiaries, Erdos TCH, Zhonghong, and Zhongxun. Substantially all of the Company&rsquo;s revenues are derived from the operations
of Shanghai TCH and its subsidiaries, which represent substantially all of the Company&rsquo;s consolidated assets and liabilities
as of March 31, 2019. All significant inter-company accounts and transactions were eliminated in consolidation.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Use of Estimates</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In preparing the CFS, management makes estimates
and assumptions that affect the reported amounts of assets and liabilities in the balance sheets as well as revenues and expenses
during the year reported. Actual results may differ from these estimates.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Concentration of Credit Risk</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash includes cash on hand and demand deposits
in accounts maintained within China. Balances at financial institutions within China are not covered by insurance. The Company
has not experienced any losses in such accounts.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain other financial instruments, which subject
the Company to concentration of credit risk, consist of accounts and other receivables. The Company does not require collateral
or other security to support these receivables. The Company conducts periodic reviews of its customers&rsquo; financial condition
and customer payment practices to minimize collection risk on accounts receivable.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The operations of the Company are located in the
PRC. Accordingly, the Company&rsquo;s business, financial condition and results of operations may be influenced by the political,
economic and legal environments in the PRC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of March 31, 2019, the Company had accounts
receivable of $52,959,990; of which, $36.69 million was for transferring the ownership of Huayu and Shenqiu Phase I and II systems
to Mr. Bai but waiting for completion of transfer Mr. Bai&rsquo;s all the equity shares of his wholly owned company, Xi&rsquo;an
Hanneng, to HYREF; $11.88 million was from the sales of CDQ and a CDQ WHPG system to Zhongtai, and $4.39 million accounts receivable
of Erdos TCH for the electricity sold, and the Company had bad debt allowance of $3,564,268 for Zhongtai.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Interest Receivable on Sales Type Leases</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of March 31, 2019, the interest receivable on
sales type leases was $5,434,301, mainly representing recognized but not yet collected interest income for the Pucheng systems.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company maintains reserves for potential credit
losses on receivables. Management reviews the composition of receivables and analyzes historical bad debts, customer concentrations,
customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these
reserves.&nbsp; Based on an evaluation of the collectability of such receivables, as of March 31, 2019, the Company had bad debt
allowance for net investment receivable of $22,534,192 for the Pucheng systems.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Sales-type Leasing and Related Revenue Recognition</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 1, 2019, the Company adopted Topic 842
using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial
application. Results and disclosure requirements for reporting periods beginning after January 1, 2019 are presented under Topic
842, while prior period amounts have not been adjusted and continue to be reported in accordance with our historical accounting
under Topic 840. The new standard establishes a right-of-use (&ldquo;ROU&rdquo;) model that requires a lessee to record a ROU asset
and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either
finance or operating, with classification affecting the pattern of expense recognition in the income statement.&nbsp;A modified
retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after,
the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company constructs and leases waste energy
recycling power generating projects to its customers. The Company typically transfers ownership of the waste energy recycling power
generating projects to its customers at the end of the lease. Prior to January 1, 2019, the investment in these projects is recorded
as investment in sales-type leases in accordance with Financial Accounting Standards Board (&ldquo;FASB&rdquo;) Accounting Standards
Codification (&ldquo;ASC&rdquo;) Topic 840<I>, &ldquo;Lease</I>s<I>,&rdquo;</I>&nbsp;and its various amendments and interpretations.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company finances construction of waste energy
recycling power generating projects. The sales and cost of sales are recognized at the inception of the lease. The investment in
sales-type leases consists of the sum of the minimum lease payments receivable less unearned interest income and estimated executory
cost. Minimum lease payments are part of the lease agreement between the Company (as the lessor) and the customer (as the lessee).
The discount rate implicit in the lease is used to calculate the present value of minimum lease payments. The minimum lease payments
consist of the gross lease payments net of executory costs and contingent rentals, if any. Unearned interest is amortized to income
over the lease term to produce a constant periodic rate of return on net investment in the lease. While revenue is recognized at
the inception of the lease, the cash flow from the sales-type lease occurs over the course of the lease, which results in interest
income and reduction of receivables. Revenue is recognized net of sales tax.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Contingent Rental Income</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company records the income from actual electricity
usage in addition to minimum lease payment of each project as contingent rental income in the period earned. Contingent rent is
not part of minimum lease payments.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Foreign Currency Translation and Comprehensive
Income (Loss)</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s functional currency is RMB.
For financial reporting purposes, RMB figures were translated into USD as the reporting currency. Assets and liabilities are translated
at the exchange rate in effect on the balance sheet date. Revenues and expenses are translated at the average rate of exchange
prevailing during the reporting period. Translation adjustments arising from the use of different exchange rates from period to
period are included as a component of stockholders&rsquo; equity as &ldquo;Accumulated other comprehensive income.&rdquo; Gains
and losses from foreign currency transactions are included in income. There has been no significant fluctuation in exchange rate
for the conversion of RMB to USD after the balance sheet date.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company uses &ldquo;Reporting Comprehensive
Income&rdquo; (codified in FASB ASC Topic 220). Comprehensive income is comprised of net income and all changes to the statements
of stockholders&rsquo; equity, except those due to investments by stockholders, changes in paid-in capital and distributions to
stockholders.&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>RESULTS OF OPERATIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Comparison of three months Ended March 31, 2019
and 2018</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth the results of our
operations for the periods indicated as a percentage of net sales. Certain columns may not add due to rounding.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2018</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">% of&nbsp; Sales</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">% of Sales</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: justify">Sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">621,174</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">100</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,422,831</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">100</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Sales of systems</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Contingent rental income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">621,174</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,422,831</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Cost of sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1.5pt">Cost of systems and contingent rental income</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Gross profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">621,174</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,422,831</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1.5pt">Interest income on sales-type leases</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">174,235</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">28</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,606,615</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">113</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Total operating income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">795,409</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">128</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,029,446</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">213</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1.5pt">Total operating expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,442,820</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(232</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,506,231</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(106</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Income (loss) from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(647,411</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(104</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,523,215</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1.5pt">Total non-operating expenses, net</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(3,685,754</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(593</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,389,165</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(98</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Income (loss) before income tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,333,165</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(698</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">134,050</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Income tax expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,390,871</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(385</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">339,545</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1.5pt">Less: loss attributable to noncontrolling interest</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(91,258</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(6</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 4pt">Net loss attributable to China Recycling Energy Corp</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(1,942,294</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(313</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)%</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(114,237</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(8</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)%</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>SALES</I>.&nbsp;Total sales for the three months
ended March 31, 2019 and 2018 were $621,174 and $1,422,831, respectively. The sales were from the electricity sold in Erdos TCH.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>COST OF SALES.&nbsp;</I>Cost of sales (&ldquo;COS&rdquo;)
for the three months ended March 31, 2019 and 2018 were $0.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>GROSS PROFIT</I>. Gross income for the three
months ended March 31, 2019 and 2018 were $621,174 and $1,422,831, gross margin of 100% each.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>INTEREST INCOME ON SALES-TYPE LEASES.&nbsp;</I>Interest
income on sales-type leases for the three months ended March 31, 2019 was $174,235, a $1.43 million decrease from $1.61 million
for the three months ended March 31, 2018. During the three months ended March 31, 2019, interest income was derived from the Shenqiu
Phase I and II systems (15 and 11.9 years, respectively) for the month of January 2019; in February 2019, the Shenqiu Phase I and
II systems were transferred to Mr. Bai.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the three months ended March 31, 2018, interest
income was derived from the following four sales-type leases:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">i.</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Two BMPG systems to Pucheng Phase I and II (15 and 11.9 years, respectively);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">ii.</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">One BMPG system to Shenqiu Phase I (11 years);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">iii.</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">One BMPG system to Shenqiu Phase II (9.5 years);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The decreased interest income was due to the suspension
of Pucheng systems, and the Company stopped accruing interest income in April 2018, which was impacted by China&rsquo;s environmental
protection policies, and has not resumed operations to date.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>OPERATING EXPENSES</I>.&nbsp;Operating expenses
consisted of general and administrative expenses, bad debt expense totaling $1,442,820 for the three months ended March 31, 2019,
compared to $1,506,231 for the three months ended March 31, 2018, a decrease of $63,411 or 4%. The decrease was mainly due to decreased
payroll expense by $44,460.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>NET NON-OPERATING EXPENSES.&nbsp;</I>Net non-operating
expenses consisted of non-sales-type lease interest income, interest expenses and miscellaneous expenses. For the three months
ended March 31, 2019, net non-operating expense was $3.69 million compared to net non-operating expense of $1.39 million for the
three months ended March 31, 2018. For the three months ended March 31, 2019, we had $41,112 interest income but the amount was
offset by $1.93 million interest expense on entrusted loan, loss on note conversion of $893,958, and loss on disposal of systems
of $1,257,170. For the three months ended March 31, 2018, we had $37,204 interest income but the amounts were offset by a $1.42
million interest expense on loans.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>INCOME TAX (BENEFIT)EXPENSE.</I>&nbsp;Income
tax benefit was $2.39 million for the three months ended March 31, 2019, compared with $0.34 million income tax expense for the
three months ended March 31, 2018. The consolidated effective income tax rate for the three months ended March 31, 2019 and 2018
were (55.2)% and 253.3%, respectively.&nbsp;The increase in income tax benefit for three months ended March 31, 2019 was due to
increased taxable loss.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>NET LOSS.</I>&nbsp;Net loss for the three months
ended March 31, 2019 was $1,942,294 compared to $114,237 for the three months ended March 31, 2018, an increase of loss of $1,828,057.
This increase in net loss was mainly due to the increase non-operating expenses as described above.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Comparison of years Ended December 31, 2018
and 2017</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth the results of our
operations for the periods indicated as a percentage of net sales. Certain columns may not add due to rounding.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2018</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1.5pt solid">% of Sales</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1.5pt solid">% of Sales</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: justify; padding-left: 0in">Sales</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">4,888,016</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">100</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">6,489,504</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">100</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.125in">Sales of systems</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 0.125in">Contingent rental income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,888,016</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,489,504</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in">Cost of sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1.5pt; padding-left: 0.125in">Cost of systems and contingent rental income</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in">Gross profit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,888,016</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,489,504</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1.5pt; padding-left: 0in">Interest income on sales-type leases</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,312,465</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">68</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">6,610,169</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">102</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in">Total operating income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,200,481</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">168</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,099,673</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">202</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1.5pt; padding-left: 0in">Total operating expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(66,188,920</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,354</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(7,293,226</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(112</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in">Income (loss) from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(57,988,439</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,186</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,806,447</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1.5pt; padding-left: 0in">Total non-operating expenses, net</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(8,584,658</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(176</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(5,436,669</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(84</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in">Income (loss) before income tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(66,573,097</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,362</TD><TD STYLE="text-align: left">)%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">369,778</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-left: 0in">Income tax expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,627,458</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,039,476</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">124</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1.5pt; padding-left: 0in">Less: loss attributable to noncontrolling interest</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(3,203,657</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(66</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(327,147</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 4pt; padding-left: 0in">Net loss attributable to China Recycling Energy Corp</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(65,996,898</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(1,350</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)%</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(7,342,551</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(113</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)%</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>SALES</I>.&nbsp;Total sales for the years ended
December 31, 2018 and 2017 were $4,888,016 and $6,489,504, respectively. The sales were from the electricity sold in Erdos TCH.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>COST OF SALES.&nbsp;</I>Cost of sales (&ldquo;COS&rdquo;)
for the years ended December 31, 2018 and 2017 were $0. We did not sell any new system in the years ended December 31, 2018 and
2017.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>GROSS PROFIT</I>. Gross income for the years
ended December 31, 2018 and 2017 were $4,888,016 and $6,489,504, gross margin of 100% and 100%, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>INTEREST INCOME ON SALES-TYPE LEASES.&nbsp;</I>Interest
income on sales-type leases for the year ended December 31, 2018 was $3.31 million, a $3.30 million decrease from $6.61 million
for the year ended December 31, 2017. During the years ended December 31, 2018 and 2017, interest income was derived from the following
four sales-type leases:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">i.</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Two BMPG systems to Pucheng Phase I and II (15 and 11.9 years, respectively);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">ii.</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">One BMPG system to Shenqiu Phase I (11 years);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">iii.</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">One BMPG system to Shenqiu Phase II (9.5 years);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The decreased interest income was due to suspension
of Pucheng systems, and the Company stopped accruing interest income since April 2018, which was impacted by China&rsquo;s environmental
protection policies,&nbsp;the operation was not yet resumed as of today.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>OPERATING EXPENSES</I>.&nbsp;Operating expenses
consisted of general and administrative expenses, bad debt expense and asset impairment loss totaling $66,188,920 for the year
ended December 31, 2018, compared to $7,293,226 for the year ended December 31, 2017, an increase of $58,895,694 or 808%. The increase
was mainly due to increased bad debt expense of $32.21 million and increased asset impairment loss of $28.43 million. We had bad
debt expense of $3.62 million for the Zhongtai system, $6.59 million for the Shenqiu systems and $22.00 million for the Pucheng
systems. In addition, we recorded asset impairment loss of $6.53 million for Xuzhou Huayu, $13.78 million for Xuzhou Tian&rsquo;an,
and $8.12 million for Chengli.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>NET NON-OPERATING EXPENSES.&nbsp;</I>Net non-operating
expenses consisted of non-sales-type lease interest income, interest expenses and miscellaneous expenses. For the year ended December
31, 2018, net non-operating expense was $8.58 million compared to net non-operating expense of $5.44 million for the year ended
December 31, 2017. For the year ended December 31, 2018, we had $153,532 interest income but the amount was offset by $8.74 million
interest expense. For the year ended December 31, 2017, we had $143,606 interest income but the amounts were offset by a $5.56
million interest expense on loans. The increase in interest expense in 2018 was due to $2.43 million penalty interest on past due
entrusted loan amount.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>INCOME TAX EXPENSE.</I>&nbsp;Income tax expense
was $2.63 million for the year ended December 31, 2018, compared with $8.04 million for the year ended December 31, 2017. The consolidated
effective income tax rate for the years ended December 31, 2018 and 2017 were (4.0)% and 2,174%, respectively.&nbsp;The decrease
in income tax expense for the years ended December 31, 2018 was due to increased taxable loss, while in 2017, we had $7.61 million
tax expense from recording the estimated one-time transition tax on post-1986 foreign unremitted earnings under the Tax Cut and
Jobs Act.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>NET LOSS.</I>&nbsp;Net loss for the year ended
December 31, 2018 was $65,996,898 compared to $7,342,551 for the year ended December 31, 2017, an increase of loss of $58,654,347.
This increase in net loss was mainly due to the decreased interest income on sales-type leases and increased bad debt expense and
increased asset impairment loss in the year ended December 31, 2018 as described above.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Liquidity and Capital Resources</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Comparison of three months Ended March 31, 2019
and 2018</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of March 31, 2019, the Company had cash and
equivalents of $57.10 million, other current assets of $55.94 million, current liabilities of $81.73 million, working capital of
$31.31 million, a current ratio of 1.38:1 and a liability-to-equity ratio of 1.06:1.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a summary of cash provided by
or used in each of the indicated types of activities during the three months ended March 31, 2019 and 2018:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2018</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Cash provided by (used in):</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: justify">Operating Activities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(772,594</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,258,619</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Investing Activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,188</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Financing Activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,620,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used in operating activities was $0.77
million during the three months ended March 31, 2019, compared to $1.26 million cash provided by operating activities for the three
months ended March 31, 2018. The increase in net cash outflow for the three months ended March 31, 2019 was mainly due to increased
cash outflow on accrued labilities and other payables by $0.36 million, the refund of a $0.49 million deposit for Shenqiu Phase
I &amp; II due to transferring the systems to Mr. Chonggong Bai, decreased collection of principal on sales-type leases by $0.99
million, and increased cash outflow on other receivables by $0.08 million.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash provided by investing activities was $5,188
and $0, respectively, for the three months ended March 31, 2019 and 2018. For the three months ended March 31, 2019, $5,188 was
the proceeds from disposal of the fixed assets.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash provided by financing activities was $3.62
million compared to net cash provided by financing activities of $0 during the three months ended March 31, 2019 and 2018, respectively.
The cash inflow in the three months ended March 31, 2019 came from the proceeds of issuance of notes of $2.00 million and proceeds
from issuance of common stock of $1.62 million.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not believe inflation has had or will have
a significant negative impact on our results of operations in 2019.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Transfers of Cash to and from Our Subsidiaries</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The PRC has currency and capital transfer regulations
that require us to comply with certain requirements for the movement of capital. The Company is able to transfer cash (US Dollars)
to its PRC subsidiaries through: (i) an investment (by increasing the Company&rsquo;s registered capital in a PRC subsidiary),
or (ii) a stockholder loan. The Company&rsquo;s subsidiaries in the PRC have not transferred any earnings or cash to the Company
to date. The Company&rsquo;s business is primarily conducted through its subsidiaries. The Company is a holding company and its
material assets consist solely of the ownership interests held in its PRC subsidiaries. The Company relies on dividends paid by
its subsidiaries for its working capital and cash needs, including the funds necessary: (i) to pay dividends or cash distributions
to its stockholders, (ii) to service any debt obligations and (iii) to pay operating expenses. As a result of PRC laws and regulations
(noted below) that require annual appropriations of 10% of after-tax income to be set aside in a general reserve fund prior to
payment of dividends, the Company&rsquo;s PRC subsidiaries are restricted in that respect, as well as in others respects noted
below, in their ability to transfer a portion of their net assets to the Company as a dividend.&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to transferring cash from the Company
to its subsidiaries, increasing the Company&rsquo;s registered capital in a PRC subsidiary requires the filing of the local commerce
department, while a stockholder loan requires a filing with the state administration of foreign exchange or its local bureau.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to the payment of dividends, we note
the following:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">PRC regulations currently permit the payment of dividends only out of accumulated profits, as determined in accordance with accounting standards and PRC regulations (an in-depth description of the PRC regulations is set forth below);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Our PRC subsidiaries are required to set aside, at a minimum, 10% of their net income after taxes, based on PRC accounting standards, each year as statutory surplus reserves until the cumulative amount of such reserves reaches 50% of their registered capital;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Such reserves may not be distributed as cash dividends;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Our PRC subsidiaries may also allocate a portion of their after-tax profits to fund their staff welfare and bonus funds; except in the event of a liquidation, these funds may also not be distributed to stockholders; the Company does not participate in a Common Welfare Fund;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">The incurrence of debt, specifically the instruments governing such debt, may restrict a subsidiary&rsquo;s ability to pay stockholder dividends or make other cash distributions; and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">6.</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">The Company is subject to covenants and consent requirements. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If, for the reasons noted above, our subsidiaries
are unable to pay stockholder dividends and/or make other cash payments to the Company when needed, the Company&rsquo;s ability
to conduct operations, make investments, engage in acquisitions, or undertake other activities requiring working capital may be
materially and adversely affected. However, our operations and business, including investment and/or acquisitions by our subsidiaries
within China, will not be affected as long as the capital is not transferred in or out of the PRC.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with PRC regulations on Enterprises
with Foreign Investment and their articles of association, a foreign-invested enterprise (&ldquo;FIE&rdquo;) established in the
PRC is required to provide statutory reserves, which are appropriated from net profit, as reported in the FIE&rsquo;s PRC statutory
accounts. A FIE is required to allocate at least 10% of its annual after-tax profit to the surplus reserve until such reserve has
reached 50% of its respective registered capital (based on the FIE&rsquo;s PRC statutory accounts). The aforementioned reserves
may only be used for specific purposes and may not be distributed as cash dividends. Until such contribution of capital is satisfied,
the FIE is not allowed to repatriate profits to its stockholders, unless approved by the State Administration of Foreign Exchange.
After satisfaction of this requirement, the remaining funds may be appropriated at the discretion of the FIE&rsquo;s board of directors.
Our subsidiary, Shanghai TCH, qualifies as a FIE and is therefore subject to the above-mandated regulations on distributable profits.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, in accordance with PRC corporate
law, a domestic enterprise is required to maintain a surplus reserve of at least 10% of its annual after-tax profit until such
reserve has reached 50% of its respective registered capital based on the enterprise&rsquo;s PRC statutory accounts. The aforementioned
reserves can only be used for specific purposes and may not be distributed as cash dividends. Xi&rsquo;an TCH, Huahong, Zhonghong
and Erdos TCH were established as domestic enterprises; therefore, each is subject to the above-mentioned restrictions on distributable
profits.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of PRC laws and regulations that require
annual appropriations of 10% of after-tax income to be set aside, prior to payment of dividends, in a general reserve fund, the
Company&rsquo;s PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company as a
dividend or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>Chart of the Company&rsquo;s Statutory Reserve</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to PRC corporate law, effective January
1, 2006, the Company is required to maintain a statutory reserve by appropriating from its after-tax profit before declaration
or payment of dividends. The statutory reserve represents restricted retained earnings. Our restricted and unrestricted retained
earnings under US GAAP are set forth below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As of</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>March&nbsp;31,</B></P> <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>2019</B></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>December&nbsp;31,<BR>
2018</B></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: justify">Unrestricted retained earnings (accumulated deficit)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(39,830,856</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">(37,675,202</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1.5pt">Restricted retained earnings (surplus reserve fund)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">14,739,072</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">14,525,712</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 4pt">Total retained earnings (accumulated deficit)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(25,091,784</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(23,149,490</TD><TD STYLE="padding-bottom: 4pt; text-align: left">)</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Off-Balance Sheet Arrangements</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not entered into any other financial guarantees
or other commitments to guarantee the payment obligations of any third parties. We have not entered into any derivative contracts
that are indexed to our shares and classified as stockholders&rsquo; equity or that are not reflected in our consolidated financial
statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that
serves as credit, liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity
that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or research and development
services with us.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s contractual obligations as
of March 31, 2019 are as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1.5pt solid">Contractual Obligation</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">1 year or<BR> less</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">More than<BR> 1 year</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>See Note</B></P> <P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>(for details)</B></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: justify; padding-bottom: 1.5pt">Notes payable</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">2,100,000</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; border-bottom: Black 1.5pt solid; text-align: right">15</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1.5pt">Entrusted loan</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">49,305,710</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">12</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">49,305,710</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">2,100,000</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company believes it has a stable cash inflow
each month and a sufficient channel to commercial institutions to obtain any loans that may be necessary to meet its working capital
needs. Historically, we have been able to obtain loans or otherwise achieve our financing objectives due to the Chinese government&rsquo;s
support for energy-saving businesses with stable cash inflows, good credit ratings and history. The Company does not believe it
will have difficulties related to the repayment of its outstanding short-term loans.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><I>Xuzhou Tian&rsquo;an and Xuzhou Huayu CDQ Power Generation Projects</I>&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 19, 2013, Zhonghong entered into a Cooperative
Agreement for Energy Management of CDQ and CDQ WHPG Project with Jiangsu Tianyu Energy and Chemical Group Co., Ltd. (&ldquo;Tianyu&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Tianyu Agreement, Zhonghong will
design, build, operate and maintain two sets of 25 MW CDQ and CDQ WHPG systems for two subsidiaries of Tianyu: one is for and will
be located at Xuzhou Tian&rsquo;an Chemical Co., Ltd and one set is for and will be located at Xuzhou Huayu Coking Co., Ltd. (the
&ldquo;Tianyu Project&rdquo;). Upon the completion of the Tianyu Project, Zhonghong will charge Tianyu an energy saving service
fee of RMB 0.534 ($0.088) per KWH (excluding tax). The operating time shall be based upon an average 8,000 hours annually for each
of Tian&rsquo;an and Huayu. If the operating time for each of Tian&rsquo;an and Huayu is less than 8,000 hours a year due to reasons
attributable to Tianyu, then time charged shall be 8,000 hours a year for each of Tian&rsquo;an and Huayu. Xuzhou Tian&rsquo;an
and Huayu will provide the land for the CDQ and CDQ WHPG systems for free. Xuzhou Tian&rsquo;an and Huayu also guarantee that they
will purchase all of the power generated by the CDQ WHPG systems.&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 22, 2013, Xi&rsquo;an Zhonghong New Energy
Technology Co., Ltd. entered into an EPC General Contractor Agreement for the Xuzhou Tianyu Group CDQ Power Generation Project
(the &ldquo;Project&rdquo;) with Xi&rsquo;an Huaxin New Energy Co., Ltd. (&ldquo;Huaxin&rdquo;). Zhonghong as the owner of the
Project contracted EPC for the two sets of CDQ and 25 MW CDQ WHPG systems for Tianyu to Huaxin&mdash;one for Xuzhou Tian&rsquo;an
and one for Xuzhou Huayu. Huaxin shall provide construction, equipment procurement, transportation, installation and adjustment,
test run, construction engineering management and other necessary works to complete the Project and ensure the CDQ and CDQ WHPG
systems for Tianyu meet the inspection and acceptance requirements and work normally. The project is a turn-key project and Huaxin
is responsible for the quality, safety, duration and cost of the Project. The total contract price is RMB 400 million ($66.67 million),
of which RMB 200 million ($28.83 million) is for the Xuzhou Tian&rsquo;an system and RMB 200 million is for the Xuzhou Huayu system.
The price is a cover-all price which includes but is not limited to all the materials, equipment, labor, transportation, electricity,
water, waste disposal, machinery and safety matters. As of March 31, 2019, Zhonghong had $25.58 million (or $39.12 million if including
capitalized interest) for the Tian&rsquo;an project and is committed to pay an additional $4.12 million for the Tian&rsquo;an project.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 4, 2019, Xi&rsquo;an Zhonghong, Xi&rsquo;an
TCH, and Mr. Chonggong Bai, entered into a Projects Transfer Agreement (the &ldquo;Agreement&rdquo;), pursuant to which Xi&rsquo;an
Zhonghong transferred the Xuzhou Huayu Project to Mr. Bai for RMB 120,000,000 ($17.52 million). Mr. Bai transferred all the equity
shares of his wholly owned company, Xi&rsquo;an Hanneng, to &ldquo;HYREF&rdquo; as repayment for the loan made by Xi&rsquo;an Zhonghong
to HYREF as consideration for the transfer of the Xuzhou Huayu Project. The transfer was completed February 15, 2019.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>Legal Proceedings</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, we may be subject to legal proceedings
and claims in the ordinary course of business. We are not currently a party to any material legal proceedings, and to our knowledge
none is threatened. There can be no assurance that future legal proceedings arising in the ordinary course of business or otherwise
will not have a material adverse effect on our financial position, results of operations or cash flows.&nbsp;</P>

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


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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><A NAME="a_007"></A><B>MANAGEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>Executive Officers and Directors</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
as of May 22, 2019 the names, positions and ages of our current executive officers and directors. Our directors serve until the
next annual meeting of shareholders or until their successors are elected and qualified. Our officers are elected by the Board
and their terms of office are, except to the extent governed by an employment contract, at the discretion of the Board.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1.5pt solid">Name</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Age</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Position</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 23%; text-align: justify">Guohua Ku</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center">57</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 64%; text-align: justify">Chief Executive Officer, Director and Chairman of the Board</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Binfeng (Adeline) Gu</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">41</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Chief Financial Officer and Secretary</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Xiaoping Guo(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">66</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Director (Independent)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Geyun Wang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">50</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Director, Vice President</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Xiaogang Zhu(1)(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">64</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Director (Independent)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">LuLu Sun(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">40</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Director (Independent)</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 96%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Member or nominee, as applicable, of Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="width: 96%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Mr. Xiaogang Zhu is a former employee of the Company. Our Board has determined that, as of the date of the 2019 Annual Meeting, Mr. Zhu will be &ldquo;independent&rdquo; under the independence requirements of Rule 10A-3 promulgated under the Securities Exchange Act of 1934 and as defined by NASDAQ Rule&nbsp;5605(a)(2).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Mr. Guohua Ku&nbsp;</I></B>was
appointed as a director and our Chief Executive Officer as of December&nbsp;10, 2008. He was elected Chairman of the Board as of
April&nbsp;1, 2009. Prior to joining the Company, Mr.&nbsp;Ku served as a Senior Engineer for Yingfeng Technology from 2003 to
2007. From 1979 to 2003, Mr.&nbsp;Ku served in multiple capacities for Shaanxi Blast Air Blower (Group) Co., Ltd., with his last
position serving as a Senior Engineer. Mr.&nbsp;Ku&rsquo;s experience as our Chief Executive Officer, as well as Chairman of the
Board, and extensive scientific and operational knowledge and expertise qualifies him to serve as Chairman of the Board and led
the Board to conclude that he should be nominated to serve another term as a director.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Ms. Adeline Gu</I></B>&nbsp;was
appointed as the Company&rsquo;s Chief Financial Officer and Secretary on September 28, 2016. Ms. Gu has been serving as the director
of the office of Board of Directors of the Company from August, 2012 to September 27, 2016. She was the Investor Relations Director
from December 2007 to August 13, 2012 and Investor Relations Director Assistant from March 2006 to December 2007 of China Natural
Gas, Inc. From October 2005 to March 2006, Ms. Gu was the Interpreter of Xi&rsquo;an Equity Exchange &amp; Shaanxi Watson Biology
Gene Technology Co., Ltd. Ms. Gu studied at Northwest University of China from September, 1995 to June, 1999 and received her bachelor
degree, majoring in English. Ms. Gu has held a Chinese Accounting Certificate since 2000..</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Mr. Xiaoping Guo</I></B>&nbsp;was
first appointed as a director on June 1, 2017 by the board to fill a pending vacancy. Mr. Guo has served as the assistant to the
president of Datang New Energy Co., Ltd., since 2010. Mr. Guo received his bachelor degree from the Xi&rsquo;an Jiaotong University
in 1977, and his master&rsquo;s degree in systems engineering from the same school in 2000. Mr.&nbsp;Guo&rsquo;s extensive project
engineering and development experience,&nbsp;as well as his management experience,&nbsp;qualifies him to serve on our Board and
led the Board to conclude that he should be nominated as a director.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Mr. Geyun Wang&nbsp;</I></B>was
initially elected as a director at the 2014 Annual Meeting, and he&nbsp;also serves as&nbsp;a Vice President of the Company. Mr.&nbsp;Wang
is responsible for the procurement of engineering equipment and tendering for project construction, as well as supervision of installation
and commissioning for EPC projects. Mr.&nbsp;Wang was the Deputy General Manager of our subsidiary Xi&rsquo;an TCH Energy Technology
Co., Ltd. between 2007 and 2015 and he was appointed as a Vice President of the Company in 2015. Prior to this position, from 2001
to 2007, Mr.&nbsp;Wang served as the Vice President of Sales of Shaanxi Baoji Hongguang Iron &amp; Steel Co., Ltd., where he was
responsible for sales of steel products. Mr.&nbsp;Wang received his bachelor degree from Northwestern Polytechnical University
in 1988. Mr.&nbsp;Wang&rsquo;s extensive project construction and management experience,&nbsp;as well as his extensive industry
and market expertise,&nbsp;qualifies him to serve on our Board and led the Board to conclude that he should be nominated as a director.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Mr. Xiaogang Zhu</I></B>&nbsp;was
first appointed as a director on June 1, 2017 by the board to fill a pending vacancy. Mr. Zhu has served as a financial consultant
to Shaanxi Coal Chemical Engineering New Energy Co., Ltd., since May 2014. From December 2007 until May 10, 2014, Mr. Zhu served
as the Company&rsquo;s accounting manager and vice president of accounting. Prior to that, Mr. Zhu was the Chief Financial Officer
of China Natural Gas, Inc., from 2005 to 2007, and as the vice president of Xi&rsquo;an Dapeng Biological Technology Co., Ltd.
from 2000 to 2005. Mr. Zhu received his bachelor degree in accounting from Shaanxi University of Finance and Economics in 1992.
Mr. Zhu&rsquo;s significant financial expertise qualifies him to serve on our Board and led the Board to conclude that he should
be nominated as a director.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Ms. LuLu Sun&nbsp;</I></B>was
first appointed as a director on August&nbsp;5, 2015 by the board to fill a pending vacancy. Ms.&nbsp;Sun serves as Marketing Director
for Net Engine Power Tech. Ltd. Co. in China from June 2013 to present and she was the New Media Business Development Director
for Rayli Magazine in China from June 2009 to May 2013. From July 2002 to May 2009, Ms.&nbsp;Sun was the Business Development Project
Manager for Sina Mobile in China. Ms.&nbsp;Sun&rsquo;s extensive experience in marketing and business development in China qualifies
her to serve on our Board and led the Board to conclude that she should be nominated as a director.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>Involvement in Certain Legal Proceedings</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the past ten years,
none of our directors or executive officers has been:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">the subject of any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">convicted in a criminal proceeding or is subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">subject to any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">found by a court of competent jurisdiction (in a civil action), the SEC or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, that has not been reversed, suspended, or vacated;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">subject of, or a party to, any order, judgment, decree or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of a federal or state securities or commodities law or regulation, law or regulation respecting financial institutions or insurance companies, law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization, any registered entity or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None of our directors, executive
officers or affiliates, or any beneficial owner of 5% or more of our common stock, or any associate of such persons, is an adverse
party in any material proceeding to, or has a material interest adverse to, us or any of our subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>Corporate Governance</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B><I>Director Independence</I></B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Xiaoping Guo, LuLu Sun and
Xiaogang Zhu are our only non-employee directors, and our Board determined that each of them is independent pursuant to the listing
rules of NASDAQ. All of the members of each of the Audit Committee, Compensation Committee and Corporate Governance and Nominating
Committee are independent as defined in NASDAQ Rule&nbsp;5605(a)(2). As required under applicable NASDAQ listing standards, in
the 2018&nbsp;fiscal year, our independent directors met twice in regularly scheduled executive sessions at which only our independent
directors were present.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr. Xiaogang Zhu, a nominee
for director, is a former employee of the Company. Our Board has determined that, as of the date of the 2019 Annual Meeting, Mr.
Zhu will be &ldquo;independent&rdquo; under the independence requirements of Rule 10A-3 promulgated under the Securities Exchange
Act of 1934 and as defined by NASDAQ Rule&nbsp;5605(a)(2).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B><I>Code of Ethics</I></B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We adopted a &ldquo;code of
ethics&rdquo; as defined by regulations promulgated under the Securities Act of 1933, as amended, and the Exchange Act that applies
to all of our directors and employees worldwide, including our principal executive officer, principal financial officer and principal
accounting officer. A current copy of our Code of Business Conduct and Ethics is available on our website at www.creg-cn.com under
the links &ldquo;Investor Relations &ndash; Corporate Governance.&rdquo; We intend to disclose any amendments to the Code of Business
Conduct and Ethics, as well as any waivers for executive officers or directors, on our website.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><A NAME="a_008"></A><B>EXECUTIVE COMPENSATION</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Summary Compensation Table</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes
the compensation earned during the years ended December 31, 2018 and 2017, by those individuals who served as our Chief Executive
Officer, or Chief Financial Officer during any part of fiscal year&nbsp;2018 and our other most highly compensated executive officer.
The individuals listed in the table below are referred to as the &ldquo;named executive officers.&rdquo;&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1.5pt solid">Name&nbsp;and&nbsp;Principal&nbsp;Position</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Salary<BR> ($)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Bonus<BR> ($)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Stock<BR> Awards<BR> ($)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Option<BR> Awards<BR> ($)(4)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Non-Equity<BR> Incentive<BR> Plan<BR> Compensation<BR> ($)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Nonqualified<BR> Deferred<BR> Compensation<BR> Earnings<BR> ($)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">All<BR> Other<BR> Compensation<BR> ($)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total<BR> ($)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 10%; text-align: left">Guohua Ku (1)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">2018</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">33,078</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">--</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">--</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">--</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">--</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">--</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">--</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">--</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; text-align: left">Chief Executive Officer and</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,078</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">Nil</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,078</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 9pt">Chairman of the Board</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Adeline Gu (2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,052</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; text-align: left">Chief Financial</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,376</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,647</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,023</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 9pt">Officer and Secretary</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Geyun Wang (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,565</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; text-align: left">Vice President</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,565</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">Nil</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,565</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 96%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Guohua Ku was appointed as Chief Executive Officer of the Company on December&nbsp;10, 2008.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="width: 96%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Adeline Gu was appointed&nbsp;as Chief Financial Officer and Secretary of the Company on September 28, 2016.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="width: 96%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Geyun Wang was appointed as Vice President of the Company on April 10, 2014.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="width: 96%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Reflects the aggregate grant date fair value of the applicable stock option, calculated in accordance with Accounting Standards Codification Topic 718.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 14.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 14.05pt"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-indent: 14.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Narrative to Summary Compensation Table</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In fiscal 2018, the primary
components of our executive compensation programs were base salary and equity compensation. We use base salary to fairly and competitively
compensate our executives, including the named executive officers, for the jobs we ask them to perform. We view base salary as
the most stable component of our executive compensation program, as this amount is not at risk. We believe that the base salaries
of our executives should be targeted at or above the median of base salaries for executives in similar positions with similar responsibilities
at comparable companies, consistent with our compensation philosophy. Because of our emphasis on performance-based compensation
for executives, base salary adjustments are generally made only when we believe there is a significant deviation from the market
or an increase in responsibility. Our Compensation Committee reviews the base salary levels of our executives each year to determine
whether an adjustment is warranted or necessary.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr.&nbsp;Guohua Ku entered
into an employment agreement with the Company to serve as its CEO on December&nbsp;10, 2008. The agreement had a two-year term,
starting December&nbsp;10, 2008, that included a one-month probationary period. In accordance with the terms and conditions of
Mr.&nbsp;Ku&rsquo;s employment agreement, on December&nbsp;10, 2010, 2014, December 10, 2016, and, more recently, on December&nbsp;10,
2018, the Company and Mr.&nbsp;Ku agreed to renew Mr.&nbsp;Ku&rsquo;s employment agreement for an additional two-year term. Mr.&nbsp;Ku
receives a salary of RMB 216,000 ($33,078) annually for his service as CEO. The Company may terminate the employment agreement
at any time without any prior notice to the employee if Mr.&nbsp;Ku engages in certain conduct, including, but not limited to (i)&nbsp;the
violation of the rules and procedures of the Company or breaches the terms of the employment agreement; (ii)&nbsp;neglecting his
duties or engages in malpractice for personal gain that damages the Company; (iii)&nbsp;entering into an employment relationship
with any other employer during his employment with the Company; or (iv)&nbsp;the commission of a crime. The Company also may terminate
the employment agreement upon 30 days written notice to Mr.&nbsp;Ku under certain other conditions, including but not limited to
(i)&nbsp;inability to continue position due to non-work-related sickness or injury; (ii)&nbsp;incompetence; and (iii)&nbsp;the
need for mass layoffs or other restructuring. Mr.&nbsp;Ku has the right to resign at any time upon a 30 day written notice to the
Company.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with her appointment
as Chief Financial Officer and Secretary, the Company entered into an employment agreement with Ms. Gu on September 28, 2016. Pursuant
to the terms of the employment agreement, Ms. Gu will receive compensation of RMB&nbsp;10,000 (approximately&nbsp;$1,538) per month
plus stock options for no less than 5,000 shares of common stock of the Company each year to be issued under the China Recycling
Energy Corporation Omnibus Equity Plan (the &ldquo;Plan&rdquo;) with the specific terms of the options to be determined by the
Compensation Committee of the Board in the future. The term of the employment agreement is for two years, starting on September
28, 2016. The Compensation Committee approved the grant of an option to Ms. Gu to purchase 5,000 shares of the Company&rsquo;s
common stock on April 27, 2017. On September 28, 2018, the Company and Ms. Gu agreed to renew Ms. Gu&rsquo;s employment agreement
for an additional two-year term. Ms. Gu receives a salary of RMB 144,000 ($22,052) annually for her service as CFO.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In June of 2015, the stockholders
of the Company approved the China Recycling Energy Corporation Omnibus Equity Plan (the &ldquo;2015 Equity Plan&rdquo;) at its
annual meeting. The total aggregate shares of common stock authorized for issuance during the term of the 2015 Equity Plan is 1,246,261
shares, as adjusted following the Company&rsquo;s 1-for-10 reverse stock split of the Company&rsquo;s authorized shares of Common
Stock, effective in May 2016. The 2015 Equity Plan will terminate on the earliest to occur of (i) the 10th anniversary of the Equity
Plan&rsquo;s effective date, or (ii) the date on which all shares available for issuance under the Equity Plan shall have been issued
as fully-vested shares.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Potential Payments Upon Termination or Change
of Control</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain of our executive officers,
including our CEO, have an employment agreement with the Company. Under Chinese law, we may only terminate employment agreements
without cause and without penalty by providing notice of non-renewal one month prior to the date on which the employment agreement
is scheduled to expire. If we fail to provide this notice or if we wish to terminate an employment agreement in the absence of
cause, as defined in the agreement, then we are obligated to pay the employee one month&rsquo;s salary for each year we have employed
the employee. We are, however, permitted to terminate an employee for cause without penalty pursuant to the employment agreement.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><I>2015 Plan</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In June of 2015, the stockholders
of the Company approved the China Recycling Energy Corporation Omnibus Equity Plan (the &ldquo;2015 Equity Plan&rdquo;) at its
annual meeting. The total aggregate shares of common stock authorized for issuance during the term of the 2015 Equity Plan is 1,246,261
shares, as adjusted following the Company&rsquo;s 1-for-10 reverse stock split of the Company&rsquo;s authorized shares of Common
Stock, effective in May 2016. The 2015 Equity Plan will terminate on the earliest to occur of (i) the 10th anniversary of the Equity
Plan&rsquo;s effective date, or (ii) the date on which all shares available for issuance under the Equity Plan shall have been issued
as fully-vested shares. A total of 5,000 shares underlying options were granted to an executive officer under the 2015 Equity Plan
as of March 31, 2019.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify"><B>Non-Employee Director Compensation</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
certain information regarding the compensation earned by or awarded during the 2018&nbsp;fiscal year to each of our non-executive
directors:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify; border-bottom: Black 1.5pt solid">Name</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fees&nbsp;Earned<BR> or&nbsp;Paid&nbsp;in<BR> Cash<BR> ($)(1)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Stock<BR> Awards<BR> ($)(1)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Option<BR> Awards<BR> ($)&nbsp;(1)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Non-Equity<BR> Incentive&nbsp;Plan<BR> Compensation<BR> ($)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Nonqualified<BR> Deferred<BR> Compensation<BR> Earnings</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">All&nbsp;Other<BR> Compensation<BR> ($)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total<BR> ($)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; text-align: justify; text-indent: -5pt; padding-left: 5pt">LuLu Sun (2)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">12,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">12,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -5pt; padding-left: 5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: -5pt; padding-left: 5pt">Xiaoping Guo (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -5pt; padding-left: 5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; text-indent: -5pt; padding-left: 5pt">Xiaogang Zhu (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 96%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">In setting director compensation, we consider the significant amount of time that directors expend in fulfilling their duties to the Company, as well as the skill level required to serve as a director and manage the affairs of the Company. Each non-employee director receives a monthly Board fee of $1,000. Non&ndash;employee directors do not receive additional fees for attendance at Board or Board committee meetings or for serving on Board Committees.&nbsp;&nbsp;There were no stock option exercises by non-employee directors in fiscal year&nbsp;2018. There were no option awards outstanding as of March 31, 2019, for any of the non-employee directors.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="width: 96%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Ms. LuLun Sun was appointed to the Board on August 5, 2015.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="width: 96%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Messrs. Guo and Zhu were appointed as directors effective June 1, 2017.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><A NAME="a_009"></A><B>CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;The Company has not implemented
a written policy concerning the review of related party transactions; however, the Company&rsquo;s policy is that the Audit Committee
must review related party transactions and Board must approve all related party transactions. Further, all material related party
transactions will be made or entered into on terms that are no less favorable to us than can be obtained from unaffiliated third
parties.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A &ldquo;related party transaction&rdquo;
is a transaction, arrangement or relationship (including any indebtedness or guarantee of indebtedness) or any series of similar
transactions, arrangements or relationships in which the Company (including any of our subsidiaries) was, is or will be a participant,
the amount involved exceeds $120,000, and in which any related person had, has or will have a direct or indirect interest.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">As of March 31, 2019, the Company had $41,159 in
advances from the Company&rsquo;s management, which bear no interest, are unsecured, and are payable upon demand.&nbsp;</P>

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


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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="a_010"></A><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
AND MANAGEMENT</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
certain information provided to us by each of the following as of May 22, 2019 (unless otherwise indicated) regarding their beneficial
ownership of our common stock:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">each person known by us to be the beneficial owner of more than 5% of our common stock;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">each of our directors and named executive officers;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">each of our officers and directors that served in such capacity during 2018, but no longer served in that capacity at the end of the fiscal year; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">all of our directors and executive officers as a group.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Beneficial ownership is determined
in accordance with the rules of the SEC and includes voting and investment power with respect to the securities. The following
table lists the number of shares and percentage of shares beneficially owned based on 16,106,497 shares of our common stock outstanding
as of May 22, 2019. Except as indicated by footnote, and subject to applicable community property laws, the persons and entities
named in the table below have sole voting and sole investment power with respect to the shares set forth opposite each person&rsquo;s
or entity&rsquo;s name. The address for each director and executive officer is 4/F, Tower C, Rong Cheng Yun Gu Building, Keji 3<SUP>rd</SUP>&nbsp;Road,
Yanta District, Xi&rsquo;an City, Shaanxi Province, China 710075.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center">Common Stock</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Beneficially Owned</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">Beneficial&nbsp;Owner</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number&nbsp;of<BR> Shares</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Percent&nbsp;of<BR> Class</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Guohua Ku</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">2,644,764</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">16.42</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Great Essential Investment, Ltd. (2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,600,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.93</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Bohan Zhang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,270</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Adeline Gu</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Geyun Wang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Xiaoping Guo</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Xiaogang Zhu</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>LuLu Sun</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">--</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">All executive officers and directors as a group (7&nbsp;persons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,692,034</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16.71</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="width: 96%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Less than one percent (1%)&nbsp;of outstanding shares.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 96%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Represents 5,000 shares of common stock subject to currently exercisable stock options.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="width: 96%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">The address for Great Essential Investment, Ltd. is Akara Building, 24 De Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B><A NAME="a_011"></A>SELLING SHAREHOLDERS</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The 5,658,641shares of our
common stock included in this prospectus, including shares of our common stock issuable pursuant to the terms of outstanding warrants,
were issued to the selling shareholders pursuant to exemptions from the registration requirements of the Securities Act pursuant
to Regulation D and Regulation S promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In a private placement on April
15, 2019, concurrently with a direct registered offering, we issued to investors in the direct registered offering warrants to
purchase up to 1,769,454 shares of our common stock (the &ldquo;April Investor Warrants&rdquo;). In addition, we issued warrants
to purchase 165,149 shares of our common stock to designees of the placement agent in the private placement (the &ldquo;April Agent
Warrants,&rdquo; and together with the April Investor Warrants, the &ldquo;April Warrants&rdquo;). The Warrants will be exercisable
beginning on the six month anniversary of the date of issuance at an exercise price of $0.9365 per share for the April Investor
Warrants and $1.00 per share for the April Agent Warrants. The April Investor Warrants will expire on the five and a half year
anniversary of the date of issuance and the April Agent Warrants will expire on April 15, 2024.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In a private placement on October
29, 2018, concurrently with a direct registered offering, we issued to investors in the direct registered offering warrants to
purchase up to 1,985,082 shares of our common stock (the &ldquo;October Investor Warrants&rdquo;). In addition, we issued warrants
to purchase 138,956 shares of our common stock to designees of the placement agent in the private placement (the &ldquo;October
Agent Warrants,&rdquo; and together with the October Investor Warrants, the &ldquo;October Warrants&rdquo;). The October Warrants
are exercisable beginning on the six month anniversary of the date of issuance at an exercise price of $ 1.3725 per share for the
October Investor Warrants and $1.875 per share for the October Agent Warrants. The October Investor Warrants will expire on the
five and a half year anniversary of the date of issuance and the October Agent Warrants will expire on October 29, 2023.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 13, 2019, the Company
entered into a Securities Purchase Agreement (the &ldquo;Agreement&rdquo;) with Great Essential Investment, Ltd., a company incorporated
in the British Virgin Islands (the &ldquo;Purchaser&rdquo;), pursuant to which the Company sold to the Purchaser in a private placement
1,600,000 shares (the &ldquo;Shares&rdquo;) of the Company&rsquo;s common stock, par value $0.001 per share (the &ldquo;Common
Stock&rdquo;), at a purchase price of $1.013 per share for an aggregate offering price of $1,620,800 (the &ldquo;Private Placement&rdquo;).&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The selling shareholders named
below, or their respective successors, including transferees, may from time to time sell or otherwise dispose of, pursuant to
this prospectus, all, some or none of their shares of our common stock being registered hereby. See &ldquo;Plan of Distribution&rdquo;
on page 51.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth,
as to each of the selling shareholders: the number of shares of our common stock beneficially owned, based on each selling shareholder&rsquo;s
ownership of shares and warrants held of record as of May 22, 2019, assuming exercise of all of the warrants held by such selling
shareholder on that date, without regard to any limitations on exercise and solely for purposes of the beneficial ownership calculation;
the number of shares of our common stock being offered by such selling shareholder pursuant to this prospectus; and the number
of shares of our common stock beneficially owned upon completion of the offering and the percentage of beneficial ownership upon
completion of the offering based upon 16,106,498 shares of our common stock outstanding as of May 22, 2019, assuming full exercise
of all warrants held by the selling shareholders and outstanding on that date, without regard to any limitations on exercise, including
but not limited to exercise date restrictions.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The registration of these shares
of common stock does not mean that the selling stockholders will sell or otherwise dispose of all or any of those securities. The
selling stockholders may sell or otherwise dispose of all, a portion or none of such shares from time to time. We do not know the
number of shares, if any, that will be offered for sale or other disposition by any of the selling stockholders under this prospectus.
Furthermore, the selling stockholders may have sold, transferred or disposed of the shares of common stock covered hereby in transactions
exempt from the registration requirements of the Securities Act since the date on which the Company filed this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Information in the table below
and the notes thereto has been provided to us by the selling shareholders. Unless otherwise indicated, to our knowledge, each selling
shareholder listed below has sole dispositive and voting power with respect to the shares of our common stock shown below as beneficially
owned by such selling shareholder, except to the extent authority is shared by spouses under applicable law. Beneficial ownership
and percentage have been determined in accordance with Rule 13d-3 under the Exchange Act and generally includes voting or dispositive
power with respect to the securities. The information listed below is not necessarily indicative of beneficial ownership for any
other purpose.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid">Beneficial Ownership Before Offering</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman,serif; text-align: center"><P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Shares of<BR> Common</B></P> <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Stock</B><BR>
                                         <B>Included</B> <B>in</B></P></TD><TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center">Beneficial&nbsp;<BR> Ownership<BR>
Number of&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center">After&nbsp;<BR> Offering</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman,serif; border-bottom: Black 1.5pt solid; text-align: left">Name</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid">Stock</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid">Warrants</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid">Total</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid">Prospectus</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid">Shares</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman,serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman,serif; text-align: center; border-bottom: Black 1.5pt solid">Percentage</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; font: 10pt Times New Roman,serif; text-align: left">Anson Investments Master Fund LP(2)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">1,251,512</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">1,251,512</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">1,251,512</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">(1</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font: 10pt Times New Roman,serif; text-align: right">(1</TD><TD STYLE="width: 1%; font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Intracoastal Capital, LLC(3)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,251,512</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,251,512</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">1,251,512</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(1</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(1</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">L1 Capital Global Opportunities Master Fund(4)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">589,818</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">589,818</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">589,818</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(1</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(1</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">CVI Investments, Inc.(5)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">661,694</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">661,694</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">661,694</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(1</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(1</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Mark Viklund</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">9,123</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">9,123</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">9,123</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(1</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(1</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Michael Vasinkevich</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">196,149</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">196,149</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">196,149</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(1</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(1</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Noam Rubinstein</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">95,793</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">95,793</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">95,793</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(1</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(1</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">Charles Worthman</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">3,034</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">3,034</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">3,034</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(1</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right">(1</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt">Great Essential Investment, Ltd.(6)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1.5pt solid">1,600,000</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1.5pt solid">-</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1.5pt solid">1,600,000</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1.5pt solid">1,600,000</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right; border-bottom: Black 1.5pt solid">(1</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt">)</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: right; padding-bottom: 1.5pt">(1</TD><TD STYLE="font: 10pt Times New Roman,serif; text-align: left; padding-bottom: 1.5pt">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman,serif; padding-bottom: 4pt">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman,serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; font: 10pt Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 4%; text-align: left">(1)</TD><TD STYLE="text-align: justify; width: 96%">Because (a)&nbsp;the Selling Stockholder may offer all
or some of the Shares covered by this prospectus, (b)&nbsp;the offering of the Shares is not being underwritten on a firm commitment
basis, and (c)&nbsp;the Selling Stockholder could purchase additional shares of our Common Stock from time to time, no estimate
can be given as to the number of shares or percent of our Common Stock that will be held by the Selling Stockholder upon termination
of the offering.</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 4%; text-align: left">(2)</TD><TD STYLE="text-align: justify; width: 96%">Anson Advisors Inc and Anson Funds Management LP, the
Co-Investment Advisers of Anson Investments Master Fund LP (&ldquo;Anson&rdquo;), hold voting and dispositive power over the Common
Shares held by Anson. Bruce Winson is the managing member of Anson Management GP LLC, which is the general partner of Anson Funds
Management LP. Moez Kassam and Amin Nathoo are directors of Anson Advisors Inc. Mr. Winson, Mr. Kassam and Mr. Nathoo each disclaim
beneficial ownership of these Common Shares except to the extent of their pecuniary interest therein. The principal business address
of Anson is 190 Elgin Ave, George Town, Grand Cayman.</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 4%; text-align: left">(3)</TD><TD STYLE="text-align: justify; width: 96%">Mitchell P. Kopin (&ldquo;Mr. Kopin&rdquo;) and Daniel
B. Asher (&ldquo;Mr. Asher&rdquo;), each of whom are managers of Intracoastal Capital LLC (&ldquo;Intracoastal&rdquo;), have shared
voting control and investment discretion over the securities reported herein that are held by Intracoastal. As a result, each
of Mr. Kopin and Mr. Asher may be deemed to have beneficial ownership (as determined under Section 13(d) of the Exchange Act of
the securities reported herein that are held by Intracoastal). The principal business office of Mr. Kopin and Intracoastal is
245 Palm Trail, Delray Beach, Florida 33483. The principal business office of Mr. Asher is 111 W. Jackson Boulevard, Suite 2000,
Chicago, Illinois 60604.</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 4%; text-align: left">(4)</TD><TD STYLE="text-align: justify; width: 96%">Mr. David Feldman is the natural person with voting and
dispositive power over the shares held by L1 Capital Global Opportunities Master Fund. The selling security holder&rsquo;s address
is attention: David Feldman, L1 Capital, Meridian Center, 1688 Meridian Avenue, 6th and 7th Floor, Miami Beach, Florida 33139.</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 4%; text-align: left">(5)</TD><TD STYLE="text-align: justify; width: 96%">Heights Capital Management, Inc., the authorized agent
of CVI Investments, Inc. (&ldquo;CVI&rdquo;), has discretionary authority to vote and dispose of the shares held by CVI and may
be deemed to be the beneficial owner of these shares. Martin Kobinger, in his capacity as Investment Manager of Heights Capital
Management, Inc., may also be deemed to have investment discretion and voting power over the shares held by CVI. Mr. Kobinger
disclaims any such beneficial ownership of the shares. The address of the principal business office of CVI Investments, Inc. is:
P.O. Box 309G, Ugland House, South Church Street, George Town, Grand Cayman. The address of the principal business office of Heights
Capital Management, Inc. is: 101 California Street, Suite 3250, San Francisco, California 94111.</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 4%; text-align: left">(6)</TD><TD STYLE="text-align: justify; width: 96%">Mr. Jinghe Dong is the sole shareholder of Great Essential
Investment, Ltd. and is the beneficial owner (i.e., exercises all investment discretion and voting control) of the shares owned
by Great Essential Investment, Ltd. The address for Great Essential Investment, Ltd. is Akara Building, 24 De Castro Street, Wickhams
Cay 1, Road Town, Tortola, British Virgin Islands.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None of the selling shareholders, other than those
identified by disclosure above, has, or within the past three years has had, any position, office or material relationship with
us or with any of our predecessors or affiliates.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A></P></DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B><A NAME="a_012"></A>PLAN OF DISTRIBUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The selling shareholders are offering from time to time 5,658,641 shares of our common stock, of which
1,600,000 shares are currently outstanding and 4,058,641 shares are issuable upon the exercise of the Warrants. The selling shareholders
and any of their pledgees, donees, assignees and successors-in-interest may, from time to time, sell any or all of their shares
of our common stock being offered under this prospectus on any stock exchange, market or trading facility on which the shares are
traded or in private transactions.&nbsp; These sales may be at fixed or negotiated prices.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All of the shares of our common
stock and the Warrants described above were issued previously in private transactions completed prior to the filing of the registration
statement of which this prospectus is a part.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The selling shareholders may
sell all or a portion of the shares of our common stock beneficially owned by them and offered hereby from time to time directly
or through one or more underwriters, broker-dealers or agents. If the shares of our common stock are sold through underwriters
or broker-dealers, the selling shareholders will be responsible for underwriting discounts or commissions or agent&rsquo;s commissions.
The shares of our common stock may be sold in one or more transactions at fixed prices, at prevailing market prices at the time
of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected in transactions,
which may involve crosses or block transactions:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">On any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">In the over-the-counter markets;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">In transactions otherwise than on these exchanges or systems or in the over-the-counter markets;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Through the writing or settlement of options or other hedging transactions, whether such options are listed on an options exchange or otherwise;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Purchases by a broker-dealer as principal and resale by the broker-dealer for its account;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">An exchange distribution in accordance with the rules of the applicable exchange;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Privately negotiated transactions;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Settlement of short sales;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Broker-dealers may agree with the selling shareholders to sell a specified number of such shares at a stipulated price per share;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">A combination of any such methods of sale; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Any other method permitted pursuant to applicable law.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The selling shareholders may
also sell securities under Rule 144 or any other exemption from registration under the Securities Act of 1933, as amended (the
&ldquo;Securities Act&rdquo;), if available, rather than under this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the selling shareholders
effect such transactions by selling shares of our common stock to or through underwriters, broker-dealers or agents, such underwriters,
broker-dealers or agents may receive commissions in the form of discounts, concessions or commissions from the selling shareholders
or commissions from purchasers of the shares of our common stock for whom they may act as agent or to whom they may sell as principal
(which discounts, concessions or commissions as to particular underwriters, broker-dealers or agents may be in excess of those
customary in the types of transactions involved). In connection with sales of the shares of our common stock or otherwise, the
selling shareholders may enter into hedging transactions with broker-dealers, which may in turn engage in short sales of the shares
of our common stock in the course of hedging in positions they assume. The selling shareholders may also sell shares of our common
stock short and deliver shares of our common stock covered by this prospectus to close out short positions and to return borrowed
shares in connection with such short sales. The selling shareholders may also loan or pledge shares of our common stock to broker-dealers
that in turn may sell such shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The selling shareholders may
pledge or grant a security interest in some or all of the Warrants or shares of our common stock owned by them and, if they default
in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of our common stock
from time to time pursuant to this prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable provision
of the Securities Act amending, if necessary, the list of selling shareholders to include the pledgee, transferee or other successors
in interest as selling shareholders under this prospectus. The selling shareholders also may transfer and donate the shares of
our common stock in other circumstances in which case the transferees, donees, pledgees or other successors in interest will be
the selling beneficial owners for purposes of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The selling shareholders and
any broker-dealer participating in the distribution of the shares of our common stock may be deemed to be &ldquo;underwriters&rdquo;
within the meaning of the Securities Act, and any commission paid, or any discounts or concessions allowed to, any such broker-dealer
may be deemed to be underwriting commissions or discounts under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the securities laws of
some states, the shares of our common stock may be sold in such states only through registered or licensed brokers or dealers.
In addition, in some states the shares of our common stock may not be sold unless such shares have been registered or qualified
for sale in such state or an exemption from registration or qualification is available and is complied with.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There can be no assurance that
any selling shareholder will sell any or all of the shares of our common stock registered pursuant to the registration statement
of which this prospectus is a part.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The selling shareholders and
any other person participating in such distribution will be subject to applicable provisions of the Exchange Act and the rules
and regulations thereunder, including, without limitation, Regulation M of the Exchange Act, which may limit the timing of purchases
and sales of any of the shares of our common stock by the selling shareholders and any other participating person. Regulation M
may also restrict the ability of any person engaged in the distribution of the shares of our common stock to engage in market-making
activities with respect to the shares of our common stock. All of the foregoing may affect the marketability of the shares of our
common stock and the ability of any person or entity to engage in market-making activities with respect to the shares of our common
stock.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have agreed to pay all expenses
of the registration of the shares of our common stock covered by this prospectus including, without limitation, SEC filing fees
and expenses of compliance with state securities or &ldquo;blue sky&rdquo; laws; provided, however, that a selling shareholder
will pay all underwriting discounts and selling commissions, if any. We will indemnify the selling shareholders against liabilities,
including some liabilities under the Securities Act, in accordance with our agreement to register the shares of our common stock,
or the selling shareholders will be entitled to contribution.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Once sold under the registration
statement of which this prospectus is a part, the shares of our common stock will be freely tradable in the hands of persons other
than our affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>DESCRIPTION OF CAPITAL STOCK</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
following is a summary of our capital stock and certain provisions of our certificate of incorporation and bylaws. This summary
does not purport to be complete and is qualified in its entirety by the provisions of our Articles of Incorporation, as amended,
our Fourth Amended and Restated Bylaws (&ldquo;Bylaws&rdquo;), and applicable provisions of the Nevada Revised Statutes (the &ldquo;NRS&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">See
&ldquo;Where You Can Find More Information&rdquo; elsewhere in this prospectus for information on where you can obtain copies of
our Certificate of Incorporation and Amended and Restated Bylaws, which have been filed with and are publicly available from the
SEC.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
authorized capital stock consists of 20,000,000 shares of Common Stock, par value $0.001 per share.&nbsp;&nbsp;Currently, we have
no other authorized class of stock.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>DESCRIPTION OF COMMON STOCK</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">As
of May 22, 2019, there were 16,106,498 shares of our Common Stock outstanding, held by approximately 2,720 stockholders of record.
There are warrants to purchase 4,058,641 shares of our Common Stock outstanding as of the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
Common Stock is currently traded on the NASDAQ Capital Market under the symbol &ldquo;CREG.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
holders of our Common Stock are entitled to one vote per share. Our Articles of Incorporation do not provide for cumulative voting.
The holders of our Common Stock are entitled to receive ratably such dividends, if any, as may be declared by our board of directors
(&ldquo;BOD&rdquo;) out of legally available funds; however, the current policy of our BOD is to retain earnings, if any, for operations
and growth. Upon liquidation, dissolution or winding-up, the holders of our Common Stock are entitled to share ratably in all assets
that are legally available for distribution. The holders of our Common Stock have no preemptive, subscription, redemption or conversion
rights.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">All
issued and outstanding shares of Common Stock are fully paid and nonassessable. Shares of our Common Stock that may be offered
for resale, from time to time, under this prospectus will be fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Anti-Takeover Effects
of Certain Provisions of Nevada Law</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">As
a Nevada corporation, we are also subject to certain provisions of the NRS that have anti-takeover effects and may inhibit a non-negotiated
merger or other business combination. These provisions are intended to encourage any person interested in acquiring us to negotiate
with, and to obtain the approval of, our BOD in connection with such a transaction. However, certain of these provisions may discourage
a future acquisition of us, including an acquisition in which the stockholders might otherwise receive a premium for their shares.
As a result, stockholders who might desire to participate in such a transaction may not have the opportunity to do so.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
NRS provides that specified persons who, with or through their affiliates or associates, own, or affiliates and associates of the
subject corporation at any time within two years own or did own, 10% or more of the outstanding voting stock of a corporation cannot
engage in specified business combinations with the corporation for a period of two years after the date on which the person became
an interested stockholder, unless the combination meets all of the requirements of the articles of incorporation of the company,
and: (i) the combination or transaction by which such person first became an interested stockholder was approved by the BOD before
they first became an interested stockholder; or (ii) such combination is approved by: (x) the board of directors; and (y) at an
annual or special meeting of the stockholders (not by written consent), the affirmative vote of stockholders representing at least
60% of the outstanding voting power not beneficially owned by such interested stockholder. The law defines the term &ldquo;business
combination&rdquo; to encompass a wide variety of transactions with or caused by an interested stockholder, including mergers,
asset sales and other transactions in which the interested stockholder receives or could receive a benefit on other than a pro
rata basis with other stockholders.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Control Share Acquisition Statute generally applies only to Nevada corporations with at least 200 stockholders of record, including
at least 100 stockholders of record who are Nevada residents, and which conduct business directly or indirectly in Nevada. This
statute generally provides that any person that acquires a &ldquo;controlling interest&rdquo; acquires voting rights in the control
shares, as defined, only as conferred by the disinterested stockholders of the corporation at a special or annual meeting. A person
acquires a &ldquo;controlling interest&rdquo; whenever a person acquires shares of a subject corporation that, but for the application
of these provisions of the NRS, would enable that person to exercise (1) one-fifth or more, but less than one-third, (2) one-third
or more, but less than a majority or (3) a majority or more, of all of the voting power of the corporation in the election of directors.
Once an acquirer crosses one of these thresholds, shares which it acquired in the transaction taking it over the threshold and
within the 90 days immediately preceding the date when the acquiring person acquired or offered to acquire a controlling interest
become &ldquo;control shares.&rdquo; In the event control shares are accorded full voting rights and the acquiring person has acquired
at least a majority of all of the voting power, any stockholder of record who has not voted in favor of authorizing voting rights
for the control shares is entitled to demand payment for the fair value of its shares.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">These
laws may have a chilling effect on certain transactions if our Articles of Incorporation or Bylaws are not amended to provide that
these provisions do not apply to us or to an acquisition of a controlling interest, or if our disinterested stockholders do not
confer voting rights in the control shares.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><A NAME="a_013"></A><B>EXPERTS</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">The
consolidated financial statements of China Recycling Energy Corporation appearing in China Recycling Energy Corporation&rsquo;s
Annual Report on Form 10-K for the years ended December 31, 2018 and 2017 have been audited by MJF &amp; Associates, APC, an independent
registered public accounting firm, as set forth in their report thereon, included therein, and incorporated herein by reference.
Such consolidated financial statements are incorporated herein by reference in reliance upon such report given on the authority
of such firm as an expert in accounting and auditing.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><A NAME="a_014"></A><B>LEGAL MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The validity of the issuance
of the securities offered hereby will be passed upon for us by Garvey Schubert Barer, P.C.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><A NAME="a_015"></A><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the information
requirements of the Exchange Act and, in accordance therewith, file annual, quarterly and special reports, proxy statements and
other information with the SEC. You may read and copy any document we file at the SEC&rsquo;s Public Reference Room at 100 F Street,
Washington, D.C. 20549. You may call the SEC at 1-800-SEC-0330 for further information on the operation of the Public Reference
Room. These documents also may be accessed through the SEC&rsquo;s electronic data gathering, analysis and retrieval system, or
EDGAR, via electronic means, including the SEC&rsquo;s home page on the Internet (www.sec.gov).</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus is only part
of a registration statement on Form S-1 that we have filed with the SEC under the Securities Act and therefore omits certain information
contained in the registration statement. We have also filed exhibits and schedules with the registration statement that are excluded
from this prospectus, and you should refer to the applicable exhibit or schedule for a complete description of any statement referring
to any contract or other document. You may inspect a copy of the registration statement, including the exhibits and schedules,
without charge, at the public reference room or obtain a copy from the SEC upon payment of the fees prescribed by the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also maintain a website
at www.creg-cn.com, through which you can access our SEC filings. The information contained on our website is not incorporated
by reference into, and does not form any part of, this prospectus. We have included our website address as a factual reference
and do not intend it to be an active link to our website.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><A NAME="a_016"></A><B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC allows us to incorporate by reference the information and reports we file with it under File No. 001-34625, which means that we can disclose important information to you by referring you to those publicly available documents.
The information incorporated by reference is an important part of this prospectus, and information that we file later with the
SEC will automatically update and supersede the information already incorporated by reference. We are incorporating by reference
the documents listed below, which we have already filed with the SEC, and all documents subsequently filed by us pursuant to Sections
13(a), 13(c), 14 or 15(d) of the Exchange Act, except as to any portion of any future report or document that is not deemed filed
under such provisions, prior to the termination of the offering:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Our Annual Report on Form 10-K&nbsp;for the year ended December 31, 2018 filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390019006487/f10k2018_chinarecycling.htm">April 16, 2019</A>, as amended by that Form 10-K/A filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390019007309/f10k2018a1_chinarecycling.htm">April 29, 2019</A>, and our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2019 filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390019009208/f10q0319_chinarecycling.htm">May 20, 2019</A>;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 0.5in; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in; font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    Current Reports on Form 8-K&nbsp;filed with the SEC on </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390019005609/f8k032919_chinarecycling.htm"><FONT STYLE="font-size: 10pt">January
    4, 2019</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390019000398/f8k010419_chinarecycling.htm"><FONT STYLE="font-size: 10pt">January
    8, 2019</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390019001165/f8k012219_chinarecycling.htm"><FONT STYLE="font-size: 10pt">January
    24, 2019</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390019002847/f8k021319_chinarecycling.htm"><FONT STYLE="font-size: 10pt">February
    19, 2019</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390019002918/f8k021519b_chinarecycling.htm"><FONT STYLE="font-size: 10pt">February
    20, 2019</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390019005609/f8k032919_chinarecycling.htm"><FONT STYLE="font-size: 10pt">April
    2, 2019</FONT></A><FONT STYLE="font-size: 10pt">, and </FONT><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390019006320/f8k041519c_chinarecycling.htm">April 15, 2019</A> </FONT><FONT STYLE="font-size: 10pt">(three Forms 8-K), as amended (in each case, except for information contained
    therein which is furnished rather than filed); and</FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">The description of our Common Stock contained in the Registration Statement on Form SB-2, filed with the Commission on <A HREF="http://www.sec.gov/Archives/edgar/data/721693/000101054905000525/chinadigsb2a3063005.txt">July 29, 2005</A>, and any amendment or report filed for the purpose of updating such description.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also incorporate by reference
all documents that we file with the SEC on or after the effective time of this prospectus pursuant to Sections&nbsp;13(a), 13(c),
14 or 15(d) of the Exchange Act and prior to the sale of all shares of Common Stock registered hereunder or the termination of
the registration statement. Nothing in this prospectus shall be deemed to incorporate information furnished but not filed with
the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any statement contained in
this prospectus or in a document incorporated or deemed to be incorporated by reference in this prospectus shall be deemed to be
modified or superseded for purposes of this prospectus to the extent that a statement contained herein or in the applicable prospectus
supplement or in any other subsequently filed document which also is or is deemed to be incorporated by reference modifies or supersedes
the statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute
a part of this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may request a copy of the
filings incorporated herein by reference, including exhibits to such documents that are specifically incorporated by reference,
at no cost, by writing or calling us at the following address or telephone number:</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>China Recycling Energy Corporation</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>124/F, Tower C</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Rong Cheng Yun Gu Building</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Keji 3<SUP>rd</SUP>&nbsp;Road, Yanta District</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Attn: Adeline Gu, Chief Financial Officer and
Corporate Secretary</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>+86-29-8769-1097</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Statements contained in this
prospectus as to the contents of any contract or other documents are not necessarily complete, and in each instance you are referred
to the copy of the contract or other document filed as an exhibit to the registration statement or incorporated herein, each such
statement being qualified in all respects by such reference and the exhibits and schedules thereto.</P>

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


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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;<IMG SRC="logo_001.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>CHINA RECYCLING ENERGY CORPORATION</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>5,658,641 Shares of Common Stock</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>,
2019</B></P>

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

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

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

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

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

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

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

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

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

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

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

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




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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>Item 13. Other Expenses of Issuance and Distribution</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
the costs and expenses that payable by us in connection with the offering described in the prospectus that is part of this registration
statement. All amounts, other than the SEC Registration Fee, are estimates. Although we will not receive any of the proceeds from
the sale of the shares of our common stock being registered in this registration statement, we agreed to bear the costs and expenses
of the registration of such shares.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: justify">SEC Registration Fee</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">355.40</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Printing Fees and Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Accounting Fees and Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Legal Fees and Expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">12,500</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">15,355.40</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>Item 14. Indemnification of Directors and Officers</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Section
78.138 of the NRS provides that a director or officer is not individually liable to the corporation or its shareholders or creditors
for any damages as a result of any act or failure to act in his or her capacity as a director or officer unless it is proven that
(1) the director&rsquo;s or officer&rsquo;s act or failure to act constituted a breach of his fiduciary duties as a director or
officer and (2) his or her breach of those duties involved intentional misconduct, fraud or a knowing violation of law.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">This
provision is intended to afford directors and officers protection against and to limit their potential liability for monetary damages
resulting from suits alleging a breach of the duty of care by a director or officer. As a consequence of this provision, shareholders
of our Company will be unable to recover monetary damages against directors or officers for action taken by them that may constitute
negligence or gross negligence in performance of their duties unless such conduct falls within one of the foregoing exceptions.
The provision, however, does not alter the applicable standards governing a director&rsquo;s or officer&rsquo;s fiduciary duty
and does not eliminate or limit the right of our company or any shareholder to obtain an injunction or any other type of non-monetary
relief in the event of a breach of fiduciary duty.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
Articles of Incorporation, as amended, and Fourth Amended and Restated Bylaws provide, among other things, that a director, officer,
employee or agent of the corporation may be indemnified against expenses (including attorneys&rsquo; fees inclusive of any appeal),
judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such claim,
action, suit or proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed
to the best of our interests, and with respect to any criminal action or proceeding, such person had no reasonable cause to believe
that such person&rsquo;s conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Insofar
as indemnification for liabilities arising under the Securities Act may be provided for directors, officers, employees, agents
or persons controlling an issuer pursuant to the foregoing provisions, the opinion of the SEC is that such indemnification is against
public policy as expressed in the Securities Act, and is therefore unenforceable. In the event that a claim for indemnification
by such director, officer or controlling person of us in the successful defense of any action, suit or proceeding is asserted by
such director, officer or controlling person in connection with the securities being offered, we will, unless in the opinion of
our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by us is against public policy as expressed in the Securities Act and will be governed by the final adjudication
of such issue.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">At
the present time, there is no pending litigation or proceeding involving a director, officer, employee or other agent of ours in
which indemnification would be required or permitted. We are not aware of any threatened litigation or proceeding, which may result
in a claim for such indemnification.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>Item 15. Recent Sales of Unregistered Securities</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following list sets forth
information regarding all unregistered securities sold or issued by us in the three years preceding the date of this registration
statement. In each of the transactions described below the recipients of securities represented their intention to acquire the
securities for investment only and not with a view to or for sale in connection with any distribution thereof, and appropriate
legends were affixed to the securities issued in these transactions.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">On July 11, 2018, China Recycling
Energy Corporation, a Nevada corporation (the &ldquo;Company&rdquo;), entered into a Securities Purchase Agreement (the &ldquo;Purchase
Agreement&rdquo;) with Iliad Research and Trading, L.P., a Utah limited partnership (the &ldquo;Purchaser&rdquo;), pursuant to
which the Company sold and issued to the Purchaser a Convertible Promissory Note (the &ldquo;Note&rdquo;) in the amount of $1,070,000.
The Purchaser purchased the Note with an original issue discount of $50,000, and the Company agreed to pay to the Purchaser $20,000
for fees and costs incurred by Purchaser in connection with the consummation of the Purchase Agreement. The Note was sold to the
Purchaser pursuant to an exemption from registration under Regulation D, promulgated under the Securities Act of 1933, as amended.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The Note bears interest at the
rate of 8% per annum. All outstanding principal and accrued interest on the Note will become due and payable on July 11, 2020,
subject to a potential one-year extension period during which interest would not accrue. The Company&rsquo;s obligations under
the Note may be prepaid at any time, provided that in such circumstance the Company would pay 125% of any amounts outstanding under
the Note. Amounts outstanding under the Note may be converted at any time, at the Lender&rsquo;s option, into shares of the Company&rsquo;s
common stock at a conversion price of $3.00 per share, subject to certain adjustments. During the term of the Note, the Company
shall not, without the prior written consent of the Purchaser, enter into or effect certain fundamental business transactions.
The Purchaser has the option to redeem the Note at any time after the six month anniversary of the date when the purchase price
is delivered to the Company (&ldquo;Purchase Price Date&rdquo;) in the amounts of up to 50% of the amount outstanding during the
nine month period after Purchase Price Date or any percentage of the amount outstanding under the Note at any time after the nine
month anniversary of Purchase Price Date, with such redemption amounts paid in cash or shares of the Company&rsquo;s common stock,
or a combination thereof, at the Company&rsquo;s election.</P>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">On October 29, 2018, China Recycling Energy Corporation (the &ldquo;Company&rdquo;) entered into
a Securities Purchase Agreement with certain purchasers (the &ldquo;Purchasers&rdquo;), pursuant to which the Company issued to
the Purchasers 1,985,082 warrants in the aggregate (each, a &ldquo;October Warrant&rdquo;, and collectively, the &ldquo;October
Warrants&rdquo;) , for a purchase price of $0.125 per October Warrant and aggregate gross proceeds to the Company of approximately
$250,000, before deducting fees to the placement agent and other estimated offering expenses payable by the Company. The October
Warrants are exercisable on the date of issuance at an initial exercise price of $1.3725 per share and expire on the five and a
half year anniversary of the date of issuance.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The October Warrants and the shares of
the Company&rsquo;s Common Stock issuable upon the exercise of the October Warrants (the &ldquo;October Warrant Shares&rdquo;)
were not registered under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), pursuant to the Company&rsquo;s
Registration Statement, and were instead offered pursuant to the exemption provided in Section 4(a)(2) under the Securities Act.
Each Purchaser is either (i) an &ldquo;accredited investor&rdquo; as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8)
under the Securities Act or (ii) a &ldquo;qualified institutional buyer&rdquo; as defined in Rule 144A(a) under the Securities
Act. Each Purchaser, either alone or together with its representatives, has enough knowledge and experience to be considered a
sophisticated investor, has access to the type of information normally provided in a prospectus for a registered securities offering,
and has agreed not to resell or distribute the October Warrants or the October Warrant Shares to the public except pursuant to
sales registered or exempted under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.75in; text-align: justify">H.C. Wainwright &amp; Co., LLC acted
as the Company&rsquo;s exclusive placement agent in connection with the offerings under the Purchase Agreement and received warrants
to purchase our Common Stock in an amount equal to 138,956 shares, on substantially the same terms as the October Warrants, with
an initial exercise price of $1.875 per share and expiration date of October 29, 2023 (the &ldquo;October Placement Agent Warrants&rdquo;).</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">On February 13, 2019, the Company entered into a Securities Purchase Agreement (the &ldquo;Agreement&rdquo;)
with Great Essential Investment, Ltd., a company incorporated in the British Virgin Islands (the &ldquo;Purchaser&rdquo;), pursuant
to which the Company agreed to sell to the Purchaser in a private placement 1,600,000 shares (the &ldquo;Shares&rdquo;) of the
Company&rsquo;s common stock, par value $0.001 per share (the &ldquo;Common Stock&rdquo;), at a purchase price of $1.013 per share
for an aggregate offering price of $1,620,800 (the &ldquo;Private Placement&rdquo;).</TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">On each of January 31, 2019 and February 27, 2019, the Company entered into a Securities Purchase
Agreement (together, the &ldquo;Purchase Agreements&rdquo;) with Iliad Research and Trading, L.P., a Utah limited partnership (the
&ldquo;Purchaser&rdquo;), pursuant to which the Company sold and issued to the Purchaser an aggregate of two Convertible Promissory
Notes (the &ldquo;Original Notes&rdquo;), each in the principal amount of $1,050,000. The Purchaser purchased each of the Original
Notes with an original issue discount of $50,000. The Original Notes were sold to the Purchaser pursuant to an exemption from registration
under Regulation D, promulgated under the Securities Act of 1933, as amended.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The Original Notes bore interest at the
rate of 8% per annum. All outstanding principal and accrued interest on the Original Notes would have become due and payable on
January 31, 2021 and February 27, 2021, respectively, in each case subject to a potential one-year extension period during which
interest would not accrue. The Company&rsquo;s obligations under the Original Notes could be prepaid at any time, provided that
in such circumstance the Company would have paid 125% of any amounts outstanding under the Original Notes. Amounts outstanding
under the Original Notes could have been converted at any time, at the Lender&rsquo;s option, into shares of the Company&rsquo;s
common stock at a conversion price of $3.00 per share, subject to certain adjustments. During the terms of the Original Notes,
the Company could not, without the prior written consent of the Purchaser, enter into or effect certain fundamental business transactions.
The Purchaser had the option to redeem the Original Notes at any time after the six month anniversary of the date when the purchase
price for an Original Note is delivered to the Company (each, a &ldquo;Purchase Price Date&rdquo;) in the amounts of up to 50%
of the amount outstanding during the nine month period after the applicable Purchase Price Date or any percentage of the amount
outstanding under such Original Note at any time after the nine month anniversary of the applicable Purchase Price Date, with such
redemption amounts paid in cash or shares of the Company&rsquo;s common stock, or a combination thereof, at the Company&rsquo;s
election.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Pursuant to an Exchange Agreement dated
April 14, 2019 (the &ldquo;Exchange Agreement&rdquo;), the Company and the Purchaser agreed to exchange the Original Notes with
two new promissory notes with a principal amount of $1,173,480 and $1,165,379.18, respectively (the &ldquo;Exchange Notes&rdquo;).
All outstanding principal and accrued interest on the Exchange Notes will become due and payable on January 31, 2021 and February
27, 2021, respectively. The Exchange Notes bear interest at the rate of 8% per annum and do not have conversion options in favor
of the Purchaser. The Company&rsquo;s obligations under the Exchange Notes may be prepaid at any time, provided that in such circumstance
the Company must pay 125% of any amounts outstanding under the Exchange Notes. Beginning on the date that is six (6) months from
the issue date of the respective Original Notes (the &ldquo;Issue Dates&rdquo;) and at any time thereafter until the Exchange Notes
are paid in full, Purchaser shall have the right to redeem up to $750,000 of the outstanding balance during months six to eight
following the respective Issue Date and any amount thereafter.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">On April 15, 2019, the Company entered into a Securities Purchase Agreement (the &ldquo;Purchase
Agreement&rdquo;) with certain purchasers (the &ldquo;Purchasers&rdquo;), pursuant to which the Company issued 1,769,454 warrants
in the aggregate (each, a &ldquo;April Warrant&rdquo;, and collectively, the &ldquo;April Warrants&rdquo;) to the Purchaser. The
April Warrants are exercisable beginning on the six month anniversary of the date of issuance at an initial exercise price of $0.9365
per share and expire on the five and one-half year anniversary of the date of issuance.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The April Warrants and the shares of
the Company&rsquo;s Common Stock issuable upon the exercise of the April Warrants (the &ldquo;Warrant Shares&rdquo;) were not registered
under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), pursuant to the Company&rsquo;s Registration Statement,
and were instead offered pursuant to the exemption provided in Section 4(a)(2) under the Securities Act. Each Purchaser was either
(i) an &ldquo;accredited investor&rdquo; as defined in Rule 501(a)(1), (a)(2), (a)(3), (a)(7) or (a)(8) under the Securities Act
or (ii) a &ldquo;qualified institutional buyer&rdquo; as defined in Rule 144A(a) under the Securities Act. Each Purchaser, either
alone or together with its representatives, had sufficient knowledge and experience to be considered a sophisticated investor,
had access to the type of information normally provided in a prospectus for a registered securities offering, and agreed not to
resell or distribute the April Warrants or the April Warrant Shares to the public except pursuant to sales registered or exempted
under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 0.75in; text-align: justify">H.C. Wainwright &amp; Co., LLC acted
as the Company&rsquo;s exclusive placement agent in connection with the offerings under the Purchase Agreement and received warrants
to purchase our Common Stock in an amount equal to 165,149 shares of Common Stock (the &ldquo;April Placement Agent Warrants&rdquo;),
on substantially the same terms as the April Warrants, except that the Placement Agent Warrants have an initial exercise price
of $1.00 per share, are exercisable commencing on the later of (i) six months of the issuance date or (ii) the date on which the
Company increases the number of its authorized shares, and expire on April 15, 2024.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>Item 16. Exhibits and Financial Statement Schedules</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information required by
this item is set forth on the exhibit index that follows the signature page of this registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0"><B>Item 17. Undertakings</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
undersigned registrant hereby undertakes:</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 37.4pt; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 37.4pt; text-align: justify; text-indent: 24.5pt; background-color: white">(i)
To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 37.4pt; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 37.4pt; text-align: justify; text-indent: 24.5pt; background-color: white">(ii)
To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) (&sect; 230.424(b) of this chapter) if, in the aggregate, the changes in volume and price represent no more than 20% change
in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration
statement.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 37.4pt; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 37.4pt; text-align: justify; text-indent: 24.5pt; background-color: white">(iii)
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(2)
That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(3)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at
the termination of the offering.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(4)
That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial
distribution of the securities the undersigned registrant undertakes that in a primary offering of securities of the undersigned
registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser,
if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant
will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 37.4pt; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 37.4pt; text-align: justify; text-indent: 24.5pt; background-color: white">(i)
Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to
Rule 424 promulgated under the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 37.4pt; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 37.4pt; text-align: justify; text-indent: 24.5pt; background-color: white">(ii)
Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred
to by the undersigned registrant;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 37.4pt; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 37.4pt; text-align: justify; text-indent: 24.5pt; background-color: white">(iii)
The portion of any other free writing prospectus relating to the offering containing material information about the undersigned
registrant or its securities provided by or on behalf of the undersigned registrant; and</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 37.4pt; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0 0pt 37.4pt; text-align: justify; text-indent: 24.5pt; background-color: white">(iv)
Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(5)
That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser each prospectus filed pursuant
to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule
430B or other than prospectuses filed in reliance on Rule 430A promulgated under the Securities Act of 1933, shall be deemed to
be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that
no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated
or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will,
as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the registration statement or made in any such document immediately prior
to such date of first use.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
undersigned registrant hereby undertakes to provide to the agent at the closing specified in the agency agreement certificates
in such denominations and registered in such names as required by the agent to permit prompt delivery to each purchaser.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In
the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant
will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will
be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
undersigned registrant hereby undertakes that:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(1)
For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as
part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant
to Rule 424(b)(1) or (4)&nbsp;or 497(h) under the Securities Act of 1933 shall be deemed to be part of this registration statement
as of the time it was declared effective.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(2)
For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Xi&rsquo;an, China, on this 24th
day of May, 2019.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt"><B>CHINA RECYCLING
    ENERGY CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; width: 60%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; width: 4%; text-align: left"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font-family: Times New Roman,serif; text-align: left; width: 36%"><FONT STYLE="font-size: 10pt">/s/ Guohua Ku</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">Guohua Ku</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Chairma of the Board of Directors</P>
        <P STYLE="font: 10pt Times New Roman,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">and Chief Executive Officer</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: left"><FONT STYLE="font-size: 10pt">(Principal Executive Officer)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B>SIGNATURES AND POWER OF ATTORNEY</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each person whose signature
appears below constitutes and appoints Guohua Ku and Adeline Gu as his/her true and lawful attorneys-in-fact and agents, each acting
alone, with full power of substitution and resubstitution, for him/her and in his/her name, place and stead, in any and all capacities,
to sign any and all amendments (including post-effective amendments) to this registration statement on Form S-1 and any subsequent
registration statement the Registrant may hereafter file with the Securities and Exchange Commission pursuant to Rule 462 under
the Securities Act to register additional securities in connection with this registration statement, and to file this registration
statement, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission,
granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act
and thing requisite and necessary to be done in order to effectuate the same as fully, to all intents and purposes, as he or she
might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully
do or cause to be done by virtue hereof.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the
dates indicated.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 32%; border-bottom: black 1.5pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 50%; border-bottom: black 1.5pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: black 1.5pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Guohua Ku</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Chairman of the Board of
    Directors and</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Gouhua Ku</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"> Chief Executive Officer (Principal Executive Officer)</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">May 24, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Binfeng (Adeline) Gu</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Binfeng (Adeline) Gu</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">(Principal Financial Officer, Principal Accounting Officer) and Secretary</FONT></TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">May 24, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Xiaoping Guo</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Xiaoping Guo</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">May 24, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Geyun Wang</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Geyun Wang</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">May 24, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Xiaogang Zhu</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Xiaogang Zhu</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">May 24, 2019</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1.5pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">/s/ LuLu Sun</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">LuLu Sun</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt">May 24, 2019</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A></P></DIV>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following documents listed
below that have been previously filed with the SEC (1934 Act File No. 000-12536 unless otherwise stated) are incorporated herein
by reference:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR>
    <TD STYLE="vertical-align: top; width: 9%; border-bottom: black 1.5pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 90%; border-bottom: black 1.5pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000101054902000036/boulder10ksbex35123101.txt">Articles of Incorporation (filed as Exhibit 3.05 to the Company&rsquo;s Form 10-KSB for the fiscal year ended December 31, 2001).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">3.2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000114420409062755/v168008_ex3-1.htm">Fourth Amended and Restated Bylaws (filed as Exhibit 3.1 to the Company&rsquo;s Current Report on Form 8-K dated November 25, 2009).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">3.3</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390016013887/f8k052416ex3vi_chinarecycl.htm"><FONT STYLE="font-size: 10pt">Certificate of Change (filed as Exhibit 3.6 to the Company&rsquo;s Current Report on Form 8-K dated May 24, 2016).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000101054904000729/chinadigex41111204.txt"><FONT STYLE="font-size: 10pt">Common Stock Specimen (filed as Exhibit 4.1 to the Company&rsquo;s Registration Statement on Form SB-2 dated November 12, 2004; 1934 Act File No. 333-120431).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390018014629/f8k102918ex4-1_chinarecyc.htm"><FONT STYLE="font-size: 10pt">Form of October Warrant (filed&nbsp;as Exhibit 4.1 to our Current Report on Form 8-K filed with the Commission on October 30, 2018).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390019006352/f8k041519bex4-1_china.htm"><FONT STYLE="font-size: 10pt">Form of April Warrant (filed as Exhibit 4.1 to our Current Report on Form 8-K filed with the Commission on April 15, 2019).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="fs12019ex5-1_chinarecycling.htm"><FONT STYLE="font-size: 10pt">Opinion of Garvey Schubert Barer. &dagger;</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt; color: blue">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000114420410013721/v177357_ex10-27.htm"><FONT STYLE="font-size: 10pt">Supplementary Agreement by and between Inner Mongolia Erdos TCH Energy Saving Development Co., Ltd. and Inner Mongolia Erdos Metallurgy Co., Ltd., dated December 1, 2009 (filed as Exhibit 10.27 to the Company&rsquo;s Form 10-K for the year ended December 31, 2009).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">10.2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000114420409044764/v158587_ex10-1.htm"><FONT STYLE="font-size: 10pt">Joint Operation Agreement by and between Xi&rsquo;an TCH Energy Technology Co., Ltd., a wholly owned subsidiary of the Company, and Inner Mongolia Erdos Metallurgy Co., Ltd., dated January 20, 2009 (filed as Exhibit 10.1 to the Company&rsquo;s Form 10-Q for the quarterly period ended June 30, 2009).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">10.3</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000114420410005575/v173285_ex10-28.htm"><FONT STYLE="font-size: 10pt">Form of Independent Director Agreement. (filed as Exhibit 10.28 on the Company&rsquo;s Registration Statement on Form 10, filed on February 5, 2010).*</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">10.4</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000114420410005575/v173285_ex10-29.htm"><FONT STYLE="font-size: 10pt">Employment Agreement between the Company and Guohua Ku (filed as Exhibit 10.29 on the Company&rsquo;s Registration Statement on Form 10, filed on February 5, 2010).*</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">10.5</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000114420413050847/v355125_ex10-1.htm">Biomass Power Generation Asset Transfer Agreement (filed as Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K dated September 16, 2013).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">10.6</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000114420413050847/v355125_ex10-2.htm">Biomass Power Generation Project Lease Agreement (filed as Exhibit 10.2 to the Company&rsquo;s Current Report on Form 8-K dated September 16, 2013).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">10.7</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000114420413061948/v360178_ex10-1.htm"><FONT STYLE="font-size: 10pt">Partnership Agreement of Beijing Hongyuan Recycling Energy Investment Center, LLP, dated July 18, 2013 (filed as Exhibit 10.1 to the Company&rsquo;s Form 10-Q for the quarterly period ended September 30, 2013).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">10.8</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000114420413061948/v360178_ex10-3.htm"><FONT STYLE="font-size: 10pt">EPC Contract for Boxing CDQ Waste Heat Power Generation Project, dated July 22, 2013, by and between Xi&rsquo;an Zhonghong New Energy Technology Co., Ltd and Xi&rsquo;an Huaxin New Energy Co., Ltd (filed as Exhibit 10.3 to the Company&rsquo;s Form 10-Q for the quarterly period ended September 30, 2013).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">10.9</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000114420413061948/v360178_ex10-4.htm"><FONT STYLE="font-size: 10pt">EPC Contract for CDQ Power Generation Project of Xuzhou Tianyu Group, dated July 22, 2013, by and between Xi&rsquo;an Zhonghong New Energy Technology Co., Ltd and Xi&rsquo;an H201uaxin New Energy Co., Ltd. (filed as Exhibit 10.4 to the Company&rsquo;s Form 10-Q for the quarterly period ended September 30, 2013).</FONT></A></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A></P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify; width: 9%"><FONT STYLE="font-size: 10pt">10.10</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify; width: 90%"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000114420413061948/v360178_ex10-5.htm"><FONT STYLE="font-size: 10pt">Cooperation Agreement, dated July 22, 2013, by and between Xi&rsquo;an Zhonghong New Energy Technology Co., Ltd. and Jiangsu Tianyu Energy and Chemical Group Co., Ltd (filed as Exhibit 10.5 to the Company&rsquo;s Form 10-Q for the quarterly period ended September 30, 2013).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">10.11</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000114420413066288/v362538_ex10-1.htm"><FONT STYLE="font-size: 10pt">Waste Heat Power Generation Energy Management Cooperative Agreement with Zhongtai (filed as Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K dated December 6, 2013).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">10.12</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000114420413067584/v363208_ex10-1.htm"><FONT STYLE="font-size: 10pt">CDQ Power Generation Energy Management Cooperative Agreement with Rongfeng (filed as Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K dated December 17, 2013).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">10.13</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000114420415026577/v408892_def14a.htm"><FONT STYLE="font-size: 10pt">China Recycling Energy Corporation Omnibus Equity Plan (Incorporated by reference from Appendix A to the Company&rsquo;s Definitive Schedule 14A filed on April 30, 2015)*.</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">10.14</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000114420415067187/v425367_ex10-1.htm"><FONT STYLE="font-size: 10pt">Transfer Agreement of CDQ &amp; Waste Heat Power Generation, dated November 16, 2015, by and between Xi&rsquo;an TCH Energy Technology Co., Ltd and Tangshan Rongfeng Iron &amp; Steel Co., Ltd. and Xi&rsquo;an Huaxin New Energy Co., Ltd. (filed as Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K dated November 20, 2015).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">10.15</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000114420416088880/v434699_ex10-1.htm"><FONT STYLE="font-size: 10pt">Xuzhou Zhongtai CDQ and Waste Heat Power Generation System Transfer Agreement, dated March 14, 2016, by Xi&rsquo;an TCH Energy Technology Co., Ltd, Xuzhou Zhongtai Energy Technology Co., Ltd. and Xi&rsquo;an Huaxin New Energy Co., Ltd. (filed as Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K dated March 18, 2016).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">10.16</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390016015889/f10q0616ex10i_chinarecycling.htm"><FONT STYLE="font-size: 10pt">Repurchase Agreement for Coking Coal Gas Power Generation Project, dated June 22, 2016, by and between Xi&rsquo;an TCH Energy Technology Co., Ltd., and Qitaihe City Boli Yida Coal Selection Co., Ltd. (filed as Exhibit 10.1 to the Company&rsquo;s Quarterly Report on Form 10-Q dated August 15, 2016).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">10.17</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390018009306/f8k071118ex10-1_china.htm"><FONT STYLE="font-size: 10pt">Securities Purchase Agreement by and between China Recycling Energy Corporation and Iliad Research and Trading, L.P., dated July 11, 2018 (filed as Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K dated July&nbsp;17, 2018).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">10.18</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390018009306/f8k071118ex10-2_china.htm"><FONT STYLE="font-size: 10pt">Convertible Promissory Note, issued by China Recycling Energy Corporation to Iliad Research and Trading, L.P., dated July 11, 2018 (filed as Exhibit 10.2 to the Company&rsquo;s Current Report on Form 8-K dated July 17, 2018).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">10.19</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390018013365/f8k093018ex10-1_chinarecycl.htm"><FONT STYLE="font-size: 10pt">Equity Purchase Agreement by and between Shanghai TCH Energy Technology Co., Ltd. and Jinhua Wang, dated September 30, 2018 (filed as Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K dated September&nbsp;30, 2018).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">10.20</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390018014629/f8k102918ex10-1_chinarecyc.htm"><FONT STYLE="font-size: 10pt">Form of Securities Purchase Agreement by and among China Recycling Energy Corporation and certain purchasers, dated October 29, 2018 (filed as Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K dated October 30, 2018).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">10.21</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390018016526/f8k112118ex10-1_china.htm"><FONT STYLE="font-size: 10pt">Agreement of Supplementary and Amendment by and between Shanghai TCH Energy Technology Co., Ltd. and Jinhua Wang, dated November 21, 2018 (filed as Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K dated November 26, 2018).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">10.22</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390019002847/f8k021319ex10-1_chinarecycl.htm"><FONT STYLE="font-size: 10pt">Securities Purchase Agreement by and between China Recycling Energy Corporation and Great Essential Investment, Ltd, dated February 13, 2019 (filed as Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K dated February 19, 2019).</FONT></A></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt"><A HREF="#toc">Table of Contents</A></P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif; width: 9%"><FONT STYLE="font-size: 10pt">10.23</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify; width: 90%"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390019002847/f8k021319ex10-1_chinarecycl.htm"><FONT STYLE="font-size: 10pt">Termination of Equity Purchase Agreement and Supplementary Amendment Agreement by and between Shanghai TCH and Mr. Jihua Wang, dated February 15, 2019 (filed as Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K dated February 19, 2019).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">10.24</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390019006352/f8k041519bex10-1_china.htm"><FONT STYLE="font-size: 10pt">Securities Purchase Agreement by and between China Recycling Energy Corporation and Iliad Research and Trading, L.P., dated January 31, 2019 (filed as Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K dated April 15, 2019).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">10.25</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390019006315/f8k013119ex10-3_china.htm"><FONT STYLE="font-size: 10pt">Securities Purchase Agreement by and between China Recycling Energy Corporation and Iliad Research and Trading, L.P., dated February 27, 2019 (filed as Exhibit 10.3 to the Company&rsquo;s Current Report on Form 8-K dated April 15, 2019)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">10.26</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390019006315/f8k013119ex10-5_china.htm"><FONT STYLE="font-size: 10pt">Exchange Agreement by and between China Recycling Energy Corporation and Iliad Research and Trading, L.P., dated April 14, 2019 (filed as Exhibit 10.5 to the Company&rsquo;s Current Report on Form 8-K dated April 15, 2019).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">10.27</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390019006352/f8k041519bex10-1_china.htm"><FONT STYLE="font-size: 10pt">Form of Securities Purchase Agreement by and among China Recycling Energy Corporation and certain purchasers, dated April 15, 2019 (filed as Exhibit 10.1 to the Company&rsquo;s Current Report on Form 8-K dated April 15, 2019).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.28</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390019006487/f10k2018ex10-21_china.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CDQ WHPG Station Fixed Assets Transfer Agreement, dated December 29, 2018, by and among Xi&rsquo;an Zhonghong, Xi&rsquo;an TCH, the HYREF, Guohua Ku and Chonggong Bai. &nbsp;(filed as Exhibit 10.21 to the Company&rsquo;s Annual Report on Form 10-K dated April 16, 2019).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">10.29</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390019006487/f10k2018ex10-22_china.htm"><FONT STYLE="font-size: 10pt">Buy-Back Agreement, dated December 29, 2018, by and among HYREF, Xi&rsquo;an Zhonghong, Xi&rsquo;an TCH, Guohua Ku, Chonggong Bai and Xi&rsquo;an Hanneng. (filed as Exhibit 10.22 to the Company&rsquo;s Annual Report on Form 10-K dated April 16, 2019).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">10.30</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390019006487/f10k2018ex10-23_china.htm"><FONT STYLE="font-size: 10pt">Equity Transfer Agreement, dated December 29, 2018, by and between Xi&rsquo;an TCH and Hongyuan Huifu. (filed as Exhibit 10.23 to the Company&rsquo;s Annual Report on Form 10-K dated April 16, 2019).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">10.31</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390019006487/f10k2018ex10-24_china.htm"><FONT STYLE="font-size: 10pt">Equity Transfer Agreement, dated December 29, 2018, by and between Shanghai TCH and HYREF. (filed as Exhibit 10.24 to the Company&rsquo;s Annual Report on Form 10-K dated April 16, 2019).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">10.32</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390019006487/f10k2018ex10-25_china.htm"><FONT STYLE="font-size: 10pt">Supplementary Agreement of Equity Transfer Agreement, dated December 29, 2018, by and among Xi&rsquo;an TCH, Hongy<FONT STYLE="font-family: Times New Roman, Times, Serif">uan Huifu, and the Fund Management Company. (filed as Exhibit 10.25 to the Company&rsquo;s Annual Report on Form 10-K dated April 16, 2019).</FONT></FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.33</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000121390019006487/f10k2018ex10-26_china.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Projects Transfer Agreement by and among Xi&rsquo;an Zhonghong, Xi&rsquo;an TCH, and Mr. Chonggong Bai, dated January 4, 2019. (filed as Exhibit 10.26 to the Company&rsquo;s Annual Report on Form 10-K dated April 16, 2019).</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.1</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/721693/000114420409062755/v168008_ex14-1.htm">Code of Ethics (filed as Exhibit 14.1 to the Company&rsquo;s Current Report on Form 8-K dated December 2, 2009).</A></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.1</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><A HREF="fs12019ex21-1_chinarecycling.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">List of Subsidiaries of the Registrant&dagger;</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><A HREF="fs12019ex23-1_chinarecycling.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Independent Registered Public Accounting Firm. &dagger;</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><A HREF="fs12019ex5-1_chinarecycling.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Garvey Schubert Barer (included in Exhibit 5.1). &dagger;</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255); font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><A HREF="#sig"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included in signature page). &dagger;</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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<TD STYLE="width: 4%; text-align: left; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="text-align: justify; width: 96%; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">Management
                                         contract, compensatory plan or arrangement.</FONT></TD>
</TR></TABLE>

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

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<TD STYLE="width: 4%; text-align: left">&dagger;</TD><TD STYLE="text-align: justify; width: 96%">Exhibits filed herewith.</TD>
</TR></TABLE>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">II-9</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>fs12019ex5-1_chinarecycling.htm
<DESCRIPTION>OPINION OF GARVEY SCHUBERT BARER
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="ex5-1_001.jpg" ALT=""></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">May 24, 2019</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">Board of Directors</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">China Recycling Energy Corporation</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">4/F, Tower C</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">Rong Cheng Yun Gu Building</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">Keji 3<SUP>rd</SUP> Road, Yanta District</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">Xi&rsquo;an City, Shaanxi Province</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0">China 710068&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman,serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in"><B>Re:</B></TD>
    <TD><B>Registration Statement on Form S-1</B></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">At
your request we have examined the Registration Statement on Form S-1 (File No.&nbsp;333-_____) filed by China Recycling Energy
Corporation, a Nevada corporation (the &ldquo;<B>Company</B>&rdquo;), with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;)
under the Securities Act of 1933, as amended, on the date hereof (the &ldquo;<B>Registration Statement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Registration Statement relates to the offering and sale from time to time by the selling stockholders identified therein of an
aggregate of 5,658,641shares of Common Stock, consisting of 1,600,000 currently outstanding shares of Common Stock (the &ldquo;<B>Outstanding
Shares</B>&rdquo;) and 4,058,641 shares of Common Stock (the &ldquo;<B>Warrant Shares</B>&rdquo;) issuable upon exercise of outstanding
common stock purchase warrants previously issued to such selling stockholders (the &ldquo;<B>Warrants</B>&rdquo;).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
have reviewed those documents, corporate records, and other instruments as we have deemed necessary for the purpose of rendering
our opinion herein. In rendering the opinions expressed below, we have assumed without verification the genuineness of all signatures,
the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to the originals
of all documents submitted to us as copies and the authenticity of the originals of such copies. As to matters of fact which have
not been independently established, we have relied upon representations of officers of the Company.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="background-color: white">Our
opinion is limited to applicable statutory provisions of </FONT>Chapter 78 of the Nevada Revised Statutes (the &ldquo;NRS&rdquo;)
as now in effect <FONT STYLE="background-color: white">and federal laws of the United States of America to the extent referred
to specifically herein.&nbsp;&nbsp; We are generally familiar with the NRS as currently in effect and have made such inquiries
and review of matters of fact and law as we determined necessary to render the opinions contained herein. We assume no obligation
to revise or supplement this opinion letter in the event of future changes in such laws or the interpretations thereof or such
facts.&nbsp;&nbsp;We express no opinion regarding the Securities Act, or any other federal or state laws or regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Based
on the foregoing, it is our opinion that:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="background-color: white">(1)
The Warrant Shares,&nbsp;</FONT>when issued and delivered upon exercise of such warrants in the manner and for the consideration
stated in such warrants, will be duly authorized, legally issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">(2)
Each Outstanding Share is duly authorized, legally issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="background-color: white">We
hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement and to the use of our name under
the caption &ldquo;Legal Matters&rdquo; in the prospectus included in the Registration Statement. In giving this consent, we do
not hereby admit that we are in the category of persons whose consent is required under Section&nbsp;7 of the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="background-color: white">This
opinion letter is provided for use solely in connection with the resale of the Shares covered by the Registration Statement and
except for its use in connection with such resale, may not be furnished to, quoted from or relied upon by any person, firm, or
corporation without our express written consent. No opinion may be implied or inferred beyond the opinions expressly stated in
(1) and (2) above. This opinion letter is rendered as of the date first written above. We assume no obligation to advise you of
any fact, circumstance, event or change in the law or the facts that may hereafter be brought to our attention whether or not such
occurrence would affect or modify any of the opinions expressed herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; background-color: white; text-indent: 60%">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white; text-indent: 60%; text-align: justify">/s/ Garvey Schubert Barer</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; background-color: white; text-indent: 60%; text-align: justify">GARVEY SCHUBERT BARER</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify; text-indent: 60%"><I>A partnership of professional
corporations</I></P>

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>3
<FILENAME>fs12019ex21-1_chinarecycling.htm
<DESCRIPTION>LIST OF SUBSIDIARIES OF THE REGISTRANT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; text-align: right; margin-bottom: 0"><B>Exhibit 21.1</B></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>List
of Principal</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Subsidiaries
of China Recycling Energy Corporation</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The below
list represents the principal subsidiaries of the registrant as of March 31, 2019.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-family: Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subsidiary
    Name</B></FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Jurisdiction
    of Incorporation</B></FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; padding: 0; font-family: Times New Roman, Times, Serif; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percentage
    Owned</B></FONT></TD>
    <TD STYLE="padding: 0; font-family: Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 46%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sifang
    Holdings Co., Ltd.</FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman
    Islands</FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; font-family: Times New Roman, Times, Serif; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</FONT></TD>
    <TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
    Yinghua Financial Leasing Co., LTD</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">People&rsquo;s
    Republic of China</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shanghai
    TCH Energy Technology Co., Ltd.*</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">People&rsquo;s
    Republic of China</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Huahong
    New Energy Technology Co., Ltd.*</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">People&rsquo;s
    Republic of China</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&rsquo;an
    TCH Energy Technology Co., Ltd.*</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">People&rsquo;s
    Republic of China</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Erdos
    TCH Energy Saving Development Co., Ltd.</FONT>*</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">People&rsquo;s
    Republic of China</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Xi&rsquo;an
    Zhonghong New Energy Technology Co., Ltd.*</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">People&rsquo;s
    Republic of China</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF; font-family: Times New Roman, Times, Serif">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhongxun
    Energy Investment (Beijing) Co., Ltd*</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">People&rsquo;s
    Republic of China</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-family: Times New Roman, Times, Serif">
    <TD STYLE="width: 24px; font-family: Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicates
    subsidiary of a subsidiary.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>fs12019ex23-1_chinarecycling.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: center"><B><U>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</U></B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">We hereby consent to the incorporation by reference
in this Registration Statement on Form S-1 of China Recycling Energy Corporation of our report dated April 15, 2019 relating to
the financial statements for the years ended December 31, 2018 and 2017, which appear in the 2018 Annual Report on Form 10-K.
We also consent to the reference to us under the heading &ldquo;Experts&rdquo; in this Registration Statement.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">/s/ MJF &amp; Associates, APC</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">MJF &amp; Associates, APC</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">Los Angeles, CA 90071</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt 0; text-align: justify">May 24, 2019</P>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>ex5-1_001.jpg
<DESCRIPTION>GRAPHIC
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
