On December 13, 2019, China Recycling Energy Corporation received a resignation letter from Ms. Binfeng (Adeline) Gu to resign from her position as the Chief Financial Officer of the Company, effective immediately. Ms. Gu will remain as the Secretary of the Company. On December 16, 2019, the Board of the Directors of the Company (the “Board”) appointed Mr. Yongjiang (Jackie) Shi as the Chief Financial Officer ("CFO") of the Company, effective on December 20, 2019. Mr. Shi has served as the financial consultant to the Board since September 28, 2016 and was the CFO of the Company from May 16, 2015 to September 27, 2016. Mr. Shi was the Assistant CFO & Vice President in charge of finance for the Company from January 2015 to May 2015. Mr. Shi joined Xi’an TCH Energy Technology Company Ltd., a wholly owned subsidiary of the Company in 2014 as a VP of Finance and he previously worked as the Director of Investor Relations for Xilan Natural Gas Group from 2005 to 2014. Mr. Shi studied professional accounting at the University of New South Wales, Australia from 2001 to 2003, and was awarded his master’s degree of finance in 2003. He studied public administration at Northwest University of China from 1994 to 1998, and obtained his bachelor’s degree in law in 1998. Mr. Shi was not selected pursuant to any arrangement or understanding between him and any other person. There are no family relationships between Mr. Shi and the directors and executive officers of the Company.