On March 12, 2021, Mr. Geyun Wang tendered his resignation as a director of China Recycling Energy Corporation, with immediate effect. On March 16, 2021, approved by the Board of Directors and the Corporate Governance and Nominating Committee, Mr. Yan Zhan was appointed as an executive director of the Company, effective March 12, 2021, until the Company’s next annual meeting of shareholders and until his successor is duly elected and qualified, or until his earlier death, resignation or removal. Mr. Yan Zhan has worked for Xi’an TCH Energy Technology Co. Ltd., wholly-owned subsidiary in the PRC, since May 2013 and he has served as the Chief Sales Officer since June 2016. Mr. Zhan is currently the Chief Sales Officer of Xi’an TCH Energy Technology Co. Ltd., wholly-owned subsidiary in the PRC.