On March 27, 2015, the Board of Directors of China Recycling Energy Corporation received a resignation letter from Mr. Chungui Shi, a director of the company and a member of the Corporate Governance and Nominating Committee, the Audit Committee and the Compensation Committee of the Board, effective on March 31, 2015. On March 31, 2015, the Board appointed Mr. Cangsang Huang as a new member of the Board to fill the vacancy on the Board until his successor has been duly elected and qualified. Mr. Huang is also appointed as a member of the Corporate Governance and Nominating Committee, the Audit Committee and Compensation Committee of the Board.

Mr. Huang has served as Chief Financial Officer and Principal Accounting Officer of China Housing and Land Development Inc. from June 2009 to December 2014.