On April 24, 2017, the Board of Directors of China Recycling Energy Corporation received the resignation of Mr. Cangsang Huang, a director of the Company, Chairman of the Audit Committee, and a member of the Corporate Governance and Nominating Committee and the Compensation Committee of the Board, effective on May 31, 2017. Mr. Huang indicated that his resignation is due to personal considerations. On April 26, 2017, the Board received the resignation of Mr. Yulong Ding, a director of the Company, Chairman of the Compensation Committee, and a member of the Corporate Governance and Nominating Committee and the Audit Committee of the Board, effective on May 31, 2017. Mr. Ding indicated that his resignation is due to personal considerations. On April 27, 2017, the Board appointed Mr. Xiaogang Zhu and Mr. Xiaoping Guo as new members of the Board to fill the pending vacancies on the Board, effective on June 1, 2017 and until their successors have been duly elected and qualified. On April 27, 2017, Mr. Zhu was appointed as Chairman of the Audit Committee and a member of the Corporate Governance and Nominating Committee and the Compensation Committee of the Board, effective on June 1, 2017 and Mr. Guo was appointed as Chairman of the Compensation Committee and a member of the Corporate Governance and Nominating Committee and the Audit Committee of the Board, effective on June 1, 2017. Mr. Xiaogang 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’s accounting manager and vice president of accounting.