China Recycling Energy Corp (CREG)

[THE LURKER]

From latest filing, CFO Rong resigns, CFO Xinyu Peng hired.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers


On July 29, 2008, China Recycling Energy Corporation (the “Company”) received the resignation of Mingda Rong, Chief Financial Officer, effective immediately.

Mr.

Rong also resigned as a member of the Company’s Board of Directors.




On August 4, 2008, the Board of Directors approved the appointment of Xinyu Peng, age 40, as Chief Financial Officer of the Company to replace Mr. Rong, effective August 4, 2008. Prior to joining the Company, Mr. Peng served as Vice President of Tavistock Group Asia from January 2008 to July 2008. From November 2006 to July 2008, Mr. Peng served as Chief Financial Officer and Director of MOD3 Cabinets & Home LLC. From July 2003 to July 2008, he served as Chief Financial Officer of Creative Hospitality Concepts LLC. In connection with his appointment as Chief Financial Officer, the Company entered into an employment agreement with Mr. Peng. The employment agreement provides that Mr. Peng will receive compensation in the amount of $11,666 per month. The term of the employment agreement is for two years.




A press release announcing Mr. Peng’s appointment as Chief Financial Officer is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.