UNITED
STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported):
April 21,
2010
CHINA RECYCLING ENERGY
CORPORATION
(Exact
name of registrant as specified in its charter)
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Nevada
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000-12536
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90-0093373
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(State
or other jurisdiction of
incorporation)
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(Commission
File Number)
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(IRS
Employer Identification
No.)
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12/F,
Tower A
Chang An
International Building
No. 88
Nan Guan Zheng Jie
Xi An
City, Shan Xi Province
China
710068
(Address
of principal executive offices, including zip code)
(86-29)
8769-1097
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report.)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
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Item 2.03
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Creation of a Direct Financial
Obligation or an Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
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The
information regarding the Company loan arrangement under the Agreement provided
under Item 8.01 below is hereby incorporated by reference.
Item
8.01 Other Events
On April
21, 2010, China Recycling Energy Corporation (the “Company”) issued a press
release, attached hereto as Exhibit 99.1, announcing the second expansion of the
Low Carbon Fortune-Energy Recycling No. 1 Collective Capital Trust Plan (“Second
Expansion of the Plan”) has been completed by Beijing International Trust Co.,
Ltd. (“Beijing Trust”) on April 15th, 2010.
The
Second Expansion of the Plan raised 93,120,000 yuan (approximately US$ 13.69
million) through the sale of 93,120,000 trust units sold at 1 yuan per
unit. All amounts raised under the Second Expansion of the Plan are
to be loaned to Erdos TCH Energy Saving Development Co., Ltd (“Erdos TCH”), a
joint venture between Xi’an TCH Energy Technology Co., Ltd. (“Xi’an TCH”), a
subsidiary of the Company and Erdos Metallurgy Co., Ltd. The loan is
a part of the Capital Trust Loan Agreement (the “Agreement”) entered into by
Erdos TCH and Beijing Trust on November 19, 2009, effective as of December 3,
2009 and disclosed in our Form 8-K filed on December 8th, 2009.
The
Second Expansion of the Plan includes 2,800,000 category A1 preferred trust
units (approximately US$ 411,764.71 million), 5,000,000 category A2
preferred trust units (approximately US$ 735,294.12 million), 66,700,000
category A3 preferred trust units (approximately US$ 9,808,823.53 million) and
4,650,000 category B1 preferred trust units (approximately US$ 683,823.53
million), 13,970,000 category B2 secondary trust units (approximately US$
2,054,411.76 million). The B1 units have been purchased by members of
management of Erdos TCH and the B2 units have been purchased by Xi’an
TCH.
With the
completion of the Second Expansion of the Plan, the Low Carbon Fortune-Energy
Recycling No. 1 Collective Capital Trust Plan has reached 300,000,000 yuan
(approximately US$ 44,117,647 million) and completed all its trust plan raising
work.
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Item
9.01
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Financial Statements and
Exhibits
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(d) The
following exhibit is filed with this report.
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Exhibit
Number
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Description
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99.1
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Press
Release dated April 21,
2010.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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China
Recycling Energy Corporation
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Date:
April 21, 2010
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Xinyu
Peng, Chief Financial Officer
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