Harbin Electric Refutes Recent Rumors Regarding Its Chairman and CEO, Mr. Tianfu Yang, and CFO, Mr. Zedong Xu

Harbin Electric, Inc., HRBN has received telephone calls and emails from a number of investment professionals inquiring about rumors concerning its Chairman and Chief Executive Officer, Mr. Tianfu Yang and its Chief Financial Officer, Mr. Zedong Xu, including that Mr. Yang and Mr. Xu have gone missing. The Company, Mr. Tianfu Yang and Mr. Zedong Xu categorically deny such rumors. The Company is happy to report that the entire management team of the Company including Mr. Yang and Mr. Xu have been and are at work and are fully performing their respective corporate duties.