China Growth Equity Investment Ltd. Announces Record Date and Meeting Date for Shareholder Meeting

China Growth Equity Investment Ltd. Announces Record Date and Meeting Date for
                             Shareholder Meeting

PR Newswire

NEW YORK, Jan. 23, 2013

NEW YORK, Jan. 23, 2013 /PRNewswire/ -- China Growth Equity Investment Ltd.
(Nasdaq: CGEI; CGEIU; CGEIW) ("CGEI"), a special purpose acquisition company
("SPAC"), announced today that its general meeting of shareholders will be
held on Thursday, February 21, 2013, at 11 am local time, at the law offices
of Reed Smith LLP, 599 Lexington Avenue, 22nd Floor, New York, NY 10022.
Shareholders of record at the close of business on January 28, 2013 will be
entitled to receive notice of the general meeting and to consider and vote on,
among other things, a proposal to approve the previously announced Agreement
and Plan of Merger, dated October 24, 2012, among CGEI, China Dredging Group
Co. Ltd., ("CDGC"), Mr. Xinrong Zhuo and China Growth Dredging Sub Ltd., a
wholly owned subsidiary of CGEI ("Merger Sub"), pursuant to which Merger Sub
will merge with and into CDGC, resulting in Merger Sub ceasing to exist and
CDGC continuing as the surviving company and wholly-owned subsidiary of CGEI.
CGEI expects to mail a Proxy Statement to shareholders on or about February 1,

About CGEI

China Growth Equity Investment Ltd. (Nasdaq: CGEI; CGEIU; CGEIW), or CGEI, is
a SPAC, also known as a blank-check company incorporated as a Cayman
Islands-exempted company. CGEI intends to use the net proceeds from its
initial public offering for the purpose of acquiring one or more operating
companies through a merger, share capital exchange, asset acquisition, share
purchase, reorganization or similar business combination. On October 25, 2012,
CGEI and CDGC entered into a definitive merger agreement for CGEI to merge
with CDGC and that CGEI and Pingtan Fishing entered into a definitive
agreement for CGEI to acquire Pingtan Fishing. The parties expect the
transactions to provide CDGC and Pingtan Fishing with necessary financial
resources for the companies' next stage of growth. The combined entity, which
will be renamed "Pingtan Marine Enterprise Ltd.," intends to apply to be
listed on NASDAQ under the ticker symbol "PME". Upon completion of the merger
and the acquisition, Mr. Xinrong Zhuo, will be the chairman of the combined


This communication shall not constitute an offer to sell or the solicitation
of an offer to buy any securities, nor shall there be any sale of securities
in any jurisdiction in which the offer, solicitation or sale would be unlawful
prior to the registration or qualification under the securities laws of any
such jurisdiction. No offering of securities shall be made except by means of
a prospectus meeting the requirements of Section 10 of the Securities Act of
1933, as amended.

Additional Information

In connection with the proposed business combination, CGEI will prepare and
file with the U.S. Securities and Exchange Commission (the "SEC") a proxy
statement. When completed, a definitive proxy statement and a form of proxy
will be mailed to the shareholders of CGEI. Before making any voting decision,
shareholders are urged to read the proxy statement carefully and in its
entirety because it will contain important information about the proposed
merger. Shareholders will be able to obtain, without charge, a copy of the
proxy statement and other relevant documents filed with the SEC when they
become available through the SEC's website at Shareholders
will also be able to obtain, without charge, a copy of the proxy statement and
other relevant documents when they become available by contacting CGEI's
Corporate Secretary, Chantelle Bai, at CN11 Legend Town, No.1
Balizhuangdongli, Chaoyang District, Beijing, 100025, P.R.C., telephone number
(+86-10-6550-3186), or by email to

Participants in the Solicitation

CGEI and its directors and officers may be deemed to be participants in the
solicitation of proxies from the shareholders of CGEI in connection with the
proposed business combination. Information regarding the officers and
directors of CGEI is available in CGEI's annual report on Form 10-K for the
year ended December 31, 2011, which has been filed with the SEC. Additional
information regarding the interests of such potential participants will also
be included in the proxy statement for the proposed business combination and
the other relevant documents filed with the SEC.

Forward-Looking Statements

This press release contains forward-looking statements that reflect CGEI's
current beliefs, expectations or intentions regarding future events. Any
statements contained in this press release that are not statements of
historical fact may be deemed forward-looking statements. Words such as "to
merge," "to name," "to receive," "will," "may," "could," "should," "expect,"
"expected," "proposed," "contemplated," "plan," "project," "intend,"
"anticipate," "believe," "estimate," "predict," "potential," "continue," and
similar expressions are intended to identify such forward-looking statements.
These forward-looking statements include, without limitation, CGEI's
expectations with respect to the combined company's plans, objectives,
expectations and intentions with respect to future operations; approval and
adoption of business combination by the requisite number of shareholders; and
the timing of the completion of the proposed business combination. All
forward-looking statements involve significant risks and uncertainties that
could cause actual results to differ materially from those expressed or
implied in the forward-looking statements, many of which are generally outside
the control of CGEI's and are difficult to predict. Examples of such risks and
uncertainties include, but are not limited to: (i) the failure of the business
combination to close for any reason; (ii) general business and economic
conditions; (iii) the performance of financial markets; (iv) risks relating to
the consummation of the contemplated business combination, including the risk
that required shareholder approval and regulatory agencies might not be
obtained in a timely manner or at all or that other closing conditions are not
satisfied; (v) the impact of the business combination on the markets for the
combined company's products and services; (vi) the employees of CGEI, CDGC and
Pingtan Fishing not being combined and integrated successfully; (vii)
operating costs and business disruption following the business combination,
including adverse effects on employee retention and on CGEI's, CDGC's and
Pingtan Fishing's business relationships with third parties; (viii) the
inability of the combined company following the closing of the business
combination to meet NASDAQ's listing requirements and the failure of the
combined company's securities to be listed or continue to be listed on NASDAQ;
(ix) the amount of cash available to the combined company following the
business combination being insufficient to allow CGEI, CDGC, Pingtan Fishing
or the combined company to achieve their business goals; and (xi) the future
performance of the combined company following the closing of the business
combination. Additional factors that could cause actual results to differ
materially from those expressed or implied in the forward-looking statements
can be found in the most recent annual report on Form 10-K, and the
subsequently filed quarterly reports on Form 10-Q and current reports on Form
8-K filed by CGEI with the SEC, as well as the proxy statement when it becomes
available. CGEI anticipates that subsequent events and developments may cause
its views and expectations to change. CGEI assumes no obligation, and they
specifically disclaim any intention or obligation, to update any
forward-looking statements, whether as a result of new information, future
events or otherwise.

SOURCE China Growth Equity Investment Ltd.

Contact: Jin Shi,, +86-10-6550-3186
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