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China Growth Equity Investment Ltd. Announces Record Date And Meeting Date For Shareholder Meeting

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, 2013.

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 company.


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.

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