CORRECTION -- China Carbon Announces First Quarter 2008 Results; Company Provides...

CORRECTION -- China Carbon Announces First Quarter 2008 Results; Company
Provides Guidance for Second Quarter

In a release issued on May 16, 2008, some financial information was inaccurate.
The full, corrected release follows:

China Carbon Graphite Group, Inc. (OTCBB:CHGI), the largest wholesale supplier
of fine grain and high purity graphite in China and one of the nation's top
overall producers of carbon and graphite products, announced its financial
results for the first quarter ended March 31, 2008.

Q1 2008 Highlights Compared to Q1 2007

-- Net revenues increased 6.61% to $5.73 million
-- Gross profit margin improved to 23.77% from 16.25%
-- Comprehensive income increased 96.7% to $2.50 million
-- Net income increased 48.53% to $1.24 million
-- Net income available to common shareholders (after a one-time,
non-cash deemed preferred stock dividend of $854,300) was
$388,881
-- Basic earnings per share excluding the one-time, non-cash deemed
preferred stock dividend were $0.09
-- Diluted earnings per share were $0.02

Q2 2008 Guidance

-- Net revenues are expected to be in the range of $6.90 million to
$7.25 million
-- Net income is expected to be in the range of $1.50 million to
$1.58 million
"Historically, Q1 is our softest quarter due to the long Chinese New Year
holiday. We expect to achieve continued growth in subsequent quarters. We plan
to issue full-year guidance for 2008 before next quarterly report," commented
Mr. Dengyong Jin, CEO of China Carbon Graphite Group.

About China Carbon Graphite Group, Inc.

China Carbon Graphite Group, through its affiliate, Xingyong Carbon Co., Ltd.,
manufactures carbon and graphite based products in China. The company is the
largest wholesale supplier of fine grain and high purity graphite in China and
one of the nation's top overall producers of carbon and graphite products. Fine
grain graphite is widely used in smelting for colored metals and rare-earth
metal smelting as well as the manufacture of molds. High purity graphite is used
in metallurgy, mechanical industry, aviation, electronic, atomic energy,
chemical industry, food industry and a variety of other fields. In September
2007, the company was approved and designated by Ministry of Science &
Technology as a "National Hi-tech Enterprise". Of the 400 plus carbon graphite
producers in China, China Carbon is the only non-state-owned company to receive
this honor.

Safe Harbor Statement

This release contains certain "forward-looking statements" relating to the
business of the Company and its subsidiary companies. These forward-looking
statements are often identified by the use of forward-looking terminology such
as "believes," "expects" or similar expressions. Such forward-looking statements
involve known and unknown risks and uncertainties that may cause actual results
to be materially different from those described herein as anticipated, believed,
estimated or expected. Investors should not place undue reliance on these
forward-looking statements, which speak only as of the date of this press
release. The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic reports that are
filed with the Securities and Exchange Commission and available on its website.

-0-
CONTACT: China Carbon Graphite Group, Inc.
Ting Chen, VP of Finance and IR
+1-212-605-0175
tchinacarbon@gmail.com