Gushan Environmental Energy Announces Pricing of Initial Public Offering

NEW YORK, Dec. 18 /PRNewswire-FirstCall/ -- Gushan Environmental Energy
Limited ("Gushan"), China's largest producer of biodiesel as measured by
annual production capacity, today announced that it has priced its initial
public offering of 18,000,000 American Depositary Shares (ADSs) at $9.60 per
ADS. The ADSs, each representing two ordinary shares, will begin trading on
Wednesday, December 19, 2007 on the New York Stock Exchange under the symbol
"GU."
The offering comprises an initial public offering of 15,000,000 ADSs by
Gushan and an additional offering of 3,000,000 ADSs by selling shareholders of
Gushan disclosed in the prospectus. The underwriters have an option,
exercisable for 30 days from the date of the prospectus, to purchase up to an
additional 2,700,000 ADSs from certain selling shareholders of Gushan at the
initial public offering price less the underwriting discounts and commissions
to cover over-allotments of the ADSs.
Merrill Lynch acted as sole book runner for this offering, and CIBC World
Markets and Piper Jaffray acted as co-managers for the offering.
A copy of the prospectus relating to the offering may be obtained from
Merrill Lynch, Pierce, Fenner & Smith Incorporated, 4 World Financial Center,
New York, NY 10080, Attn: Prospectus Department (telephone: 212-449-1000).
Gushan's registration statement relating to the securities offered in the
offering was declared effective as of December 18, 2007, by the U.S.
Securities and Exchange Commission. This press release does not constitute an
offer to sell or a solicitation of an offer to buy any securities, nor shall
there be any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or jurisdiction.
About Gushan Environmental Energy Limited
Gushan Environmental Energy is China's largest producer of biodiesel, as
measured by annual production capacity. The company produces biodiesel, a
renewable, clean-burning and biodegradable fuel, primarily from vegetable oil
offal and used cooking oil, and by-products from biodiesel production,
including glycerine, plant asphalt, erucic acid and erucic amide. Gushan sells
biodiesel directly to users, such as marine vessel operators, as well as to
petroleum wholesalers and individual retail gas stations. The company
currently operates three production facilities in Sichuan, Hebei and Fujian
provinces with a combined annual production capacity of 190,000 tons. The
company targets to increase its annual production capacity to 400,000 tons by
the end of 2008 with the addition of four new production facilities in
Beijing,
Shanghai, Hunan and Chongqing.
SOURCE Gushan Environmental Energy Limited

US, Athanasia Sfikas, Hill & Knowlton (New York), +1-212-885-0415,
athanasia.sfikas@hillandknowlton.com, or Asia, Kong Hoi Ni, Hill & Knowlton
(Hong Kong), (852) 2894 6323, hoini.kong@hillandknowlton.com.hk