Equity offering for rural China's major U.S. – Listed Home Appliance Retailer oversubscribed.

LU’AN CITY, Anhui Province, China , PRNewswire-FirstCall [WorldofRenewables.com]

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China Electronic Holdings, Inc., one of rural China‘s major U.S.-listed retailers of household appliances and consumer electronics with over 1,000 stores, completed a series of equity offerings totaling USD$5,251,548 on August 17, 2010. This followed the Company’s share exchange with Buyonate, Inc. (OTC Bulletin Board: BUYO) on July 15, 2010 in a going-public transaction. “The $5.2 million financing was much larger than the $3 million originally planned, and will allow us to build on our strength as one of rural China‘s major home appliance retailers,” said China Electronic Chairman and Founder Hailong Liu. “We are pleased to become a public company and complete our first fundraising in the U.S. capital markets, and will continue our expansion in Anhui Province, China,” Chairman Liu added.

China Electronic sold a total of approximately 1,989,223 shares of its common stock at $2.64 per share in the offering. Immediately after the private placement and share exchange there were approximately 16.6 million shares of China Electronic common stock outstanding. California-based Hunter Wise Securities, LLC and New York-based American Capital Partners, LLC served as placement agents to China Electronic.

China Electronic, through its PRC subsidiary Lu’an Guoying Electronic Sales Co., Ltd. (the “Company”), operates a network of 600 franchise stores, 408 direct stores, and 3 company-owned locations in primarily rural areas of central China‘s Anhui Province under the brand of Guoying. In its most recent fiscal year ended December 31, 2009, China Electronic achieved after-tax net income of USD$9.7 million from USD$47.7 million in revenues. For the three months ended March 31, 2010 the Company earned USD$4.7 million in after-tax net income. As a condition of the financing, China Electronic agreed to a net income target of USD$12 million, subject to certain adjustments, for the fiscal year ending December 31, 2010, and an uplisting to Nasdaq or the NYSE Amex exchanges. “Over the past several years the Guoying brand and our 1,000 stores have led the rural Chinese appliance and electronics market, which has over 800 million consumers and twice as many households as the U.S.,” said Chairman Liu.

“Since 2001 China Electronic has successfully expanded its operations from a single sales facility in Lu’an City to fourth- and fifth tier markets throughout Anhui Province,” continued Chairman Liu. The Company’s top-selling products include solar-powered hot water heaters, refrigerators, washers, and television sets.

China Electronic’s Guoying subsidiary is the exclusive wholesaler in the Lu’an area for products under the brand names Sony, LG, Samsung, Shanghai Shangling, Chigo, Huayang and Huangming. Guoying is the general sales agency of Sino-Japan Sanyo electronic products, such as Sanyo TVs, air conditioners, washing machines and microwave ovens. Guoying has teamed up with Huangming and Huayang, the two largest manufacturers of solar thermal products in China, to be their exclusive retail outlet in Anhui.

China Electronic also produces Guoying brand refrigerators under its own trademark, selling a total of 30,000 refrigerators in 2007, 46,000 in 2008, and 62,000 in 2009, and expects to sell 77,000 in 2010 and 100,000 in 2011, in PRC provinces Anhui, Henan and Hubei.

About China Electronic Holdings and Household Appliance Retailing in Rural China

China Electronic has been based in Lu’an City, Anhui Province, central China since its founding in 2001 and sells household appliances and consumer electronics of major manufacturers through a network of more than 1,000 retail stores in rural areas of the PRC’s fourth- and fifth tier markets. For more information please visit www.chinaelectronicholdings.com .

Approximately 56% of China‘s population still resides in rural areas of the PRC, making rural residents the largest consumer group in the country. After many years of economic reforms, the average income of people living in China‘s rural areas has gradually increased. The rural market is largely untapped and has enormous potential for growth. This rural consumer group has tremendous purchasing power and is increasing as the Chinese government encourages rural communities to modernize.

The PRC central government has decided to expand internal demand by increasing the income of the rural population. Continuous improvements in the rural power network, rural transportation, and rural communication make the rural market extremely favorable for home appliances and electronics.

After many years of economic reforms, the average income of people living in China‘s rural areas has gradually increased. It is reported that the rural residents hold more than US $120 billion in savings and US$106 billion in cash. A survey done by the China Electronic Product Association showed that 14% to 33% of rural families are willing to spend their money on televisions, DVDs, washers and dryers, and telephones in the next few years. For example, refrigerator ownership in big and middle cities of China is over 95%, even 99% in some cities. However, the ownership of refrigerators is only 22.7% in rural areas of China.

The Chinese government has initiated a rural home appliance and electronics rebate program, called “Rural Consumer Electronics” plan, which provides that the maximum sales price of electronics is fixed at a price which is usually equal to or less than the market price in urban areas of the same product. Meanwhile, rural consumers can get a 13% government rebate on their purchases of electronics.

Finally, the current consumer electronics and appliances markets in big cities like Beijing, Shanghai, and Shenzhen are already saturated by an over abundance of competitors – leading to very lean margins. Although some competitors have announced interest in the rural market, none of the current competitors have established any significant presence in the rural markets. Successful brand names established in large cities are not an indicator of automatic success in China‘s rural market. Guoying is the first rural home appliance and electronics retailer in Anhui province.

About Hunter Wise

Headquartered in Irvine, California, Hunter Wise Securities, LLC is a FINRA-registered Broker/Dealer and SIPC Member Firm. Hunter Wise Securities is wholly owned by Hunter Wise Financial Group, LLC (www.hunterwise.com), which provides mid-market investment banking services from 12 offices in the U.S., as well as locations in Canada, China and the United Kingdom.

About American Capital Partners

Headquartered in Hauppauge, New York, American Capital Partners, LLC is a FINRA-registered Broker/Dealer and SIPC Member Firm (http://www.americancapitalpartners.com/). With four branch offices in addition to its corporate headquarters, ACP is dedicated to providing clients with effective, timely advice for today’s increasingly dynamic market. The firm’s seasoned management has over fifty years experience in the securities industry. ACP’s philosophy is to build strong relationships with clients and serve each client’s individual needs and objectives with integrity, while providing the highest possible quality advice and personal service in an ever-changing market.

Cautionary Statement Regarding Forward Looking Information

This press release may contain forward-looking information about the Company, Buyonate, Inc., China Electronic Holdings, Inc., Lu’an Guoying Electronic Sales Co., Ltd., and its subsidiaries. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “will,” “should,” “project,” “plan,” “seek,” “intend,” or “anticipate” or the negative thereof or comparable terminology, and statements which may include discussions of strategy, and statements about industry trends future performance, operations and products of each of the entities referred to above. Actual performance results may vary significantly from expectations and projections as a result of various factors, including without limitation and the risks set forth “Risk Factors” contained in the Company’s Current Report on Form 8-K filed on July 20, 2010. The shares of common stock issued in connection with the transaction has not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration under the Securities Act and applicable state securities laws or an applicable exemption from those registration requirements. The Company has agreed to file a registration statement covering the resale of the shares of common stock issued in the private placement and certain other shares, upon request by the investors.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

Contacts:

China Electronic Holdings, Inc.

John Bai

+86 186 0128 8923

johnwhit2008@gmail.com

www.chinaelectronicholdings.com

Hunter Wise Financial Group, LLC

Dan McClory, Managing Director

+1 949 732 4102

dmcclory@hunterwise.com

American Capital Partners, LLC

Frank Lorenzo, Managing Director

+1 551 427 8476

florenzo@acpweb.com

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