<SEC-DOCUMENT>0001144204-15-030258.txt : 20150514
<SEC-HEADER>0001144204-15-030258.hdr.sgml : 20150514
<ACCEPTANCE-DATETIME>20150513173433
ACCESSION NUMBER: 0001144204-15-030258
CONFORMED SUBMISSION TYPE: 424B5
PUBLIC DOCUMENT COUNT: 3
FILED AS OF DATE: 20150514
DATE AS OF CHANGE: 20150513
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Recon Technology, Ltd
CENTRAL INDEX KEY: 0001442620
STANDARD INDUSTRIAL CLASSIFICATION: OIL, GAS FIELD SERVICES, NBC [1389]
IRS NUMBER: 000000000
STATE OF INCORPORATION: E9
FISCAL YEAR END: 0630
FILING VALUES:
FORM TYPE: 424B5
SEC ACT: 1933 Act
SEC FILE NUMBER: 333-190387
FILM NUMBER: 15859510
BUSINESS ADDRESS:
STREET 1: ROOM 1902, BUILDING C,
STREET 2: KING LONG INTL MANSION, NO. 9 FULIN ROAD
CITY: BEIJING
STATE: F4
ZIP: 100107
BUSINESS PHONE: 025-52313015
MAIL ADDRESS:
STREET 1: ROOM 1902, BUILDING C,
STREET 2: KING LONG INTL MANSION, NO. 9 FULIN ROAD
CITY: BEIJING
STATE: F4
ZIP: 100107
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>v410570_424b5.htm
<DESCRIPTION>424B5
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <FONT STYLE="color: #DE1A1E"><B> </B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed pursuant to Rule 424(b)(5)<BR>
Registration No. 333-190387</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Prospectus Supplement<BR>
(To prospectus dated August 6, 2013)</B></P>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to $10,000,000</B></P>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ordinary Shares </B></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We have entered into an equity distribution
agreement with Maxim Group LLC relating to the sale of our ordinary shares offered by this prospectus supplement and the accompanying
prospectus. In accordance with the terms of the equity distribution agreement, we may offer and sell up to $10,000,000 of our ordinary
shares, $0.0185 par value per share, from time to time through Maxim Group LLC acting as agent.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Our ordinary shares is listed on The NASDAQ
Capital Market under the symbol “RCON.” The last reported sale price of our ordinary shares on The NASDAQ Capital Market
on May 11, 2015 was $1.88 per share. As of May 11, 2015, the aggregate market value of our outstanding ordinary shares held by
non-affiliates was approximately $6.6 million based on 5,022,436 outstanding ordinary shares, of which approximately 3,515,914
ordinary shares are held by non-affiliates, and a per share price of $1.88, based at closing sale price of our common stock on
May 11, 2015. As of the date hereof, we have not sold any of our securities pursuant to General Instruction I.B.6 of Form S-3 during
the prior 12 calendar month period that ends on and includes the date hereof.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Sales of our ordinary shares, if any, under
this prospectus supplement and the accompanying prospectus will be made in sales deemed to be “at-the-market” equity
offerings as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, or the Securities Act, including sales
made directly on or through the NASDAQ Capital Market, the existing trading market for our ordinary shares, sales made to or through
a market maker other than on an exchange or otherwise, in negotiated transactions at market prices prevailing at the time of sale
or at prices related to such prevailing market prices, and/or any other method permitted by law, including in privately negotiated
transactions. Maxim Group LLC will act as sales agent on a best efforts basis and use commercially reasonable efforts to sell on
our behalf all of the ordinary shares requested to be sold by us, consistent with its normal trading and sales practices, on mutually
agreed terms between Maxim Group LLC and us. There is no arrangement for funds to be received in any escrow, trust or similar arrangement.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Maxim Group LLC will be entitled to compensation
at a fixed commission rate of 3.5% of the gross sales price per share sold. In connection with the sale of our ordinary shares
on our behalf, Maxim Group LLC will be deemed to be an “underwriter” within the meaning of the Securities Act and the
compensation of Maxim Group LLC will be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification
and contribution to Maxim Group LLC with respect to certain liabilities, including liabilities under the Securities Act.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><B>Investing in our securities
involves a high degree of risk. You should read this prospectus supplement and the information incorporated herein by
reference carefully before you make your investment decision. See “Risk Factors” beginning on page S-5 of this
prospectus supplement. </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt"><B>Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed
upon the accuracy or adequacy of this prospectus</B></FONT> <FONT STYLE="font-size: 10pt"><B>supplement. Any representation to
the contrary is a criminal offense.</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt"><B> </B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maxim Group LLC</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this prospectus supplement
is May 13, 2015. </B></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS<BR>
<BR>
Prospectus Supplement </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0; text-indent: 0"> </TD>
<TD STYLE="padding-left: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Page</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">About this Prospectus Supplement	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	S-i	</FONT></TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prospectus Supplement Summary	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	S-1	</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Risk Factors	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	S-5	</FONT></TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cautionary Note Regarding Forward-Looking Statements	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	S-18	</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Use of Proceeds	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	S-19	</FONT></TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dilution	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	S-20	</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Price Range of Ordinary Shares	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	S-21	</FONT></TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dividend Policy	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	S-21	</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Plan of Distribution	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	S-22	</FONT></TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal Matters	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	S-23	</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Experts	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	S-23	</FONT></TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Where You Can Find More Information	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	S-23	</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Incorporation of Certain Information By Reference	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	S-23	</FONT></TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Disclosure of Commission Position On Indemnification for Securities Law Violations	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	S-24	</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prospectus</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
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<TD STYLE="padding-left: 0; text-indent: 0"> </TD>
<TD STYLE="padding-left: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Page</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">About this Prospectus	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	-i-	</FONT></TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cautionary Note On Forward Looking Statements	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	-ii-	</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prospectus Summary</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	1	</FONT></TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Risk Factors	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	4</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Use of Proceeds	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	4	</FONT></TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Description of Securities and Securities We May Offer	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	5	</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Plan of Distribution	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	13	</FONT></TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal Matters	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	15	</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Experts	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	16	</FONT></TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Incorporation of Certain Information By Reference	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	16	</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Where You can Find More Information	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	18	</FONT></TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Disclosure of Commission Position On Indemnification for Securities Law Violations	</FONT></TD>
<TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0; text-indent: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">	18	</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ABOUT THIS PROSPECTUS SUPPLEMENT </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">This prospectus supplement is part of a
registration statement that we filed with the Securities and Exchange Commission, or SEC, utilizing a shelf registration process.
Under the shelf registration process, we may offer our ordinary shares having an aggregate offering price of up to $10,000,000
from time to time under this prospectus supplement at prices and on terms to be determined by market conditions at the time of
offering.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">This prospectus
supplement describes the specific terms of the ordinary shares we are offering and also adds to, and updates information contained
in the documents incorporated by reference into this prospectus</FONT> <FONT STYLE="font-size: 10pt">supplement. To the extent
there is a conflict between the information contained in this prospectus supplement, on the one hand, and the information contained
in any document incorporated by reference into this prospectus supplement that was filed with the SEC before the date of this prospectus
supplement, on the other hand, you should rely on the information in this prospectus supplement. If any statement in one of these
documents is inconsistent with a statement in another document having a later date — for example, a document incorporated
by reference into this prospectus supplement— the statement in the document having the later date modifies or supersedes
the earlier statement. </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">You should rely only on the information
contained in, or incorporated by reference into this prospectus supplement and in any free writing prospectus that we may authorize
for use in connection with this offering. We have not, and Maxim Group LLC has not, authorized any other person to provide you
with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We are
not, and Maxim Group LLC is not, making an offer to sell or soliciting an offer to buy our securities in any jurisdiction in which
an offer or solicitation is not authorized or in which the person making that offer or solicitation is not qualified to do so or
to anyone to whom it is unlawful to make an offer or solicitation. You should assume that the information appearing in this prospectus
supplement, the documents incorporated by reference into this prospectus supplement, and in any free writing prospectus that we
may authorize for use in connection with this offering, is accurate only as of the date of those respective documents. Our business,
financial condition, results of operations and prospects may have changed since those dates. You should read this prospectus supplement,
the documents incorporated by reference into this prospectus supplement, and any free writing prospectus that we may authorize
for use in connection with this offering, in their entirety before making an investment decision. You should also read and consider
the information in the documents to which we have referred you in the sections of this prospectus supplement entitled “Where
You Can Find More Information” and “Incorporation by Reference.”</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We are offering to sell, and seeking offers
to buy, ordinary shares only in jurisdictions where offers and sales are permitted. The distribution of this prospectus supplement
and the offering of the ordinary shares in certain jurisdictions may be restricted by law. Persons outside the United States who
come into possession of this prospectus supplement must inform themselves about, and observe any restrictions relating to, the
offering of the ordinary shares and the distribution of this prospectus supplement outside the United States. This prospectus supplement
does not constitute, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy, any securities
offered by this prospectus supplement by any person in any jurisdiction in which it is unlawful for such person to make such an
offer or solicitation.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">We further note that the representations,
warranties and covenants made by us in any agreement that is filed as an exhibit to any document that is incorporated by reference
into the accompanying prospectus were made solely for the benefit of the parties to such agreement, including, in some cases, for
the purpose of allocating risk among the parties to such agreement, and should not be deemed to be a representation, warranty or
covenant to you. Moreover, such representations, warranties or covenants were accurate only as of the date when made. Accordingly,
such representations, warranties and covenants should not be relied on as accurately representing the current state of our affairs.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Unless otherwise stated, all references
to “us,” “our,” “Recon,” “we,” the “Company” and similar designations
refer to Recon Technology, Ltd. Our logo, trademarks and service marks are the property of Recon Technology, Ltd. Other trademarks
or service marks appearing in this prospectus supplement are the property of their respective holders.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PROSPECTUS SUPPLEMENT SUMMARY </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><I> </I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><I>This summary highlights selected information
about us, this offering and selected information appearing elsewhere in this prospectus supplement and in the documents we incorporate
by reference herein. This summary is not complete and does not contain all of the information that you should consider before
deciding whether to invest in our ordinary shares. For a more complete understanding of our Company and this offering, we encourage
you to read and consider carefully the more detailed information in this prospectus supplement, including the information incorporated
by reference into this prospectus supplement and the information referred to under the heading “Risk Factors” in this
prospectus supplement on page S-5 and in the documents incorporated by reference into this prospectus supplement. </I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Overview </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We are a provider of hardware, software,
and on-site services to companies in the petroleum mining and extraction industry mainly in China, or the PRC. We provide services
designed to automate and enhance the extraction of petroleum. To this end, we control by contract the PRC companies of BHD and
Nanjing Recon, collectively, the Domestic Companies.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We are the center of strategic management,
financial control and human resources allocation for the Domestic Companies. Through our contractual relationships with the Domestic
Companies, we provide equipment, tools and other hardware related to oilfield production and management, and develop and sell our
own specialized industrial automation control and information solutions. However, we do not engage in the production of petroleum
or petroleum products.</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Our Products</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We currently provide products and services
to oil and gas field companies, which focus on the development and production of oil and natural gas. Our products and services
described below correlate to the numbered stages of the oilfield production system graphical expression shown below.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><IMG SRC="image_002.jpg" ALT="http:||www.sec.gov|Archives|edgar|data|1442620|000114420414058358|pg5graphic.jpg" STYLE="height: 305px; width: 703px"> </P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our products and services include:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 0.5in"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><B>Equipment for Oil and Gas Production and Transportation</B></P>
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<td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">●</font></td>
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<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">High-Efficiency Heating Furnaces (as shown above). Crude petroleum contains certain impurities that must be removed before the petroleum can be sold, including water and natural gas. To remove the impurities and to prevent solidification and blockage in transport pipes, companies employ heating furnaces. BHD researched, developed and implemented a new oilfield furnace that is advanced, highly automated, reliable, easily operable, safe and highly heat-efficient (90% efficiency).</font></td></tr>
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<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">Burner (as shown above). We serve as an agent for the Unigas Burner which is designed and manufactured by UNIGAS, a European burning equipment production company. The burner we provide has the following characteristics: high degree of automation; energy conservation; high turn-down ratio; high security and environmental safety.</font></td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><B> </B></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><B>Oil and Gas Production Improvement Techniques</B></P>
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<td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">●</font></td>
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<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">Packers of Fracturing. This utility model is used concertedly with the security joint, hydraulic anchor, and slide bushing of sand spray in the well. It is used for easy seat sealing and sand-uptake prevention. The utility model reduces desilting volume and prevents sand uptake which makes the deblocking processes easier to realize. The back flushing is sand-stick proof.</font></td></tr>
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<td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">●</font></td>
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<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">Production Packer. According to different withdraw points, the production packer separates different oil layers, and protects the oil pipe from sand and permeability, so as to promote the recovery ratio.</font></td></tr>
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<td style="width: 1%"><font style="font-size: 10pt">●</font></td>
<td style="width: 1%; text-align: justify"> </td>
<td style="width: 97%; text-align: justify"><font style="font-size: 10pt">Sand Prevention in Oil and Water Well. This technique processes additives that are resistant to elevated temperatures into “resin sand” which is transported to the bottom of the well via carrying fluid. The “resin sand” goes through the borehole, piling up and compacting at the borehole and oil vacancy layer. An artificial borehole wall is then formed, functioning as a means of sand prevention. This sand prevention technique has been adapted to more than 100 wells, including heavy oil wells, light oil wells, water wells and gas wells, with a 100% success rate and a 98% effective rate.</font></td></tr>
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<td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">●</font></td>
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<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">Water Locating and Plugging Technique. High water cut affects the normal production of oilfields. Previously, there was no sophisticated method for water locating and tubular column plugging in China. The mechanical water locating and tubular column plugging technique we have developed resolves the problem of high water cut wells. This technique conducts a self-sealing-test during multi-stage usage and is reliable to separate different production sets effectively. The water location switch forms a complete set by which the water locating and plugging can be finished in one trip. The tubular column is adaptable to several oil drilling methods and is available for water locating and plugging in second and third class layers.</font></td></tr>
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<td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">●</font></td>
<td style="vertical-align: top; width: 1%"> </td>
<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">Fissure Shaper. This is our proprietary product that is used along with a perforating gun to effectively increase perforation depth by between 46% and 80%, shape stratum fissures, improve stratum diversion capability and, as a result, improve our ability to locate oilfields and increase the output of oil wells.</font></td></tr>
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<td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">●</font></td>
<td style="vertical-align: top; width: 1%"> </td>
<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">Fracture Acidizing. We inject acid to layers under pressure which can form or expand fissures. The treatment process of the acid is defined as fracture acidizing. The technique is mainly adapted to oil and gas wells that are blocked up relatively deeply, or the ones in the low permeable zones.</font></td></tr>
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<td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">●</font></td>
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<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">Electronic Broken-down Service. This service resolves block-up and freezing problems by generating heat from the electric resistivity of the drive pipe and utilizing a loop tank composed of an oil pipe and a drive pipe. This technique saves energy and is environment friendly. It can increase the production of oilfields that are in the middle and later periods.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-indent: 0.5in"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt"><B>Automation System and Service</B></P>
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<td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">●</font></td>
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<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">Pumping Unit Controller. Refers to process “1” above. Functions as a monitor to the pumping unit, and also collects data for load, pressure, voltage, startup and shutdown control.</font></td></tr>
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<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">RTU Used to Monitor Natural Gas Wells. Collects gas well pressure data.</font></td></tr>
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<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">Wireless Dynamometer and Wireless Pressure Gauge. Refers to process “1” above. These products replace wired technology with cordless displacement sensor technology. They are easy to install and significantly reduce the working load associated with cable laying.</font></td></tr>
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<td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">●</font></td>
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<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">Electric Multi-Way Valve for Oilfield Metering Station Flow Control. Refers to process “2” above. This multi-way valve is used before the test separator to replace the existing three valve manifolds. It facilitates the electronic control of the connection of the oil lead pipeline with the separator.</font></td></tr>
</table>
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<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">Natural Gas Flow Computer System. Flow computer system used in natural gas stations and gas distribution stations to measure flow.</font></td></tr>
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<td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">●</font></td>
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<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">Recon SCADA Oilfield Monitor and Data Acquisition System. Recon SCADA is a system which applies to the oil well, measurement station, and the union station for supervision and data collection.</font></td></tr>
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<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">EPC Service of Pipeline SCADA System. A service technique for pipeline monitoring and data acquisition after crude oil transmission.</font></td></tr>
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<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">EPC Service of Oil and Gas Wells SCADA System. A service technique for monitoring and data acquisition of oil wells and natural gas wells.</font></td></tr>
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<td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">●</font></td>
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<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">EPC Service of Oilfield Video Surveillance and Control System. A video surveillance technique for controlling the oil and gas wellhead area and the measurement station area.</font></td></tr>
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<td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">●</font></td>
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<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">Technique Service for “Digital Oilfield” Transformation. Includes engineering technique services such as oil and gas SCADA system, video surveillance and control system and communication systems.</font></td></tr>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Our Strengths</B></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe our strengths are:</P>
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<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">Safety of products. The automation projects we have conducted have demonstrated that our products are reliable, safe and effective at automating the petroleum extraction process.</font></td></tr>
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<tr>
<td style="width: 1%"> </td>
<td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">●</font></td>
<td style="vertical-align: top; width: 1%"> </td>
<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">Efficiency of technology. We believe our technology increases efficiency and profitability for petroleum companies by enabling them to monitor, manage and control petroleum extraction; increase the amount of petroleum extracted and reduce impurities in extracted petroleum.</font></td></tr>
</table>
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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="width: 1%"> </td>
<td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">●</font></td>
<td style="vertical-align: top; width: 1%"> </td>
<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">Ability to leverage our knowledge of Chinese business culture. Many of our competitors are based outside of China. As the Domestic Companies are based in China, we are in a unique position to emphasize Chinese culture and business knowledge to obtain new customers and new agreements with existing customers. We believe that many Chinese businesses, including state-owned companies like Sinopec and CNPC, would prefer to hire a Chinese company to assist in their business operations if a Chinese company exists with the ability to fulfill their needs on a timely and cost-efficient basis. In addition, our knowledge of Chinese culture allows us to anticipate and adapt to Chinese oilfield management methods. We provide our software solutions in Mandarin for the benefit of our Chinese customers, and all of our customer support is available from fluent personnel.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="width: 1%"> </td>
<td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">●</font></td>
<td style="vertical-align: top; width: 1%"> </td>
<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">Experienced, successful executive management team. Our executive management team has significant experience and success in the petroleum automation industry. They will be able to draw on their knowledge of the industry and their relationships in the industry.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="width: 1%"> </td>
<td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">●</font></td>
<td style="vertical-align: top; width: 1%"> </td>
<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">Ability to leverage China’s cost structure. As a Chinese company, we believe we can operate our business more cost-effectively because all of our employees, operations and assets are located in China, resulting in lower labor, development, manufacturing and rent costs than we believe we would incur if we also maintained operations abroad. We expect these costs savings will be reflected in lower costs to our customers for comparable products.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="width: 1%"> </td>
<td style="vertical-align: top; width: 1%"><font style="font-size: 10pt">●</font></td>
<td style="vertical-align: top; width: 1%"> </td>
<td style="vertical-align: top; width: 97%"><font style="font-size: 10pt">Ownership of our intellectual property. Because we own our intellectual property, we are able to avoid licensing fees or contravening licensing agreements.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Corporate Information</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Our principal executive offices are located
at Room 1902, Building C, King Long International Mansion, No. 9 Fulin Road, Beijing, 100107, People’s Republic of China.
Our telephone number at this address is +86 (10) 8494-5799. Our ordinary shares are traded on the Nasdaq Capital Market under
the symbol “RCON.”</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><FONT STYLE="font-size: 10pt">Our Internet
website, www.recon.cn, provides a variety of information about our Company. We do not incorporate by reference into this prospectus
supplement the information on, or accessible through, our website, and you should not consider it as part of this prospectus</FONT>
<FONT STYLE="font-size: 10pt">supplement. Our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on
Form 8-K filed with the United States SEC are available, as soon as practicable after filing, at the investors’ page on our
corporate website, or by a direct link to its filings on the SEC’s free website.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Offering </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 38%"><font style="font-size: 10pt"><b>Ordinary shares offered by us pursuant to this prospectus supplement	</b></font></td>
<td><font style="font-size: 10pt">Up to $10 million ordinary shares. </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
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<tr style="vertical-align: top">
<td style="width: 38%"><font style="font-size: 10pt"><b>	</b></font></td>
<td> </td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 38%"><font style="font-size: 10pt"><b>Manner of offering 	</b></font></td>
<td><FONT STYLE="font-size: 10pt">“At-the-market” offering that may be made from time to time through our
sales agent, Maxim Group LLC. Maxim Group LLC will make all sales using commercially reasonable efforts consistent with its
normal trading and sales practices, on mutually agreeable terms between the sales agent and us. See “Plan of
Distribution” on page S-22. </FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 38%"><font style="font-size: 10pt"><b>Use of proceeds 	</b></font></td>
<td><FONT STYLE="font-size: 10pt">We intend to use proceeds for working capital and other general corporate purposes
including acquisition of complementary assets or businesses, which we have not identified yet. As a result, management will
retain broad discretion over the allocation of the net proceeds. See “Use of Proceeds” on page S-19 of this
prospectus supplement.</FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 38%"><font style="font-size: 10pt"><b>Risk factors 	</b></font></td>
<td><FONT STYLE="font-size: 10pt">Investing in our ordinary shares involves a high degree of risk. Please read the
information contained in and incorporated by reference under the heading “Risk Factors” on page S-5 of this
prospectus</FONT> <FONT STYLE="font-size: 10pt">supplement, and under similar headings in the other documents that are filed
after the date hereof and incorporated by reference into this prospectus supplement. </FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 38%"><font style="font-size: 10pt"><b>NASDAQ Capital Market symbol 	</b></font></td>
<td><font style="font-size: 10pt">“RCON” </font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The number of shares outstanding as of
the date of this prospectus supplement, as used throughout this prospectus supplement, unless otherwise indicated, is based on
<FONT STYLE="background-color: white">4,726,711</FONT> ordinary shares issued and outstanding as of December 31, 2014, and excludes
the following:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">•</TD><TD>193,000 ordinary shares issuable upon the exercise of outstanding stock options under our 2009 Equity Incentive Plan with an
initial exercise price of $6.00 per share;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">•</TD><TD>222,600 ordinary shares issuable upon the exercise of outstanding stock options under our 2009 Equity Incentive Plan with an
initial exercise price of $2.96 per share; and</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">•</TD><TD>an aggregate of 700,000 ordinary shares reserved for future issuance under our 2015 Equity Incentive Plan.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt"> </P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RISK FACTORS </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><I> </I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><I>Investing in our ordinary shares involves
a high degree of risk. Before deciding whether to invest in our ordinary shares, you should consider carefully the risks and uncertainties
described below. There may be other unknown or unpredictable economic, business, competitive, regulatory or other factors that
could have material adverse effects on our future results. If any of these risks actually occurs, our business, business prospects,
financial condition or results of operations could be seriously harmed. This could cause the trading price of our ordinary shares
to decline, resulting in a loss of all or part of your investment. Please also read carefully the section below entitled “Cautionary
Note Regarding Forward-Looking Statements.” </I></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Our Business</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We operate in a very competitive industry and may not
be able to maintain our revenues and profitability.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Since the 1990s, several international companies
engaged in supplying integrated automation services for the petroleum extraction industry have been qualified in China. These competitors
have significantly greater financial and marketing resources and name recognition than we have. In addition, at least five domestic
private competitors also compete with us, and more competitors may enter the market as Chinese petroleum companies seek to reduce
oil production costs and improve efficiencies. There can be no assurance that we will be able to compete effectively in our industry.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, our competitors may introduce
new systems. If these new systems are more attractive to customers than the systems we currently use or may develop, our customers
may switch to our competitors’ services, and we may lose market share. We believe that competition may become more intense
as more integrated automation service providers, including Chinese/foreign joint ventures, are qualified to conduct business. We
cannot assure you that we will be able to compete successfully against any new or existing competitors, or against any new systems
our competitors may implement. Any of these competitive factors could have a material adverse effect on our revenues and profitability.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We must continually research and develop new technologies
and products to remain competitive.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Because our industry is so competitive,
we will need to continually research, develop and refine new technologies and offer new products to compete effectively. Many factors
may limit our ability to develop and refine new products, including the availability of funds to dedicate to this portion of our
business and access to new products and technologies that we can incorporate into our products, as well as marketplace resistance
to new products and technologies. We believe that the Domestic Companies’ and our products are able to compete in the marketplace
based upon, among other things, our intellectual property. We cannot assure investors that applications of our and the Domestic
Companies’ technologies or those of third parties, if developed, will not be rendered superfluous or obsolete by research
efforts and technological advances by others in these fields.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As new technologies are developed, the Domestic
Companies and we may need to adapt and change our products and services, our method of marketing or delivery or alter our current
business in ways that may adversely affect revenue and our ability to achieve our proposed business goals. Accordingly, there is
a risk that the Domestic Companies’ and our technology will not support a viable commercial enterprise.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our financial performance is dependent upon the sale and
implementation of petroleum mining and extraction software and hardware and related services, a single, concentrated group of products.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We derive substantially all of our revenues
from the license and implementation of software applications and hardware innovations for the Chinese petroleum industry. The life
cycle of our products and services is difficult to estimate due in large measure to the potential effect of new software and hardware
applications and enhancements, including those we introduce, and the maturation in both the Chinese petroleum and software/hardware
industries. If we are unable to continually improve our software and hardware to address the changing needs of the Chinese petroleum
industry, we may experience a significant decline in the demand for the Domestic Companies’ and our products and services.
In such a scenario, our revenues may significantly decline.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>As a technology-oriented business, our ability to operate
profitably is directly related to our ability to develop and protect our proprietary technology.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We rely on a combination of trademark, trade
secret, nondisclosure, copyright and patent law to protect the Domestic Companies’ and our software and hardware, which may
afford only limited protection.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although the Chinese government has issued
Nanjing Recon twelve copyrights on software and Nanjing Recon and BHD twenty-two patents on products, we cannot guarantee that
competitors will be unable to develop technologies that are similar or superior to the Domestic Companies’ and our technology.
Despite our efforts to protect the Domestic Companies’ and our proprietary rights, unauthorized parties, including customers,
may attempt to reverse engineer or copy aspects of the Domestic Companies’ and our products or to obtain and use information
that the Domestic Companies and we regard as proprietary. Furthermore, our competitors may independently develop substantially
equivalent or superior proprietary information and techniques, reverse engineer information and techniques, or otherwise gain access
to our proprietary technology. In the future, we cannot guarantee that others will not use the Domestic Companies’ and our
technology without proper authorization. In addition, under the Chinese intellectual property law, the 50-year protection period
for software copyright and 10-year patent protection period are not subject to renewal upon expiration.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Domestic Companies and we develop our
software products on third-party middleware software programs that are licensed by our customers from third parties, generally
on a non-exclusive basis. The termination of any such licenses, or the failure of the third-party licensors to adequately maintain
or update their products, could result in delay in our ability to develop, market or ship certain of our products while we seek
to implement technology offered by alternative sources. While it may be necessary or desirable in the future to obtain other licenses,
there can be no assurance that they will be able to do so on commercially reasonable terms or at all.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the Domestic Companies and
we may initiate claims or litigation against third parties for infringement of our proprietary rights or to establish the validity,
scope or enforceability of our proprietary rights. Any such claims could be time consuming, result in costly litigation, cause
product development or shipment delays or force the Domestic Companies or us to enter into royalty or license agreements rather
than dispute the merits of such claims, thereby impairing our financial performance by requiring the Domestic Companies or us to
pay additional royalties and/or license fees to third parties. There is always a risk that patents, if issued, may be subsequently
invalidated, either in whole or in part and this could diminish or extinguish protection for any technology we may license. In
addition, the laws of China may not protect proprietary rights to the same extent as U.S. law. Therefore, we may be unable to meaningfully
protect our rights in trade secrets, technical know-how and other non-patented technology. Any failure to enforce or protect the
Domestic Companies’ and our rights could cause us to lose the ability to exclude others from issuing technology to develop
or sell competing products.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may not be able to adequately protect our intellectual
property, which could cause us to be less competitive and negatively impact our business.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We rely on trademark, patent and trade secret
law, as well as confidentiality agreements with certain of our employees to protect our proprietary rights. The product patents
owned by the Company are employee service patents invented by the Company’s key employees. We generally require the Domestic
Companies’ and our employees, consultants, advisors and collaborators to execute appropriate confidentiality agreements with,
as applicable, the respective Domestic Companies and the Company. These agreements typically provide that all material and confidential
information developed or made known to the individual during the course of the individual’s relationship with the Company
is owned by the Company and will be kept confidential and not disclosed to third parties except in specific circumstances. These
agreements may be breached, and in some instances, we may not have an appropriate remedy available for breach of the agreements.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may be accused of infringing the intellectual property
rights of others.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the future, the Domestic Companies and
we may receive notices claiming that we are infringing the proprietary rights of third parties. We cannot guarantee that the Domestic
Companies and we will not become the subject of infringement claims or legal proceedings by third parties with respect to the Domestic
Companies’ and our current programs or future software developments. Our standard software license agreements contain an
infringement indemnity clause under which we agree to indemnify and hold harmless our customers and business partners against liability
and damages arising from claims of various copyright or other intellectual property infringement by our products. Neither
the Domestic Companies nor we have been the subject of an intellectual property claim since our formation.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our software products may contain integration challenges,
design defects or software errors that could be difficult to detect and correct.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Despite extensive testing, we may, from
time to time, discover defects or errors in the Domestic Companies’ and our software only after use by a customer. We may
also experience delays in shipment of our software during the period required to correct such errors. In addition, we may, from
time to time, experience difficulties relating to the integration of the Domestic Companies’ and our software products with
other hardware or software in the customer’s environment that are unrelated to defects in such software products. Such defects,
errors or difficulties may cause future delays in product introductions and shipments, result in increased costs and diversion
of development resources, require design modifications or impair customer satisfaction with the Domestic Companies’ and our
software. Since these software products are used by our customers to perform mission-critical functions related to petroleum mining
and extraction, design defects, software errors, misuse of these products, incorrect data from external sources or other potential
problems within or out of our control that may arise from the use of the Domestic Companies’ and our products could result
in financial or other damages to our customers. We do not maintain product liability insurance. Although our license agreements
with customers contain provisions designed to limit our exposure to potential claims as well as any liabilities arising from such
claims, such provisions may not effectively protect us against such claims and the liability and costs associated therewith. To
the extent we are found liable in a product liability case, we could be required to pay substantial amount of damages to an injured
customer, thereby impairing our financial condition.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B></B></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are dependent on the state of the PRC’s economy
as the majority of our business is conducted in the PRC.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Currently, the majority of our business
operations are conducted in the PRC, and most of our customers are also located in the PRC. Accordingly, any significant slowdown
in the PRC economy may cause our customers to reduce expenditures or delay the building of new facilities or projects. This may
in turn lead to a decline in the demand for our products and services. That would have a material adverse effect on our business,
financial condition and results of operations.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our future success depends on our ability to help our
customers find, develop and acquire petroleum reserves.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To remain competitive in our industry, our
products must help our customers locate and develop or acquire new crude oil reserves to replace those depleted by production.
Without successful exploration or acquisition activities, our customers’ reserves, production and revenues will decline rapidly.
If the Domestic Companies’ and our technology is less well accepted for helping our customers locate additional reserves
than our competitors’ technology, our customers may terminate their relationships with us, which could have a material adverse
effect on our financial condition and future growth prospects.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our customers are companies engaged in the petroleum industry,
and, consequently, our financial performance is dependent upon the economic conditions of that industry.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have derived most of our revenues to
date from providing integrated automation services to Chinese petroleum companies at oil fields within China. Our customers’
success is intrinsically linked to economic conditions both in China and in the petroleum industry in general and the volatility
of prices of crude oil and refined products in particular. The petroleum industry, in turn, is subject to intense competitive pressures
and is affected by overall economic conditions. Demand for our services could be harmed by volatility in the petroleum industry.
There can be no assurance that we will be able to continue our historical revenue growth or sustain our profitability on a quarterly
or annual basis or that our results of operations will not be adversely affected by continuing or future volatility in the petroleum
industry.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our revenues are highly dependent on a very limited number
of customers, which subjects our business to high seasonality. Our contracts with such customers may be terminated at any time,
materially and adversely affecting our business.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We derive the majority of our revenues from
two customers, (i) CNPC and (ii) Sinopec.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We provide products and services to Sinopec
under a series of agreements, each of which is terminable without notice. We first began to provide services to Sinopec in 1998.
During the three months ended December 31, 2014, Sinopec accounted for approximately 58.83% of our revenues, and any termination
of our business relationships with Sinopec would materially harm our operations. </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We provide products and services to CNPC
under a series of agreements, each of which is terminable without notice. We first began to provide services to CNPC in 2000. During
the three months ended December 31, 2014, CNPC accounted for approximately 10.35% of our revenues, and any termination of our business
relationships with CNPC would materially harm our operations.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Because we derive such a high percentage
of our revenues from CNPC and Sinopec, our revenue has been subject to high seasonality. We recognize revenue when it is realized
and earned. We consider revenue realized or realizable and earned when (1) we have persuasive evidence of an arrangement,
(2) delivery has occurred, (3) the sales price is fixed or determinable, and (4) collectability is reasonably assured.
Because these matters depend on reaching agreements with each of CNPC and Sinopec, revenue recognition occurs, to a large extent,
on their schedule. Accordingly, revenue recognized in the first quarter is usually the smallest in proportion to that for the whole
year, due to our clients’ budgeting and planning schedules. If Sinopec or CNPC were to change its budgeting or planning schedule
our high and low quarters could also shift. This seasonality limits our ability to make accurate long-term predictions about our
performance and makes it difficult to compare our revenues across quarters.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Changes in environmental and regulatory factors may harm
our business.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The oil drilling industry in China to date
has not been subject to the type and scope of regulation seen in Europe and the United States. However, the Chinese government
may implement new legislation or regulations or may enforce existing laws more stringently. Either of these scenarios may have
a significant impact on our customers’ mining and extraction operations and may require us or our customers to significantly
change operations or to incur substantial costs. We believe that the Domestic Companies’ and our operations in China are
in compliance with China’s applicable legal and regulatory requirements. However, there can be no assurance that China’s
central or local governments will not impose new, stricter regulations or interpretations of existing regulations that would require
additional expenditures.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B></B></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Petroleum reserve degradation and depletion may reduce
our customers’ and our profitability.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our profitability depends substantially
on our ability to help our customers exploit their oil reserves at competitive costs. Replacement reserves may not be available
to our customers when required or, if available, may not be drilled at costs comparable to those characteristics of the depleting
oil field. The Domestic Companies’ and our technology may not enable our customers to accurately assess the geological characteristics
of any new reserves, which may adversely affect their decision to use the Domestic Companies’ and our products in the future.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are heavily dependent upon the services of experienced
personnel who possess skills that are valuable in our industry, and we may have to actively compete for their services.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our company is much smaller than our main
foreign competitors, including Schlumberger Limited, Honeywell International, Emerson Process Management and Rockwell Automation,
and we compete in large part on the basis of the quality of services we are able to provide our clients. As a result, we are heavily
dependent upon our ability to attract, retain and motivate skilled personnel to serve our clients. Many of our personnel possess
skills that would be valuable to all companies engaged in the integrated automation services industry. Consequently, we expect
that we will have to actively compete for these employees. Some of our competitors may be able to pay our employees more than we
are able to pay to retain them. Our ability to profitably operate is substantially dependent upon our ability to locate, hire,
train and retain our personnel. There can be no assurance that we will be able to retain our current personnel, or that we will
be able to attract or assimilate other personnel in the future. If we are unable to effectively obtain and maintain skilled personnel,
the development and quality of our technological products and the effectiveness of installation and training could be materially
impaired.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are substantially dependent upon our key personnel,
particularly Yin Shenping, our Chief Executive Officer, Mr. Chen Guangqiang, our Chief Technology Officer and Ms. Liu
Jia, our Chief Financial Officer.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our performance is substantially dependent
on the performance of our executive officers and key employees. In particular, we rely on the services of:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 19px"> </td>
<td style="width: 77px"><font style="font-size: 10pt">•</font></td>
<td><font style="font-size: 10pt">Mr. Yin Shenping, Chief Executive Officer;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 19px"> </td>
<td style="width: 77px"><font style="font-size: 10pt">•</font></td>
<td><font style="font-size: 10pt">Mr. Chen Guangqiang, Chief Technology Officer; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 19px"> </td>
<td style="width: 77px"><font style="font-size: 10pt">•</font></td>
<td><font style="font-size: 10pt">Ms. Liu Jia, Chief Financial Officer.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each of these individuals would be difficult
to replace. We do not have in place “key person” life insurance policies on any of our employees. The loss of the services
of any of our executive officers or other key employees could substantially impair our ability to successfully development new
systems and develop new programs and enhancements. In addition, we would need to spend considerable time and other resources to
seek suitable replacements, which might detract from our efforts to develop our business.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our business is capital intensive and our growth strategy
may require additional capital, which may not be available on favorable terms or at all.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may require additional cash resources
due to changed business conditions, implementation of our growth strategy or potential investments or acquisitions we may pursue.
To meet our capital needs, we may sell additional equity or debt securities or obtain additional credit facilities. The sale of
additional equity securities or other securities convertible into such equity securities could result in dilution of your holdings.
The incurrence of indebtedness would result in increased debt service obligations and could require us to agree to operating and
financial covenants that would restrict our operations. Financing may not be available in amounts or on terms acceptable to us,
if at all. Any failure by us to raise additional funds on terms favorable to us, or at all, could limit our ability to expand our
business operations and could harm our overall business prospects.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We do not intend to pay dividends in the foreseeable future
and there are certain restrictions on the payment of dividend under PRC laws.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have not previously paid any cash dividends,
and we do not anticipate paying any dividends on our ordinary shares. As we intend to remain in a growth mode, we intend to
reinvest any profits in the foreseeable future to grow the business. We cannot assure you that our operations will continue to
result in sufficient revenues to enable us to operate at profitable levels or to generate positive cash flows. Furthermore,
there is no assurance our Board of Directors will declare dividends even if we are profitable. Dividend policy is subject
to the discretion of our Board of Directors and will depend on, among other things, our earnings, financial condition, capital
requirements and other factors. If we determine to pay dividends on any of our ordinary shares in the future, we will be dependent,
in large part, on receipt of funds from the Domestic Companies. </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a holding company with no operations
of our own and all of our operations are conducted through Recon Technology (Jining) Co., Ltd (“WFOE”) through certain
contractual arrangements with our operating subsidiaries, Beijing BHD Petroleum Technology Co., Ltd. and Nanjing Recon Technology
Co., Ltd. Our ability to pay dividends is dependent upon dividends and other distributions paid by WFOE. Chinese legal restrictions
permit payment of dividends to us by WFOE only out of its accumulated net profit, if any, determined in accordance with Chinese
accounting standards and regulations. Under Chinese law, WFOE is required to set aside a portion (at least 10%) of its after-tax
net income (after discharging all cumulated loss), if any, each year for compulsory statutory reserve until the amount of the reserve
reaches 50% of its registered capital. These funds may be distributed to shareholders at the time of its wind up. Payments
of dividends by WFOE to us are also subject to restrictions including primarily the restriction that foreign invested enterprises
may only buy, sell and/or remit foreign currencies at those banks authorized to conduct foreign exchange business after providing
valid commercial documents. There are no such similar foreign exchange restrictions in the Cayman Islands.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our certificates, permits, and license are subject to
governmental control and renewal, and the failure to obtain renewal would cause all or part of our operations to be suspended and
may have a material adverse effect on our financial condition.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are subject to various PRC laws and regulations
pertaining to automation services for the petroleum extraction industry. We have obtained certain certificates, permits, and licenses
required for the operation of an automation services provider for the petroleum extraction industry and the manufacturing and distribution
of software and hardware products in the PRC.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">During the application or renewal process
for our licenses and permits, we will be evaluated and re-evaluated by the appropriate governmental authorities and must comply
with the prevailing standards and regulations, which may change from time to time. In the event that we are not able to obtain
or renew the certificates, permits and licenses, all or part of our operations may be suspended by the government, which would
have a material adverse effect on our business and financial condition. Furthermore, if escalating compliance costs associated
with governmental standards and regulations restrict or prohibit any part of our operations, it may adversely affect our results
of operations and profitability.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Our Corporate Structure</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>PRC laws and regulations governing our businesses and
the validity of certain of our contractual arrangements are uncertain. In addition, changes in such PRC laws and regulations may
materially and adversely affect our business.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There are substantial uncertainties regarding
the interpretation and application of PRC laws and regulations, including, but not limited to, the laws and regulations governing
our business, and the enforcement and performance of our contractual arrangements with the Domestic Companies and their shareholders.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Recon-CI, Recon-HK and Recon-JN are considered
foreign persons or foreign invested enterprises under PRC law. As a result, Recon-CI, Recon-HK and Recon-JN are subject to PRC
law limitations on foreign ownership of domestic companies. Although the primary business of the Domestic Companies falls within
a category in which foreign investment is currently encouraged, the uncertainty of PRC regulations and governmental policies affecting
foreign ownership may result in Recon-CI being required to hold (or, conversely, being prohibited from holding), directly or indirectly,
a given percentage of the Domestic Companies’ equity interests. Our contractual arrangements with the Domestic Companies
and their shareholders, which allow us to substantially control the Domestic Companies through Recon-JN, are governed by Chinese
law. We cannot assure you, however, that we will be able to enforce these contracts. If we are unable to enforce these contracts,
we could be required to deconsolidate such Domestic Company from our financial results.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, Chinese laws and regulations
limiting foreign ownership of domestic companies are relatively new and may be subject to change, and their official interpretation
and enforcement may involve substantial uncertainty. The effectiveness of newly enacted laws, regulations or amendments may be
delayed, resulting in detrimental reliance by foreign investors. New laws and regulations that affect existing and proposed future
businesses may also be applied retroactively.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The PRC government has broad discretion
in dealing with violations of laws and regulations, including levying fines, revoking business and other licenses and requiring
actions necessary for compliance. In particular, licenses and permits issued or granted to us by relevant governmental bodies may
be revoked at a later time by higher regulatory bodies. We cannot predict the effect of the interpretation of existing or new PRC
laws or regulations on our businesses. We cannot assure you that our current ownership and operating structure would not be found
in violation of any current or future PRC laws or regulations. As a result, we may be subject to sanctions, including fines, and
could be required to restructure our operations or cease to provide certain services. Any of these or similar actions could significantly
disrupt our business operations or restrict us from conducting a substantial portion of our business operations, which could materially
and adversely affect our business, financial condition and results of operations and future growth prospects.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although we believe we comply and will continue
to comply with current PRC regulations, we cannot assure you that the PRC government would agree that these operating arrangements
comply with PRC licensing, registration or other regulatory requirements, with existing policies or with requirements or policies
that may be adopted in the future. If the PRC government determines that we do not comply with applicable law, it could revoke
our business and operating licenses, require us to discontinue or restrict our operations, restrict our right to collect revenues,
require us to restructure our operations, impose additional conditions or requirements with which we may not be able to comply,
impose restrictions on our business operations or on our customers, or take other regulatory or enforcement actions against us
that could be harmful to our business.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The PRC government may determine that the agreements we
use to control the Domestic Companies are not in compliance with applicable PRC laws, rules and regulations and are therefore unenforceable.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the PRC, foreign invested enterprises
are forbidden or restricted to engage in certain specified businesses or industries which are sensitive to the economy. The Chinese
government periodically revises its list of encouraged, permitted, restricted, and forbidden industries. As we intend to centralize
our management and operation in the PRC without being restricted to conduct certain business activities which are important for
our current or future business but are restricted or might be restricted in the future, we believe the agreements between Recon-JN
and the Domestic Companies will be essential for our business operation. In order for Recon-JN to manage and operate our business
through the Domestic Companies in the PRC, these agreements were entered into under which almost all the business activities of
the Domestic Companies are managed and operated by Recon-JN and almost all economic benefits and risks arising from the business
of the Domestic Companies are transferred to Recon-JN.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Risks are associated with our operations
under the agreements with the Domestic Companies. If the PRC government determines that these agreements used to control the Domestic
Companies are unenforceable as they circumvent the PRC restrictions relating to foreign investment restrictions, the relevant regulatory
authorities would have broad discretion in dealing with such breach, including:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 5px"> </td>
<td style="width: 5px"><font style="font-size: 10pt">• </font></td>
<td><font style="font-size: 10pt">imposing economic penalties;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 5px"> </td>
<td style="width: 5px"><font style="font-size: 10pt">• </font></td>
<td><font style="font-size: 10pt">discontinuing or restricting our operations;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 5px"> </td>
<td style="width: 8px"><font style="font-size: 10pt">• </font></td>
<td><font style="font-size: 10pt">imposing conditions or requirements in respect of the agreements with the Domestic Companies with which we may not be able to comply;</font></td></tr>
<tr style="vertical-align: top">
<td> </td>
<td><font style="font-size: 10pt">• </font></td>
<td><font style="font-size: 10pt">requiring us to restructure the relevant ownership structure or operations;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 5px"> </td>
<td style="width: 5px"><font style="font-size: 10pt">• </font></td>
<td><font style="font-size: 10pt">taking other regulatory or enforcement actions that could adversely affect our business; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 5px"> </td>
<td style="width: 5px"><font style="font-size: 10pt">• </font></td>
<td><font style="font-size: 10pt">revoking the business license and/or the licenses or certificates of Recon-JN, and/or voiding the agreements.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any of these actions could have a material adverse impact on
our business, future operating prospects, financial condition and results of operations.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our contractual arrangements with the Domestic Companies
and their respective shareholders may not be as effective in providing control over these entities as direct ownership.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have no equity ownership interest in
the Domestic Companies and rely on contractual arrangements to control and operate such businesses. These contractual arrangements
may not be as effective in providing control over the Domestic Companies as direct ownership. For example, BHD could fail to take
actions required for our business or fail to pay dividends to Recon-JN despite its contractual obligation to do so. If the Domestic
Companies fail to perform under their agreements with us, we may have to rely on legal remedies under PRC law, which may not be
effective. In addition, we cannot assure you that any of the Domestic Companies’ shareholders would always act in our best
interests.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I></I></B></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Regulations relating to offshore
investment activities by PRC residents may limit our ability to acquire PRC companies and could adversely affect our business.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In July 2014, SAFE promulgated the Circular
on Issues Concerning Foreign Exchange Administration Over the Overseas Investment and Financing and Roundtrip Investment by Domestic
Residents Via Special Purpose Vehicles, or Circular 37, which replaced Relevant Issues Concerning Foreign Exchange
Control on Domestic Residents’ Corporate Financing and Roundtrip Investment through Offshore Special Purpose Vehicles, or
Circular 75. Circular 37 requires PRC residents to register with local branches of SAFE in connection with
their direct establishment or indirect control of an offshore entity, referred to in Circular 37 as a “special
purpose vehicle” for the purpose of holding domestic or offshore assets or interests. Circular 37 further
requires amendment to a PRC resident’s registration in the event of any significant changes with respect to the special purpose
vehicle, such as an increase or decrease in the capital contributed by PRC individuals, share transfer or exchange, merger, division
or other material event. Under these regulations, PRC residents’ failure to comply with specified registration procedures
may result in restrictions being imposed on the foreign exchange activities of the relevant PRC entity, including the payment of
dividends and other distributions to its offshore parent, as well as restrictions on capital inflows from the offshore entity to
the PRC entity, including restrictions on its ability to contribute additional capital to its PRC subsidiaries. Further, failure
to comply with the SAFE registration requirements could result in penalties under PRC law for evasion of foreign exchange regulations.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As Circular 37 is newly-issued,
it is unclear how these regulations will be interpreted and implemented. In addition, different local SAFE branches may have different
views and procedures as to the interpretation and implementation of the SAFE regulations, and it may be difficult for our ultimate
shareholders or beneficial owners who are PRC residents to provide sufficient supporting documents required by the SAFE or to complete
the required registration with the SAFE in a timely manner, or at all. Any failure by any of our shareholders who is a PRC resident,
or is controlled by a PRC resident, to comply with relevant requirements under these regulations could subject us to fines or sanctions
imposed by the PRC government, including restrictions on Recon-JN’s ability to pay dividends or make distributions to us
and on our ability to increase our investment in the Recon-JN.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under Circular 37, if a non-listed
special purpose vehicle uses its own equity or share option to grant equity incentive awards to directors, supervisors, members
of senior management or employees directly employed by a domestic enterprise that is directly or indirectly controlled by such
special purpose vehicle, or with which such employee has established an employment relationship, any of such directors, supervisors,
members of senior management or employees who is a PRC resident should, prior to exercising their rights, file an application with
the SAFE for foreign exchange registration with respect to such special purpose vehicle. However, in practice, different local
SAFE branches may have different views and procedures as to the interpretation and implementation of the SAFE regulations and,
since Circular 37 was the first regulation to regulate the foreign exchange registration of a non-listed special
purpose vehicle’s equity incentive granted to PRC residents, there remains uncertainty with respect to its implementation.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our contractual arrangements with the Domestic Companies
may result in adverse tax consequences to us.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a result of our corporate structure and
contractual arrangements between Recon-JN and the Domestic Companies, we are effectively subject to the 5% PRC business tax on
both revenues generated by Recon-JN’s operations in China and revenues derived from Recon-JN’s contractual arrangements
with the Domestic Companies. Moreover, we would be subject to adverse tax consequences if the PRC tax authorities were to determine
that the contracts between Recon-JN and the Domestic Companies were not on an arm’s length basis and therefore constitute
a favorable transfer pricing. As a result, the PRC tax authorities could request that we adjust our taxable income upward for PRC
tax purposes. If the PRC tax authorities took such action, such authorities would be able to establish in its sole discretion the
amount of tax payable by Recon-JN, so we cannot predict the effect of such action on our company other than the likely effect that
our profits would decrease. Such a pricing adjustment could adversely affect us by:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 20px"> </td>
<td style="width: 28px"><font style="font-size: 10pt">•</font></td>
<td><font style="font-size: 10pt">increasing our tax expenses, which could subject Recon-JN to late payment fees and other penalties for under-payment of taxes; and/or</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 20px"> </td>
<td style="width: 28px"><font style="font-size: 10pt">•</font></td>
<td><font style="font-size: 10pt">resulting in Recon-JN’s loss of preferential tax treatment.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The principal shareholders of the Domestic Companies have
potential conflicts of interest with us, which may adversely affect our business.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Yin Shenping, our Chief Executive Officer,
and Chen Guangqiang, our Chief Technology Officer, are significant shareholders in our company. They are also the principal shareholders
of each of the Domestic Companies and collectively control the Domestic Companies. Conflicts of interests between their duties
to our company and the respective Domestic Companies may arise. For example, Mr. Yin and Mr. Chen could cause a Domestic
Company to fail to take actions that are in the best interests of our Company or to fail to pay dividends to Recon-JN despite its
contractual obligation to do so if making such payment would harm the Domestic Company.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As Mr. Yin and Mr. Chen are also
directors and executive officers of our company, they have duties of loyalty and care to us under Cayman Islands law when there
are any potential conflicts of interests between our company and the Domestic Companies. Each of Mr. Yin and Mr. Chen
has executed an irrevocable power of attorney to appoint the individual designated by us to be his attorney-in-fact to vote on
his behalf on all matters related to the Domestic Companies requiring shareholder approval. We cannot assure you, however, that
if conflicts of interest arise, they will act completely in our interests or that conflicts of interests will be resolved in our
favor. In addition, Mr. Yin and Mr. Chen could violate their respective employment agreements with us or their legal
duties by diverting business opportunities from us to others. If we cannot resolve any conflicts of interest between us and Mr. Yin
and Mr. Chen, as applicable, we would have to rely on legal proceedings, which could result in the disruption of our business.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Any deterioration of the relationship between Recon-JN
and the Domestic Companies could materially and adversely affect the overall business operation of our company.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our relationship with our Domestic Companies
is governed by their agreements with Recon-JN, which are intended to provide us, through our indirect ownership of Recon-JN, with
effective control over the business operations of our Domestic Companies. However, these agreements may not be effective in providing
control over the applications for and maintenance of the licenses required for our business operations. Our Domestic Companies
could violate these agreements, go bankrupt, suffer from difficulties in its business or otherwise become unable to perform its
obligations under these agreements and, as a result, our operations, reputation, business and stock price could be severely harmed.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If Recon-JN exercises its purchase option of the Domestic
Companies’ equity pursuant to the Exclusive Equity Interest Purchase Agreement, payment of the purchase price could materially
and adversely affect our financial position.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the Exclusive Equity Interest Purchase
Agreement, Recon-JN holds an option to purchase all or a portion of the equity of the Domestic Companies at a price, based on the
capital paid in by the Domestic Company shareholders. If applicable PRC laws and regulations require an appraisal of the equity
interest or provide other restriction on the purchase price, the purchase price shall be the lowest price permitted under the applicable
PRC laws and regulations. As the Domestic Companies are already contractually controlled affiliates to our company, Recon-JN’s
purchase of the Domestic Companies’ equity would not bring immediate benefits to our company and the exercise of the option
and payment of the purchase prices could adversely affect our financial position and available working capital.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our classified board structure may prevent a change in
our control.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our board of directors is divided into three
classes of directors. The current terms of the directors expire in 2015, 2016 and 2017. Directors of each class are chosen for
three-year terms upon the expiration of their current terms, and each year one class of directors is elected by the shareholders.
The staggered terms of our directors may reduce the possibility of a tender offer or an attempt at a change in control, even though
a tender offer or change in control might be in the best interest of our shareholders.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Shareholder rights under Cayman Islands law may differ
materially from shareholder rights in the United States, which could adversely affect the ability of us and our shareholders to
protect our and their interests.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our corporate affairs are governed by our
amended and restated memorandum and articles of association, by the Companies Law (2013 Revision) and the common law of the Cayman
Islands. The rights of shareholders to take action against the directors, actions by minority shareholders, and the fiduciary responsibilities
of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common
law in the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from
English common law, the decisions of whose courts are of persuasive authority but are not binding on a court in the Cayman Islands.
In particular, the Cayman Islands has a less developed body of securities laws as compared to the United States, and some states,
such as Delaware, have more fully developed and judicially interpreted bodies of corporate laws. Moreover, our company could be
involved in a corporate combination in which dissenting shareholders would have no rights comparable to appraisal rights which
would otherwise ordinarily be available to dissenting shareholders of United States corporations. However, Cayman Islands statutory
law does provide a mechanism for a dissenting shareholder in a merger or consolidation to apply to the Grand Court for a determination
of the fair value of the dissenter’s shares if it is not possible for the dissenter and the Company to agree a fair price
within the time limits prescribed. Also, our Cayman Islands counsel is not aware of a significant number of reported derivative
actions having been brought in Cayman Islands courts. Class actions are not recognized in the Cayman Islands, but groups of shareholders
with identical interests may bring representative proceedings which are similar. Such actions are ordinarily available in respect
of United States corporations in U.S. courts. Finally, Cayman Islands companies may not have standing to initiate shareholder derivative
action before the federal courts of the United States. As a result, our public shareholders may face different considerations in
protecting their interests in actions against the management, directors or our controlling shareholders than would shareholders
of a corporation incorporated in a jurisdiction in the United States, and our ability to protect our interests may be limited if
we are harmed in a manner that would otherwise enable us to sue in a United States federal court.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>As we are a Cayman Islands company and most of our assets
are outside the United States, it will be extremely difficult to acquire jurisdiction and enforce liabilities against us and our
officers, directors and assets based in China.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a Cayman Islands exempt company,
and our corporate affairs are governed by our Memorandum and Articles of Association and by the Cayman Islands Companies Law (2013
Revision) and other applicable Cayman Islands laws. Certain of our directors and officers reside outside of the United States.
In addition, the Company’s assets will be located outside the United States. As a result, it may be difficult or impossible
to effect service of process within the United States upon our directors or officers and our subsidiaries, or enforce against any
of them court judgments obtained in United States’ courts, including judgments relating to United States federal securities
laws. In addition, there is uncertainty as to whether the courts of the Cayman Islands and of other offshore jurisdictions would
recognize or enforce judgments of United States’ courts obtained against us predicated upon the civil liability provisions
of the securities laws of the United States or any state thereof on the grounds that such provisions are penal in nature, or be
competent to hear original actions brought in the Cayman Islands or other offshore jurisdictions predicated upon the securities
laws of the United States or any state thereof. Our Cayman Islands’ counsel has advised us that although there is no
statutory enforcement in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize
and enforce a foreign judgment of a court of competent jurisdiction if such judgment is final, for a liquidated sum, provided it
is not in respect of taxes or a fine or penalty, is not inconsistent with a Cayman Islands’ judgment in respect of the same
matters, and was not obtained in a manner which is contrary to the public policy of the Cayman Islands. A Cayman Islands court
may stay proceedings if concurrent proceedings are being brought elsewhere. Furthermore, because the majority of our assets are
located in China, it would also be extremely difficult to access those assets to satisfy an award entered against us in United
States court.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Related to Doing Business in China</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Adverse changes in China’s political, economic or
social conditions or government policies could have a material adverse effect on the overall economic growth of China, which could
reduce the demand for our products and materially adversely affect our competitive position.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We conduct substantially all of our operations
and generate most of our revenues in China. Accordingly, our business, financial condition, results of operations and prospects
are affected significantly by economic, political and legal developments in China. The PRC economy differs from the economies of
most developed countries in many respects, including:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 19px"> </td>
<td style="width: 38px"><font style="font-size: 10pt">•</font></td>
<td><font style="font-size: 10pt">the higher level of government involvement;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 19px"> </td>
<td style="width: 38px"><font style="font-size: 10pt">•</font></td>
<td><font style="font-size: 10pt">the early stage of development of the market-oriented sector of the economy;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 19px"> </td>
<td style="width: 38px"><font style="font-size: 10pt">•</font></td>
<td><font style="font-size: 10pt">the relatively rapid growth rate;</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 19px"> </td>
<td style="width: 38px"><font style="font-size: 10pt">•</font></td>
<td><font style="font-size: 10pt">the higher level of control over foreign exchange; and</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 19px"> </td>
<td style="width: 38px"><font style="font-size: 10pt">•</font></td>
<td><font style="font-size: 10pt">the allocation policies of resources.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">While the PRC economy has grown significantly
since the late 1970s, the growth has been uneven, both geographically and among various sectors of the economy. The PRC government
has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these measures benefit
the overall PRC economy, but may also have a negative effect on our business. For example, our financial condition and results
of operations may be adversely affected by government control over capital investments or changes in tax regulations that are applicable
to us.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The PRC economy has been transitioning from
a planned economy to a more market-oriented economy. The PRC government continues to exercise significant control over economic
growth in China through the allocation of resources, controlling payment of foreign currency-denominated obligations, setting monetary
policy and imposing policies that impact particular industries or companies in different ways.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Uncertainties with respect to the PRC legal system could
limit the legal protections available to you and us.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We conduct substantially all of our business
through our operating subsidiary in the PRC, Recon-JN, which is a wholly foreign owned enterprise in China. Recon-JN is generally
subject to laws and regulations applicable to foreign invested enterprises in China and intellectual property protections. The
PRC legal system is based on written statutes, and prior court decisions may be cited for reference but have limited precedential
value. Since the late 1970s, a series of new PRC laws and regulations have significantly enhanced the protections afforded to intellectual
property rights and various forms of foreign investments in China. However, since these laws and regulations are relatively new
and the PRC legal system continues to rapidly evolve, the interpretations of many laws, regulations and rules are not always uniform
and enforcement of these laws, regulations and rules involve uncertainties, which may limit legal protections available to you
and us. In addition, any litigation in China may be protracted and result in substantial costs and diversion of resources and management
attention.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B></B></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We do not have business interruption, litigation or natural
disaster insurance.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The insurance industry in China is still
at an early stage of development. In particular PRC insurance companies offer limited business products. As a result, we do not
have any business liability or disruption insurance coverage for our operations in China. Any business interruption, litigation
or natural disaster may result in our business incurring substantial costs and the diversion of resources.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may be subject to foreign exchange controls in the
PRC.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our PRC subsidiary and affiliates are subject
to PRC rules and regulations on currency conversion. In the PRC, the State Administration for Foreign Exchange (“SAFE”)
regulates the conversion of the RMB into foreign currencies. Currently, foreign investment enterprises (“FIEs”) are
required to apply to SAFE for “Foreign Exchange Registration Certificate for FIEs.” Recon-JN is a FIE. With such registration
certifications (which need to be renewed annually), FIEs are allowed to open foreign currency accounts including the “recurrent
account” and the “capital account.” Currently, conversion within the scope of the “recurrent account”
can be effected without requiring the approval of SAFE. However, conversion of currency in the “capital account” (e.g.
for capital items such as direct investments, loans, securities, etc.) still requires the approval of SAFE. Accordingly, compliance
with SAFE requirements may limit how we are able to use our funds, including the proceeds of this offering, in ways that we would
not be limited if we operated in countries other than China.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Recent PRC regulations relating to the establishment of
offshore special purpose vehicles by PRC residents, if applied to us, may subject our PRC resident shareholders to personal liability
and limit our ability to acquire PRC companies or to inject capital into Recon-JN and Recon-HK, limit Recon-JN’s and Recon-HK’s
ability to distribute profits to us or otherwise materially adversely affect us.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October 21, 2005, SAFE issued a public
notice, the Notice on Relevant Issues in the Foreign Exchange Control over Financing and Return Investment Through Special Purpose
Companies by Residents Inside China, or the SAFE notice, which requires PRC residents, including both legal persons and natural
persons, to register with the competent local SAFE branch before establishing or controlling any company outside of China, referred
to as an “offshore special purpose company,” for the purpose of overseas equity financing involving onshore assets
or equity interests held by them. In addition, any PRC resident that is the shareholder of an offshore special purpose company
is required to amend its SAFE registration with the local SAFE branch with respect to that offshore special purpose company in
connection with any increase or decrease of capital, transfer of shares, merger, division, equity investment or creation of any
security interest over any assets located in China. Moreover, if the offshore special purpose company was established and owned
the onshore assets or equity interests before November 1, 2005, a retroactive SAFE registration is required to have been completed
before March 31, 2006. If any PRC shareholder of any offshore special purpose company fails to make the required SAFE registration
and amendment, the PRC subsidiaries of that offshore special purpose company (Recon-JN and Recon-HK for our company) may be prohibited
from distributing their profits and the proceeds from any reduction in capital, share transfer or liquidation to the offshore special
purpose company. Moreover, failure to comply with the SAFE registration and amendment requirements described above could result
in liability under PRC laws for evasion of applicable foreign exchange restrictions.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Due to lack of official interpretation,
some of the terms and provisions in the SAFE notice remain unclear and implementation by central SAFE and local SAFE branches of
the SAFE notice has been inconsistent since its adoption. Because of uncertainty over how the SAFE notice will be interpreted and
implemented, we cannot predict how it will affect our business operations or future strategies. For example, Recon-JN’s,
Recon-HK’s and any prospective PRC subsidiaries’ ability to conduct foreign exchange activities, such as the remittance
of dividends and foreign currency-denominated borrowings, may be subject to compliance with the SAFE notice by our company’s
PRC resident beneficial holders. In addition, such PRC residents may not always be able to complete the necessary registration
procedures required by the SAFE notice. We also have little control over either our present or prospective direct or indirect shareholders
or the outcome of such registration procedures. A failure by our PRC resident beneficial holders or future PRC resident shareholders
to comply with the SAFE notice, if SAFE requires it, could subject us to fines or legal sanctions, restrict our overseas or cross-border
investment activities, limit our subsidiary’s ability to make distributions or pay dividends or affect our ownership structure,
which could adversely affect our business and prospects.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>PRC regulations and potential registration requirements
relating to acquisitions of PRC companies by foreign entities may create regulatory uncertainties that could restrict or limit
our ability to operate.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 8, 2006, six PRC regulatory agencies,
including the PRC Ministry of Commerce (“MOC”), the State-owned Assets Supervision and Administration Commission of
the State Council, the State Administration of Taxation, the State Administration for Industry and Commerce, the China Securities
Regulatory Commission (“CSRC”) and SAFE, jointly adopted the Regulations on Mergers and Acquisitions of Domestic
Enterprises by Foreign Investors, or the M&A Rules, which came into effect on September 8, 2006 and was amended on June 22,
2009. The M&A Rules significantly revised China’s regulatory framework governing onshore-to-offshore restructurings
and foreign acquisitions of domestic enterprises. These new rules signify greater PRC government attention to cross-border merger,
acquisition and other investment activities, by confirming MOC as a key regulator for issues related to mergers and acquisitions
in China and requiring MOC approval of a broad range of merger, acquisition and investment transactions. Further, the new rules
establish reporting requirements for acquisition of control by foreigners of companies in key industries, and reinforce the ability
of the Chinese government to monitor and prohibit foreign control transactions in key industries.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Among other things, the M&A Rules include
new provisions that purport to require that an offshore SPV, formed for listing purposes and controlled directly or indirectly
by PRC companies or individuals must obtain the approval of the CSRC prior to the listing and trading of such SPV’s securities
on an overseas stock exchange. On September 21, 2006, the CSRC published on its official website procedures specifying documents
and materials required to be submitted to it by SPVs seeking CSRC approval of their overseas listings. However, the application
of this PRC regulation remains unclear with no consensus currently existing among the leading PRC law firms regarding the scope
and applicability of the CSRC approval requirement.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the PRC regulatory authorities take the
view that the VIE Agreements constitute a reverse merger acquisition or round-trip investment in related party transactions without
the approval of the national offices of MOC, they could invalidate the VIE Agreements. Additionally, the PRC regulatory authorities
may take the view that any public offering plan will require the prior approval of CSRC. If we cannot obtain MOC or CSRC approval
in case we are required to do so, our business and financial performance will be materially adversely affected. We may also face
regulatory actions or other sanctions from the MOC or other PRC regulatory agencies. These regulatory agencies may impose fines
and penalties on our operations in the PRC, limit our operating privileges in the PRC, delay or restrict the repatriation of the
proceeds of this or any other offering into the PRC, or take other actions that could have a material adverse effect on our business,
financial condition, results of operations, reputation and prospects, as well as the trading price of our ordinary shares.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Also, if the CSRC later requires that we
obtain its approval, we may be unable to obtain a waiver of the CSRC approval requirements, if and when procedures are established
to obtain such a waiver. Any uncertainties and/or negative publicity regarding this CSRC approval requirement could have a material
adverse effect on the trading price of our ordinary shares.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>PRC registration requirements for stock option plans
of overseas publicly-listed companies may restrict our ability to adopt equity compensation plans for our directors and employees
or otherwise limit our PRC subsidiaries’ ability to distribute profits to us.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In February 2012, SAFE promulgated the Notice
on the Administration of Foreign Exchange Matters for Domestic Individuals Participating in the Stock Incentive Plans of Overseas
Listed Companies, or the Stock Option Notice, which replaced the Application Procedures of Foreign Exchange Administration
for Domestic Individuals Participating in Employee Stock Ownership Plans or Stock Option Plans of Overseas Publicly-Listed Companies
issued by SAFE on March 28, 2007. Under the Stock Option Notice and other relevant rules and regulations, PRC residents who participate
in stock incentive plan in an overseas publicly-listed company are required to register with SAFE or its local branches and complete
certain other procedures. Participants of a stock incentive plan who are PRC residents must collectively retain a qualified PRC
agent, which could be a PRC subsidiary of such overseas publicly listed company or another qualified institution selected by such
PRC subsidiary, to conduct the SAFE registration and other procedures with respect to the stock incentive plan on behalf of its
participants. Such participants must also collectively retain an overseas entrusted institution to handle matters in connection
with their exercise of stock options, the purchase and sale of corresponding stocks or interests and fund transfers. In addition,
the PRC agent is required to amend the SAFE registration with respect to the stock incentive plan if there is any material change
to the stock incentive plan, the PRC agent or the overseas entrusted institution or other material changes. We and our PRC employees
who have been granted stock options will be subject to these regulations. Failure of our PRC stock option holders to complete their
SAFE registrations may subject these PRC residents to fines and legal sanctions and may also limit our ability to compensate
our employees and directors through equity compensation, limited our PRC subsidiaries’ ability to distribute dividends
to us, or otherwise materially adversely affect our business.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The Chinese government could change its policies toward
private enterprise or even nationalize or expropriate private enterprises, which could result in the total loss of our investment
in that country.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our business is subject to significant political
and economic uncertainties and may be adversely affected by political, economic and social developments in China. Over the past
several years, the Chinese government has pursued economic reform policies including the encouragement of private economic activity
and greater economic decentralization. The Chinese government may not continue to pursue these policies or may significantly alter
them to our detriment from time to time with little, if any, prior notice.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Changes in policies, laws and regulations
or in their interpretation or the imposition of confiscatory taxation, restrictions on currency conversion, restrictions or prohibitions
on dividend payments to shareholders, devaluations of currency or the nationalization or other expropriation of private enterprises
could have a material adverse effect on our business. Nationalization or expropriation could even result in the total loss of our
investment in China and in the total loss of your investment in us.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B></B></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may be unable to establish and maintain an effective
system of internal control over financial reporting, and as a result we may be unable to accurately report our financial results
or prevent fraud.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The PRC historically has been deficient
in western style management, governance and financial reporting concepts and practices, as well as in modern banking, and other
control systems. Our current management has little experience with western style management, governance and financial reporting
concepts and practices, and we may have difficulty in hiring and retaining a sufficient number of qualified employees to work in
the PRC. As a result of these factors, and especially given that we are a publicly listed company in the U.S. and subject to regulation
as such, we may experience difficulty in establishing management, governance, legal and financial controls, collecting financial
data and preparing financial statements, books of account and corporate records and instituting business practices that meet western
standards. We may have difficulty establishing adequate management, governance, legal and financial controls in the PRC. Therefore,
we may, in turn, experience difficulties in implementing and maintaining adequate internal controls as required under Section 404
of the Sarbanes-Oxley Act of 2002 and other applicable laws, rules and regulations. This may result in significant deficiencies
or material weaknesses in our internal controls which could impact the reliability of our financial statements and prevent us from
complying with SEC rules and regulations and the requirements of the Sarbanes-Oxley Act of 2002. Any such deficiencies, weaknesses
or lack of compliance could have a materially adverse effect on our business and the public announcement of such deficiencies could
adversely impact our stock price.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Risks Related to this Offering and Our
Ordinary Shares</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our management will have broad discretion as to the use
of the proceeds from this offering, and may not use the proceeds effectively. </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Because we have not designated the amount
of net proceeds from this offering to be used for any particular purpose, our management will have broad discretion as to the application
of the net proceeds from this offering and could use them for purposes other than those contemplated at the time of the offering.
Our management may use the net proceeds for corporate purposes that may not improve our financial condition or market value.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>You may experience immediate and substantial dilution.
</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The offering price per share in this offering
may exceed the net tangible book value per share of our ordinary shares outstanding prior to this offering. Assuming that an aggregate
of 1,171,971 ordinary shares are sold during the term of the equity distribution agreement with Maxim Group LLC at a price of $1.88
per share, the last reported sale price of our ordinary shares on the NASDAQ Capital Market on May 11, 2015, for aggregate gross
proceeds approximately of $2.2 million, and after deducting commissions and estimated aggregate offering expenses payable by us,
you will experience immediate dilution of $0.34 per share, representing the difference between our as adjusted pro forma net tangible
book value per share as of December 31, 2014 after giving effect to this offering and the assumed offering price. The exercise
of outstanding stock options may result in further dilution of your investment. See the section entitled “Dilution”
below for a more detailed illustration of the dilution you would incur if you participate in this offering.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>You may experience future dilution as a result of future
equity offerings. </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">In order to raise additional capital, we
may in the future offer additional ordinary shares or other securities convertible into or exchangeable for our ordinary shares
at prices that may not be the same as the price per share in this offering. We may sell shares or other securities in any other
offering at a price per share that is less than the price per share paid by investors in this offering, and investors purchasing
shares or other securities in the future could have rights superior to existing stockholders. The price per share at which we sell
additional ordinary shares, or securities convertible or exchangeable into ordinary shares, in future transactions may be higher
or lower than the price per share paid by investors in this offering.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We do not intend to pay dividends in the foreseeable future.
</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We have never paid cash dividends on our
ordinary shares. We currently intend to retain our future earnings, if any, to finance the operation and growth of our business
and currently do not plan to pay any cash dividends in the foreseeable future.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I></I></B></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Sales of a significant number of our ordinary shares in
the public markets, or the perception that such sales could occur, could depress the market price of our ordinary shares. </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Sales of a substantial number of our ordinary
shares in the public markets, or the perception that such sales could occur, could depress the market price of our ordinary shares
and impair our ability to raise capital through the sale of additional equity securities. We have agreed, subject to certain exceptions
set forth in the equity distribution agreement, not to sell or otherwise dispose of any ordinary shares or securities convertible
into or exchangeable for ordinary shares, warrants or any rights to purchase or acquire ordinary shares or permit the registration
under the Securities Act of any ordinary shares during the term of the equity distribution agreement without Maxim Group LLC’s
prior written consent. Therefore, it is possible that we could issue and sell additional ordinary shares in the public markets.
We cannot predict the effect that future sales of our ordinary shares would have on the market price of our ordinary shares.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I> </I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The market price for our securities may be volatile, which
could result in substantial losses to investors.</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">The market price for our ordinary shares
has been, and is likely to remain, volatile and subject to wide fluctuations in response to factors including the following:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
<td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: top; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">•</font></td>
<td style="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: top; width: 92%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">actual or anticipated fluctuations in our quarterly operating results;</font></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">•</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">changes in the Chinese petroleum and energy industries;</font></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">•</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">changes in the Chinese economy;</font></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">•</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">announcements by our competitors of significant acquisitions, strategic partnerships, joint ventures or capital commitments;</font></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">•</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">future sales of our common stock;</font></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">•</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">period to period fluctuations in our financial results;</font></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">•</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">low trading volume of our common stock; </font></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">•</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">additions or departures of key personnel; or</font></td></tr>
<tr>
<td style="padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">•</font></td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"> </td>
<td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">potential litigation.</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt">We expect that any other securities of
our Company are likely to be similarly volatile. In addition, the securities markets have from time to time experienced significant
price and volume fluctuations that are not related to the operating performance of particular companies. As a result, to the extent
shareholders sell our securities in negative market fluctuation, they may not receive a price per share that is based solely upon
our business performance. We cannot guarantee that shareholders will not lose some of their entire investment in our securities.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"><B><I>Our ability to raise capital may
be limited by applicable laws and regulations</I></B>.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Although we have an effective "shelf"
registration statement on Form S-3 (Registration File No. 333-190387) that allows us to raise up to $35 million from the public
sale of ordinary shares, share purchase contracts, share purchase units, debt securities, warrants, rights and units, we may not
be able to use that registration statement to raise additional capital. Under current SEC regulations, at any time during which
the aggregate market value of our common stock held by non-affiliates, or public float, is less than $75 million (calculated as
set forth in Form S-3 and SEC rules and regulations), the amount we can raise through primary public offerings of our securities
in any twelve-month period using a registration statement on Form S-3 will be limited to one-third of our public float.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Our public float may be calculated using
the price at which our ordinary shares were last sold, or the highest average of the bid and asked prices of our common stock as
of a date within 60 days prior to the date of filing. As of May 11, 2015, the aggregate market value of our outstanding common
stock held by non-affiliates was approximately $6.6 million based on 5,022,436 ordinary shares outstanding, of which approximately
1,506,522 ordinary shares are held by non-affiliates, and a per share price of $1.88, based at closing sale price of our ordinary
shares on May11, 2015. Using the highest average of the bid and asked prices of our common stock as of a date within 60 days prior
to the date of filing the aggregate market value of our public float was approximately $7.5 million, calculated using a market
price of $2.13 per share, which was the average of the bid and asked prices of our ordinary shares on the NASDAQ Capital Market
on May 6, 2015. The value of one-third of that public float was approximately $2.2 million; however, unless our public float exceeds
$75 million in the future, the market price of all the ordinary shares sold by us under this prospectus supplement will be subtracted
from that amount to determine any future amount we can raise publicly using our Form S-3 shelf registration statement. Alternative
means of raising capital through sales of our securities, including through the use of a "long form" registration statement
on Form S-1 registration statement or in private placements of equity or debt securities, may be more costly and time-consuming
and more difficult to market to potential investors.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> <BR>
</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus supplement and the documents
we have filed or will file with the SEC that are or will be incorporated by reference into this prospectus supplement contain forward-looking
statements, within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of
1934, as amended, or the Exchange Act, that involve risks and uncertainties. Any statements contained, or incorporated by reference,
in this prospectus supplement that are not statements of historical fact may be forward-looking statements. When we use the words
“anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,”
“may,” “plan,” “predict,” “project,” “will” and other similar terms
and phrases, including references to assumptions, we are identifying forward-looking statements. These statements are based on
management’s assumptions, judgments and beliefs in light of the information currently available to it. You should read this
prospectus supplement, the accompanying prospectus and the documents that we incorporate by reference herein and therein and have
filed as exhibits to the registration statement, of which this prospectus supplement and the accompanying prospectus is part, completely
and with the understanding that our actual future results may be materially different from what we concurrently expect. You should
assume that the information appearing in this prospectus supplement, the accompanying prospectus and any document incorporated
herein and therein by reference is accurate as of its date only. The Company cautions investors that a number of important risks
and uncertainties could cause actual results to differ materially from those discussed in the forward-looking statements, including
but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition
and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange
Commission. Therefore investors should not place undue reliance on such forward-looking statements. Actual results may differ significantly
from those set forth in the forward-looking statements. New factors emerge from time to time, and it is not possible for us
to predict which factors will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which
any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking
statements. We qualify all of the information presented in this prospectus supplement, the accompanying prospectus and any document
incorporated herein and therein by reference, and particularly our forward-looking statements, by these cautionary statements.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All such forward-looking statements, whether
written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any
other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation
to update any forward-looking statements to reflect events or circumstances after the date hereof.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>USE OF PROCEEDS </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">After giving effect to the sale of the
maximum number of ordinary shares that are available under the base prospectus and available under this prospectus supplement,
we estimate that the maximum potential net proceeds we will receive will be approximately $ 1.9 million, after deducting the agent’s
fees and estimated offering expenses. However, we cannot guarantee if or when these net proceeds will be received and the method
by which they are offered to the public. The amount of proceeds from this offering will depend upon the number of ordinary shares
sold and the market price at which they are sold. There can be no assurance that we will be able to sell any ordinary shares under
or fully utilize the engagement letter with Maxim Group LLC as a source of financing.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">We intend to use the net proceeds from
this offering for working capital and other general corporate purposes including acquisition of complementary assets or businesses
which we have not identified yet. The precise amount, use and timing of the application of such proceeds will depend upon our funding
requirements and the availability and cost of other capital.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DILUTION </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">If you invest in our ordinary shares, your
interest will be diluted immediately to the extent of the difference between the public offering price per share and the adjusted
net tangible book value per share of our ordinary shares after this offering.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Our net tangible book value on December
31, 2014 was approximately $16 million, or $3.39 per share. “Net tangible book value” is total assets minus the
sum of liabilities and intangible assets. “Net tangible book value per share” is net tangible book value divided by
the total number of shares outstanding.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">After giving effect to the sale of our
ordinary shares in the aggregate amount of $2,203,306 in this offering at an assumed offering price of $1.88 per share, which was
the last reported sale price of our ordinary shares on the NASDAQ Capital Market on May 11, 2015, and after deducting estimated
offering commissions and expenses payable by us, our net tangible book value as of December 31, 2014 would have been approximately
$18.0 million, or $3.05 per ordinary shares. This represents an immediate decrease in net tangible book value of $0.34 per share
to our existing stockholders and an immediate increase in net tangible book value of $1.40 per share to investors participating
in this offering. The following table illustrates this dilution per share to investors participating in this offering:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="width: 87%; font-size: 10pt; text-indent: -12pt; padding-left: 12pt">Assumed offering price per share	</TD><TD STYLE="width: 1%; font-size: 10pt"> </TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1.88</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; text-indent: -12pt; padding-left: 12pt">Net tangible book value per share as of December 31, 2014	</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3.39</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Dilution per share attributable to new investors	</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">0.34</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; padding-left: 0.1in"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -12pt; padding-left: 12pt">Net tangible book value per share after giving effect to this offering	</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3.05</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; padding-left: 0.1in"> </TD><TD STYLE="font-size: 1pt"> </TD>
<TD STYLE="font-size: 1pt; text-align: left"> </TD><TD STYLE="font-size: 1pt; text-align: right"> </TD><TD STYLE="font-size: 1pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt; text-indent: -12pt; padding-left: 12pt">Increase per share to new investors	</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1.17</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The table above assumes, for illustrative
purposes that an aggregate of 1,171,971 of our ordinary shares are sold at a price of $1.88 per share, the last reported
sale price of our ordinary shares on the NASDAQ Capital Market on May 11, 2015, for aggregate gross proceeds approximately of $2.2
million. The shares sold in this offering, if any, will be sold from time to time at various prices.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The above discussion and table are based
on <FONT STYLE="background-color: white">4,726,711</FONT> shares outstanding as of December 31, 2014 and exclude:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The number of our ordinary shares that
will be outstanding immediately after this offering as shown above is based on 5,022,436 shares outstanding as of May 11, 2014.
The number of shares outstanding as of the date of this prospectus supplement, as used throughout this prospectus supplement, unless
otherwise indicated, excludes the following, all as of December 31, 2014:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">•</TD><TD>193,000 ordinary shares issuable upon the exercise of outstanding stock options under our 2009 Equity Incentive Plan with an
initial exercise price of $6.00 per share;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">•</TD><TD>222,600 ordinary shares issuable upon the exercise of outstanding stock options under our 2009 Equity Incentive Plan with an
initial exercise price of $2.96 per share; and</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">•</TD><TD>an aggregate of 700,000 ordinary shares reserved for future issuance under our 2015 Equity Incentive Plan.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48.95pt; text-indent: -24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">To the extent that any of our outstanding
options or warrants are exercised, we grant additional options or other awards under our stock incentive plan or issue additional
warrants, or we issue additional ordinary shares in the future, there may be further dilution.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PRICE RANGE OF ORDINARY SHARES</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">Our ordinary shares are listed on the
NASDAQ Capital Market under the symbol “RCON.” The following table shows the high and low per share sale prices of
our ordinary shares for the periods indicated.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt"> </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </TD>
<TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: center"> </TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-align: center"> </TD>
<TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; font-weight: bold">Fiscal Year Ended June 30, 2015</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="width: 74%; font-size: 10pt; padding-left: 9pt">Quarter Ended September 30, 2014</TD><TD STYLE="width: 1%; font-size: 10pt"> </TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">2.15</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> </TD><TD STYLE="width: 1%; font-size: 10pt"> </TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1.38</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; padding-left: 9pt">Quarter Ended December 31, 2014</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">2.02</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.95</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; padding-left: 9pt">Quarter Ended March 31, 2015</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3.20</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.27</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; padding-left: 9pt">Quarter Ended June 30, 2015 (through May 11, 2015)</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">2.13</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.64</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; font-weight: bold">Year Ended June 30, 2014</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; padding-left: 12pt">Quarter Ended September 30, 2013</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">2.43</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.75</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; padding-left: 12pt">Quarter Ended December 31, 2013</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">5.80</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">2.18</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; padding-left: 12pt">Quarter Ended March 31, 2014</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">8.00</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3.07</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; padding-left: 12pt">Quarter Ended June 30, 2014</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">5.62</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3.22</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; font-weight: bold">Fiscal Year Ended June 30, 2013</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; padding-left: 8.25pt">Quarter Ended September 30, 2012</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">2.14</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.38</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; padding-left: 9pt">Quarter Ended December 31, 2012</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3.44</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.95</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; padding-left: 9pt">Quarter Ended March 31, 2013</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3.17</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.40</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; padding-left: 9pt">Quarter Ended June 30, 2013</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">2.65</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.55</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; font-weight: bold">Fiscal Year Ended June 30, 2012</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; text-align: right"> </TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; padding-left: 9.75pt">Quarter Ended September 30, 2011</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">2.65</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.71</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; padding-left: 9pt">Quarter Ended December 31, 2011</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1.08</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.27</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font-size: 10pt; padding-left: 9pt">Quarter Ended March 31, 2012</TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">4.58</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.30</TD><TD STYLE="font-size: 10pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; padding-bottom: 1pt; padding-left: 9pt">Quarter Ended June 30, 2012</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3.29</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1.45</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">On May 11, 2015, the last sale price reported
on the NASDAQ Capital Market for our ordinary shares was $1.88 per share.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DIVIDEND POLICY </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have never declared or paid any cash
dividends on our ordinary shares. We anticipate that we will retain any earnings to support operations and to finance the growth
and development of our business. Therefore, we do not expect to pay cash dividends in the foreseeable future. Any future determination
relating to our dividend policy will be made at the discretion of our Board of Directors and will depend on a number of factors,
including future earnings, capital requirements, financial conditions and future prospects and other factors the Board of Directors
may deem relevant.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a holding company with no operations
of our own and all of our operations are conducted through WFOE through certain contractual arrangements with our operating subsidiaries,
Beijing BHD Petroleum Technology Co., Ltd. and Nanjing Recon Technology Co., Ltd. Our ability to pay dividends is dependent upon
dividends and other distributions paid by WFOE. Chinese legal restrictions permit payment of dividends to us by WFOE only out of
its accumulated net profit, if any, determined in accordance with Chinese accounting standards and regulations. Under Chinese law,
WFOE is required to set aside a portion (at least 10%) of its after-tax net income (after discharging all cumulated loss), if any,
each year for compulsory statutory reserve until the amount of the reserve reaches 50% of its registered capital. These funds may
be distributed to shareholders at the time of its wind up. Payments of dividends by WFOE to us are also subject to restrictions
including primarily the restriction that foreign invested enterprises may only buy, sell and/or remit foreign currencies at those
banks authorized to conduct foreign exchange business after providing valid commercial documents. There are no such similar foreign
exchange restrictions in the Cayman Islands.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>
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<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"> </TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PLAN OF DISTRIBUTION </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">We have entered into an equity distribution
agreement with Maxim Group LLC pursuant to which we may issue and sell up to $10 million of our ordinary shares, par value $0.0185
per share, from time to time through Maxim Group LLC acting as agent. A copy of the equity distribution agreement has been filed
as an exhibit to the registration statement of which this prospectus supplement forms a part.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">Upon delivery of a placement notice and
subject to the terms and conditions of the equity distribution agreement, Maxim Group LLC may sell our ordinary shares by any method
permitted by law deemed to be an “at-the-market” offering as defined in Rule 415 promulgated under the Securities Act,
including sales made directly on the NASDAQ Capital Market, on any other existing trading market for our ordinary shares or to
or through a market maker. Maxim Group LLC may also sell our ordinary shares by any other method permitted by law, including in
privately negotiated transactions. We or Maxim Group LLC may terminate the equity distribution agreement and the offering of our
ordinary shares upon notice.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"><FONT STYLE="font-size: 10pt">We will
pay Maxim Group LLC in cash, upon each sale of our ordinary shares pursuant to the equity distribution agreement, a commission
in an amount equal to 3.5% of the aggregate gross proceeds from each sale of our ordinary shares. Because there is no minimum offering
amount required as a condition to this offering, the actual total public offering amount, commissions and proceeds to us, if any,
are not determinable at this time. We also agreed to pay a tail fee of 3.5% of the gross proceeds received by the Company from
investors directly or indirectly introduced by Maxim Group LLC within 12 months of expiration/termination of the equity distribution
agreement. We have agreed</FONT> <FONT STYLE="font-size: 10pt">to reimburse Maxim Group LLC upon request for its reasonable costs
and out-of-pocket expenses incurred in connection with this offering, including the fees and disbursements of its legal counsel,
not to exceed $75,000. Additionally, for each quarter that this offering is open, we have agreed to reimburse Maxim Group LLC’s
additional legal fees up to a maximum per quarter of $7,500. We estimate that the total expenses for the offering, excluding compensation
and expense reimbursement payable to Maxim Group LLC under the terms of the equity distribution agreement, will be approximately
$280,000. Pursuant to the terms of our engagement letter with Maxim Group LLC, we agreed to pay $25,000 as an advance payment toward
Maxim Group LLC’s accountable expenses (the “Advance”). Any portion of the Advance will be returned to us in
the event it is not actually incurred.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">Settlement for sales of ordinary shares
will occur on the third business day following the date on which any sales are made, or on some other date that is agreed upon
by us and Maxim Group LLC in connection with a particular transaction, in return for payment of the net proceeds to us. There is
no arrangement for funds to be received in an escrow, trust or similar arrangement. Sales of our ordinary shares as contemplated
in this prospectus supplement will be settled through the facilities of The Depository Trust Company or by such other means as
we and Maxim Group LLC may agree upon.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">Maxim Group LLC will act as sales agent
on a commercially reasonable best efforts basis consistent with its normal trading and sales practices and applicable state and
federal laws, rules and regulations and the rules of the NASDAQ Capital Market. In connection with the sale of the ordinary shares
on our behalf, Maxim Group LLC will be deemed to be an “underwriter” within the meaning of the Securities Act and the
compensation of Maxim Group LLC will be deemed to be underwriting commissions or discounts. We have agreed to provide indemnification
and contribution to Maxim Group LLC against certain civil liabilities, including liabilities under the Securities Act.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">The offering of our ordinary shares pursuant
to the equity distribution agreement will terminate upon the earlier of (i) the sale of all of our ordinary shares provided
for in this prospectus supplement, or (ii) termination of the equity distribution agreement as permitted therein. We may terminate
the equity distribution agreement with 15 days of prior written notice. Maxim Group LLC may terminate the equity distribution agreement
at any time upon written notice.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">We have entered into an agreement dated
February 2, 2015 with Maxim Group LLC pursuant to which Maxim Group LLC has agreed to provide us with general financial advisory
and investment banking services. The initial term of this agreement is six months. The agreement may be terminated by either party
at any time after the expiration of the initial term upon 30 days written notice to the other party. In consideration for the services
to be provided under the advisory agreement, we have issued to Maxim Group LLC 24,000 ordinary shares. Prior to the commencement
of this offering, Maxim Group LLC. will execute a lock-up agreement pursuant to which it will agree that for a period of 180 days,
from the date of the commencement of sales of this offering that it will not, (i) sell, offer to sell, contract or agree to sell,
hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or (ii)
enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership
of the ordinary shares received by Maxim Group LLC. as compensation for these services. Maxim Group LLC and its affiliates may
in the future provide various investment banking, commercial banking and other financial services for us and our affiliates, for
which services they may in the future receive customary fees. To the extent required by Regulation M, Maxim Group LLC will not
engage in any market making activities involving our ordinary shares while the offering is ongoing under this prospectus supplement.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt">This prospectus supplement in electronic
format may be made available on a web site maintained by Maxim Group LLC and Maxim Group LLC may distribute this prospectus supplement
electronically.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>
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<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"> </TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LEGAL MATTERS </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 48.95pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The validity
of the issuance of the ordinary shares offered by this prospectus supplement will be passed upon for us by Campbells, Cayman Islands.
.. Maxim Group LLC is being represented in connection with this offering by Loeb & Loeb LLP,</FONT> <FONT STYLE="font-size: 10pt">New
York, New York. </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPERTS </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The financial statements and management’s
assessment of the effectiveness of internal control over financial reporting (which is included in Management’s Report on
Internal Control over Financial Reporting) incorporated in this prospectus supplement by reference to the Annual Report on Form
10-K for the year ended June 30, 2014 have been so incorporated in reliance on the report of Friedman LLP, an independent registered
public accounting firm, given on the authority of said firm as experts in auditing and accounting.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WHERE YOU CAN FIND MORE INFORMATION </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus is part of the registration
statement on Form S-3 we filed with the SEC under the Securities Act and does not contain all the information set forth in the
registration statement. Whenever a reference is made in this prospectus to any of our contracts, agreements or other documents,
the reference may not be complete and you should refer to the exhibits that are a part of the registration statement or the exhibits
to the reports or other documents incorporated by reference into this prospectus for a copy of such contract, agreement or other
document. Because we are subject to the information and reporting requirements of the Exchange Act, we file annual, quarterly and
current reports, proxy statements and other information with the SEC. Our SEC filings are available to the public over the Internet
at the SEC’s website at http://www.sec.gov. You may also read and copy any document we file at the SEC’s Public Reference
Room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the operation
of the Public Reference Room.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INCORPORATION OF CERTAIN INFORMATION
BY REFERENCE</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are “incorporating by reference”
certain documents we file with the SEC, which means that we can disclose important information to you by referring you to those
documents. The information in the documents incorporated by reference is considered to be part of this prospectus supplement. Statements
contained in documents that we file with the SEC and that are incorporated by reference in this prospectus supplement will automatically
update and supersede information contained in this prospectus supplement, including information in previously filed documents or
reports that have been incorporated by reference in this prospectus supplement, to the extent the new information differs from
or is inconsistent with the old information. We have filed or may file the following documents with the SEC and they are incorporated
herein by reference as of their respective dates of filing:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">•</TD><TD>Our Annual Report on Form 10-K for the fiscal year ended June 30, 2014, as filed with the SEC on September 29, 2014;</TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">•</TD><TD>Our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014, as filed with the SEC on November 13, 2014; and
our Quarterly Report on Form 10-Q for the quarter ended December 31, 2014, as filed with the SEC on February 13, 2015;</TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">•</TD><TD>Our Current Reports on Form 8-K, filed with the SEC on November 13, 2014 and February 4, 2015;</TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">•</TD><TD>The description of the ordinary shares, $0.0185 par value per share, contained in the Registrant’s registration statement
on Form S-1 filed with the Commission on January 8, 2010 (File Number 333-164273) pursuant to Section 12(b) of the Exchange Act,
which incorporates by reference the description of the ordinary shares, $0.0185 par value per share, contained in the registration
statement on Form S-1 filed with the Commission on April 3, 2009 (File Number 333-158393) and declared effective by the Commission
on August 10, 2009, and any amendment or report filed with the Commission for purposes of updating such description; and</TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">•</TD><TD>All documents filed by us pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this prospectus
supplement and before the termination or completion of this offering of ordinary shares shall be deemed to be incorporated by reference
in this prospectus supplement and to be a part of it from the filing dates of such documents, except in each case for information
contained in any such filing where we indicate that such information is being furnished and is not to be considered “filed”
under the Securities Exchange Act of 1934, as amended.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>
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<DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"> </TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">You may request a copy of these filings
at no cost (other than exhibits unless such exhibits are specifically incorporated by reference) by writing or telephoning us at
the following address and telephone number:</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Recon Technology, Ltd.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Room 1902, Building C, King Long International
Mansion</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">No. 9 Fulin Road</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Beijing, 100107</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">People’s Republic of China</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">+86 (10) 8494-5799</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Attn: Investor Relations</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Disclosure
of Commission Position On Indemnification for Securities Law Violations</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Cayman Islands law and our articles of
association provide that we may indemnify our directors, officers, advisors and trustee acting in relation to any of our affairs
against actions, proceedings, costs, charges, losses, damages and expenses incurred by reason of any act done or omitted in the
execution of their duty in their capacities as such. Under our articles of association and Cayman Islands common law, indemnification
is not available, however, if those events were incurred or sustained by or through their own dishonesty, fraud, gross negligence,
willful neglect or default. While our articles of association explicitly prohibit indemnification in cases involving fraud, willful
neglect or default, Cayman Islands common law extends this prohibition to cases involving dishonesty and gross negligence.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to our directors, officers and controlling persons (within the meaning of the
Securities Exchange Act) pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC,
such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><IMG SRC="image_001.jpg" ALT=""> </B></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> </B></P>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to $10,000,000 of </B></P>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ordinary Shares</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> </B></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prospectus Supplement</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </P>
<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Maxim Group LLC</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>
</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B> </B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus supplement is
May 13, 2015</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>