Huaxing Machinery Announces Settlement of Debt

Huaxing Machinery Corp. (TSX VENTURE:HUA) ("Huaxing" or the "Company") announces
further to its news release dated November 21, 2012, that is has closed the
settlement of two loans in the aggregate amount of $5,499,204 (the "Settlement")
with Gold Rhino International Investment Limited ("Gold Rhino BVI").


On November 27, 2012, Gold Rhino BVI acquired ownership and control of a total
of 20,367,422 Series A Convertible Preferred Shares (each, a "Series A Share")
in the capital of the Company at a deemed price of $0.27 per Series A Share,
subject to adjustment, pursuant to the Settlement which was approved by the
disinterested shareholders of the Company and the TSX Venture Exchange. Prior to
completion of the Settlement, Gold Rhino BVI held 5,525,000 Series A Shares
representing 100% of the issued at outstanding Series A Shares at that time. The
additional 20,367,422 Series A Shares acquired by Gold Rhino BVI on November 27,
2012 represent 79% of the 25,892,422 issued and outstanding Series A Shares as
at November 27, 2012. Gold Rhino BVI continues to hold 100% of the issued and
outstanding Series A Shares.


About Huaxing Machinery Corp.

Huaxing is engaged in the business of machinery manufacturing, and became listed
on the TSX.V on January 21, 2011 upon completing the Qualifying Transaction with
Samurai Capital Corp., a CPC. Through its wholly owned subsidiary Gold Rhino
Limited, Huaxing holds an 80% controlling equity interest in Shandong Gold Rhino
Huaxing Machinery Corp., the operating entity that holds the manufacturing
facilities located in Boxing County, Shandong province, China. Its main products
are stone cutting, polishing and processing machinery and equipment for the
building and construction industry, and Robotic Welding System for the steel
structure industry.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Huaxing Machinery Corp.
Xinlin Huang
604 601 8218
xinlin@q4financial.com


Huaxing Machinery Corp.
Ming (Barry) Sheng
778-882-9677
mingbarrysheng@gmail.com

(TSXV:HUA)
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