SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                    FORM 10-Q

 (Mark One)

[ X ]   QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
        ACT OF 1934

         For the Quarter Ended September 30, 2001

                                       OR

[   ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
        EXCHANGE ACT OF 1934

        For the transition period from _____ to _____

                        Commission file number: 000-30802
                                               ----------

                             CHINA VENTURES LIMITED
                             ----------------------
             (Exact name of registrant as specified in its charter)

         CAYMAN ISLANDS                                  N/A
(State or other jurisdiction of            (IRS Employer Identification Number)
incorporation or organization)

                         1000 BRICKELL AVENUE, SUITE 900
                              MIAMI, FLORIDA 33131
                     --------------------------------------
                    (Address of Principal Executive Offices)

                                 (305) 702-5512
                                 --------------
              (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. YES [ X ] NO [  ]

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date:

Ordinary Shares, $0.001 par value; outstanding on September 30, 2001:  249,604


<PAGE>

                                TABLE OF CONTENTS


                                                                           Page
PART I.  FINANCIAL INFORMATION

         Item 1.  Financial Statements

                  Balance Sheets                                            3

                  Statements of Operations                                  4

                  Statement of Changes in Stockholders' Deficiency          5

                  Statements of Cash Flows                                  6

                  Notes to Financial Statements                             7

         Item 2.  Management's Discussion and Analysis of Financial
                  Condition and Results of Operations                       8



PART II. OTHER INFORMATION

         Item 1.  Legal Proceedings                                        15

         Item 2.  Changes in Securities and Use of Proceeds                15

         Item 3.  Defaults Upon Senior Securities                          15

         Item 4.  Submission of Matters to a Vote of Security Holders      15

         Item 5.  Other Information                                        15

         Item 6.  Exhibits and Reports on Form 8-K                         15

         SIGNATURES











                                       2


<PAGE>


Item 1.  Financial Statements.


                             CHINA VENTURES LIMITED
                         (A DEVELOPMENT STAGE COMPANY)
                                 BALANCE SHEETS

                                                      September 30, December 31,
                                                          2001        2000
                                                        --------    ---------
                                                       (Unaudited)  (Audited)
                                     ASSETS

Current assets:
 Cash and cash equivalents ...........................  $     64     $    111
                                                        --------     --------
  Total current assets ...............................        64          111
                                                        --------     --------

    Total assets .....................................  $     64     $    111
                                                        ========     ========


                      LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
 Due to related party ................................  $  8,000     $  8,000
                                                        --------     --------

   Total current liabilities .........................     8,000        8,000

Stockholders' equity (deficiency)
 Common stock - $.001 par value, 50,000,000 shares
 authorized, 252,550 issued and outstanding ...........      252          252
Less treasury stock ..................................        (5)          (5)
 Additional paid-in capital ..........................    36,193       29,923
 Subscription receivable .............................      (250)        (250)
 Deficit accumulated during the development stage ....    44,126)     (37,809)
                                                        --------     --------

   Total stockholders' equity (deficiency) ...........    (7,936)      (7,889)
                                                        --------     --------

   Total liabilities and stockholders' equity ........  $     64     $    111
                                                        ========    =========


                 See accompanying notes to financial statements.

                                       3
<PAGE>


                             CHINA VENTURES LIMITED
                          (A DEVELOPMENT STAGE COMPANY)
                             STATEMENT OF OPERATIONS
                                   (UNAUDITED)


                                                   FOR THE THREE   FOR THE THREE
                                                    MONTHS ENDED    MONTHS ENDED
                                                    SEP 30, 2001   SEP 30, 2000
                                                    (UNAUDITED)      (UNAUDITED)
                                                     ---------        ---------



ADMINISTRATIVE EXPENSES
Accounting and legal fees                            $      26        $   6,694
                                                     ---------        ---------

 NET LOSS                                            $    (326)       $  (6,698)
                                                     =========        =========

BASIC & DILUTED NET LOSS PER
SHARE                                                $   (0.02)       $   (0.02)

SHARES USED IN THE CALCULATION
OF BASIC & DILUTED NET LOSS PER
SHARE                                                  249,604          252,550









                 See accompanying notes to financial statements.


                                       4

<PAGE>



                             CHINA VENTURES LIMITED
                          (A DEVELOPMENT STAGE COMPANY)
                STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIENCY
                                   (UNAUDITED)


<TABLE>
<CAPTION>

                                                                                                               Deficit
                                                    Common                        Additional      Stock      Accumulated
                                                     Stock            Treasury      Paid-In    Subscription   During the
                                               Shares      Amount       Stock       Capital     Receivable    Dev. Stage    Total
                                              --------    --------     --------     --------     --------     --------     --------
<S>                                            <C>        <C>                       <C>          <C>          <C>          <C>
Inception (12/10/99 to 12/31/99)
Issuance of Common Stock
  ($.001 per share)                            250,050    $    250           --           --     ($   250)          --           --

Sale of Common Stock
  ($6 per share)                                 2,500    $      2           --     $ 14,998           --           --     $ 15,000

Net Loss                                            --          --           --           --           --     ($20,928)    ($20,928)
                                              --------    --------     --------     --------     --------     --------     --------

Balance 12/31/99                               252,550    $    252           --     $ 14,998     ($   250)    ($20,928)    ($ 5,928)

Year Ended 12/31/00:

  Additional Capital Contribution                   --          --           --     $ 14,925           --           --     $ 14,926

Treasury stock as of 5/1/00                         --          --     $     (5)          --           --           --     $     (5)

Net Loss                                            --          --           --           --           --     ($16,881)    ($16,881)
                                              --------    --------     --------     --------     --------     --------     --------

Balance 12/31/00                               252,550    $    252     $     (5)    $ 29,923     ($   250)    ($37,809)    ($ 7,889)


Additional Capital Contribution                     --          --           --        6,270           --           --        6,270

Net Loss                                            --          --           --           --           --       (6,317)      (6,317)
                                              --------    --------     --------     --------     --------     --------     --------
Balance 9/30/01
                                               252,550    $    252     $     (5)    $ 36,193     ($   250)    (44,126)     $ (7,936)
                                              ========    ========     ========     ========     ========     ========     ========
</TABLE>


                                       5
<PAGE>


                             CHINA VENTURES LIMITED
                          (A DEVELOPMENT STAGE COMPANY)
                             STATEMENT OF CASH FLOWS
                                   (UNAUDITED)


                                                FOR THE THREE      FOR THE THREE
                                                MONTHS ENDED        MONTHS ENDED
                                                SEP 30, 2001       SEP 30, 2000
                                                 (UNAUDITED)        (UNAUDITED)
                                                -------------      -------------
CASH FLOWS FROM OPERATING
  ACTIVITIES:

NET LOSS                                              $(326)            $(6,698)

Adjustments to reconcile net income to
Net cash provided by (used in) operating
activities: (Decrease)/Increase in accrued
 expenses                                                (0)             (3,000)
                                                    -------             -------
 Net cash provided (used) by operating
 activities:                                           (326)             (9,698)
                                                    -------             -------

CASH FLOWS FROM FINANCING
ACTIVITIES:
 Additional capital contributed                         330               8,000
                                                    -------             -------

  Net cash provided (used) by financing
     activities:                                          4              (1,698)
                                                    -------             -------

NET INCREASE (DECREASE) IN CASH                           4             (11,698)

CASH, beginning of period                                60               2,117
                                                    -------             -------

CASH, end of period                                 $    64             $   419
                                                    =======             =======



                 See accompanying notes to financial statements.


                                       6

<PAGE>

                             CHINA VENTURES LIMITED
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS


NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION

China Ventures Limited (we) was incorporated in the Cayman Islands on December
10, 1999 for the purpose of facilitating a Chinese private company to become a
reporting public company whose securities are qualified for trading in the
United States secondary market. We have the intention of attempting to locate
and negotiate with a target business entity, initially from the People's
Republic of China (PRC), to effect a merger or some other business combination,
in exchange for the opportunity to acquire ownership interest in a publicly
registered company without incurring the cost and time required to conduct an
initial public offering. If this initial attempt fails, we do not expect to
restrict our search to any specific business, industry or geographical location.
As of June 30, 2001, we are in the development stage and have not started
operations; accordingly these financial statements are prepared in accordance
with SFAS 7, "Accounting and Reporting by Development Stage Enterprises" as
issued by the Financial Accounting Standards Board.

ACCOUNTING METHOD

We present our financial statements under the accrual basis of accounting, under
which method revenues are recognized when earned rather than when received, and
expenses are recognized when incurred rather than when paid.

EARNINGS PER SHARE

Primary and fully diluted loss per share is computed based on weighted average
common shares outstanding during the period.

INCOME TAXES

The Company is incorporated in the Cayman Islands and is, therefore, not subject
to income taxes.

USE OF ESTIMATES

The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect certain reported amounts and disclosures. Accordingly, actual results
could differ from those estimates.




                                       7
<PAGE>


RECENT ACCOUNTING PRONOUNCEMENT

SFAS No. 133, ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
requires companies to recognize all derivatives contracts as either assets or
liabilities in the balance sheet and to measure them at fair value. If certain
conditions are met, a derivative may be specifically designated as a hedge, the
objective of which is to match the timing of gain or loss recognition on the
hedging derivative with the recognition of (i) the changes in the fair value of
the hedged asset or liability that are attributable to the hedged risk or (ii)
the earnings effect of the hedged forecasted transaction. For a derivative not
designated as a hedging instrument, the gain or loss is recognized in income in
the period of change. SFAS No. 133 is effective for all fiscal quarters of
fiscal years beginning after June 15, 1999. We have not entered into derivatives
contracts either to hedge existing risks or for speculative purposes.
Accordingly, we do not expect adoption of the new standard to have a material
effect on our financial statements.

NOTE B - GOING CONCERN

As shown in the accompanying financial statements, we are in the development
stage, have yet to generate operating revenues and will require a significant
amount of capital to commence our planned principal operations. As reflected in
the accompanying financial statements, we have incurred accumulated losses since
inception of $43,800 and have raised an insignificant amount of capital. As
such, there is no assurance that we will be successful in our efforts to raise
the necessary capital to commence our planned principal operations.

We have indicated that our principal operation is to engage in a merger or
acquisition with an unidentified company or companies and may issue "penny
stock" securities as defined in the Securities and Exchange Act of 1934. We will
require a significant amount of capital to commence our planned principal
operations. Accordingly, our ability to continue as a going concern is dependent
upon our ability to secure an adequate amount of capital to finance our planned
principal operations.

Our plans include a merger and a subsequent public offering of our common stock;
however there is no assurance that we will be successful in our efforts to raise
capital or to obtain a business combination.

These conditions raise substantial doubt about our ability to continue as a
going concern. The financial statements do not include any adjustments that
might result from the outcome of these uncertainties.

NOTE C - RELATED PARTY TRANSACTIONS

A stockholder of the Company acted as legal counsel during 1999. Legal fees and
incorporation costs for the year ended December 31, 1999 in the amount of
$11,678 were payable to a law firm in which this stockholder is a partner.

During the year ended December 31, 1999, the Company borrowed $8,000, due on
demand, from an entity related through common ownership. This amount is
uncollateralized and non-interest bearing.



                                       8

<PAGE>


NOTE D - RECENT SALES OF UNREGISTERED SECURITIES

In December 1999 China Ventures issued and sold 2,500 ordinary shares to 25
individuals for aggregate consideration of $15,000. China Ventures did not sell
these ordinary shares in reliance on any exception from the United States
federal securities laws as all purchasers were residents of the Republic of
China.

On December 16, 1999, in connection with the formulation of China Ventures, Mr.
Hong Yang received 123,750 ordinary shares, Mr. James Chow received 121,250
ordinary shares and Mr. Ricardo Bajandas received 5,050 ordinary shares. Each of
Mr. Yang, Mr. Chow, and Mr. Bajandas paid par value as consideration for the
shares issued in connection with the formulation of China Ventures. Mr. Yang and
Chow are residents of China. Mr. Bajandas is a resident of the United States.
Accordingly, no exception was required for the issuance of ordinary shares to
Mr. Yang or Mr. Chow. Mr. Bajandas purchased his ordinary shares of China
Ventures in reliance on Rule 4(2) promulgated under the Securities Act. In May
2000, in connection with the termination of Mr. Bajandas' engagement with China
Ventures, Mr. Bajandas agreed to transfer his ordinary shares to China Ventures.

NOTE E - TRANSACTIONS WITH STATE-OWNED ENTITIES

A significant portion of our future transactions may be undertaken, directly or
indirectly, with State-owned enterprises in the PRC and on such commercial terms
as determined between the relevant PRC State-owned enterprises and us.

NOTE F - FOREIGN CURRENCY EXCHANGE

A significant portion of the business of our future PRC Subsidiaries may be
undertaken in Renmin (RMB), the national currency of the PRC, which is not
freely convertible into the US$ or other foreign currencies.

NOTE G - CURRENT VULNERABILITY DUE TO CERTAIN CONCENTRATIONS

If a merger, alliance or some other business combination is successful, our
operating assets and primary source of income and cash flow are expected to be
our interests in our subsidiaries in the PRC. The value of our interests in
these subsidiaries may be adversely affected by significant political, economic
and social uncertainties in the PRC. Although the PRC government has been
pursuing economic reform policies for many years, no assurance can be given that
the PRC government will continue to pursue such policies or that such policies
may not be significantly altered, especially in the event of a change in
leadership, social or political disruption or unforeseen circumstances affecting
the PRC's political, economic and social conditions. There is also no guarantee
that the PRC government's pursuit of economic reforms will be consistent or
effective.

NOTE H - UNAUDITED FINANCIAL STATEMENTS

The unaudited financial statements presented as of June 30, 2001 and for three
months ended June 30, 2001 and 2000 contain all adjustments necessary, in
management's opinion, for a fair presentation of financial position and results
of operations.


                                       9

<PAGE>


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.

The Registrant has not, as of the end of the six month period ended June 30,
2001, commenced active business operations. As of June 30, 2001 the Registrant
had no assets or liabilities, and the total Shareholders' Equity was $0.

The Registrant has no reasonable basis for comparison with respect to its
quarterly financial results in that the Company has not yet commenced its
business operations.

The recurring professional fees and other costs of complying with filings with
the Securities and Exchange Commission, the Internal Revenue Service and others
is being funded through contributions to capital by the Company's principal
shareholder.













                                       10



<PAGE>


                                     PART II
                                OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS.

There is no litigation pending or threatened by or against China Ventures.

ITEM 2.  CHANGES IN SECURITIES.

In December 1999, China Ventures issued and sold 2,500 ordinary shares to 25
individuals for aggregate consideration of $15,000. China Ventures did not sell
these ordinary shares in reliance on any exemption from the United States
federal securities laws as all purchasers were residents of the Republic of
China.

On December 16, 1999, in connection with the formation of China Ventures, Mr.
Hong Yang received 123,750 ordinary shares, Mr. James Chow received 121,250
ordinary shares and Mr. Ricardo Bajandas received 5,050 ordinary shares. Each of
Mr. Yang, Mr. Chow and Mr. Bajandas paid par value as consideration for the
shares issued in connection with the formation of China Ventures. Mr. Yang and
Mr. Chow are residents of China. Mr. Bajandas is a resident of the United
States. Accordingly, no exemption was required for the issuance of ordinary
shares to Mr. Yang or Mr. Chow. Mr. Bajandas purchased his ordinary shares of
China Ventures in reliance on Rule 4(2) promulgated under the Securities Act. In
May 2000, in connection with the termination of Mr. Bajandas' engagement with
China Ventures, Mr. Bajandas agreed to transfer his ordinary shares to China
Ventures.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES.

Not Applicable.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not Applicable.

ITEM 5.  OTHER INFORMATION.

Not Applicable.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

(a) Exhibits

On February 22, 2001 the Company filed a Form 8-K, which is incorporated herein
by reference. The Report principally dealt with a change in the Company's
Certified Public Accountants, from Lopez Levi & Associates, LLC to Puritz &
Weintraub, LLP and states there were no disagreements with Lopez Levi &
Associates, LLC.


Exhibit No.             Description
- -------------           -----------
NONE

                                       11

<PAGE>

                                   SIGNATURES

In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned, hereunto duly authorized.

                                  CHINA VENTURES LIMITED

Date: November 13, 2001           By: /s/ James N.L. Chow
                                      ------------------------------------------
                                      James N.L. Chow
                                      Secretary &
                                      Principal Financial and Accounting Officer



                                       12