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, 2002

                                       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
  incorporation or organization)                        Number)


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

                                 (305) 810-2898
                                 --------------
              (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, 2002:  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               10


PART II. OTHER INFORMATION

         Item 1. Legal Proceedings                                           11

         Item 2. Changes in Securities and Use of Proceeds                   11

         Item 3. Defaults Upon Senior Securities                             11

         Item 4. Submission of Matters to a Vote of Security Holders         11

         Item 5. Other Information                                           11

         Item 6. Exhibits and Reports on Form 8-K                            11

SIGNATURES                                                                   12

                                       2
<PAGE>

                                    PART I
                             FINANCIAL INFORMATION

Item 1.  Financial Statements.


                             CHINA VENTURES LIMITED
                         (A DEVELOPMENT STAGE COMPANY)
                                 BALANCE SHEETS


                                                      (Unaudited)
                                                     September 30   December 31,
                                                          2002         2001
                                                        --------     --------
                             ASSETS

Current assets:
 Cash and cash equivalents                              $     33     $     17
                                                        --------     --------
  Total current assets                                        33           17
                                                        --------     --------

    Total assets                                        $     33     $     17
                                                        ========     ========


           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                               42,285       36,333
 Subscription receivable                                    (250)        (250)
 Deficit accumulated during the development stage        (50,249)     (44,313)
                                                        --------     --------

    Total stockholders' equity (deficiency)               (7,967)      (7,983)
                                                        --------     --------

    Total liabilities and stockholders' equity          $     33     $     17
                                                        ========     ========

                 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
                                         SEPTEMBER 30, 2002  SEPTEMBER 30, 2001
                                              (UNAUDITED)          (UNAUDITED)
                                              ---------             ---------


ADMINISTRATIVE EXPENSES
 Accounting and legal fees                    $     192               $   326

                                              ---------               ---------


 NET LOSS                                     $    (192)              $   (326)
                                              =========               =========

BASIC & DILUTED NET LOSS PER
SHARE                                         $   (0.00)              $  (0.02)

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




                 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 Stock                      Additional     Stock     Accumulated
                                          ---------------------    Treasury       Paid-In    Subscription  During the
                                           Shares       Amount       Stock        Capital     Receivable   Dev. Stage       Total
                                          ------------------------------------------------------------------------------------------

<S>                                        <C>         <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)


Additional Capital Contribution                  -            -            -        14,925            -             -        14,925

    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                  -            -            -         6,410            -         6,410

                       Net loss                  -            -            -             -            -        (6,504)       (6,504)
                                          --------     --------     --------      --------     --------      --------      --------

               Balance 12/31/01            252,550     $    252           (5)     $ 36,333     $   (250)     $(44,313)     $ (7,983)

Additional Capital Contribution                  -            -            -         5,952            -             -         5,952

                       Net loss                  -            -            -             -            -        (5,936)       (5,936)
                                          --------     --------     --------      --------     --------      --------      --------

                Balance 9/30/02            252,550     $    252     $     (5)     $ 42,285     $   (250)     $(50,249)     $ (7,967)
                                          ========     ========     ========      ========     ========      ========      ========
</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
                                         SEPTEMBER 30, 2002  SEPTEMBER 30, 2001
                                               (UNAUDITED)        (UNAUDITED)
                                                 -------            -------

CASH FLOWS FROM OPERATING
  ACTIVITIES:

NET LOSS                                         $  (192)            $  (326)
                                                 -------             -------

 Net cash provided (used) by operating
 activities:                                        (192)               (326)
                                                 -------             -------

CASH FLOWS FROM FINANCING
ACTIVITIES:
 Additional capital contributed                      192                 330
                                                 -------             -------

  Net cash provided (used) by financing
     activities:                                     192                 330
                                                 -------             -------

NET INCREASE (DECREASE) IN CASH                       -                    4

CASH, beginning of period                             33                  60
                                                 -------             -------

CASH, end of period                              $    33             $    64
                                                 =======             =======


                 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 (the Company) 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. The Company has 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, the Company
is not expected to restrict its search to any specific business, industry or
geographical location.

As of September 30, 2002 the Company is in the development stage and has 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

The Company presents its 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
of common shares outstanding of 249,604 at September 30, 2002.

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

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NEW 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. The Company has not entered into
derivatives contracts either to hedge existing risks or for speculative
purposes. Accordingly, the Company does not expect adoption of the new standard
to have a material effect on its financial statements.

NOTE B - GOING CONCERN

As shown in the accompanying financial statements, the Company is in the
development stage, has yet to generate operating revenues and will require a
significant amount of capital to commence its planned principal operations. As
reflected in the accompanying financial statements, the Company has incurred
accumulated losses since inception of $50,249 and has raised an insignificant
amount of capital. As such, there is no assurance that the Company will be
successful in its efforts to raise the necessary capital to commence its
planned principal operations.

The Company has indicated that its 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. The
Company will require a significant amount of capital to commence its planned
principal operations. Accordingly, the Company's ability to continue as a going
concern is dependent upon its ability to secure an adequate amount of capital
to finance its planned principal operations.

The Company's plans include a merger and a subsequent public offering of its
common stock; however there is no assurance that they will be successful in
their efforts to raise capital or to obtain a business combination.

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

                                       8

<PAGE>

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.

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 Mr. 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 the Company's transactions might 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 the Company.

NOTE F - FOREIGN CURRENCY EXCHANGE

A significant portion of the business of the Company's 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.



                                       9

<PAGE>

NOTE G - CURRENT VULNERABILITY DUE TO CERTAIN CONCENTRATIONS

If a merger, alliance or some other business combination is successful, the
Company's operating assets and primary source of income and cash flow are
expected to be its interests in its subsidiaries in the PRC. The value of the
Company's 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 September 30, 2002 and for
the three months ended September 30, 2002 contain all adjustments necessary, in
management's opinion, for a fair presentation of financial position and results
of operations.

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

The Registrant has not, as of the end of the nine month period ended September
30, 2002, commenced active business operations. As of September 30, 2002 the
Registrant had assets in the amount of $33, liabilities in the amount of $8,000
and the total Shareholders' Deficit was $7,967.

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.

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 4, 2002                  By: /s/ James N.L. Chow
                                      -----------------------------------------
                                      James N.L. Chow
                                      Secretary &
                                      Principal Financial and Accounting Officer



                                       12
<PAGE>
                                 CERTIFICATIONS

I, Hong Yang, certify that:

1.       I have reviewed this quarterly report on Form 10-Q of China Ventures
         Limited (registrant];

2.       Based on my knowledge, this quarterly report does not contain any
         untrue statement of a material fact or omit to state a material fact
         necessary to make the statements made, in light of the circumstances
         under which such statements were made, not misleading with respect to
         the period covered by this quarterly report;

3.       Based on my knowledge, the financial statements, and other financial
         information included in this quarterly report, fairly present in all
         material respects the financial condition, results of operations and
         cash flows of the registrant as of, and for, the periods presented in
         this quarterly report;

4.       The registrant's other certifying officer and I are responsible for
         establishing and maintaining disclosure controls and procedures (as
         defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
         we have:

         a)       designed such disclosure controls and procedures to ensure
                  that material information relating to the registrant,
                  including its consolidated subsidiaries, is made known to us
                  by others within those entities, particularly during the
                  period in which this quarterly report is being prepared;

         b)       evaluated the effectiveness of the registrant's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing date of this quarterly report (the "Evaluation
                  Date"); and c) presented in this quarterly report our
                  conclusions about the effectiveness of the disclosure controls
                  and procedures based on our evaluation as of the Evaluation
                  Date;

5.       The registrant's other certifying officer and I have disclosed, based
         on our most recent evaluation, to the registrant's auditors and the
         audit committee of registrant's board of directors (or persons
         performing the equivalent function):

         a)       all significant deficiencies in the design or operation of
                  internal controls which could adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial data and have identified for the registrant's
                  auditors any material weaknesses in internal controls; and

         b)       any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal controls; and

6.       The registrant's other certifying officer and I have indicated in this
         quarterly report whether or not there were significant changes in
         internal controls or in other factors that could significantly affect
         internal controls subsequent to the date of our most recent evaluation,
         including any corrective actions with regard to significant
         deficiencies and material weaknesses.

November 6, 2002

/s/ Hong Yang
-----------------
Hong Yang
President

                                       13



<PAGE>

I, James N. L. Chow, certify that:

1.       I have reviewed this quarterly report on Form 10-Q of China Ventures
         Limited (registrant);

2.       Based on my knowledge, this quarterly report does not contain any
         untrue statement of a material fact or omit to state a material fact
         necessary to make the statements made, in light of the circumstances
         under which such statements were made, not misleading with respect to
         the period covered by this quarterly report;

3.       Based on my knowledge, the financial statements, and other financial
         information included in this quarterly report, fairly present in all
         material respects the financial condition, results of operations and
         cash flows of the registrant as of, and for, the periods presented in
         this quarterly report;

4.       The registrant's other certifying officer and I are responsible for
         establishing and maintaining disclosure controls and procedures (as
         defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
         we have:

         a)       designed such disclosure controls and procedures to ensure
                  that material information relating to the registrant,
                  including its consolidated subsidiaries, is made known to us
                  by others within those entities, particularly during the
                  period in which this quarterly report is being prepared;

         b)       evaluated the effectiveness of the registrant's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing date of this quarterly report (the "Evaluation
                  Date"); and

         c)       presented in this quarterly report our conclusions about the
                  effectiveness of the disclosure controls and procedures based
                  on our evaluation as of the Evaluation Date;

5.       The registrant's other certifying officer and I have disclosed, based
         on our most recent evaluation, to the registrant's auditors and the
         audit committee of registrant's board of directors (or persons
         performing the equivalent function):

         a)       all significant deficiencies in the design or operation of
                  internal controls which could adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial data and have identified for the registrant's
                  auditors any material weaknesses in internal controls; and

         b)       any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal controls; and

6.       The registrant's other certifying officer and I have indicated in this
         quarterly report whether or not there were significant changes in
         internal controls or in other factors that could significantly affect
         internal controls subsequent to the date of our most recent evaluation,
         including any corrective actions with regard to significant
         deficiencies and material weaknesses.

November 6, 2002

/s/ James N. L. Chow
------------------------
James N. L. Chow
Secretary and Principal Financial and Accounting Officer

                                       14
<PAGE>

                                 CERTIFICATIONS

                           CERTIFICATION PURSUANT TO
                            10 U.S.C. SECTION 1350,
                             AS ADOPTED PURSUANT TO
                 SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

        In connection with the Quarterly Report of China Ventures Limited
("the Company") on Form 10-Q for the period ended September 30, 2002 as
filed with the Securities and Exchange Commission on the date hereof
(the "Report), I. James N. L. Chow Principal Financial and Accounting
Officer of the Company, certify, pursuant to 18 U.S.C. ss. 1350, as
adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that:

         (1)      The Report fully complies with the requirements of section
                  13(a) or 15(d) of the Securities Act of 1934; and

         (2)      The information contained in the Report fairly presents, in
                  all Material respects, the financial condition and result of
                  operation of the Company.


/s/ James N. L. Chow
----------------------
James N. L. Chow
Secretary and
Principal Financial and Accounting Officer

November 6, 2002



                                       15