U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB
                                   (Mark One)

     |X| Quarterly report pursuant to Sections 13 or 15(d) of the Securities
                              Exchange Act of 1934

                For the quarterly period ended September 30, 2006

    |_| Transition report pursuant to Sections 13 or 15(d) of the Securities
                              Exchange Act of 1934

        For the transition period from _______________ to _______________

                        Commission File Number:000-32341

                           Soyodo Group Holdings, Inc.
                       (Formerly TOP Group Holdings, Inc.)
        (Exact Name of Small Business Issuer as Specified in Its Charter)


                    Delaware                             84-1482082
                    --------                             ----------
        (State or Other Jurisdiction of               (I.R.S. Employer
         Incorporation or Organization)              Identification No.)


                1398 Monterey Pass Road, Monterey Park, CA 91754
                ------------------------------------------------
          (Address of Principal Executive Offices, Including Zip Code)

                                 (323) 981-0100
                                 --------------
                (Issuer's Telephone Number, Including Area Code)

   The number of shares outstanding of our Common Stock, $0.0001 par value per
             share, as of September 30, 2006, was 8,195,000 shares.

           Transitional Small Business Disclosure Format (check one):

                                 Yes |_| No |X|


<PAGE>

                           SOYODO GROUP HOLDINGS, INC.


                              INDEX TO FORM 10-QSB

                                                                            PAGE

PART I.  Financial Information

Item 1.  Financial Statements..........................................F-1 - F-7

Item 2.  Management's Discussion and Analysis of Plan of Operation.............2

Item 3.  Controls and Procedures...............................................3

PART II. Other Information

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds...........4

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

Item 6.  Exhibits and Reports on Form 8-K .....................................4

SIGNATURES ....................................................................5

CERTIFICATIONS...............................................................6-8


<PAGE>

                          PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

For the Company's response to this item, please refer to the Financial
Statements annexed pages F-1 to F-7 of this Form 10-QSB.


                           SOYODO GROUP HOLDINGS, INC.
                       (Formerly TOP Group Holdings, Inc.)
                                 Balance Sheets
                                  September 30,
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                    2006           2005
                                                                -----------     -----------
<S>                                                             <C>             <C>
ASSETS

   Current Assets:
      Cash & cash equivalents                                   $    67,565     $    19,359
      Accounts Receivable                                           144,183              --
      Inventory, retail                                                  --         809,813
      Prepaid expenses                                                   --          49,332
      Related parties receivable                                    320,180              --
                                                                -----------     -----------

  Total Current Assets                                              531,928         878,504
                                                                -----------     -----------

  Property & equipment, net                                           5,878         107,590
  Security deposits                                                 137,962         137,577
                                                                -----------     -----------

TOTAL ASSETS                                                    $   675,768     $ 1,123,671
                                                                ===========     ===========

LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)
    Current Liabilities
         Accounts payable & accrued expense                     $   620,374     $   795,398
         Accrued payroll & related liabilities                          843          25,611
         Accrued other liabilities                                   23,017          19,345
         Advance from shareholders & directors                           --          19,582
         Note payable                                               500,000              --
                                                                -----------     -----------

    Total Current Liabilities                                     1,144,234         859,936
                                                                -----------     -----------

    Long Term Liabilities
         Notes payable                                                   --         119,069
         Loan from Shareholders                                          --         180,000
                                                                -----------     -----------

    Total Long Term Liabilities                                          --         299,069
                                                                -----------     -----------

   Stockholders Equity (Deficit)
      Common stock, $.0001 par value, 12,000,000 shares                 820             700
         authorized, 8,195,000 shares issued and outstanding
         as of 9/30/06, and 7,000,000 as of 9/30/05
      Additional Paid-In Capital                                    585,223         385,093
      Accumulated Deficit                                       $(1,054,509)       (421,127)
                                                                -----------     -----------

   Total Stockholders' Equity ( Deficit)                           (468,466)        (35,334)
                                                                -----------     -----------

TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)              $   675,768     $ 1,123,671
                                                                ===========     ===========
</TABLE>


   The accompanying notes are an integral part of these financial statements.


                                       F-1
<PAGE>

                           SOYODO GROUP HOLDINGS, INC.
                       (Formerly TOP Group Holdings, Inc.)
                            Statements of Operations
                     For the nine months Ended September 30,
                                   (Unaudited)


                                           2006              2005
                                       -----------       -----------


Net Sales                              $ 2,428,337       $   327,541
                                       -----------       -----------

Cost of Goods Sold                     $(1,825,436)      $  (222,661)
                                       -----------       -----------

Gross Profit                               602,901           104,880
                                       -----------       -----------

Operating Expenses
     Sales & Marketing                      55,360            46,682
     Store Rents                           311,773            66,210
     General & Administrative              613,534           188,922
                                       -----------       -----------

Total Operating Expenses                   980,667           301,814
                                       -----------       -----------

Net Loss From Operations               $  (377,766)      $  (196,934)
                                       -----------       -----------

Interest Expense                            23,076             5,612

Net Income                             $  (400,842)      $  (202,546)
                                       -----------       -----------

Per Share Information:
     Weighted average number
     of common shares outstanding        7,595,989         5,893,773
                                       -----------       -----------

Net Loss per common share              $     (0.05)      $     (0.03)
                                       ===========       ===========


   The accompanying notes are an integral part of these financial statements.


                                       F-2
<PAGE>

                           SOYODO GROUP HOLDINGS, INC.
                       (Formerly TOP Group Holdings, Inc.)
                              Stockholders' Equity
                               September 30, 2006
                                   (Unaudited)

<TABLE>
<CAPTION>
                                          COMMON STOCKS            Additional                         Stock              Total
                                   -------------------------         Paid-In       Accumulated     Subscription      Stockholders'
                                   # of Shares        Amount         Capital         Deficit        Receivable          Equity
                                   ----------      ----------      ----------      ----------       ----------       ----------

<S>                                 <C>                   <C>         <C>            <C>                    <C>         <C>
Balance -  December 31, 2003        5,000,000             500         135,293        (192,065)              --          (56,272)
                                   ----------      ----------      ----------      ----------       ----------       ----------

Net Loss for the Year                      --              --              --         (26,516)              --          (26,516)
                                   ----------      ----------      ----------      ----------       ----------       ----------

Balance -  December 31, 2004        5,000,000             500         135,293        (218,581)              --          (82,788)
                                   ----------      ----------      ----------      ----------       ----------       ----------

Issurance of stock for cash         2,160,000             216         329,784              --           45,000          285,000
Net Loss for the year                      --              --              --        (435,086)              --         (435,086)
                                   ----------      ----------      ----------      ----------       ----------       ----------
Balance -  December 31, 2005        7,160,000             716         465,077        (653,667)          45,000         (232,874)
                                   ----------      ----------      ----------      ----------       ----------       ----------

Issurance of stock for cash         1,035,000             104         120,146              --          (45,000)         165,250
                                   ----------      ----------      ----------      ----------       ----------       ----------
Net Loss 1/1/06 to 9/30/06                 --              --              --        (400,842)              --         (400,842)
                                   ----------      ----------      ----------      ----------       ----------       ----------
Balance -  September 30, 2006       8,195,000             820         585,223      (1,054,509)      $       --         (468,466)
                                   ==========      ==========      ==========      ==========       ==========       ==========
</TABLE>


   The accompanying notes are an integral part of these financial statements.


                                       F-3
<PAGE>

                           SOYODO GROUP HOLDINGS, INC.
                       (Formerly TOP Group Holdings, Inc.)
                             Statements of Cash Flow
                     For the nine months Ended September 30,

                                 Indirect Method
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                       2006            2005
                                                                    ---------       ---------
<S>                                                                 <C>             <C>
Cash Flows from Operating Activities:

     Net Loss                                                       $(400,842)      $(202,546)
                                                                    ---------       ---------
     Adjustments to reconcile net loss to net cash used
        by operating activities
        Depreciation                                                   20,125           3,609
        Decrease (Increase) in Inventory                              643,356        (809,813)
        Decrease (Increase) in Accounts Receivable                   (144,183)             --
        Decrease (Increase) in Other currect assets                  (166,114)        (49,332)
        Decrease (Increase) in Security deposits                           --        (137,577)
        Increase (Decrease) in Accounts payable                      (173,980)        795,398
        Increase (Decrease) in Current liabilities                    (43,715)         42,696
        Increase (Decrease) in Advance from Shareholders                   --         (60,946)

Net Cash Used by Operating Activities                                (265,353)       (418,511)
                                                                    ---------       ---------

Investing Activities:

     Sale (Purchase) of property and equipment                        186,546        (111,199)

Net Cash from Investing Activities                                    186,546        (111,199)
                                                                    ---------       ---------

Financing Activities

     Net proceeds from issurance of common stock                      120,250         250,000
     Decrease (Increase) in Stock Subscription receivable              45,000              --
     Increase in notes payable                                         55,683         119,069
     Increase (Decrease) in loan from shareholders & directors       (180,000)        180,000

Net Cash from Financing Activities                                     40,933         549,069
                                                                    ---------       ---------

Net Increase in Cash & Cash Equivalents                               (37,874)         19,359

Beginning Cash & Cash Equivalents                                     105,439              --
                                                                    ---------       ---------

Ending Cash & Cash Equivalents                                      $  67,565       $  19,359
                                                                    =========       =========


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
     Cash paid for Interest                                         $  23,076       $   5,612
                                                                    =========       =========
     Cash paid for Income Taxes                                     $      60       $      60
                                                                    =========       =========
</TABLE>


   The accompanying notes are an integral part of these financial statements.


                                       F-4
<PAGE>

                              SOYODO HOLDINGS, INC.
                          Notes to Financial Statements
                               September 30, 2006


Note 1 - Organization and Summary of Significant Accounting Policies:

Organization:

The Company was incorporated on May 15, 1997, under the laws of the state of
Colorado. On January 16, 2003, TOP Group Corp., a New York corporation,
purchased 4,400,000 shares of the Company's common stock, which represented 88%
of the Company's outstanding capital stock at that time. Prior to the change in
control, the Company's purpose was to investigate opportunities to be acquired
by a company that desired to be registered under the Securities Exchange Act of
1934, as amended.

In the second quarter of 2005, the company decided to commence a chain of
member-only stores in locations with large Chinese immigrant populations,
offering Chinese culture-related merchandise such as books, pre-recorded CDs,
stationery, gifts, and sports goods. Subsequently, six retail stores had been
opened. Then on June 30, 2006 the Company started to concentrate on its
wholesale operation and allowed Ru-Hua Song, its majority shareholder &
Principal Executive Officer, to take over all the six retail stores.

In March 2003, the Company changed its state of incorporation from Colorado to
Delaware, and changed its name from Quixit, Inc. to TOP Group Holdings, Inc. In
August of 2005, the company changed its name from TOP Group Holdings, Inc. to
Soyodo Group Holdings, Inc. The Company's fiscal year end is December 31.

Basis of Accounting:

The accompanying financial statements have been prepared on the accrual basis of
accounting in accordance with accounting principles generally accepted in the
United States.

Cash and Cash Equivalents:

The Company considers all highly liquid debt instruments, purchased with an
original maturity of three months or less, to be cash equivalents.

Use of Estimates:

The preparation of financial statements, in conformity with accounting
principles generally accepted in the United States, requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities, and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenue and expenses during
the reporting period. Actual results could differ from those estimates.

Net Loss Per Share:

Net loss per share is based on the weighted average number of common shares
outstanding during the period.

Other Comprehensive Income:

The Company has no material components of other comprehensive income (loss), and
accordingly, net loss is equal to comprehensive loss in all periods.

Inventory:

The valuation method used for our closing inventory is lower of cost or market.


                                       F-5
<PAGE>

                           SOYODO GROUP HOLDINGS, INC.
                          Notes to Financial Statements
                               September 30, 2006


Note 2 - Property and Equipment:

The net property & equipment consist of $3,945 of equipment, $925 of furniture &
fixture and $1,009 of software. The useful life is 5 years for equipment, 7
years for F & F and 3 years for software. Straight-line method of depreciation
is used. During the takeover of the six retail stores by Ru-Hua Song on June 30,
2006, the Company distributed to him $15,983 of net equipment, $137,624 of net
furniture & fixture, and $48,348 of net leasehold improvement.

Note 3 - Commitments--Operating leases:

As of September 30, 2006, the Company had entered into leases for six retail
stores, of which five are located in California and one in Illinois. Those
leases range from 2 years to five years with a total retail space of 32,000
square feet. Without adjustment for cost escalation clauses, our minimum lease
payments will be about $599,000 for the 12-month period ended September 30,
2007, about $1,160,862 for the 36-month period ended September 30, 2009,
provided that our two-year leases are not renewed.

However on June 30, 2006, Ru-Hua Song and his privately held corporations took
over these six stores. They have been and will be responsible for store rents.
But it should be noted that if Ru-Hua Song and his privately held corporations
fail to pay all the rents involved, we will still be held liable by the
landlords to honor the terms of those leases.

Note 4 - Federal Income Taxes:

The Company has made no provision for income taxes because there have been no
net income for financial statements or tax purposes.

The Financial Accounting Standards Board (FASB) has issued Statement of
Financial Accounting Standards Number 109 ("SFAS 109"). "Accounting for Income
Taxes", which requires a change from the deferred method to the asset and
liability method of accounting for income taxes. Under the asset and liability
method, deferred income taxes are recognized for the tax consequences of
"temporary differences" by applying enacted statutory tax rates applicable to
future years to differences between the financial statement carrying amounts and
the tax basis of existing assets and liabilities.

Deferred tax assets
       Net operating loss carry-forwards          $ 1,054,509
       Valuation allowance                         (1,054,509)
                                                  -----------
       Net deferred tax assets                    $         0
                                                  ===========


As of September 30, 2006, the Company had net operating loss carry-forwards of
approximately $ 1,054,509 for federal income tax purposes. These carry-forwards,
if not utilized to offset taxable income, will begin to expire in 2010.

Note 5 - Going Concern:

The Company's financial statements have been prepared on the basis that it is a
going concern, which contemplated the realization of assets and the satisfaction
of liabilities in the normal course of business.

The Company commenced its retail operation in the third quarter of 2005 in
locations with large Chinese immigrant populations. On June 30, 2006, it started
to only concentrate on its wholesale operation and allowed Ru-Hua Song to take
over all the existing six retail stores.

As of September 30, 2006, the Company's current liabilities exceed current
assets by $ 612,306, and its net worth is negative $ 468,466. Therefore, the
Company's ability to continue as a going concern is dependent upon its ability
to achieve profitable operations and to develop additional sources of capital.
The accompanying financial statements do not include any adjustments that might
result from the outcome of these uncertainties.


                                       F-6
<PAGE>

                           SOYODO GROUP HOLDINGS, INC.
                          Notes to Financial Statements
                               September 30, 2006


Note 6 - Capital Stock Transactions:

On March 25, 1999, the Company's Board of Directors approved an amendment to the
Articles of Incorporation of the Company, declaring a 1 to 10 reverse stock
split of outstanding common stock at March 25, 1999. In 2001, the Board of
Directors declared a 5 to 1 forward stock split. On January 21, 2005, the
company filed an Amended Certificate of Incorporation to increase the shares
authorized to issue from 5,000,000 to 100,000,000 and to reduce the par value
per share from $0.01 to $0.0001. On September 20, 2006, the company filed an
Amended Certificate of Incorporation to set the authorized shares at 12,000,000.

No shares of common stock were issued in 2003 and 2004. Then in the second
quarter of 2005, the principal shareholder, Song Ru-hua, contributed $250,000 in
consideration for 2,000,000 common shares (restricted) to be used as working
capital. On December 15, 2005, our three officers, Wu Hai, Li Ke-Guang and Zhang
Hao, committed to acquire 160,000 restricted shares for $80,000, of which
100,000 shares were later returned back to the company by Li Ke-Guang, who had
also resigned from his Vice President position and had not paid the money. On
June 8, 2006, our three independent directors, Song Pei-Kun, Yi Geng-Po and Fang
Ye acquired 1,135,000 restricted shares for $170,250.

All shares and per share amounts in the accompanying financial statements of the
Company and notes thereto have been retroactively adjusted to reflect the stock
splits and the par value reduction.

Note 7 - Related Party Transactions:

The company imports all of its merchandise from a trading company in China,
where our director, Fang Ye, has been its president and the majority
shareholder. As of September 30, 2006, our merchandise A/P to this trading
company stood at $620,374. In addition, Mr. Song Ru-hua has been a majority
owner of four privately held companies in California, Illinois and New York,
which are in the same line of business. For the nine months ended September 30,
2006, we did have transactions with these four privately held companies, mainly
the sales of merchandise to them at our wholesale price. As of September 30,
2006, we had a total of related party receivable of $320,180 against these four
companies.

Note 8 - Notes payable (current) :

The loan from Eastwest Bank is a letter of credit facility with Mr. Song
Ru-hua's personal guarantee. It will become due in May of 2007 unless the
renewal is successfully arranged before that time.

Note 9 - Segment Information:

The Company as of September 30, 2006 had operation only in the wholesale
business in California of the U.S.A.


                                       F-7
<PAGE>

Item 2. Management's Discussion and Analysis of Plan of Operation

This Quarterly Report on Form 10-QSB contains statements that may constitute
"forward-looking statements" within the meaning, and made pursuant to the Safe
Harbor provisions, of the Private Securities Litigation Reform Act of 1995. Such
statements are based on management's current expectations and are subject to a
number of risks and uncertainties, including, but not limited to, the difficulty
inherent in operating an early-stage company in a new and rapidly evolving
market, market and economic conditions, the impact of competitive products,
product demand and market acceptance risks, changes in product mix, costs and
availability of raw materials, fluctuations in operating results, delays in
development of highly complex products, risk of customer contract or sales order
cancellations and other risks detailed from time to time in our filings with the
Securities and Exchange Commission (the "SEC"). These risks and uncertainties
could cause our actual results to differ materially from those described in the
forward-looking statements. Any forward-looking statement represents our
expectations or forecasts only as of the date it was made and should not be
relied upon as representing its expectations or forecasts as of any subsequent
date. Except as required by law, we undertake no obligation to correct or update
any forward-looking statement, whether as a result of new information, future
events or otherwise, even if our expectations or forecasts change.

The following discussion and analysis should be read in conjunction with the
financial statements, related notes and other information included in this
Quarterly Report on Form 10-QSB, as well as in conjunction with the consolidated
financial statements and the related notes. The financial statements have been
prepared in accordance with US Generally Accepted Accounting Principles, or
GAAP.

Background

The Company was incorporated as "Quixit, Inc." on May 15, 1997, under the laws
of the State of Colorado. On January 16, 2003, we engaged in the Change in
Control, whereby TOP Group Corp. (New York) purchased 4,400,000 shares of the
Company's common stock from H. Daniel Boone, who was then President and Chairman
of the board of directors. On August 22, 2005, due to its inactive status and
its intension to wind up, TOP Group Corp. (New York) conveyed its
4,400,000shares to Song Ru-hua, the Company's President and Chairman of the
Board, in partial satisfaction of his personal loan to TOP Group Corp. (New
York).

Prior to the Change in Control, our purpose was to investigate opportunities to
be acquired by a company that desired to be registered under the Securities
Exchange Act of 1934, as amended (the "Exchange Act").

In the second quarter of 2005, we decided to commence a chain of member-only
stores in locations with large Chinese immigrant populations, offering Chinese
culture-related merchandise such as books, pre-recorded CDs, stationery, gifts,
and sports goods. Subsequently, the Company has opened up six stores, five in
California and one in Illinois. However on June 30, 2006, the Company started to
concentrate on its wholesale operation and allowed Ru-Hua Song, its majority
shareholder & Principal Executive Officer, to take over all the six retail
stores.

At the special meeting in March of 2003, our stockholders approved a change in
our state of incorporation from Colorado to Delaware. Later, our stockholders
approved a change in our name from Quixit, Inc. to TOP Group Holdings, Inc.
Again at the special meeting in August of 2005, our stockholders approved a
change in our name from TOP Group Holdings, Inc. to Soyodo Group Holdings, Inc.

A. PLAN OF OPERATIONS

Before July 1, 2006, we operated six retail stores in locations within
continental USA with large Chinese immigrant populations. Since July 1, 2006, we
had concentrated on our wholesale operation. Our merchandise consists of mainly
Chinese books, pre-recorded CDs, stationary, gifts and sports goods. Competition
in this business is intense and the barrier for new entries is quite low.

Ru-Hua Song and his privately-held companies took over all our six retail stores
on June 30, 2006. Since then, Ru-Hua Song and his privately held corporations
have been purchasing their merchandise from the Company and paying all their
operating expenses. As of September 30, 2006, they had been able to lease one of
the stores to an outsider. On the other hand, the company had been able to pick
up a few outside retail customers in California, who placed their merchandise
orders with us out of their own choice.

However, it should be noted that if Ru-Hua Song and his privately-held companies
fail to pay all the rents involved, we would still be held liable by the
landlords to honor the terms of those leases. In addition, the question had been
raised as to how big the potential market for our merchandise could be. The
quarter ended on June 30, 2006 was the first quarter when all of our six stores
were in full operation, and our total sales were $914,860. Yet during the
current quarter, which ended on September 30, 2006, the company only booked
$833, 374 in total sales, a decline of 8.9 percent from the previous quarter.


                                        2
<PAGE>

Results of Operations for the nine months Ended September 30, 2006 Compared to
the nine months Ended September 30, 2005

We had wholesale and retail sales of $2,428,337 and a gross profit of $602,901
during the nine months ended September 30, 2006, compared with $327,541 and
$104,880 respectively in the nine months ended September 30, 2005. On the other
hand, we incurred $980,667 in operating expenses in the nine months ended
September 30, 2006, compared to $301,814 in the nine months ended September 30,
2005. We had a net loss of $400,842, or $0.05 per share, in the nine months
ended September 30, 2006, compared to a net loss of $202,546, or $0.03 per
share, in the nine months ended September 30, 2005. To be more specific, we
incurred $42,783 in advertising expenditure, $311,773 in stores' rents and
$416,701 in payroll expense during the nine months ended September 30, 2006.

B. LIQUIDITY AND CAPITAL RESOURCES

As of September 30, 2006, we had $67,565 operating capital, thanks to a loan of
$500,000 from Eastwest bank backed personally by Song Ru-hua. If the revenue
stream and the cash flow from those stores are not up to our expectation, we may
continue to rely upon advances or loans from shareholders to pay our expenses.
However, we have no commitments from any person for advances or loans.

We incurred a net loss of $400,842 from operations for the nine months ended
September 30, 2006, and losses are expected in the future as well. This does
raise substantial doubt about our ability to continue as a going concern. Our
plans include seeking additional capital and/or debt financing. There is no
guarantee that additional capital and/or debt financing will be available when
and to the extent required, or that if available, it will be on terms acceptable
to us. Our financial statements do not include any adjustments that might result
from the outcome of this uncertainty.

Item 3. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Based on their evaluation as of September 30, 2006, our chief executive officer
and chief financial officer have concluded that our disclosure controls and
procedures (as defined in Rules 13a-l5(e) and 15d-15(e) under the Securities
Exchange Act of I 934, as amended) were effective to ensure the information
required to be disclosed by us in reports that we file or submit under the
Securities Exchange Act of 1934 is recorded, processed, summarized and reported
within the time periods specified in the SEC' s rules and forms.

Management`s Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal
control over financial reporting, as such term is defined in Exchange Act Rules
13a- 15(f) and l5d-15(f). Under the supervision and with the participation of
our management, including our Chief Executive Officer and Chief Financial
Officer, we conducted an evaluation of the effectiveness of our internal control
over financial reporting as of September 30, 2006. In making this assessment,
our management used the criteria set forth by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO) in Internal Control-Integrated
Framework. Our management has concluded that, as of September 30, 2006, our
internal control over financial reporting was effective based on these criteria.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during
the quarter ended September 30, 2006 that have materially affected, or are
reasonably likely to materially affect our internal control over financial
reporting.

Inherent Limitations on Effectiveness of Controls

Our management, including our chief executive officer and chief financial
officer, does not expect that our procedures or our internal controls will
prevent or detect all error and all fraud. An internal control system, no matter
how well conceived and operated, can provide only reasonable, not absolute,
assurance that the objectives of the control system are met. Because of the
inherent limitations in all control systems, no evaluation of our controls can
provide absolute assurance that all control issues and instances of fraud, if
any, have been detected.


                                        3
<PAGE>

                           PART II. OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On December 15, 2005, our three officers, Wu Hai, Li Ke-Guang and Zhang Hao,
committed to acquire 160,000 restricted shares for $80,000, of which 100,000
shares were later returned back to the company by Li Ke-Guang, who had also
resigned from his Vice President position and had not paid the money for the
subscription. On June 8, 2006, our three independent directors, Song Pei-Kun, Yi
Geng-Po and Fang Ye acquired 1,135,000 restricted shares for $170,250.

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

At a special meeting in August of 2005, by written consent, our stockholders
approved a change in our name from TOP Group Holdings, Inc. to Soyodo Group
Holdings, Inc. On June 1,2006, by a written consent in lieu of a meeting, our
shareholders elected Song Ru-hua, Fang Ye, Song Pei-Kun, Yi Geng-Po and Zhang
Hao to serve as our directors in place of the entire prior Board. At the same
time, the shareholders also adopted and approved a restatement to the company's
Certificate of Incorporation to, among other things, to reflect prior amendments
and to set the total shares authorized to issue at 12,000,000.

Item 6. Exhibits and Reports on Form 8-K


      (a)   Exhibits

      Exhibit
      Number                            Description
      ------                            -----------

      3.1   Articles of Amendment to the Articles of Incorporation of the
            Company (incorporated by reference to the Company's proxy statement
            on Schedule 14A filed with the Commission on March 5, 2003 (the
            "Proxy statement")

      3.2   Agreement and Plan of Merger between Quixit, Inc., a Colorado
            corporation, and TOP Group Corporation (now known as TOP Group
            Holdings, Inc.), a Delaware corporation (incorporated by reference
            to the Proxy Statement)

      3.3   Certificate of Incorporation of the Company (incorporated by
            reference to the Proxy Statement)

      3.4   By-Laws of the Company (incorporated by reference to the Proxy
            Statement)

      3.5   Restated Certificate of Incorporation of the Company (incorporated
            by reference to the Company's proxy statement on Schedule 14C filed
            with the commission on March 15, 2005 for an increase of authorized
            shares)

      3.6   Restated Certificate of Incorporation of the Company (incorporated
            by reference to the Company's proxy statement on Schedule l4C filed
            with the commission on August 26, 2005 for a name change)

      3.7   Restated Certificate of Incorporation of the Company (incorporated
            by reference to the Company's proxy statement on Schedule l4C filed
            with the commission on June 20, 2006 to set the new total authorized
            shares)

      31.1  Certification

      31.2  Certification

      32    Certification

      b)    Reports on Form 8-K

            We filed a report on Form 8-K on June 8, 2006 to inform the election
      of our five new directors, as well as the election of Song Ru-Hua as
      President and Principal Executive Officer, Zhang Hao as Secretary & Vice
      President, and Zhao Xiao-Zhong as Treasurer and Principal Financial &
      Accounting Officer. On June 30, 2006, we filed a report on Form 8-K to
      inform the decision to concentrate on our wholesale operation and to let
      Ru-Hua Song and his privately held corporations to take over all the six
      retail stores.


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<PAGE>

                                   SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                                    Soyodo Group Holdings, Inc.


Dated: November 1, 2006             By: /s/ Zhao Xiao-Zhong
                                    --------------------------------------------
                                    Zhao Xiao-Zhong
                                    Treasurer
                                    (Principal Financial and Accounting Officer)


Dated: November 1, 2006             By: /s/ Song Ru-Hua
                                    --------------------------------------------
                                    Song Ru-Hua
                                    President
                                    (Principal Executive Officer)


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