**UNITED        STATES**

**SECURITIES        AND EXCHANGE COMMISSION**

**FORM        10-QSB**

|    |                                                                                                                            |
|---------|---------------------------------------------------------------------------------------------------------------------------------|
| x  | Quarterly Report pursuant to Section                  13 or                  15(d) of the Securities Exchange Act of 1934  |
|    |                                                                                                                            |
|    | **For the quarterly period                  ended                  September 30, 2005**                                    |
|    |                                                                                                                            |
| o  | Transition Report pursuant to 13                  or 15(d) of                  the Securities Exchange Act of 1934         |
|    |                                                                                                                            |
|    | **For the transition period                  _________                  to _________**                                     |
|    |                                                                                                                            |

**Commission        File Number**
**:        000-50550 **

**GREAT        WALL ACQUISITION CORPORATION**

|                                                                                            |                                                                     |
|-------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------|
| **Delaware**                                                                                    | **20-0178991**                                                           |
| (State                  or Other Jurisdiction ofIncorporation                  or Organization) | (I.R.S.                  EmployerIdentification                  Number) |
|                                                                                            |                                                                     |

**660        Madison Avenue**

**15**
**th**

**        Floor**

**New        York, New York 10021**

**(212)        753-0804**

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**TABLE          OF CONTENTS**

|                         |   |                                                                                |           |
|------------------------------|--------|-------------------------------------------------------------------------------------|----------------|
|                         |   |                                                                                | **Page**  |
|                         |   |                                                                                |           |
| PART                    I -  |   | FINANCIAL                    INFORMATION                                            | 1              |
|                         |   |                                                                                |           |
| Item                    1.   |   | Financial                    Statements                                             | 1              |
|                         |   |                                                                                |           |
| Item                    2.   |   | Management’s                    Discussion and Analysis or Plan of Operation. | 8              |
|                         |   |                                                                                |           |
| Item                    3.   |   | Controls                    and Procedures.                                         | 10             |
|                         |   |                                                                                |           |
| PART                    II - |   | OTHER                    INFORMATION                                                | 11             |
|                         |   |                                                                                |           |
| Item                    1.   |   | Legal                    Proceedings.                                               | 11             |
|                         |   |                                                                                |           |
| Item                    2.   |   | Unregistered                    Sales of Equity 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.                                                                           | 12             |

----

**PART        I - **
**FINANCIAL        INFORMATION**

**Item        1.**
**Financial        Statements**

**Great        Wall**
**        Acquisition Corporation**

**(A        Development Stage Company)**

**Balance        Sheets**

|                                                                                                                                                                                                                                                   |   |                                |       |                              |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|------------|-----------------------------------|--------|
|                                                                                                                                                                                                                                                   |   | September                  30, 2005 |       | December                  31,2004 |   |
|                                                                                                                                                                                                                                                   |   | (Unaudited)                         |       |                              |   |
|                                                                                                                                                                                                                                                   |   |                                |       |                              |   |
| **ASSETS**                                                                                                                                                                                                                                             |   |                                |       |                              |   |
| Current                  assets:                                                                                                                                                                                                                       |   |                                |       |                              |   |
| Cash                                                                                                                                                                                                                                                   |   | $                                   | 236,838    |                              | $      | 688,542 |   |
| Money                  market funds - held in trust                                                                                                                                                                                                    |   |                                | 696        |                              |   | 1,328 |   |
| Investment                  in Treasury Bills - held in trust                                                                                                                                                                                          |   |                                | 23,831,510 |                              |   | 23,364,404 |   |
| Prepaid                  expenses                                                                                                                                                                                                                      |   |                                | 469        |                              |   | 3,003 |   |
| Total                  current assets                                                                                                                                                                                                                  |   |                                | 24,069,513 |                              |   | 24,057,277 |   |
| Total                  assets                                                                                                                                                                                                                          |   | $                                   | 24,069,513 |                              | $      | 24,057,277 |   |
|                                                                                                                                                                                                                                                   |   |                                |       |                              |   |   |   |
| **LIABILITIES                  AND STOCKHOLDERS’ EQUITY**                                                                                                                                                                                        |   |                                |       |                              |   |   |   |
| Current                  liabilities:                                                                                                                                                                                                                  |   |                                |       |                              |   |   |   |
| Accrued                  expenses                                                                                                                                                                                                                      |   | $                                   | 144,618    |                              | $      | 80,626 |   |
| Capital                  and income taxes payable                                                                                                                                                                                                      |   |                                | 68,330     |                              |   | 67,312 |   |
| Deferred                  interest                                                                                                                                                                                                                     |   |                                | 134,051    |                              |   | 40,757 |   |
| Total                  current liabilities                                                                                                                                                                                                             |   |                                | 346,999    |                              |   | 188,695 |   |
| Common                  stock subject to possible redemption - 902,744shares                  at redemption value                                                                                                                                      |        |                                     | 4,629,887  |                                   |        | 4,629,887 |   |
|                                                                                                                                                                                                                                                   |   |                                |       |                              |   |   |   |
| Stockholders’                  equity:                                                                                                                                                                                                           |   |                                |       |                              |   |   |   |
| Preferred                  stock, $0.0001 par value; authorized - 1,000,000 shares; issued                  -                  none                                                                                                                    |   |                                | —    |                              |   | — |   |
| Common                  stock, $0.0001 par value; authorized - 20,000,000 shares;issued                  and outstanding - 5,515,975 shares                  (including 902,744 sharesof                  common stock subject to possible redemption) |   |                                | 552        |                              |   | 552 |   |
| Additional                  paid-in capital                                                                                                                                                                                                            |   |                                | 19,380,508 |                              |   | 19,380,508 |   |
| Deficit                  accumulated during development stage                                                                                                                                                                                          |   |                                | (288,433   | )                                 |   | (142,365 | ) |
| Total                  stockholders’ equity                                                                                                                                                                                                      |   |                                | 19,092,627 |                              |   | 19,238,695 |   |
| Total                  liabilities and stockholders’ equity                                                                                                                                                                                      |   | $                                   | 24,069,513 |                              | $      | 24,057,277 |   |
|                                                                                                                                                                                                                                                   |   |                                |       |                              |   |   |   |

----

**Great        Wall Acquisition Corporation**

**(A        Development Stage Company)**

**Statements        of Operations (**
**Unaudited) **

|                                                                                                                                                |   |                                                                                                            |     |                                                                          |   |                                                                      |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------|----------|-------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------|--------|
|                                                                                                                                                |   | Period                    from August 20, 2003 (inception) to September 30,                    2005   |     | Three                    Months EndedSeptember                      30,  |   | Nine                    Months EndedSeptember                    30, |   |
|                                                                                                                                                |   | (cumulative)                                                                                               |     | 2005                                                                     |   | 2004                                                                 |   | 2005  |   | 2004  |   |
| Operating                    expenses:                                                                                                              |   |                                                                                                            |     |                                                                          |   |                                                                      |   |   |   |   |   |
| Travel                                                                                                                                              |   | $                                                                                                               | 80,634   |                                                                          | $      | 26,979                                                                    |   | $ | 14,173 |   | $ | 45,245 |   | $ | 20,232 |   |
| Capital                    based taxes                                                                                                              |   |                                                                                                            | 143,130  |                                                                          |   | 25,249                                                                    |   |   | — |   |   | 75,818 |   |   | — |   |
| Professional                    fees                                                                                                                |   |                                                                                                            | 565,383  |                                                                          |   | 120,840                                                                   |   |   | 9,870 |   |   | 380,792 |   |   | 19,156 |   |
| Rent                                                                                                                                                |   |                                                                                                            | 9,000    |                                                                          |   | 1,500                                                                     |   |   | 1,500 |   |   | 4,500 |   |   | 3,242 |   |
| Transfer                    agent fees                                                                                                              |   |                                                                                                            | 22,931   |                                                                          |   | 6,260                                                                     |   |   | 2,742 |   |   | 12,333 |   |   | 5,725 |   |
| Other                    operating costs                                                                                                            |   |                                                                                                            | 3,634    |                                                                          |   | 260                                                                       |   |   | 571 |   |   | 810 |   |   | 1,881 |   |
| Loss                    from operations                                                                                                             |   |                                                                                                            | (824,712 | )                                                                             |   | (181,088                                                                  | )      |   | (37,956 | ) |   | (519,498 | ) |   | (59,336 | ) |
| Interest                    income                                                                                                                  |   |                                                                                                            | 537,390  |                                                                          |   | 155,264                                                                   |   |   | 65,745 |   |   | 373,430 |   |   | 83,770 |   |
| Interest                    expense                                                                                                                 |   |                                                                                                            | (1,111   | )                                                                             |   | —                                                                   |   |   | (247 | ) |   | — |   |   | (780 | ) |
| Income                    (loss) before provisionfor                    income taxes                                                                |   | $                                                                                                               | (288,433 | )                                                                             |   | (25,824                                                                   | )      |   | 36,642 |   |   | (146,068 | ) |   | 32,754 |   |
| Provision                    for income taxes                                                                                                       |   |                                                                                                            | —  |                                                                          |   | —                                                                   |   |   | 9,100 |   |   | — |   |   | 9,100 |   |
| Net                    income (loss)                                                                                                                |   | $                                                                                                               | (288,433 | )                                                                             | $      | (25,824                                                                   | )      | $ | 27,542 |   | $ | (146,068 | ) | $ | 23,654 |   |
| Net                    income (loss) per common share - basic                    and diluted                                                        |   |                                                                                                            |     |                                                                          | $      | (0.00                                                                     | )      | $ | 0.00 |   | $ | (0.03 | ) | $ | 0.01 |   |
| Weighted                    average number of commonshares                    outstanding                    - basic                    and diluted |   |                                                                                                            |     |                                                                          |   | 5,515,975                                                                 |   |   | 5,515,975 |   |   | 5,515,975 |   |   | 4,248,973 |   |
|                                                                                                                                                |   |                                                                                                            |     |                                                                          |   |                                                                      |   |   |   |   |   |   |   |   |   |   |

----

**Great        Wall Acquisition Corporation**

**(A        Development Stage Company)**

**Statement        of Stockholders’ Equity (Unaudited)**

**Period        from August 20, 2003 (Inception) to September 30, 2005        (Cumulative)**

|                                                                                                                                                                                                                                                                                 |   |   |                              |   |   |       |   |   |                     |   |   |        |   |   |                |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-----------------------------------|--------|--------|------------|--------|--------|--------------------------|--------|--------|-------------|--------|--------|---------------------|--------|
|                                                                                                                                                                                                                                                                                 |   |   | Common                      Stock |   |   | Additional |   |   | DeficitAccumulatedDuring |   |   | Total       |   |
|                                                                                                                                                                                                                                                                                 |   |   |                              |   |   |       |   |   | Paid-In                  |   |   | Development |   |   | Stockholders’ |   |
|                                                                                                                                                                                                                                                                                 |        |        | Shares                            |        |        | Amount     |        |        | Capital                  |   |   |  Stage |   |   | Equity              |   |
|                                                                                                                                                                                                                                                                                 |   |   |                              |   |   |       |   |   |                     |   |   |        |   |   |                |   |
| Balance,                    August 20, 2003 (inception)                                                                                                                                                                                                                              |   |   | —                           |   | $      | —    |   | $      | —                  |   | $      | —     |   | $      | —             |   |
| Sale                    of 1,000,000 shares of commonstock                    to                    founding stockholders(140,000                    shares at $0.00005                    per shareand                    860,000 shares at                    $0.029062 per share) |   |   | 1,000,000                         |   |   | 100        |   |   | 24,900                   |   |   | —     |   |   | 25,000              |   |
| Net                    loss                                                                                                                                                                                                                                                          |   |   | —                           |   |   | —    |   |   | —                  |   |   | (1,213      | )      |   | (1,213              | )      |
|                                                                                                                                                                                                                                                                                 |   |   |                              |   |   |       |   |   |                     |   |   |        |   |   |                |   |
| Balance,                    December 31, 2003                                                                                                                                                                                                                                        |   |   | 1,000,000                         |   |   | 100        |   |   | 24,900                   |   |   | (1,213      | )      |   | 23,787              |   |
|                                                                                                                                                                                                                                                                                 |   |   |                              |   |   |       |   |   |                     |   |   |        |   |   |                |   |
| Sale                    of 4,515,975 units (including 902,744shares                    of                    common stock subject topossible                    redemption), net                    of underwritersdiscount                    and offering expenses                 |   |   | 4,515,975                         |   |   | 452        |   |   | 23,985,395               |   |   | —     |   |   | 23,985,847          |   |
| Reclassification                    as a result of 902,744shares                    of common                    stock beingsubject                    to possible redemption                                                                                                        |   |   | —                           |   |   | —    |   |   | (4,629,887               | )      |   | —     |   |   | (4,629,887          | )      |
| Proceeds                    from issuance of stock optionto                    underwriter                                                                                                                                                                                           |   |   | —                           |   |   | —    |   |   | 100                      |   |   | —     |   |   | 100                 |   |
| Net                    loss                                                                                                                                                                                                                                                          |   |   | —                           |   |   | —    |   |   | —                  |   |   | (141,152    | )      |   | (141,152            | )      |
| Balance,                    December 31, 2004                                                                                                                                                                                                                                        |   |   | 5,515,975                         |   |   | 552        |   |   | 19,380,508               |   |   | (142,365    | )      |   | 19,238,695          |   |
| Net                    loss                                                                                                                                                                                                                                                          |   |   | —                           |   |   | —    |   |   | —                  |   |   | (146,068    | )      |   | (146,068            | )      |
| Balance,                    September 30, 2005                                                                                                                                                                                                                                       |   |   | 5,515,975                         |   | $      | 552        |   | $      | 19,380,508               |   | $      | (288,433    | )      | $      | 19,092,627          |   |
|                                                                                                                                                                                                                                                                                 |   |   |                              |   |   |       |   |   |                     |   |   |        |   |   |                |   |

----

**Great        Wall Acquisition Corporation**

**(A        Development Stage Company)**

**Statements        of Cash Flows (**
**Unaudited)**

|                                                                                                                      |   |                                     |                                        |                                       |   |                                              |   |
|---------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------|---------------------------------------------|--------------------------------------------|--------|---------------------------------------------------|--------|
|                                                                                                                      |   | Period                    from           |                                        |                                       |   |                                              |   |
|                                                                                                                      |   | August                    20, 2003  |                                        |                                       |   |                                              |   |
|                                                                                                                      |   | (inception)                    to   |                                        | Nine                    Months Ended  |   |
|                                                                                                                      |   | September                    30,    |                                        | September                    30,      |   |
|                                                                                                                      |   | 2005                                |                                        |                                       |   |                                              |   |
|                                                                                                                      |   | (cumulative)                        |                                        | 2005                                  |   | 2004                                         |   |
| **CASH                    FLOWS FROM OPERATING ACTIVITIES**                                                               |   |                                     |                                        |                                       |   |                                              |   |
| Net                    income (loss)                                                                                      |   | $                                        | (288,433                                    | )                                          | $      | (146,068                                          | )      | $ | 23,654 |   |
| Adjustments                    to reconcile net income (loss) to net cashused                    in operating activities: |   |                                     |                                        |                                       |   |                                              |   |   |   |   |
| Interest                    on Treasury Bills                                                                             |   |                                     | (670,592                                    | )                                          |   | (466,702                                          | )      |   | (104,699 | ) |
| Changes                    in operating assets and liabilities:                                                           |   |                                     |                                        |                                       |   |                                              |   |   |   |   |
| (Increase)                    decrease in -                                                                               |   |                                     |                                        |                                       |   |                                              |   |   |   |   |
| Prepaid                    expenses                                                                                       |   |                                     | (469                                        | )                                          |   | 2,534                                             |   |   | (5,745 | ) |
| Increase                    (decrease) in -                                                                               |   |                                     |                                        |                                       |   |                                              |   |   |   |   |
| Accrued                    expenses                                                                                       |   |                                     | 144,618                                     |                                       |   | 63,992                                            |   |   | 15,178 |   |
| Capital                    and income taxes payable                                                                       |   |                                     | 68,330                                      |                                       |   | 1,018                                             |   |   | 9,100 |   |
| Deferred                    interest                                                                                      |   |                                     | 134,051                                     |                                       |   | 93,294                                            |   |   | 20,929 |   |
| Net                    cash used in operating activities                                                                  |   |                                     | (612,495                                    | )                                          |   | (451,932                                          | )      |   | (41,583 | ) |
| **CASH                    FLOWS FROM INVESTING ACTIVITIES**                                                               |   |                                     |                                        |                                       |   |                                              |   |   |   |   |
| (Increase)                    decrease in money market funds                                                              |   |                                     | (696                                        | )                                          |   | 632                                               |   |   | — |   |
| Purchase                    of Treasury Bills                                                                             |   |                                     | (226,198,918                                | )                                          |   | (169,746,404                                      | )      |   | (23,161,015 | ) |
| Maturity                    of Treasury Bills                                                                             |   |                                     | 203,038,000                                 |                                       |   | 169,746,000                                       |   |   | — |   |
| Payment                    of deferred acquisition costs                                                                  |   |                                     |                         |                                       |   |                          |   |   | (77,380 | ) |
| Net                    cash provided by (used in) investing activities                                                    |   |                                     | (23,161,614                                 | )                                          |   | 228                                               |   |   | (23,238,395 | ) |
| **CASH                    FLOWS FROM FINANCING ACTIVITIES**                                                               |   |                                     |                                        |                                       |   |                                              |   |   |   |   |
| Gross                    proceeds from public offering                                                                    |   |                                     | 27,095,850                                  |                                       |   | —                                           |   |   | 27,095,850 |   |
| Proceeds                    from issuance of stock option                                                                 |   |                                     | 100                                         |                                       |   | —                                           |   |   | 100 |   |
| Payment                    of costs of public offering                                                                    |   |                                     | (3,110,003                                  | )                                          |   | —                                           |   |   | (3,068,343 | ) |
| Proceeds                    from sale of shares of common stock                                                           |   |                                     | 25,000                                      |                                       |   | —                                           |   |   | — |   |
| Proceeds                    from notes payable, stockholders                                                              |   |                                     | 35,000                                      |                                       |   | —                                           |   |   | — |   |
| Repayment                    of notes payable, stockholders                                                               |   |                                     | (35,000                                     | )                                          |   | —                                           |   |   | (35,000 | ) |
| Net                    cash provided by financing activities                                                              |   |                                     | 24,010,947                                  |                                       |   | —                                           |   |   | 23,992,607 |   |
|                                                                                                                      |   |                                     |                                        |                                       |   |                                              |   |   |   |   |
| Net                    increase (decrease) in cash                                                                        |   |                                     | 236,838                                     |                                       |   | (451,704                                          | )      |   | 712,629 |   |
| Cash                    at beginning of period                                                                            |   |                                     | —                                     |                                       |   | 688,542                                           |   |   | 18,340 |   |
| Cash                    at end of period                                                                                  |   | $                                        | 236,838                                     |                                       | $      | 236,838                                           |   | $ | 730,969 |   |
|                                                                                                                      |   |                                     |                                        |                                       |   |                                              |   |   |   |   |

----

**Great        Wall Acquisition Corporation**

**(A        Development Stage Company)**

**Notes        to Financial Statements (Unaudited)**

**Three        Months and Nine Months Ended September 30, 2005 and 2004**

**1.**
**Basis        of Presentation**

**2.**
**Organization        and Business Operations**

----

**3.**
**Initial        Public Offering**

**4.**
**Commitments**

----

**5.**
**Preferred        Stock**

**6**
**.**
**Common        Stock**

**7**
**.**
**Earnings        Per Share**

**8.**
**Tender        Offer For Proposed Business Combination**

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**Item        2.**
**Management**
**’s        Discussion and Analysis or Plan of Operation.**
** **

**Forward        Looking Statements**

**Critical        Accounting Policies**

**Business        Overview**

**Plan        of Operation**

----

----

**Off-Balance        Sheet Arrangements**

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

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**PART        II - **
**OTHER        INFORMATION**
** **

**Item        1.**
**Legal        Proceedings**
**.**
** **

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

**Item        3.**
**Defaults        Upon Senior Securities.**
** **

**Item        4.**
**Submission        of Matters To a Vote of Security Holders.**
** **

----

**Item        5.**
**Other        Information.**
** **

**Item        6.**
**Exhibits**
**.**

|   | 10.12 | Form                  of Letter of Undertaking (incorporated herein by reference to Exhibit                  10.12 to Great Wall Acquisition Corporation’s Current Report on Form 8-K,                  filed with the SEC on September 14,                  2005). |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 31.1 | Certification                  of the Principal Executive Officer pursuant to Section 302 of the                  Sarbanes-Oxley Act of 2002. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.1 | Certification                  of the Principal Executive Officer and Principal Financial and                  Accounting                  Officer pursuant to Section 906 of the Sarbanes-Oxley Act of                  2002. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**SIGNATURES**

|                                           |                                                                                                                                                                                                                     |                                 |
|------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|
|                                           |                                                                                                                                                                                                                     |                                 |
|                                           | GREAT                  WALL ACQUISITION CORPORATION(Registrant)                                                                                                                                                          |
|                                      |                                                                                                                                                                                                                |                            |
| Date:                  November 21, 2005  | By:                                                                                                                                                                                                            | /s/ Kin                Shing Li |
|                                           | Name:                Kin Shing Li                                                                                                                                                                                        |
|                                           | Title:                  Chairman of the Board, Chief Executive Officerand                  Secretary (Principal Executive Officer andPrincipal                  Financial and Accounting                  Officer)  |

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