**UNITED        STATES**

**SECURITIES        AND EXCHANGE COMMISSION**

**FORM        10-QSB**

** **

**For        the quarterly period ended June 30, 2005 **

**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**

----

| PART                  I - FINANCIAL INFORMATION                                                                                                             |   | 1      |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|
|                                                                                                                                                        |   |   |   |
|          Item                  1. Financial Statements                                                         |   | 1      |   |
|                                                                                                                                                        |   |   |   |
|          Item                  2. Management's Discussion and Analysis or Plan of                  Operation   |   | 7      |   |
|                                                                                                                                                        |   |   |   |
|          Item                  3. Controls and Procedures                                                      |   | 10     |   |
|                                                                                                                                                        |   |   |   |
| PART                  II - OTHER INFORMATION                                                                                                                |   | 10     |   |
|                                                                                                                                                        |   |   |   |
|          Item                  1. Legal Proceedings                                                            |   | 10     |   |
|                                                                                                                                                        |   |   |   |
|          Item                  2. Unregistered Sales of Equity Securities and Use of                  Proceeds |   | 10     |   |
|                                                                                                                                                        |   |   |   |
|          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                                                                     |   | 11     |   |

----

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

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

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

**(A        Development Stage Company)**

**Balance        Sheets**

|                                                                                                                                                                                                                                                                           |   |   | June                  30,  2005  |   |   | December                  31, 2004 |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------|--------|--------|------------------------------------|--------|
|                                                                                                                                                                                                                                                                      |   |   | (Unaudited)                           |   |   |                               |   |
|                                                                                                                                                                                                                                                                      |   |   |                                       |   |   |                               |   |
| **ASSETS**                                                                                                                                                                                                                                                                |   |   |                                       |   |   |                               |   |
| Current                  assets:                                                                                                                                                                                                                                          |   |   |                                       |   |   |                               |   |
| Cash                                                                                                                                                                                                                                                                      |   | $      | 345,426                                    |   | $      | 688,542                            |   |
| Money                  market funds - held in trust                                                                                                                                                                                                                       |   |   | 1,107                                      |   |   | 1,328                              |   |
| Investment                  in Treasury Bills - held in trust                                                                                                                                                                                                             |   |   | 23,637,044                                 |   |   | 23,364,404                         |   |
| Prepaid                  expenses                                                                                                                                                                                                                                         |   |   | 4,010                                      |   |   | 3,003                              |   |
| Total                  current assets                                                                                                                                                                                                                                     |   |   | 23,987,587                                 |   |   | 24,057,277                         |   |
| Total                  assets                                                                                                                                                                                                                                             |   | $      | 23,987,587                                 |   | $      | 24,057,277                         |   |
|                                                                                                                                                                                                                                                                      |   |   |                                       |   |   |                               |   |
| **LIABILITIES                  AND STOCKHOLDERS’ EQUITY**                                                                                                                                                                                                           |   |   |                                       |   |   |                               |   |
| Current                  liabilities:                                                                                                                                                                                                                                     |   |   |                                       |   |   |                               |   |
| Accrued                  expenses                                                                                                                                                                                                                                         |   | $      | 100,908                                    |   | $      | 80,626                             |   |
| Capital                  and income taxes payable                                                                                                                                                                                                                         |   |   | 43,081                                     |   |   | 67,312                             |   |
| Deferred                  interest                                                                                                                                                                                                                                        |   |   | 95,260                                     |   |   | 40,757                             |   |
| Total                  current liabilities                                                                                                                                                                                                                                |   |   | 239,249                                    |   |   | 188,695                            |   |
| Common                  stock subject to possible redemption - 902,744 shares 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 shares of common                  stock                  subject to possible redemption) |   |   | 552                                        |   |   | 552                                |   |
| Additional                  paid-in capital                                                                                                                                                                                                                               |   |   | 19,380,508                                 |   |   | 19,380,508                         |   |
| Deficit                  accumulated during development stage                                                                                                                                                                                                             |   |   | (262,609                                   | )      |   | (142,365                           | )      |
| Total                  stockholders’ equity                                                                                                                                                                                                                         |   |   | 19,118,451                                 |   |   | 19,238,695                         |   |
| Total                  liabilities and stockholders’ equity                                                                                                                                                                                                         |   | $      | 23,987,587                                 |   | $      | 24,057,277                         |   |

----

**Great        Wall Acquisition Corporation**

**(A        Development Stage Company)**

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

|                                                                                                           |   |   | Period                    from August 20, 2003 (inception) to June 30,                    2005   |   |   | Three                    Months Ended June 30,  |   |   | Six                    Months Ended June 30,  |   |
|----------------------------------------------------------------------------------------------------------------|--------|--------|------------------------------------------------------------------------------------------------------------|--------|--------|------------------------------------------------------|--------|--------|----------------------------------------------------|--------|
|                                                                                                           |   |   | (cumulative)                                                                                          |   |   | 2005                                            |   |   |  2004                                    |   |   | 2005  |   |   |  2004  |   |
|                                                                                                           |   |   |                                                                                                       |   |   |                                                 |   |   |                                               |   |   |   |   |   |   |   |
| Operating                    expenses:                                                                         |   |   |                                                                                                       |   |   |                                                 |   |   |                                               |   |   |   |   |   |   |   |
| Travel                                                                                                         |   | $      | 53,655                                                                                                     |   | $      | 5,878                                                |   | $      | 6,059                                              |   | $ | 18,266 |   | $ | 6,059 |   |
| Capital-based                    taxes                                                                         |   |   | 117,881                                                                                                    |   |   | 27,569                                               |   |   | —                                            |   |   | 50,569 |   |   | — |   |
| Professional                    fees                                                                           |   |   | 444,543                                                                                                    |   |   | 158,907                                              |   |   | 9,286                                              |   |   | 259,952 |   |   | 9,286 |   |
| Rent                                                                                                           |   |   | 7,500                                                                                                      |   |   | 1,500                                                |   |   | 1,500                                              |   |   | 3,000 |   |   | 1,742 |   |
| Transfer                    agent fees                                                                         |   |   | 16,671                                                                                                     |   |   | 1,913                                                |   |   | 2,742                                              |   |   | 6,073 |   |   | 2,983 |   |
| Other                    operating costs                                                                       |   |   | 3,374                                                                                                      |   |   | 370                                                  |   |   | 370                                                |   |   | 550 |   |   | 1,310 |   |
| Loss                    from operations                                                                        |   |   | (643,624                                                                                                   | )      |   | (196,137                                             | )      |   | (19,957                                            | )      |   | (338,410 | ) |   | (21,380 | ) |
| Interest                    income                                                                             |   |   | 382,126                                                                                                    |   |   | 120,210                                              |   |   | 18,025                                             |   |   | 218,166 |   |   | 18,025 |   |
| Interest                    expense                                                                            |   |   | (1,111                                                                                                     | )      |   | —                                              |   |   | (184                                               | )      |   | — |   |   | (533 | ) |
| Net                    loss                                                                                    |   | $      | (262,609                                                                                                   | )      | $      | (75,927                                              | )      | $      | (2,116                                             | )      | $ | (120,244 | ) | $ | (3,888 | ) |
| Net                    loss per common share - basic and diluted                                               |   |   |                                                                                                       |   | $      | (0.01                                                | )      | $      | (0.00                                              | )      | $ | (0.02 | ) | $ | (0.00 | ) |
| Weighted                    average number of common shares outstanding - basic and                    diluted |   |   |                                                                                                       |   |   | 5,515,975                                            |   |   | 5,515,975                                          |   |   | 5,515,975 |   |   | 3,591,127 |   |

----

**Great        Wall Acquisition Corporation**

**(A        Development Stage Company)**

**Statement        of Stockholders’ Equity **
**Period        from August 20, 2003 (Inception) to June 30, 2005        (Cumulative)**

|                                                                                                                                                                                                                                              |   |   | Common                    Stock  |   |   | Additional                    Paid-In   |   |   | Deficit                    Accumulated During                    Development  |   |   | Total                    Stockholders’ |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------------------------------------|--------|--------|---------------------------------------------------|--------|--------|------------------------------------------------------------------------------------|--------|--------|----------------------------------------------|--------|
|                                                                                                                                                                                                                                              |   |   | Shares                           |   |   | Amount                                       |   |   | Capital                                                                       |   |   | Stage                                   |   |   | Equity  |   |
|                                                                                                                                                                                                                                              |   |   |                                  |   |   |                                              |   |   |                                                                               |   |   |                                         |   |   |   |   |
| Balance,                    August 20, 2003 (inception)                                                                                                                                                                                           |   |   | —                               |   | $      | —                                           |   | $      | —                                                                            |   | $      | —                                      |   | $ | — |   |
| Sale                    of 1,000,000 shares of common stock to founding stockholders                    (140,000                    shares at $0.00005 per share and 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 902,744 shares of common stock                    subject to                    possible redemption), net of underwriters discount and offering                    expenses                 |   |   | 4,515,975                             |   |   | 452                                               |   |   | 23,985,395                                                                         |   |   | —                                      |   |   | 23,985,847 |   |
| Reclassification                    as a result of 902,744 shares of common stock being subject to                    possible                    redemption                                                                                      |   |   | —                               |   |   | —                                           |   |   | (4,629,887                                                                         | )      |   | —                                      |   |   | (4,629,887 | ) |
| Proceeds                    from issuance of stock option to 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 |   |
| Unaudited:                                                                                                                                                                                                                                        |   |   |                                  |   |   |                                              |   |   |                                                                               |   |   |                                         |   |   |   |   |
| Net                    loss                                                                                                                                                                                                                       |   |   | —                               |   |   | —                                           |   |   | —                                                                            |   |   | (120,244                                     | )      |   | (120,244 | ) |
|                                                                                                                                                                                                                                              |   |   |                                  |   |   |                                              |   |   |                                                                               |   |   |                                         |   |   |   |   |
| Balance,                    June 30, 2005                                                                                                                                                                                                         |   |   | 5,515,975                             |   | $      | 552                                               |   | $      | 19,380,508                                                                         |   | $      | (262,609                                     | )      | $ | 19,118,451 |   |

----

**Great        Wall Acquisition Corporation**
**(A        Development Stage Company)**

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

|                                                                                                              |   |   | Period                    from August 20, 2003 (inception) toJune 30, 2005 |   |   | Six                    Months Ended June 30,  |   |
|-------------------------------------------------------------------------------------------------------------------|--------|--------|----------------------------------------------------------------------------|--------|--------|----------------------------------------------------|--------|
|                                                                                                              |   |   | (cumulative)                                                     |   |   | 2005                                          |   |   | 2004  |   |
| **CASH                    FLOWS FROM OPERATING ACTIVITIES**                                                       |   |   |                                                                       |   |   |                                               |   |   |   |   |
| Net                    loss                                                                                       |   | $      | (262,609                                                                   | )      | $      | (120,244                                           | )      | $ | (3,888 | ) |
| Adjustments                    to reconcile net loss to net cash used in operating                    activities: |   |   |                                                                       |   |   |                                               |   |   |   |   |
| Interest                    on Treasury Bills                                                                     |   |   | (476,544                                                                   | )      |   | (272,654                                           | )      |   | (22,528 | ) |
| Changes                    in operating assets and liabilities:                                                   |   |   |                                                                       |   |   |                                               |   |   |   |   |
| (Increase)                    decrease in -                                                                       |   |   |                                                                       |   |   |                                               |   |   |   |   |
| Prepaid                    expenses                                                                               |   |   | (4,010                                                                     | )      |   | (1,007                                             | )      |   | (8,487 | ) |
| Increase                    (decrease) in -                                                                       |   |   |                                                                       |   |   |                                               |   |   |   |   |
| Accrued                    expenses                                                                               |   |   | 100,908                                                                    |   |   | 20,282                                             |   |   | 13,030 |   |
| Capital                    and income taxes payable                                                               |   |   | 43,081                                                                     |   |   | (24,231                                            | )      |   | — |   |
| Deferred                    interest                                                                              |   |   | 95,260                                                                     |   |   | 54,503                                             |   |   | 4,503 |   |
| Net                    cash used in operating activities                                                          |   |   | (503,914                                                                   | )      |   | (343,351                                           | )      |   | (17,370 | ) |
| **CASH                    FLOWS FROM INVESTING ACTIVITIES**                                                       |   |   |                                                                       |   |   |                                               |   |   |   |   |
| (Increase)                    decrease in money market funds                                                      |   |   | (1,107                                                                     | )      |   | 221                                                |   |   | — |   |
| Purchase                    of Treasury Bills                                                                     |   |   | (202,415,500                                                               | )      |   | (145,962,986                                       | )      |   | (23,161,015 | ) |
| Maturity                    of Treasury Bills                                                                     |   |   | 179,255,000                                                                |   |   | 145,963,000                                        |   |   | — |   |
| Net                    cash provided by (used in) investing activities                                            |   |   | (23,161,607                                                                | )      |   | 235                                                |   |   | (23,161,015 | ) |
| **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                                                                 | )      |   | —                                            |   |   | (3,020,947 | ) |
| Proceeds                    from sale of shares of common stock                                                   |   |   | 25,000                                                                     |   |   | —                                            |   |   | — |   |
| Proceeds                    from notes payable, stockholders                                                      |   |   | 35,000                                                                     |   |   | —                                            |   |   | — |   |
| Repayment                    of notes payable, stockholders                                                       |   |   | (35,000                                                                    | )      |   | —                                            |   |   | (17,500 | ) |
| Net                    cash provided by financing activities                                                      |   |   | 24,010,947                                                                 |   |   | —                                            |   |   | 24,057,503 |   |
|                                                                                                              |   |   |                                                                       |   |   |                                               |   |   |   |   |
| Net                    increase (decrease) in cash                                                                |   |   | 345,426                                                                    |   |   | (343,116                                           | )      |   | 879,118 |   |
| Cash                    at beginning of period                                                                    |   |   | —                                                                    |   |   | 688,542                                            |   |   | 18,340 |   |
| Cash                    at end of period                                                                          |   | $      | 345,426                                                                    |   | $      | 345,426                                            |   | $ | 897,458 |   |
|                                                                                                              |   |   |                                                                       |   |   |                                               |   |   |   |   |
| Supplemental                    schedule of non-cash financing activities:                                        |   |   |                                                                       |   |   |                                               |   |   |   |   |
| Accrual                    of deferred offering costs                                                             |   | $      | —                                                                    |   | $      | —                                            |   | $ | 47,396 |   |
| Accrual                    of deferred proposed acquisition costs                                                 |   | $      | —                                                                    |   | $      | —                                            |   | $ | 21,000 |   |

----

**Great        Wall Acquisition Corporation**

**(A        Development Stage Company)**

**Notes        to Financial Statements (Unaudited)**

**Three        Months and Six Months Ended June 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**

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

**Forward        Looking Statements**

**Critical        Accounting Policies**

**Business        Overview**

**Results        of Operations**

----

----

**Off-Balance        Sheet Arrangements**

----

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

**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**
**.**

|   | 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. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**SIGNATURES**

|                                         |   | GREAT                WALL ACQUISITION CORPORATION                                                                                                                                                            |
|----------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                         |   | (Registrant)                                                                                                                                                                                       |   |
|                                         |   |                                                                                                                                                                                                         |   |
| Date:                  August 15, 2005  |   | By:                /s/ Kin Shing                Li                                        |   |
|                                         |   | Name: Kin Shing Li                                                                                                                                                                                 |   |
|                                         |   | Title:                  Chairman of the Board, Chief Executive Officer and Secretary (Principal                  Executive Officer and Principal Financial and Accounting                  Officer)     |

----