UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549



FORM 20-F



(Mark One)



| |  ̈ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
| | - | ----------------------------------------------------------------------------------------------



OR



| | x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| | - | ------------------------------------------------------------------------------------



For the fiscal year ended March
31, 2011



OR



| |  ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| | - | ----------------------------------------------------------------------------------------



OR



| |  ̈ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| | - | -------------------------------------------------------------------------------------------



Date of event requiring this
shell company report _____________



For the transition period
from _____________ to _____________



Commission File number: 0-54022



GLORIOUS PIONEER INVESTMENTS LTD.(Exact name of Registrant as specified in its charter)



|N/A                          |  | BRITISH VIRGIN ISLANDS        
|---------------------------- |  | ------------------------------
|(Translation of Registrant’s |  | (Jurisdiction of incorporation
|name into English)           |  | or organization)              



Akara Building
24 De Castro Street
Wickhams Cay 1
Road Town
Tortola, British Virgin Islands
(Address of principal executive offices)



Wei Guo

35/F Central Plaza

18 Harbour Road

Wanchai, Hong Kong

wei.guo24@gmail.com

(908) 656-2539



(Name, Telephone, E-mail and/or Facsimile
number and Address of Company Contact Person)



U.S. Counsel for the RegistrantRobert Brantl

Counselor at Law

52 Mulligan Lane

Irvington, NY 10533

Tel: (914) 693-3026

Fax: (914) 693-1807



Securities registered or to be registered
pursuant to Section 12(b) of the Act:



|Title of each class | Name of each exchange on which registered
|------------------- | -----------------------------------------
|None.               | None.                                    



Securities registered or to be registered
pursuant to Section 12(g) of the Act:



Ordinary Shares(Title of Class)



Securities for which there is a reporting
obligation pursuant to Section 15(d) of the Act:



None.(Title of Class)



Indicate the number of outstanding shares
of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: 50,000
ordinary shares



Indicate by check mark if the registrant
is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.



Yes  ̈ 
No x



If this report is an annual or transition
report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934.



Yes  ̈
No x



Note-Checking the box above will not relieve
any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their
obligations under those Sections.



Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days.



Yes x 
No  ̈



Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate website, if any, every Interactive Data file required to be submitted
and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files).



Yes x
No  ̈



Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and
large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):



Large accelerated filer  ̈    Accelerated
filer  ̈    Non-accelerated filer x



Indicate by check mark which basis of accounting
the registrant has used to prepare the financial statements included in this filing:



U.S. GAAP x   International
Financial Reporting Standards as issued by the International Accounting Standards Board  ̈	Other
 ̈



If “Other” has been checked
in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.



Item 17  ̈     Item 18  ̈



If this is an annual report, indicate by
check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).



Yes x   No  ̈











INDEX





|                                                                                      | Page
|------------------------------------------------------------------------------------- | ----
|PART 1                                                                                |     
|                                                                                      |     
|ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS                         | 1   
|                                                                                      |     
|ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE                                       | 1   
|                                                                                      |     
|ITEM 3. KEY INFORMATION                                                               | 1   
|                                                                                      |     
|ITEM 4. INFORMATION ON THE COMPANY                                                    | 7   
|                                                                                      |     
|ITEM 4A. UNRESOLVED STAFF COMMENTS                                                    | 11  
|                                                                                      |     
|ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS                                  | 11  
|                                                                                      |     
|ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES                                    | 13  
|                                                                                      |     
|ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS                             | 15  
|                                                                                      |     
|ITEM 8. FINANCIAL INFORMATION                                                         | 15  
|                                                                                      |     
|ITEM 9. THE OFFER AND LISTING                                                         | 28  
|                                                                                      |     
|ITEM 10. ADDITIONAL INFORMATION                                                       | 28  
|                                                                                      |     
|ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                   | 29  
|                                                                                      |     
|ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES                       | 29  
|                                                                                      |     
|ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELIQUENCIES                               | 30  
|                                                                                      |     
|ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS | 30  
|                                                                                      |     
|ITEM 15. CONTROLS AND PROCEDURES                                                      | 30  
|                                                                                      |     
|ITEM 16A AUDIT COMMITTEE FINANCIAL EXPERT                                             | 31  
|                                                                                      |     
|ITEM 16B. CODE OF ETHICS                                                              | 31  
|                                                                                      |     
|ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES                                      | 31  
|                                                                                      |     
|ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES                  | 31  
|                                                                                      |     
|ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PARTIES         | 31  
|                                                                                      |     
|ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT                                | 32  
|                                                                                      |     
|ITEM 16G. CORPORATE GOVERNANCE                                                        | 32  
|                                                                                      |     
|ITEM 16H. MINE SAFETY DISCLOSURE                                                      | 32  
|                                                                                      |     
|ITEM 17. FINANCIAL STATEMENTS                                                         | 32  
|                                                                                      |     
|ITEM 18. FINANCIAL STATEMENTS                                                         | 32  
|                                                                                      |     
|ITEM 19. FINANCIAL STATEMENTS AND EXHIBITS                                            | 32  











FOREIGN PRIVATE ISSUER STATUS AND
CURRENCY



Foreign Private Issuer Status



Glorious Pioneer Investments Ltd. (“we”,
“our”, “us”, the “Company” or the “Registrant”) is a corporation incorporated under
the laws of the British Virgin Islands (the “BVI”). All of our ordinary shares, par value $1.00 per share (the “ordinary
shares”), are held by non-United States citizens and residents, and our business is administered principally outside the
United States (“U.S.”). As a result, we believe that we qualify as a “foreign private issuer” to file our
annual reports using Form 20-F.



Currency



The financial information presented in this
annual report is expressed in U.S. Dollars, and the financial data in this annual report is presented in accordance with accounting
principles generally accepted in the U.S. All dollar amounts set forth in this report are in U.S. Dollars.



ITEM 1. IDENTITY OF DIRECTORS,
SENIOR MANAGEMENT AND ADVISERS



NOT APPLICABLE



ITEM 2. OFFER STATISTICS
AND EXPECTED TIMETABLE



NOT APPLICABLE



ITEM 3. KEY INFORMATION



The financial statements of the Company
are attached hereto and found immediately following Item 8 in this Annual Report. The audit report of Li & Company, PC is included
herein immediately preceding the financial statements and schedules. Listed below is a summary of the Company’s selected
financial data as required by Item 3 of Form 20-F:



A. Selected Financial Data



The following selected financial data should
be read in conjunction with the financial statements and the notes thereto, and other information included elsewhere in this Annual
Report.



|                                   |  | Year ended  March 31, 2011 |         |   | Period from January 5,  2010 through March 31, 2010 |  
|---------------------------------- |  | -------------------------- | ------- | - | --------------------------------------------------- | -
|Net sales/operating revenues       |  | $                          | 0       |   |                                                     | $
|Net loss from operations           |  |                            | (13,194 | ) |                                                     |  
|Net loss from operations per share |  |                            | (0.26   | ) |                                                     |  
|Total assets - end of period       |  | $                          | 2,500   |   |                                                     | $
|Net assets - end of period         |  | $                          | 2,500   |   |                                                     | $



The Company has not declared any dividends
on its ordinary shares since incorporation and does not anticipate that it will do so in the foreseeable future.



Exchange Rates



The official currency of the BVI is the
U.S. Dollar. Therefore, disclosure of the exchange rate between the BVI and the U.S. is not applicable.



1







B. Capitalization and Indebtedness



Not Applicable.



C. Reasons for the Offer and
Use of Proceeds



Not Applicable



D. Risk Factors



An investment in the Company is highly speculative in nature
and involves an extremely high degree of risk.



Our auditor has indicated that there is a substantial doubt
as to whether we will be able to continue as a going concern.



In their
report on our financial statements as of March 31, 2011, our independent certified public accountant has stated that the fact that
the Company is a development stage company with no source of financing raises substantial doubt as to our ability to continue as
a going concern. A “going concern” opinion is an indication that the auditor’s review of the company’s
resources and business activities raised doubt as to whether the company will be able to realize its assets and discharge its liabilities
in the ordinary course of business. The risk of investing in a company whose financial statements carry a going concern opinion
is that you are likely to lose all of your investment if the company fails to continue as a going concern. In the case of Glorious
Pioneer Investments, the fact that we have no assets and no business operations means that we will continue as a going concern
only if our controlling shareholder provides the funds necessary to pay our maintenance expenses, such as legal, accounting and
other ongoing costs. Until we acquire an operating business, if our controlling shareholder fails to pay those expenses, our business
will fail.



Wei Guo, our President, sole director and sole shareholder,
will have conflicts of interest that may interfere with his ability to secure the best available business opportunity on the best
possible terms for the Company.



Conflicts of interest create the risk that
management may have an incentive to act adversely to the interests of other investors. Wei Guo, our president, director and sole
shareholder, currently serves as sole owner, officer and director of two other blank check companies that have registered with
the Securities and Exchange Commission: Jet Cheer Investments Ltd. and Beyond Golden Holdings LimitedJet Cheer Investments Ltd.
filed a registration statement with the SEC that became effective on August 21, 2010; Beyond Golden Holdings Limited filed a registration
statement with the SEC that became effective on April 11, 2011. None of these companies is currently party to any acquisition agreement
nor currently negotiating such an agreement. Mr. Guo has previously registered other blank check companies that have subsequently
completed acquisition transactions: Ultra Glory International Ltd., whose registration statement became effective on May 22, 2010
and which is now known as Ossen Innovation Co., Ltd. after acquiring Ossen Innovation Materials Co., Ltd. on July 7, 2010, Super
Champ Group Limited, whose registration statement became effective on June 11, 2010 and which is now known as CC Jewelry Co., Ltd.
after acquiring Square C on September 10, 2010, and Rich Mountain Enterprises Limited, whose registration statement became effective
on June 11, 2010 and which is now known as Sino Oil & Gas Pipe Holdings, Ltd. after acquiring Rise King on July 30, 2011. Mr.
Guo may develop and register other blank check companies in the future. When a business opportunity presents itself, therefore,
Mr. Guo will have to direct that opportunity to one among the several blank check companies with which he is involved. His choice
among the blank check companies will involve consideration of the availability of funds, the age of the blank check companies,
the regulatory status of the blank check companies, and similar factors. As to those factors, however, there may be no material
distinction among the companies, in which event, Mr. Guo’s decision will be arbitrary, In any case, Mr. Guo’s choice
among the blank check companies will necessarily involve a conflict of interest, and Mr. Guo’s decision may not be in the
best interest of Glorious Pioneer Investments.



2







Our shareholders will likely not be invited
to vote on the Company’s acquisition of an operating company, and will likely have no control over, or involvement in, that
transaction.



The success of our Company will depend on
the merits of the operating company that the Company acquires. Even if investors other than Wei Guo acquire shares in the Company,
the decision as to which company to acquire will most likely be made by Wei Guo, our sole officer and director, exclusively. Section
45 of the BVI Business Companies Act gives the Company’s director(s) the authority to issue the Company’s shares in
exchange for shares in another company, and does not require that the director(s) obtain shareholder approval unless the Company’s
Memorandum and Articles requires shareholder approval. The Company’s Memorandum and Articles contain no such obligation.
Therefore Mr. Guo is unlikely to solicit the opinion of our shareholders, nor is it likely that the acquisition will be structured
in such a way that a vote of our shareholders will be necessary for completion of the acquisition. Moreover, unless the acquisition
is structured in such a way that approval of our shareholders is required (for example, a merger in which the Company is not the
surviving entity), Mr. Guo does not intend to provide the Company’s shareholders with any information about the target company
prior to the acquisition. The value of our common stock, therefore, will depend on Mr. Guo’s discretion in evaluating the
acquisition target. If Mr. Guo makes a poor decision in that regard, the value of our common stock will be adversely affected.



The success of our business cannot be predicted because
we have no operating history.



Glorious Pioneer Investments has had no
operating history nor any revenues or earnings from operations since inception. As the Company has no revenue and only minimal
assets, there is a risk that we will be unable to continue as a going concern and consummate a business combination. We will sustain
operating expenses without corresponding revenues, at least until the consummation of a business combination. This will result
in our incurring a net operating loss that will increase continuously until we can consummate a business combination with a profitable
business opportunity. If we do not succeed in consummating such a combination, our business will fail.



There is competition for those private companies suitable
for a merger transaction of the type contemplated by management.



The number of business opportunities that
appear likely to be successful is limited, and there are many companies competing for those same business opportunities. This situation
could reduce the likelihood of consummating a successful business combination. We are, and will continue to be, an insignificant
participant in the business of seeking mergers with, joint ventures with, and acquisitions of, small private and public entities.
A large number of established and well-financed entities, including small public companies and venture capital firms, are active
in mergers and acquisitions of companies that would be desirable target candidates for us. Many of those entities have significantly
greater financial resources, technical expertise and managerial capabilities than we do. Consequently, we will be at a competitive
disadvantage in identifying possible business opportunities and successfully completing a business combination. These competitive
factors will restrict our ability to identify and consummate a successful business combination.



Future success will depend on the ability of our management
to locate and attract a suitable acquisition.



Our business plan is highly speculative
and there is a consequent risk of loss of an investment in the Company. The success of our plan of operations will depend entirely
on the operations, financial condition and management of the identified business opportunity. While management intends to seek
business combination(s) with entities having established operating histories, the past success of an operation is not a guarantee
of future success. If our management makes a poor choice in securing an acquisition, our business may fail. Moreover, if the management
of the successor firm or venture partner firm is not successful in implementing their business plan, our business will fail.



Our shareholders will likely have no control
over, or involvement in, the Company’s acquisition of an operating company.



The success of our Company will depend on
the merits of the operating company that the Company acquires. The decision as to which company to acquire will most likely be
made by Wei Guo, our sole officer and director, exclusively. Mr. Guo is unlikely to solicit the opinion of our shareholders, nor
is it likely that the acquisition will be structured in such a way that a vote of our shareholders will be necessary for completion
of the acquisition. Moreover, unless the acquisition is structured in such a way that approval of our shareholders is required,
Mr. Guo does not intend to provide the Company’s shareholders with any information about the target company prior to the
acquisition. The value of our common stock, therefore, will depend on Mr. Guo’s discretion in evaluating the acquisition
target. If Mr. Guo makes a poor decision in that regard, the value of our common stock will be adversely affected.



3







The Company may remain a shell company for an indefinite
period of time, during which our financial resources could be exhausted.



We have no agreements or understandings
with respect to engaging in a merger with, joint venture with or acquisition of, a private or public entity. It could occur that
we will be unable to complete an acquisition, or that we will complete an acquisition only after a considerable delay. If either
of those results occurred, an investor in our shares could incur a loss on the investment or, due to the delay, could find any
gain to be inadequate to compensate for the time-value of the funds invested.



We will also incur administrative expenses
(including expenses attendant to our SEC reporting obligations) during the period that we remain a shell company. As of March 31,
2011 we had no cash resources and we have not acquired any since that date. Accordingly, we will require additional funds to pay
our ongoing expenses. We expect our sole shareholder, Wei Guo, to provide the necessary funds. Should he fail to do so, however,
we will be unable to pay our administrative expenses, which may prevent us from completing an acquisition and may cause us to default
in our SEC reporting obligations.



Management intends to devote only a limited amount of time
to seeking a target company, which may adversely impact our ability to identify a suitable acquisition candidate.



Wei Guo, who is the sole member of our management,
anticipates devoting very limited time to the Company’s affairs. Initially, the search for a target company will be incidental
to Mr. Guo’s other business affairs, since they bring him into contact with potential sources of business opportunities.
Accordingly, until Mr. Guo decides to pursue a specific business opportunity for the Company, none of Mr. Guo’s business
time will be devoted exclusively to the business of the Company. After Mr. Guo decides to pursue a specific business opportunity
for the Company, his time commitment will depend on the effort involved in bringing about the acquisition, and may range from as
little as twenty hours to as much as several weeks of dedicated effort. Mr. Guo has not entered into a written employment agreement
with the Company and is not expected to do so. Mr. Guo’s limited commitment may adversely impact our ability to identify
and consummate a successful business combination.



The time and cost of preparing a private company to become
a U.S. public reporting company may preclude us from entering into a merger or acquisition with the most attractive private companies.



It will not be possible for us to acquire
a target company that fails to comply with U.S. Securities and Exchange Commission (the “SEC”) reporting requirements.
Sections 13 and 15(d) of the Exchange Act of 1934, as amended (the “Exchange Act”), require reporting companies to
provide certain information about significant acquisitions, including certified financial statements for the company acquired,
covering one, two, or three years, depending on the relative size of the acquisition. The time and additional costs that may be
incurred by some target entities to prepare these statements may significantly delay or essentially preclude consummation of an
acquisition. For this reason, otherwise suitable acquisition prospects that do not have or are unable to obtain the required audited
statements will be inappropriate for acquisition.



The type of investment made by the Company will be limited
by our desire to avoid regulation under the Investment Company Act of 1940.



Although we will be subject to the reporting
requirements under the Exchange Act, management believes we will not be subject to regulation under the Investment Company Act
of 1940, as amended (the “Investment Company Act”), since we will not be engaged in the business of investing or trading
in securities. If we engage in business combinations which result in our holding passive investment interests in a number of entities,
we could be subject to regulation under the Investment Company Act. For that reason, we do not plan to engage in any business combination
that results in our holding a passive investment interest as a material portion of our assets. Our plan to avoid passive investments
will limit the number of business opportunities available to us.



4







Any potential acquisition or merger with a foreign company
may subject us to additional risks.



If we enter into a business combination
with a company domiciled and/or located outside the U.S., we will be subject to the risks inherent in business operations outside
of the U.S. These risks include, for example, currency fluctuations, regulatory problems, punitive tariffs, unstable local tax
policies, trade embargoes, risks related to shipment of raw materials and finished goods across national borders and cultural and
language differences. Foreign economies may differ, favorably or unfavorably, from the U.S. economy in growth of gross national
product, rate of inflation, market development, rate of savings, and capital investment, resource self-sufficiency and balance
of payments positions, and in other respects. These risks and differences may doom to failure a business plan that could be successful
if implemented within the United States.



There is currently no trading market for our ordinary shares,
and liquidity of our ordinary shares is limited.



Our ordinary shares are not registered for
trading under the securities laws of any country, state or other jurisdiction, and accordingly there is no public trading market
for our ordinary shares. Further, no public trading market is expected to develop in the future unless and until the Company completes
a business combination with an operating business and the Company thereafter files a registration statement under the U.S. Securities
Act of 1933. Therefore, our outstanding ordinary shares cannot be offered, sold, pledged or otherwise transferred unless subsequently
registered pursuant to, or exempt from registration under, the Securities Act and any other applicable federal or state securities
laws or regulations.



Our common stock may be classified as a “penny stock”
under SEC rules, in which case it may be difficult for our shareholders to resell their shares of our common stock.



The Rules of the Securities and Exchange
Commission classify as a “penny stock” any security that does not trade on a national securities exchange (e.g. NYSE,
NYSE Amex, NASDAQ, etc., but not including the OTC Bulletin Board or the Pink Sheets) if the market price of the security is less
than $5.00 per share. SEC Rule 15g-9 under the Securities Exchange Act of 1934 imposes additional sales practice requirements on
broker-dealers that recommend the purchase or sale of penny stocks to persons other than those who qualify as an “established
customer” or an “accredited investor.” This includes the requirement that a broker-dealer must make a determination
on the appropriateness of investments in penny stocks for the customer and must make special disclosures to the customer concerning
the risks of penny stocks. For this reason and because penny stocks are generally considered to be more risky than non-penny stocks,
many brokers will not recommend the purchase of penny stock by their customers.



It is likely that when trading first commences
in our common stock it will not be listed on a national securities exchange. It may also occur that for an extended period thereafter,
our common stock will not be listed on a national securities exchange and may be priced below $5.00, in which case our common stock
will be classified as a penny stock. During such periods, the holders of our common stock may experience greater difficulties in
attempting to sell the stock, due to the limited market for penny stocks. In addition, because the penny stock classification reduces
the liquidity of a security, the classification may have a negative effect on the market price of our common stock, such that our
shareholders may not be able to obtain a satisfactory sale price.



The business combination that we undertake may subject
the Company to certain tax consequences, which will increase our cost of doing business.



We may not be able to structure our acquisition
to result in tax-free treatment for the companies or their shareholders. This could deter potential acquisition targets from entering
into business combinations with us. In the alternative, the execution of a taxable transaction could result in the shareholders
of the company we acquire being taxed on consideration received in the transaction. We intend to structure any business combination
so as to minimize the federal and state tax consequences to both us and the target entity. However, we cannot guarantee that the
business combination will meet the statutory requirements of a tax-free reorganization or that the parties will obtain the intended
tax-free treatment upon a transfer of stock or assets. A non-qualifying reorganization could result in the imposition of both federal
and state taxes that may have an adverse effect on both parties to the transaction.



5







If we are deemed to be a passive foreign investment company,
U.S. investors who invest in our securities may suffer adverse U.S. tax consequences.



Special
U.S. tax rules apply to non-U.S. corporations who receive largely passive income or who hold mostly assets that give rise to passive
income (defined as "passive foreign investment companies" or "PFICs").  Passive income generally
includes dividends, interest, royalties, rents, annuities and gains in excess of losses on sales or exchanges of property giving
rise to the foregoing types of income. Shareholders who receive income from a PFIC, or recognize gain from the sale of shares
of a PFIC, may have to recognize income subject to tax prior to the receipt of any distributable proceeds or to pay an
interest charge on taxable income that is treated as having been deferred. U.S. shareholders of a PFIC may avoid this treatment
by electing to include in their U.S. income the taxable income and net capital gains of the PFIC.



Management
of the Company believes that it is not currently a PFIC and does not presently intend to operate the Company so that it becomes
a PFIC.  However, given the uncertainty surrounding the nature of the Company's ultimate operations, it is possible that the
Company will be classified as a PFIC.  Each year, the Company will make a determination whether it falls within the definition
of a PFIC, and will notify its then-current shareholders of its conclusion. If the Company has decided it is a PFIC, shareholders
will be counseled to consult their U.S. income tax advisers concerning the U.S. income tax treatment in their particular
circumstances and the availability and effect of any elections.



The ability of our Board of Directors to issue shares in
one or more series of shares without shareholder approval may have the effect of delaying, deterring or preventing a change in
control of the Company.



Our Memorandum of Association (the “Memorandum”)
provides that our Board of Directors (the “Board of Directors”) may authorize the issuance of shares in one or more
classes of shares without shareholder approval. The ability of our Board of Directors to issue additional shares without shareholder
approval could have the effect of delaying, deterring or preventing a change in control of the Company.



Because Glorious Pioneer Investments Ltd. is a British Virgin
Islands company, you may not be able to enforce judgments against Glorious Pioneer Investments Ltd. that are obtained in U.S. courts
and you may not be able to enforce U.S. laws in the courts of the British Virgin Islands.



Glorious Pioneer Investments Ltd. is incorporated
in the British Virgin Islands and its management is resident in Hong Kong. When Glorious Pioneer Investments acquires an operating
company, it is likely that the primary location of that company’s operations will be outside the United States. As a result,
it may be difficult or impossible for investors to effect service of process on Glorious Pioneer Investments Ltd. or these persons
within the United States. In addition, although the courts of the British Virgin Islands will entertain suits brought by U.S. residents
against companies registered in the British Virgin Islands, in many cases the courts of the British Virgin Islands will apply local
law to the claims brought in their courts. For that reason, investors in Glorious Pioneer Investments Ltd. may find it difficult
to enforce in the British Virgin Islands judgments of U.S. courts predicated upon the civil liability provisions of the Federal
securities laws of the United States. There is also substantial doubt as to whether British Virgin Islands courts will enter judgments
in original actions brought in British Virgin Islands courts predicated solely upon the civil liability provisions of the Federal
securities laws of the United States.



The Company intends to issue more shares in a merger or
acquisition, which will result in substantial dilution.



Our Memorandum authorizes the issuance of
a maximum of 50,000 ordinary shares. Our Board of Directors is authorized to amend our Memorandum to increase the number of authorized
shares. Any merger or acquisition effected by us will result in the issuance of additional securities without shareholder approval
and will result in substantial dilution in the percentage of our shares held by our then existing shareholders. Moreover, the shares
issued in any such merger or acquisition transaction may be valued on an arbitrary or non-arm’s-length basis by our management,
resulting in an additional reduction in the percentage of ordinary shares held by our then existing shareholders. Our Board of
Directors has the power to issue any or all of the authorized but unissued shares without shareholder approval. To the extent that
additional shares are issued in connection with a business combination or otherwise, dilution to the interests of our shareholders
will occur and the rights of the holders of our shares might be materially and adversely affected.



6









Because we may seek to complete a business combination
through a “reverse merger,” we may not be able to attract the attention of major brokerage firms following such a transaction.



Additional risks may exist since we will
assist a privately held business to become public through a “reverse merger.” Securities analysts of major brokerage
firms may not provide coverage of our Company since there is no incentive to brokerage firms to recommend the purchase of our ordinary
shares. If we are unable to engage a brokerage firm to conduct a secondary offering on behalf of our post-merger company, it is
unlikely that a liquid market for our ordinary shares will develop. In those circumstances, investors in our company may find it
difficult to resell their shares.



If, following a business combination of Glorious Pioneer
Investments with an operating business, our ordinary shares are not listed on NASDAQ or some other U.S. or foreign securities exchange,
our shareholders may experience difficulty in reselling their shares.



Following a business combination and the
completion of a registered offering of our ordinary shares, we may seek the listing of our ordinary shares on NASDAQ or the NYSE
Amex. However, following those transactions, we may not be able to meet the initial listing standards of either of those or any
other stock exchange. If our ordinary shares did not qualify for listing on the NASDAQ or another stock exchange, we will apply
to list our ordinary shares on the OTC Bulletin Board, another over-the-counter quotation system, or on the “Pink Sheets.”
Because many brokers will not recommend to their customers securities listed on the OTC Bulletin Board or Pink Sheets, our shareholders
may find it more difficult to dispose of shares if the shares are so listed.



This annual report contains forward-looking statements,
which may prove to be inaccurate.



The forward-looking statements in this annual
report are based on the beliefs of our management, as well as assumptions made by and information currently available to our management.
When used in this annual report, the words “estimate,” “project,” “believe,” “anticipate,”
“intend,” “expect” and similar expressions are intended to identify forward-looking statements. These statements
reflect our current views with respect to future events and are subject to risks and uncertainties that may cause our actual results
to differ materially from those contemplated in our forward-looking statements. We caution you not to place undue reliance on these
forward-looking statements, which speak only as of the date of this annual report. Except as required by the Rules of the Securities
and Exchange Commission, we do not undertake any obligation to publicly release any revisions to these forward-looking statements
to reflect events or circumstances after the date of this annual report or to reflect the occurrence of unanticipated events.



ITEM 4. INFORMATION ON THE
COMPANY



A. History and Development
of the Company



The Company was incorporated in the British
Virgin Islands on January 5, 2010 under the BVI Business Companies Act of 2004. Since inception, the Company has been engaged in
organizational efforts and obtaining initial financing. The Company was formed as a vehicle to pursue a business combination but
has made no efforts to date to identify a possible business combination. As a result, the Company has not conducted any negotiations
nor entered into a letter of intent concerning any target business. The business purpose of the Company is to seek the acquisition
of, or merger with, an existing operating company.



The registered office of the Company is
at Akara Building, 24 De Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands. The telephone number of the
registered office is (908) 656-2539.



(1) Form of Acquisition



At some future time, the Company will initiate
its search for an operating company to acquire. Wei Guo, who is the sole officer, director and employee of the Company, will conduct
the search. Mr. Guo expects that his search will primarily involve communication with business brokers in the People’s Republic
of China (“PRC”). Mr. Guo may also, however, approach or be approached directly by companies wishing to become SEC
reporting companies. Some of the companies that Mr. Guo reviews as potential acquisition candidates may be introduced to him by
persons with whom Mr. Guo has other business relationships. Since Mr. Guo is a resident of Hong Kong, he anticipates that most
or all of the companies with which he discusses potential business arrangements will be located in Hong Kong or the PRC. The Company
does not intend to pay any finder’s fee in connection with an acquisition, either in cash, securities or other form of compensation.
We cannot predict at this time how many companies Mr. Guo will review until he finds a suitable target for acquisition.



7







The decision as to which company to acquire
will be made initially, on behalf of Glorious Pioneer Investments, entirely by Wei Guo. Mr. Guo will base his decision on the business
prospects of the target company, as evidenced by its history of operations, financial condition, intellectual property, market
position, and other factors that are predictive of business success. Mr. Guo will also base his decision on the extent to which
he is able to negotiate terms of the acquisition that are favorable to Glorious Pioneer Investments. On the other hand, the Company
has adopted a policy that the offer of any post-transaction employment or any other form of compensation to Mr. Guo (or, if our
management expands prior to the acquisition, any other member of management) will not be a consideration in Mr. Guo’s decision
whether to undertake any proposed transaction. Moreover, the Company has adopted a policy that no entity with which either Mr.
Guo is affiliated will be considered as a target for acquisition.



In the case of an acquisition, the transaction
may be accomplished upon the sole determination of Wei Guo as director without any vote or approval by shareholders. In the case
of a statutory merger or consolidation directly involving the Company, it will be necessary to call a shareholders’ meeting
and obtain the approval of the holders of a majority of the outstanding shares. If, at the time of the acquisition, the Company
has many shareholders, the necessity to obtain such shareholder approval may result in delay and additional expense in the consummation
of any proposed transaction and may also give rise to certain appraisal rights to dissenting shareholders. For that reason, management
may seek to structure any such transaction so as not to require shareholder approval.



Unless shareholder approval is required,
management does not intend to provide the Company’s shareholders with any information about the target company or its business
prior to the acquisition. If shareholder approval is required, management will provide the shareholders with a summary description
of the proposed transaction, a summary of the business operations of the target, and summary financial information of the target.



The shareholders of the Company prior to
the acquisition will not have control of a majority of the ordinary shares of the Company following a reorganization transaction.
As part of such a transaction, all or a majority of the Company’s directors may resign and new directors will be appointed
without any vote by shareholders.



It is anticipated that the investigation
of specific business opportunities and the negotiation, drafting and execution of relevant agreements, disclosure documents and
other instruments will require substantial management time and attention and substantial cost for accountants, attorneys and others.
Because the Company has very limited financial resources, management will undertake to persuade the Company’s professionals
to defer payment of their bills until the transaction is complete. Management will likely also seek loans for this purpose from
members of management or the Company’s shareholder. If management is unable to secure the necessary combination of fee-deferrals
and loans, the Company would be unable to pursue a business opportunity. Moreover, if a decision is made not to participate in
a specific business opportunity, the costs incurred in the related investigation would not be recoverable. Furthermore, even if
an agreement is reached for the participation in a specific business opportunity, the failure to consummate that transaction may
result in the loss to the Company of the related costs incurred. Management will endeavor, therefore, to pursue an opportunity
only if it presents a high likelihood of being successfully consummated.



We presently have no employees apart from
Mr. Guo. Mr. Guo is engaged in outside business activities, and will devote very limited time to our business until the acquisition
of a successful business opportunity has been identified. We expect no significant changes in the number of our employees other
than such changes, if any, incident to a business combination.



Wei Guo is the sole owner, director and
President of two other blank check companies that are registered with the Securities and Exchange Commission. He may register others
in the future. Mr. Guo believes that there are sufficient business opportunities available to warrant developing a number of blank
check companies, and that his ability to compete for the better opportunities will be enhanced if he becomes known to be a good
source for blank check companies. When a business opportunity is present, Mr. Guo will have to choose one among the blank check
companies to be the acquiring company. In determining which among the several blank check companies should pursue the opportunity,
Mr. Guo will consider as to each of the blank check companies:



8









| | · | the availability of funds within the company to pay the expenses of pursuing the opportunity;
| | - | ---------------------------------------------------------------------------------------------



| | · | whether the company is current in its SEC reporting obligations;
| | - | ----------------------------------------------------------------



| | · | the period of time since the company was organized; and
| | - | -------------------------------------------------------



| | · | any preference expressed by the parties offering the business opportunity.
| | - | --------------------------------------------------------------------------



At the present time, there is no material
difference as to any of these factors among the blank check companies with which Mr. Guo is affiliated, other than the difference
in time since the companies were organized. If, at the time a business opportunity is present, these factors do not indicate a
choice among the blank check companies, then Mr. Guo’s choice among them will be completely arbitrary. The decision, therefore,
may be adverse to the interests of Glorious Pioneer Investments Ltd.



(2) Reports to security holders



(a) The Company is not required to deliver an annual report
to security holders and at this time does not anticipate the distribution of such a report. The Company has no current plan to
make financial information or other documents available for inspection in the United States, other than through filing with the
SEC.



(b) The Company will file reports with the SEC. The Company
will be a reporting foreign private issuer within the meaning of rules promulgated under the Exchange Act. As such, we are exempt
from certain of the reporting requirements under the Exchange Act. As a "foreign private issuer," we will be exempt from
the rules under the Exchange Act prescribing the furnishing and content of proxy statements to shareholders, and we do not expect
to provide proxy statements. As a foreign private issuer, we will file annual reports containing our financial statements audited
by an independent public accounting firm on Form 20-F with the SEC. We are not required to file quarterly reports containing our
unaudited financial data with the SEC and do not expect to do so. We will also be required to file with the SEC, under Form 6-K,
copies of each material document that we are required to publish, or have published, under BVI law, or that we have distributed
to our non-U.S. shareholders. We are not aware of any document that we are required to publish under BVI law.



(c) The public may read and copy any materials the Company files
with the SEC at the SEC’s Public Reference Section at 100 F Street N.E., Room 1580, Washington, D.C. 20549. The public may
obtain information on the operation of the Public Reference Section by calling the SEC at 1-800-SEC-0330. Additionally, the SEC
maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that
file electronically with the SEC, which can be found at http://www.sec.gov.



B. Business Overview



The Company, based on its proposed business
activities, is a “blank check” company. The SEC defines those companies as “any development stage company that
is issuing a penny stock, within the meaning of Section 3 (a)(51) of the Exchange Act, and that has no specific business plan or
purpose, or has indicated that its business plan is to merge with an unidentified company or companies.” Under SEC Rule 12b-2
under the Securities Act, the Company also qualifies as a “shell company,” because it has no or nominal assets (other
than cash) and no or nominal operations. Many states have enacted statutes, rules and regulations limiting the sale of securities
of “blank check” companies in their jurisdictions. Management does not intend to undertake any efforts to cause a market
to develop in our securities, either debt or equity, until we have successfully concluded a business combination. The Company intends
to comply with the periodic reporting requirements of the Exchange Act for so long as we are subject to those requirements.



The Company was organized as a vehicle to
investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being
a publicly held corporation. The Company’s principal business objective for the next 12 months and beyond such time will
be to achieve long-term growth potential through a combination with an operating business.



9







Wei Guo, who is our sole officer and sole
director, will conduct the search for a suitable acquisition target. Initially, Mr. Guo’s search will be primarily incidental
to his principal employment as a financial advisor, since his activities in that role bring him into contact with persons offering
business opportunities. Mr. Guo may also initiate contact with business brokers in Hong Kong and the PRC. Mr. Guo also anticipates
that persons interested in being acquired by a U.S. reporting company will approach him, based on his reputation as a person involved
in developing relationships between Chinese operating companies and U.S. reporting companies. Mr. Guo will not restrict the Company’s
potential candidate target companies to any specific business, industry or geographical location and, thus, may acquire any type
of business. For this reason, it is not possible to identify any specific market(s) in which the target company will operate, nor
any parameters regarding competitive position, nor the possible effects of government regulation on the target business. All of
these factors will first be evaluated after the Company initiates its search for an acquisition target. It is also not possible
to estimate the number of potential targets that Mr. Guo will investigate nor the number of persons he will contact in connection
with the investigation - that will depend on whether his initial contacts and investigations prove fruitful.



The Company has unrestricted flexibility
in seeking, analyzing and participating in potential business opportunities. In its efforts to analyze potential acquisition targets,
the Company will consider the following kinds of factors:



(a) Potential for growth, indicated by new technology,
anticipated market expansion or new products;



(b)  Competitive position as compared to other
firms of similar size and experience within the industry segment as well as within the industry as a whole;



(c)  Strength and diversity of management, either
in place or scheduled for recruitment;



(d) Capital requirements and anticipated availability
of required funds, to be provided by the Company or from operations, through the sale of additional securities, through joint ventures
or similar arrangements or from other sources;



(e) The cost of participation by the Company as compared
to the perceived tangible and intangible values and potentials;



(f) The extent to which the business opportunity can
be advanced;



(g) The accessibility of required management expertise,
personnel, raw materials, services, professional assistance and other required items; and



(h)  Other relevant factors.



In applying the foregoing criteria, no one
of which will be controlling, management will attempt to analyze all factors and circumstances and make a determination based upon
reasonable investigative measures and available data. Potentially available business opportunities may occur in many different
industries, and at various stages of development, all of which will make the task of comparative investigation and analysis of
such business opportunities extremely difficult and complex. Due to the Company’s limited capital available for investigation,
the Company may not discover or adequately evaluate adverse facts about the opportunity to be acquired.



C. Organizational Structure



NOT APPLICABLE



D. Property, Plants and Equipment



The Company has been provided office space
by Wei Guo, its President, at no cost. Because management has determined that the cost of the space is nominal, we have not recorded
a rent expense in our financial statements. The Company uses no other property, plant or equipment.



10







ITEM 4A. UNRESOLVED STAFF
COMMENTS



NOT APPLICABLE



ITEM 5. OPERATING AND FINANCIAL
REVIEW AND PROSPECTS



A. Operating Results



In their
report on our financial statements as of March 31, 2011, our independent certified public accountant has stated that the fact the
Company is a development stage company with no source of financing raises substantial doubt as to our ability to continue as a
going concern. A “going concern” opinion is an indication that the auditor’s review of the company’s resources
and business activities raised doubt as to whether the company will be able to realize its assets and discharge its liabilities
in the ordinary course of business. The risk of investing in a company whose financial statements carry a going concern opinion
is that you are likely to lose all of your investment if the company fails to continue as a going concern. In the case of Glorious
Pioneer Investments, the fact that we have no assets and no business operations means that we will continue as a going concern
only if our controlling shareholder provides the funds necessary to pay our maintenance expenses, such as legal, accounting and
other ongoing costs. Until we acquire an operating business, if Wei Guo, our controlling shareholder, fails to pay those expenses,
our business will fail.



The Company was organized as a vehicle to
investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being
an SEC reporting company. Our principal business objective for the next 12 months and beyond such time will be to achieve long-term
growth potential through a combination with an operating business. The Company will not restrict our potential candidate target
companies to any specific business, industry or geographical location and, thus, may acquire any type of business.



The Company does not currently engage in
any business activities that provide cash flow. The costs of investigating and analyzing business combinations for the next 12
months and beyond such time will be paid with money in our treasury, and/or through borrowings from our shareholders, management
or other investors.



During the next 12 months we anticipate
incurring costs related to:



(i) filing of Exchange Act reports and other regulatory
costs; and



(ii) costs relating to consummating an acquisition.



We believe we will be able to meet these
costs, in part, through deferral of fees by our attorneys, bookkeepers, accountants and other service providers. Those expenses
that require immediate payment will be satisfied with funds loaned to or invested in us by our shareholders, management or other
investors. At present, there is no specific plan for financing our operations, and no arrangements have been made in that regard.
If and when funds are required for our operations, it is likely that Wei Guo will be the source of the funds. The extent to which
loans or other investments will be required will depend on the efficiency and effectiveness of our search for an acquisition target.



The Company may consider a business which
has recently commenced operations, is a developing company in need of additional funds for expansion into new products or markets,
is seeking to develop a new product or service, or is an established business which may be experiencing financial or operating
difficulties and is in need of additional capital. In the alternative, a business combination may involve the acquisition of, or
merger with, a company which does not need substantial additional capital, but which desires to establish a public trading market
for its shares, while avoiding, among other things, the time delays, significant expense, and loss of voting control which may
occur in an underwritten public offering.



11







Any target business that is selected may
be a financially unstable company or an entity in its early stages of development or growth, including entities without established
records of sales or earnings. In that event, we will be subject to numerous risks inherent in the business and operations of financially
unstable and early stage or potential emerging growth companies. In addition, we may effect a business combination with an entity
in an industry characterized by a high level of risk, and, although our management will endeavor to evaluate the risks inherent
in a particular target business, there can be no assurance that we will properly ascertain or assess all significant risks.



Our management anticipates that it will
likely be able to effect only one business combination, due primarily to our limited financing and the dilution of interest for
present and prospective shareholders, which is likely to occur as a result of our management’s plan to offer a controlling
interest to a target business in order to achieve a tax-free reorganization. This lack of diversification should be considered
a substantial risk in investing in us, because it will not permit us to offset potential losses from one venture against gains
from another.



The Company anticipates that the selection
of a business combination will be complex and extremely risky. Because of general economic conditions, rapid technological advances
being made in some industries and shortages of available capital, our management believes that there are numerous firms seeking
even the limited additional capital which we will have and/or the perceived benefits of becoming a publicly traded corporation.
Such perceived benefits of becoming a publicly traded corporation include, among other things, facilitating or improving the terms
on which additional equity financing may be obtained, providing liquidity for the principals of and investors in a business, creating
a means for providing incentive stock options or similar benefits to key employees, and offering greater flexibility in structuring
acquisitions, joint ventures and the like through the issuance of stock. Potentially available business combinations may occur
in many different industries and at various stages of development, all of which will make the task of comparative investigation
and analysis of such business opportunities extremely difficult and complex.



B. Liquidity and Capital Resources



The Company’s only internal and external
sources of liquidity will be stock subscription receivables from our sole shareholder. The Company intends to obtain any additional
working capital needed by requesting it from our sole shareholder. Through March 31, 2011, the Company had incurred $14,194 in
expenses. As March 31, 2011 it had $2,500 in working capital, consisting of a payment in that amount on account of the subscription
receivable made after March 31, 2011. As additional expenses are incurred, the Company shall obtain the necessary funds from its
sole shareholder.



Operating expenses for periods subsequent
to formation are estimated to be $10,000 or less per annum and will be funded by advances from our sole shareholder in the form
of additional paid-in-capital. We do not expect to have any significant cash balances.



C. Research and Development,
Patents and Licenses, etc.



NOT APPLICABLE



D. Trend Information



NOT APPLICABLE



E. Off-balance Sheet Arrangements



The Company presently has no off balance
sheet commitments.



F. Tabular Disclosure of Contractual
Obligations



Payments due by Period



|Contractual Obligations             |  | Total |       |  | < 1 year |  |  | 1-3 years |  |  | 3-5 years |  |  | >5 years | 
|----------------------------------- |  | ----- | ----- |  | -------- |  |  | --------- |  |  | --------- |  |  | -------- | 
|Long-Term Debt Obligations          |  |       | None. |  |          |  |  |           |  |  |           |  |  |          | 
|Capital (Finance) Lease Obligations |  |       | None. |  |          |  |  |           |  |  |           |  |  |          | 
|Operating Lease Obligations         |  |       | None. |  |          |  |  |           |  |  |           |  |  |          | 
|Purchase Obligations                |  |       | None. |  |          |  |  |           |  |  |           |  |  |          | 
|Other Long-Term Liabilities         |  |       | None. |  |          |  |  |           |  |  |           |  |  |          | 
|TOTAL                               |  | $     | -0-   |  |          |  |  |           |  |  |           |  |  |          | 



12







ITEM 6. DIRECTORS, SENIOR
MANAGEMENT AND EMPLOYEES



A.Directors and Senior Management



Our sole officer and sole director is as
follows:



|Name    |  | Age |  | Position              
|------- |  | --- |  | ----------------------
|Wei Guo |  | 52  |  | President and Director



Wei Guo has more than 20 years of experience in the financial
services industry. Since August 2009, Mr. Guo has been a director of Northern Capital Limited, a firm which specializes in financial
advisory services. From January 2007 until August 2009, Mr. Guo was Director of China US Bridge Capital, where he assisted Chinese
companies with their efforts to become public companies in the Unites States. Prior to joining US Bridge Capital in 2007, Mr. Guo
was an independent investor from June 2002 until December 2006. Mr. Guo invested in Chinese medical research and development projects.
From May 1998 until May 2002, Mr. Guo was Chief Representative at South China Securities Beijing Office, where he managed investments
in the pharmaceutical and IT industries and assisted with initial public offerings. From July 1996 to April 1998, Mr. Guo was Assistant
President at New Hope Group, where he was in charge of investment activities and was involved with initial public offerings. Prior
to joining New Hope Group, Mr. Guo was Vice President of Pharon Pharmaceutical Co., Ltd. from March 1990 until July 1996. Mr. Guo
received a BS from Shenyang Pharmaceutical University in 1982.



Current Blank Check Company Experience



Wei Guo, our sole officer and director, is also currently affiliated
with the following blank check companies:



|Name                           |  | Filing Date
        Registration
        Statement |  | Status                       |  | SEC File
        Number |  | Pending
        Business
        Combinations |  | Additional Information                             
|------------------------------ |  | -------------------------------------------------- |  | ---------------------------- |  | ----------------------- |  | --------------------------------------------- |  | ---------------------------------------------------
|                               |  |                                                    |  |                              |  |                         |  |                                               |  |                                                    
|Jet Cheer Investments Ltd.     |  | 6/22/2010                                          |  | Effective on August 21, 2010 |  | 000-54016               |  | None                                          |  | Mr. Guo is President, Director and sole shareholder
|Beyond Golden Holdings Limited |  | 2/10/2011                                          |  | Effective on April 11, 2011  |  | 000-54021               |  | None                                          |  | Mr. Guo is President, Director and sole shareholder





Within the past two years, Wei Guo was also affiliated with
the following companies, each of which was a blank check company until it completed an acquisition of an operating company:



|Name                                                             |  | Filing Date
        Registration
        Statement |  | Status                 |  | SEC File
        Number |  | Business
        Combination                                  |  | Additional Information                                                                            
|---------------------------------------------------------------- |  | -------------------------------------------------- |  | ---------------------- |  | ----------------------- |  | ------------------------------------------------------------- |  | --------------------------------------------------------------------------------------------------
|Ossen Innovation Co., Ltd. (f/k/aUltra Glory International Ltd.) |  | 3/23/2010                                          |  | Effective on 5/22/2010 |  | 000-53914               |  | Acquired Ossen Innovation Materials Co., Ltd. on July 7, 2010 |  | Mr. Guo was President and Director until completion of the business combination.                  
|Super Champ Group Limited                                        |  | 4/12/2010                                          |  | Effecive on 6/11/2010  |  | 000-53940               |  | Acquired Square C on September 10, 2010                       |  | Mr. Guo was President and Director until completion of the business combination.                  
|Rich Mountain Enterprises Limited                                |  | 4/12/2010                                          |  | Effective on 6/11/2010 |  | 000-53939               |  | Acquired Rise King on July 30, 2011                           |  | Mr. Guo was President, Director and sole shareholder until completion of the business combination.



13







B. Compensation



Wei Guo, who is the Company’s only
officer or director, has received no cash remuneration since inception. If any additional directors join our board, directors other
than officers will be entitled to receive an annual fee of $5,000, payable on December 31 for each year that they serve as a director
of the Company. In the event that we have not completed an acquisition when the fee is due, the controlling shareholder of the
Company will provide the necessary funds. Officers will not receive any remuneration upon completion of the consummation of an
acquisition. No remuneration of any nature has been paid for or on account of services rendered by Mr. Guo in any capacity. Wei
Guo does not intend to devote more than a minimum amount of time to our affairs.



It is possible that, after the Company successfully
consummates a business combination with an unaffiliated entity, that entity may desire to employ or retain Wei Guo (or, if after
this date we engage additional management, another member of our management) for the purposes of providing services to the surviving
entity. However, the Company has adopted a policy whereby the offer of any post-transaction employment to Wei Guo (or any person
who becomes a member of management after this date) will not be a consideration in our decision whether to undertake any proposed
transaction.



No retirement, pension, profit sharing,
stock option or insurance programs or other similar programs have been adopted by the Company for the benefit of its employees.



There are no understandings or agreements
regarding compensation our management will receive after a business combination.



C. Board Practices



The term of office of each director expires
at a time fixed by the Company by means of a Resolution of Shareholders or Resolution of Directors, or until their successors are
duly elected and qualified. If no term is fixed on the appointment of a director, the director serves indefinitely until the earlier
of his death, resignation or removal. Non-management directors will be entitled to receive an annual fee of $5,000, payable on
December 31 for each year that they serve as a director of the Company. No other directors shall receive compensation. Officers
serve at the discretion of the Board of Directors.



D. Employees



None.



E. Share Ownership



Wei Guo, who is our sole officer and director,
is the sole shareholder of Eternal City Investments Ltd., which owns all of the outstanding shares of Glorious Pioneer Investments
Ltd.



14







ITEM 7. MAJOR SHAREHOLDERS
AND RELATED PARTY TRANSACTIONS



A. Major Shareholders



|Name and Address                                                                                                              |  | Number of Ordinary shares |        |  | Percent of Ordinary shares | 
|----------------------------------------------------------------------------------------------------------------------------- |  | ------------------------- | ------ |  | -------------------------- | 
|Eternal City Investments Ltd.(1) Akara Building 24 De Castro Street Wickhams Cay 1, Road Town Tortola, British Virgin Islands |  |                           | 50,000 |  |                            | 



| | (1) | Wei Guo, who is the sole officer and sole director of Glorious Pioneer Investments Ltd., is the sole shareholder, sole officer
and sole director of Eternal City Investments Ltd., and has exclusive control over voting and disposition of the shares owned by
Eternal City Investments Ltd.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



B. Related Party Transactions



In January 2010, we issued 50,000 ordinary
shares to Peter Buhl Nielsen, who was our initial shareholder. At that time, Mr. Nielsen made an oral commitment to pay $50,000
and made a stock subscription receivables payment for $1,000. After March 31, 2010, Mr. Nielsen paid an additional $13,194 on account
of his stock subscription. On November 23, 2010 Mr. Nielsen transferred the 50,000 ordinary shares to Eternal City Investments
Ltd., which is owned by Wei Guo, the sole officer and director of Glorious Pioneer Investments, and Eternal City Investments Ltd.
assumed Mr. Nielsen’s financial obligation to the Company. There was no written agreement between Mr. Nielsen and the Company
regarding the unpaid portion of his $50,000 commitment, and there is no such agreement between Eternal City Investments Ltd. and
the Company. However, because the par value of the shares issued to Mr. Nielsen is $50,000, the Company and, under certain circumstances,
the creditors of the Company could take legal action to enforce Eternal City Investments Ltd.’s commitment to pay the full
amount.



The Company has been provided office space
by Wei Guo, our Chief Executive Officer. However, because of the limited business activities of the Company, the Company considers
the monetary value of the office space to be nominal.



There have been no other transactions and
there are no agreements between Mr. Nielsen and the Company, Mr. Guo or any of their affiliates relating to Glorious Pioneer Investments.
There is no lock-up agreement between Glorious Pioneer Investments and Eternal City Investments Ltd. that would prevent it from
selling its shares prior to the consummation of a business acquisition. The Company has adopted a policy that it will not seek
or complete an acquisition opportunity in which Mr. Guo has an interest. The Company’s acquisition target, therefore, will
not be an entity in which Mr. Guo or one of his affiliates holds an ownership interest.



ITEM 8. FINANCIAL INFORMATION



A. Consolidated Statements
and Other Financial Information



The financial statements as required under
Item 8 begin on the following page. The audit report of Li & Company, PC is included herein immediately preceding the financial
statements and notes to the financial statements.



B. Significant Changes



No significant change in the Company’s
operations or financial condition has occurred since the date of the financial statements included in this annual report.



15







Glorious Pioneer Investments Ltd.



(A Development Stage Company)



March 31, 2011 and 2010



Index to the Financial Statements



|Contents                                                                                                                                                                                                              |  | Page(s)     
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------
|                                                                                                                                                                                                                      |  |             
|Report of Independent Registered Public Accounting Firm                                                                                                                                                               |  | F-17        
|                                                                                                                                                                                                                      |  |             
|Balance Sheets at March 31, 2011 and 2010                                                                                                                                                                             |  | F-18        
|                                                                                                                                                                                                                      |  |             
|Statements of Operations for the Fiscal Year Ended March 31, 2011, for the Period from January 5, 2010 (Inception) through March 31, 2010, and for the Period from January 5, 2010 (Inception) through March 31, 2011 |  | F-19        
|                                                                                                                                                                                                                      |  |             
|Statement of Stockholder's Equity for the Period from January 5, 2010 (Inception) through March 31, 2011                                                                                                              |  | F-20        
|                                                                                                                                                                                                                      |  |             
|Statements of Cash Flows for the Fiscal Year Ended March 31, 2011, for the Period from January 5, 2010 (Inception) through March 31, 2010, and for the Period from January 5, 2010 (Inception) through March 31, 2011 |  | F-21        
|                                                                                                                                                                                                                      |  |             
|Notes to the Financial Statements                                                                                                                                                                                     |  | F-22 to F-27





16











REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM



To the Board of Directors and Stockholders
of

Glorious Pioneer Investments Ltd.

(A Development Stage Company)

Hong Kong, China



We have audited the accompanying balance
sheets of Glorious Pioneer Investments Ltd., a development stage company, (the “Company”) as of March 31, 2011 and
2010 and the related statements of operations, stockholder’s equity and cash flows for the fiscal year ended March 31, 2011,
for the period from January 5, 2010 (inception) through March 31, 2010, and for the period from January 5, 2010 (inception) through
March 31, 2011. These financial statements are the responsibility of the Company’s management. Our responsibility is to express
an opinion on these financial statements based on our audits.



We conducted our audits in accordance with
the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included
consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial
reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable
basis for our opinion.



In our opinion, the financial statements
referred to above present fairly, in all material respects, the financial position of the Company as of March 31, 2011 and 2010
and the results of its operations and its cash flows for the fiscal year ended March 31, 2011, for the period from January 5, 2010
(Inception) through March 31, 2010, and for the period from January 5, 2010 (inception) through March 31, 2011 in conformity with
accounting principles generally accepted in the United States of America.



The accompanying financial statements have
been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the
Company is a development stage company with no source of financing, which raises substantial doubt about the Company’s ability
to continue as a going concern. Management’s plans in regards to these matters are also described in Note 3. The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.





|/s/Li & Company, PC  | 
|-------------------- | 
|Li & Company, PC     | 
|                     | 
|Skillman, New Jersey | 
|March 30, 2012       | 









F-17







Glorious Pioneer Investments
Ltd.

(A Development Stage Company)

Balance Sheets



|                                                                                                |  | March 31, 2011 |         |   | March 31, 2010 |  
|----------------------------------------------------------------------------------------------- |  | -------------- | ------- | - | -------------- | -
|                                                                                                |  |                |         |   |                |  
|ASSETS                                                                                          |  |                |         |   |                |  
|CURRENT ASSETS:                                                                                 |  |                |         |   |                |  
|Cash                                                                                            |  | $              | -       |   |                | $
|Stock subscription receivable                                                                   |  |                | 2,500   |   |                |  
|                                                                                                |  |                |         |   |                |  
|Total Current Assets                                                                            |  |                | 2,500   |   |                |  
|                                                                                                |  |                |         |   |                |  
|Total Assets                                                                                    |  | $              | 2,500   |   |                | $
|                                                                                                |  |                |         |   |                |  
|LIABILITIES AND STOCKHOLDER'S EQUITY                                                            |  |                |         |   |                |  
|CURRENT LIABILITIES:                                                                            |  |                |         |   |                |  
|Accrued expenses                                                                                |  | $              | -       |   |                | $
|                                                                                                |  |                |         |   |                |  
|Total Current Liabilities                                                                       |  |                | -       |   |                |  
|                                                                                                |  |                |         |   |                |  
|STOCKHOLDER'S EQUITY:                                                                           |  |                |         |   |                |  
|Common stock at $1.00 par value: 50,000 shares authorized, 50,000 shares issued and outstanding |  |                | 50,000  |   |                |  
|Stock subscription receivable                                                                   |  |                | (33,306 | ) |                |  
|Deficit accumulated during the development stage                                                |  |                | (14,194 | ) |                |  
|                                                                                                |  |                |         |   |                |  
|Total Stockholder's Equity                                                                      |  |                | 2,500   |   |                |  
|                                                                                                |  |                |         |   |                |  
|Total Liabilities and Stockholder's Equity                                                      |  | $              | 2,500   |   |                | $



See accompanying notes to
the financial statements.



F-18







Glorious Pioneer Investments Ltd.

(A Development Stage Company)

Statements of Operations



|                                                       |  |                     |         |   | For the Period from |   |        | For the Period from | 
|------------------------------------------------------ |  | ------------------- | ------- | - | ------------------- | - | ------ | ------------------- | 
|                                                       |  | For the Fiscal year |         |   | January 5, 2010     |   |        | January 5, 2010     | 
|                                                       |  | Ended               |         |   | (inception) through |   |        | (inception) through | 
|                                                       |  | March 31, 2011      |         |   | March 31, 2010      |   |        | March 31, 2011      | 
|                                                       |  |                     |         |   |                     |   |        |                     | 
|OPERATING EXPENSES:                                    |  |                     |         |   |                     |   |        |                     | 
|Professional fees                                      |  | $                   | 13,194  |   |                     | $ | -      |                     | 
|General and administrative expenses                    |  |                     | -       |   |                     |   | 1,000  |                     | 
|                                                       |  |                     |         |   |                     |   |        |                     | 
|Total operating expenses                               |  |                     | 13,194  |   |                     |   | 1,000  |                     | 
|                                                       |  |                     |         |   |                     |   |        |                     | 
|LOSS BEFORE TAXES                                      |  |                     | (13,194 | ) |                     |   | (1,000 | )                   | 
|                                                       |  |                     |         |   |                     |   |        |                     | 
|INCOME TAXES                                           |  |                     | -       |   |                     |   | -      |                     | 
|                                                       |  |                     |         |   |                     |   |        |                     | 
|NET LOSS                                               |  | $                   | (13,194 | ) |                     | $ | (1,000 | )                   | 
|                                                       |  |                     |         |   |                     |   |        |                     | 
|                                                       |  |                     |         |   |                     |   |        |                     | 
|NET LOSS PER COMMON SHARE - BASIC AND DILUTED:         |  | $                   | (0.26   | ) |                     | $ | (0.02  | )                   | 
|                                                       |  |                     |         |   |                     |   |        |                     | 
|Weighted common shares outstanding - basic and diluted |  |                     | 50,000  |   |                     |   | 50,000 |                     | 



See accompanying notes to the financial
statements.

F-19







Glorious Pioneer Investments Ltd.

(A Development Stage Company)

Statement of Stockholder's Equity

For the Period from January 5, 2010 (Inception)
through March 31, 2011



|                                                                              |  |                               |        |  |        |   |        |              |  |   | Deficit           |   |  |               |        
|----------------------------------------------------------------------------- |  | ----------------------------- | ------ |  | ------ | - | ------ | ------------ |  | - | ----------------- | - |  | ------------- | -------
|                                                                              |  | Common Stock, $1.00 Par Value |        |  | Stock  |   |        | Accumulated  |  |   | Total             |  
|                                                                              |  | Number of                     |        |  |        |   |        | Subscription |  |   | during the        |   |  | Stockholder's |        
|                                                                              |  | Shares                        |        |  | Amount |   |        | Receivable   |  |   | Development Stage |   |  | Equity        |        
|                                                                              |  |                               |        |  |        |   |        |              |  |   |                   |   |  |               |        
|Balance, January 5, 2010 (Inception)                                          |  |                               | -      |  |        | $ | -      |              |  | $ | -                 |   |  | $             | -      
|                                                                              |  |                               |        |  |        |   |        |              |  |   |                   |   |  |               |        
|Issuance of common stock for stock subscription receivable at $1.00 per share |  |                               | 50,000 |  |        |   | 50,000 |              |  |   | (43,500           | ) |  |               |        
|                                                                              |  |                               |        |  |        |   |        |              |  |   |                   |   |  |               |        
|Net loss                                                                      |  |                               |        |  |        |   |        |              |  |   |                   |   |  |               | (1,000 
|                                                                              |  |                               |        |  |        |   |        |              |  |   |                   |   |  |               |        
|Balance, March 31, 2010                                                       |  |                               | 50,000 |  |        |   | 50,000 |              |  |   | (43,500           | ) |  |               | (1,000 
|                                                                              |  |                               |        |  |        |   |        |              |  |   |                   |   |  |               |        
|Collection of stock subscription receivable                                   |  |                               |        |  |        |   |        |              |  |   | 10,194            |   |  |               |        
|                                                                              |  |                               |        |  |        |   |        |              |  |   |                   |   |  |               |        
|Net loss                                                                      |  |                               |        |  |        |   |        |              |  |   |                   |   |  |               | (13,194
|                                                                              |  |                               |        |  |        |   |        |              |  |   |                   |   |  |               |        
|Balance, March 31, 2011                                                       |  |                               | 50,000 |  |        | $ | 50,000 |              |  | $ | (33,306           | ) |  | $             | (14,194



See accompanying notes to the financial
statements.



F-20







Glorious Pioneer Investments Ltd.

(A Development Stage Company)

Statements of Cash Flows



|                                                                           |  |                     |         |   | For the Period from |   |        | For the Period from | 
|-------------------------------------------------------------------------- |  | ------------------- | ------- | - | ------------------- | - | ------ | ------------------- | 
|                                                                           |  | For the Fiscal year |         |   | January 5, 2010     |   |        | January 5, 2010     | 
|                                                                           |  | Ended               |         |   | (inception) through |   |        | (inception) through | 
|                                                                           |  | March 31, 2011      |         |   | March 31, 2010      |   |        | March 31, 2011      | 
|                                                                           |  |                     |         |   |                     |   |        |                     | 
|CASH FLOWS FROM OPERATING ACTIVITIES:                                      |  |                     |         |   |                     |   |        |                     | 
|Net loss                                                                   |  | $                   | (13,194 | ) |                     | $ | (1,000 | )                   | 
|                                                                           |  |                     |         |   |                     |   |        |                     | 
|Adjustments to reconcile net loss to net cash used in operating activities |  |                     |         |   |                     |   |        |                     | 
|Changes in operating assets and liabilities:                               |  |                     |         |   |                     |   |        |                     | 
|Accrued expenses                                                           |  |                     | -       |   |                     |   | -      |                     | 
|                                                                           |  |                     |         |   |                     |   |        |                     | 
|NET CASH USED IN OPERATING ACTIVITIES                                      |  |                     | (13,194 | ) |                     |   | (1,000 | )                   | 
|                                                                           |  |                     |         |   |                     |   |        |                     | 
|CASH FLOWS FROM FINANCING ACTIVITIES:                                      |  |                     |         |   |                     |   |        |                     | 
|Proceeds from sale of common stock                                         |  |                     | 13,194  |   |                     |   | 1,000  |                     | 
|                                                                           |  |                     |         |   |                     |   |        |                     | 
|NET CASH PROVIDED BY FINANCING ACTIVITIES                                  |  |                     | 13,194  |   |                     |   | 1,000  |                     | 
|                                                                           |  |                     |         |   |                     |   |        |                     | 
|NET CHANGE IN CASH                                                         |  |                     | -       |   |                     |   | -      |                     | 
|                                                                           |  |                     |         |   |                     |   |        |                     | 
|Cash at beginning of period                                                |  |                     | -       |   |                     |   | -      |                     | 
|                                                                           |  |                     |         |   |                     |   |        |                     | 
|Cash at end of period                                                      |  | $                   | -       |   |                     | $ | -      |                     | 
|                                                                           |  |                     |         |   |                     |   |        |                     | 
|SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:                         |  |                     |         |   |                     |   |        |                     | 
|Interest paid                                                              |  | $                   | -       |   |                     | $ | -      |                     | 
|Income tax paid                                                            |  | $                   | -       |   |                     | $ | -      |                     | 



See accompanying notes to
the financial statements.



F-21







Glorious Pioneer Investments Ltd.

(A Development Stage Company)

March 31, 2011 and 2010

Notes to the Financial Statements



Note 1 - Organization and Operations



Glorious Pioneer Investments
Ltd. (the “Company”), was incorporated on January 5, 2010 under the laws of the Territory of the British Virgin Islands
(“BVI”). The purpose of the company is to seek merger and acquisition opportunities.



Note 2 - Summary of Significant Accounting
Policies



Basis of Presentation



The Company’s
financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America
(“U.S. GAAP”).



Development Stage Company



The Company is a development
stage company as defined by section 915-10-20 of the FASB Accounting Standards Codification. The Company is still devoting substantially
all of its efforts on establishing the business and its planned principal operations have not commenced. All losses accumulated
since inception have been considered as part of the Company's development stage activities.



Use of Estimates and Assumptions



The preparation of
financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and
the reporting amounts of revenues and expenses during the reporting period.



The Company’s
significant estimates and assumptions include the fair value of financial instruments and the assumption that the Company will
continue as a going concern. Those significant accounting estimates or assumptions bear the risk of change due to the fact that
there are uncertainties attached to those estimates or assumptions, and certain estimates or assumptions are difficult to measure
or value.



Management bases its
estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements
taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of
assets and liabilities that are not readily apparent from other sources.



Management regularly
evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts
and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates
are adjusted accordingly. Actual results could differ from those estimates.



Fair Value of Financial Instruments



The Company follows
paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments
and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to
measure the fair value of its financial instruments. Paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes
a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value
measurements. To increase consistency and comparability in fair value measurements and related disclosures, paragraph 820-10-35-37
of the FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques
used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted)
in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair
value hierarchy defined by paragraph 820-10-35-37 of the FASB Accounting Standards Codification are described below:



F-22







| | Level 1 | Quoted market prices available in active markets for identical
assets or liabilities as of the reporting date.
| | ------- | --------------------------------------------------------------------------------------------------------------



| | Level 2 | Pricing inputs other than quoted prices in active markets included
in Level 1, which are either directly or indirectly observable as of the reporting date.
| | ------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------



| | Level 3 | Pricing inputs that are generally observable inputs and not
corroborated by market data.
| | ------- | ----------------------------------------------------------------------------------------



Financial assets are
considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques
and at least one significant model assumption or input is unobservable.



The fair value hierarchy
gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority
to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described
above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.



The carrying amounts
of the Company’s financial assets and liabilities, such as stock subscription receivable, approximate its fair value because
of the short maturity of this instrument.



Transactions involving
related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market
dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party
transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations
can be substantiated.



It is not, however,
practical to determine the fair value of advances from stockholders due to their related party nature.



Fiscal Year End



The Company elected
March 31 as its fiscal year end upon its formation.



Cash Equivalents



The Company considers
all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.



Related Parties



The Company follows
subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related
party transactions.



Pursuant to section
850-10-20 the related parties include a) affiliates of the Company; b) entities for which investments in their equity securities
would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825–10–15,
to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension
and profit-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management
of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the
management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing
its own separate interests; and g) other parties that can significantly influence the management or operating policies of
the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the
other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.



F-23







The financial statements
shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and
other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation
of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the
nature of the relationship(s) involved; b)  description of the transactions, including transactions to which no amounts or
nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed
necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions
for each of the periods for which income statements are presented and the effects of any change in the method of establishing the
terms from that used in the preceding period; and d) amounts due from or to related parties as of the date of each balance
sheet presented and, if not otherwise apparent, the terms and manner of settlement.



Commitments and Contingencies



The Company follows
subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist
as of the date the consolidated financial statements are issued, which may result in a loss to the Company but which will only
be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment
inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against
the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings
or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.



If the assessment of
a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated,
then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates
that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated,
then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would
be disclosed.



Loss contingencies
considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed.
Management does not believe, based upon information available at this time, that these matters will have a material adverse effect
on the Company’s consolidated financial position, results of operations or cash flows. However, there is no assurance that
such matters will not materially and adversely affect the Company’s business, financial position, and results of operations
or cash flows.



Revenue Recognition



The Company applies
paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company recognizes revenue when
it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following
criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been
rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured.



Income
Tax Provision



The Company adopted
the provisions of paragraph 740-10-25-13 of the FASB Accounting Standards Codification. Paragraph 740-10-25-13.addresses the determination
of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under
paragraph 740-10-25-13, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than
not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.
The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that
has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Paragraph 740-10-25-13 also provides
guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires
increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according
to the provisions of paragraph 740-10-25-13.



F-24







The estimated future
tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying consolidated
balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred
tax assets recorded on its consolidated balance sheets and provides valuation allowances as management deems necessary.



Management makes judgments
as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax
liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions.
In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax
jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary.



Uncertain Tax Positions



The Company did not
take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the provisions of
Section 740-10-25 for the fiscal year ended March 31, 2011 or 2010.



Net Income (Loss) per Common Share



Net income (loss) per
common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per
common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during
the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number
of shares of common stock and potentially outstanding shares of common stock during the period to reflect the potential dilution
that could occur from common shares issuable through contingent shares issuance arrangement, stock options or warrants.



There were no potentially
outstanding dilutive shares for the fiscal year ended March 31, 2011 or for the period from January 5, 2010 (Inception) through
March 31, 2010.



Cash Flows Reporting



The Company adopted
paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash receipts and payments
according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and
uses the indirect or reconciliation method (“Indirect method”) as defined by paragraph 230-10-45-25 of the FASB Accounting
Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow
from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals
of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating
cash receipts and payments. The Company reports the reporting currency equivalent of foreign currency cash flows, using the current
exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held in foreign currencies is reported
as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents and separately provides
information about investing and financing activities not resulting in cash receipts or payments in the period pursuant to paragraph
830-230-45-1 of the FASB Accounting Standards Codification.



Subsequent Events



The Company follows
the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company
will evaluate subsequent events through the date when the financial statements were issued. Pursuant to ASU 2010-09 of the
FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely
distributed to users, such as through filing them on EDGAR.



F-25







Recently
Issued Accounting Pronouncements



In May 2011, the FASB
issued the FASB Accounting Standards Update No. 2011-04 “Fair Value Measurement” (“ASU 2011-04”).
This amendment and guidanceare the result of the work by the FASB
and the IASB to develop common requirements for measuring fair value and for disclosing information about fair value measurements
in accordance with U.S. GAAP and International Financial Reporting Standards (IFRSs).



This update does not
modify the requirements for when fair value measurements apply; rather, they generally represent clarifications on how to measure
and disclose fair value under ASC 820, Fair Value Measurement,including the following revisions:



| | · | An entity that holds a group of financial assets and financial liabilities whose market risk (that
is, interest rate risk, currency risk, or other price risk) and credit risk are managed on the basis of the entity’s net
risk exposure may apply an exception to the fair value requirements in ASC 820 if certain criteria are met. The exception allows
such financial instruments to be measured on the basis of the reporting entity’s net, rather than gross, exposure to those
risks.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | In the absence of a Level 1 input, a reporting entity should apply premiums or discounts when market
participants would do so when pricing the asset or liability consistent with the unit of account.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | · | Additional disclosures about fair value measurements.
| | - | -----------------------------------------------------



The amendments in this
Update are to be applied prospectively and are effective for public entity during interim and annual periods beginning after December
15, 2011.



In June 2011, the FASB
issued the FASB Accounting Standards Update No. 2011-05 “ Comprehensive Income (“ASU 2011-05”), whichwas the result of a joint project with the IASB and amends the guidance in ASC 220, Comprehensive Income,by eliminating
the option to present components of other comprehensive income (OCI) in the statement of stockholders’ equity. Instead, the
new guidance now gives entities the option to present all nonowner changes in stockholders’ equity either as a single continuous
statement of comprehensive income or as two separate but consecutive statements. Regardless of whether an entity chooses to present
comprehensive income in a single continuous statement or in two separate but consecutive statements, the amendments require entities
to present all reclassification adjustments from OCI to net income on the face of the statement of comprehensive income.



The amendments in this
Update should be applied retrospectively and are effective for public entity for fiscal years, and interim periods within those
years, beginning after December 15, 2011.



Management does not
believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect
on the accompanying financial statements.



Note 3 – Going Concern



The accompanying financial
statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations,
realization of assets, and liquidation of liabilities in the normal course of business.



As reflected in the
accompanying financial statements, the Company had a deficit accumulated during the development stage at March 31, 2011, and had
a net loss and net cash used in operating activities for the fiscal year then ended, respectively, with no revenues earned since
inception. These factors raise substantial doubt about the Company’s ability to continue as a going concern.



F-26











While the Company is
attempting to find an acquisition company, the Company’s cash position may not be sufficient enough to support the Company’s
daily operations. Management intends to raise additional funds by way of a public or private offering. Management believes that
the actions presently being taken provide the opportunity for the Company to continue as a going concern. While the Company believes
in the viability of its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company
to continue as a going concern is dependent upon the Company’s ability to raise additional funds to support the Company’s
daily operations.



The financial statements
do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification
of liabilities that might be necessary should the Company be unable to continue as a going concern.



Note 4 – Stockholder's Equity



Sale of Common Stock as Stock Subscription
Receivable



The
Company was incorporated on January 5, 2010. Upon its formation, the Company issued 50,000 shares of its common stock to its initial
shareholder atpar value of $1.00 per share, or $50,000. The common stock was issued for a stock subscription receivable
of $49,000 and the payment by the initial shareholder of the Company’s BVI incorporation filing fees of $1,000.



Payments Received from Stock Subscription
Receivable



$2,000 and $3,500 of
the stock subscription receivable was received on May 24, 2010 and June 2, 2010, respectively, by payment by the initial shareholder
for the Company’s legal and audit fees. Since these payments were constructively received prior to the issuance of these
financial statements, they were reflected as an asset on the balance sheet as of March 31, 2010.



$5,438 and $ 2,256
of the stock subscription receivable was received, constructively, by payment by the initial shareholder for the Company’s
legal fees and edgarization services for the fiscal year ended March 31, 2011.



$2,500 of the stock
subscription receivable was received on March 23, 2012 by payment by the current sole shareholder of the Company’s audit
fees. Since these payments were constructively received prior to the issuance of these financial statements, they were reflected
as an asset on the balance sheets as of March 31, 2011.



Note 5 – Related Party Transactions



Free Office Space



The Company has been
provided office space by its Chief Executive Officer at no cost. The management determined that such cost is nominal and did not
recognize the rent expense in its financial statements.



Note 6 – Income Tax Provision



BVI Income Tax



Under the current BVI
tax law, the Company's income, if any, is not subject to taxation.



Note
7 – Subsequent Events



The Company has evaluated
all events that occurred after the balance sheet date of March 31, 2011 through the date when the financial statements were issued
to determine if they must be reported. The Management of the Company determined that there were no reportable subsequent events
to be disclosed.



F-27









ITEM 9.   THE OFFER AND
LISTING



NOT APPLICABLE



ITEM 10.   ADDITIONAL INFORMATION



A.   Share Capital



The Company is authorized to issue
50,000 ordinary shares, par value $1.00 per share. As of March 31, 2011, all 50,000 shares had been issued to and were owned by
Peter Buhl Nielsen. 14,194 of the shares have been fully paid and $35,806 was owed for the remainder of the shares.



On May 18, 2011 Peter Buhl Nielsen
transferred all 50,000 shares to Eternal City Investments Ltd. Eternal City Investments Ltd. paid $14,194 to Mr. Nielsen for the
shares, and assumed his liability to Glorious Pioneer Investments for the unpaid portion of the subscription price.



When additional authorized shares
are required for completion of an acquisition or any other purpose, Mr. Guo, in his role as sole director, will cause our memorandum
and articles of association to be amended to authorize the necessary shares and any others that he may deem appropriate.



B.   Memorandum and Articles
of Association



The information called for in Item 10(B) is incorporated
by reference to Item 10(B) in the Registration Statement on Form 20-F (Amendment No. 1) filed on October 28, 2010.



C.   Material Contracts



None.



D.   Exchange Controls



There are no laws, decrees, regulations
or other legislation of the BVI which restrict the import or export of capital, including the availability of cash and
cash equivalents for use by the Company’s group, the remittance of dividends, interest or other payments to non-resident
holders of the Company’s securities.



E.   Taxation



There is currently no relevant capital
gains tax, inheritance tax or gift tax in the BVI, and there is no taxation of income in the BVI.



There are no withholding provisions
regarding taxes except in relation to the European Saving Directive (the “Directive”).  Withholding pursuant to
the Directive, as implemented in the British Virgin Islands pursuant to The Mutual Legal Assistance in Tax Matters, Amendment Act
(the “Act”) would only arise in relation to payments made to an individual resident in the European Union and if such
payments were deemed interest under the Act.



F.   Dividends and Paying Agents



NOT APPLICABLE



G.   Statements by Experts



NOT APPLICABLE



28







H.   Documents on Display



The Company’s Memorandum of Association
and Articles of Association are the only documents referred to in this Annual Report. They have been filed as exhibits to the Company’s
Registration Statement on Form 20-F.



I.   Subsidiary Information



NOT APPLICABLE



ITEM 11.  
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK



A.   Quantitative Information
about Market Risk



NOT APPLICABLE



B.   Qualitative Information
about Market Risk



NOT APPLICABLE



C.   Interim Periods



NOT APPLICABLE



ITEM 12.   DESCRIPTION
OF SECURITIES OTHER THAN EQUITY SECURITIES



A.   Debt Securities



NOT APPLICABLE



B.  Warrants and Rights



NOT APPLICABLE



C.   Other Securities



NOT APPLICABLE



D.   American Depository Shares



None.



29







PART II



ITEM 13.   DEFAULTS, DIVIDEND
ARREARAGES AND DELIQUENCIES



NONE



ITEM 14.   MATERIAL MODIFICATIONS TO THE
RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS



NONE



ITEM 15.   CONTROLS AND
PROCEDURES



Evaluation of Disclosure Controls and
Procedures. Our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of our disclosure
controls and procedures (as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934) as of March 31, 2011.
That evaluation revealed the weaknesses in disclosure controls and procedures described below Management’s Report on Internal
Control over Financial Reporting. Because of those weaknesses, our Chief Executive Officer and Chief Financial Officer concluded
that the Company’s system of disclosure controls and procedures was not effective as of March 31, 2011for the purposes described
in Rule 13a-15(e).



Changes in Internal Controls. There
was no change in internal control over financial reporting (as defined in Rule 13a-15(f) promulgated under the Securities Exchange
Act of 1934) identified in connection with the evaluation described in the preceding paragraph that occurred during the year ended
March 31, 2011 that has materially affected or is reasonably likely to materially affect the Company’s internal control over
financial reporting.



Management’s Report on Internal Control over
Financial Reporting.



Management of the Company is responsible
for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Securities
Exchange Act of 1934. We have assessed the effectiveness of those internal controls as of March 31, 2011, using the Committee of
Sponsoring Organizations of the Treadway Commission (“COSO”) Internal Control – Integrated Framework as a basis
for our assessment.



A material weakness in internal controls
is a deficiency in internal control, or combination of control deficiencies, that adversely affects the Company’s ability
to initiate, authorize, record, process, or report external financial data reliably in accordance with accounting principles generally
accepted in the United States of America such that there is more than a remote likelihood that a material misstatement of the Company’s
annual or interim financial statements that is more than inconsequential will not be prevented or detected. In the course of making
our assessment of the effectiveness of internal controls over financial reporting, we identified three material weaknesses in our
internal control over financial reporting. These material weaknesses consisted of:



a.          	Inadequate staffing and supervision
within the bookkeeping operations of our company. There is only one individual who is responsible for bookkeeping functions.
This prevents us from segregating duties within our internal control system. The inadequate segregation of duties is a weakness
because it could lead to the untimely identification and resolution of accounting and disclosure matters or could lead to a failure
to perform timely and effective reviews.



b.	         Lack of independent control over
related party transactions. Wei Guo is the sole director and sole officer of Glorious Pioneer Investments Ltd. From time to
time Mr. Guo will make loans or capital contributions to finance the operations of the Company. The absence of other directors
or officers to review these transactions is a weakness because it could lead to improper classification of such related party transactions.



Management does not believe that the current
level of the Company’s operations warrants a remediation of the weaknesses identified in this assessment. However, because
of the above condition, management’s assessment is that the Company’s internal controls over financial reporting were
not effective as of March 31, 2011.



30







This annual report does not include an attestation
report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s
report was not subject to attestation by the Company’s registered public accounting firm pursuant to rules of the Securities
and Exchange Commission that permit the Company to provide only management’s report in this annual report.



ITEM 16A   AUDIT COMMITTEE FINANCIAL EXPERT



The Company does not have an audit committee
financial expert, due to the fact that there is only one member of management.



ITEM 16B.   CODE OF ETHICS



The Company has not adopted a code of ethics
applicable to members of management, due to the fact that there is only one member of management.



ITEM 16C.   PRINCIPAL ACCOUNTANT FEES AND SERVICES



Audit Fees



Li & Company, PC billed $2,500 in connection
with the audit and reviews of the Company’s financial statements for the year ended March 31, 2011. Li & Company, PC
billed $3,500 in connection with the audit and reviews of the Company’s financial statements for the period ended March 31,
2010. Also included are those services normally provided by the accountant in connection with the Company’s statutory and
regulatory filings.



Audit-Related Fees



Li & Company, PC did not bill the Company
for any Audit-Related fees in fiscal 2011 or in fiscal 2010.



Tax Fees



Li & Company, PC did not bill the Company
in fiscal 2011 or fiscal 2010 for professional services rendered for tax compliance, tax advice and tax planning.



All Other Fees



Li & Company, PC did not bill the Company
for any other fees in fiscal 2011 or fiscal 2010.



It is the policy of the Company that all
services, other than audit, review or attest services, must be pre-approved by the Board of Directors.



Subcontracted Services



All work on Li & Company, PC’s
engagement to audit the Company’s financial statements for the year ended March 31, 2011 was performed by full-time permanent
employees of Li & Company, PC.



ITEM 16D.   EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES



NOT APPLICABLE



ITEM 16E.   PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED
PARTIES



NONE



31









ITEM 16F.   CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT



NONE



ITEM 16G.   CORPORATE GOVERNANCE



NOT APPLICABLE



ITEM 16H.   MINE SAFETY DISCLOSURE



NOT APPLICABLE



PART III



ITEM 17.  FINANCIAL STATEMENTS



The Company’s financial statements
are stated in U.S. Dollars and are prepared in accordance with Accounting Principles Generally Accepted in the United States (U.S.
GAAP). The financial statements as required under Item 17 are found immediately following Item 8 of this annual report. The audit
report of Li & Company, PC is included herein immediately preceding the financial statements.



ITEM 18.   FINANCIAL STATEMENTS



The Company has elected to provide financial
statements pursuant to Item 17.



ITEM 19.   FINANCIAL STATEMENTS AND EXHIBITS



Index to Exhibits



|Exhibit Number |  | Description of Exhibit       | 
|-------------- |  | ---------------------------- | 
|               |  |                             
|1.1            |  | Memorandum of Association*  
|               |  |                             
|1.2            |  | Articles of Association*    
|               |  |                             
|13.1           |  | Rule 13a-14(a) Certification
|               |  |                             
|13.2           |  | Rule 13a-14(b) Certification










*
Filed as an exhibit to the Company’s Registration Statement on Form 20-F on August 30, 2010, and incorporated herein by reference.



SIGNATURE



The Company hereby certifies that it meets
all of the requirements for filing a Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report
on its behalf.



|                     | GLORIOUS PIONEER INVESTMENTS LTD.           
|-------------------- | --------------------------------------------
|Date: March 30, 2012 | /s/ Wei Guo                                 
|                     | By: Wei Guo                                 
|                     | Title: Chief Executive and Financial Officer



32