|                                                                                         
|-----------------------------------------------------------------------------------------
|UNITED STATES SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
    FORM 10-QSB

|  |                                                                                                                                       
|- | --------------------------------------------------------------------------------------------------------------------------------------
|x | Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934
    For the quarterly period ended February 28, 2005
|  |                                                                                                                                       
|o | Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934
    For the transition period from ______to ______ 

|                                                      
|------------------------------------------------------
|Commission file number:  000-25591                    
|                                                      
|CHINA ELITE INFORMATION CO ., LTD.                    
|                                                      
|(Exact name of Registrant as Specified in its Charter)
|                                                      

| | BRITISH VIRGIN ISLANDS          |  | 11-3462369          | 
| | ------------------------------- |  | ------------------- | 
| |                                 |  |                     | 
| | (State or other jurisdiction of |  | (IRS Employer       | 
| | incorporation or organization)  |  | Identification No.) | 

|                                                           
|-----------------------------------------------------------
|c/o DeHeng Chen Chan, LLC, 225 Broadway, Suite 1910, NY, NY
|                                                           
|(Address of Principal Executive Offices)                   
|                                                           
|(212) 608-6500                                             
|                                                           
|(Registrants telephone number, including area code)       
|                                                           

|Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 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 o
        Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date: As of April 15, 2005, there were 11,200,000 shares of common stock outstanding.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|
|



|CHINA ELITE INFORMATION CO., LTD .FORM 10-QSBFOR THE THREE MONTHS ENDED FEBRUARY 28, 2005
INDEX
|-----------------------------------------------------------------------------------------------
|                                                                                               

|           |   | Page
      Number                                         
|---------- | - | ----------------------------------------------------------
|PART I.    |   | FINANCIAL INFORMATION                                     
|Item 1.    |   | Financial Statements                                      
|           |   | Interim Balance Sheet                                     
|           |   | Interim Statements of Operations                          
|           |   | Interim Statements of Cash Flows                          
|           |   | Notes to Interim Financial Statements                     
|Item 2.    |   | Managements Discussion and Analysis or Plan of Operations
|Item 3.    |   | Controls and Procedures                                   
|PART II.   |   | OTHER INFORMATION                                         
|Item 1.    |   | Legal Proceedings                                         
|Item 2.    |   | Changes in Securities                                     
|Item 3.    |   | Defaults Upon Senior Securities                           
|Item 4.    |   | Submission of Matters to a Vote of Security Holders       
|Item 5.    |   | Other Information                                         
|Item 6.    |   | Exhibits and Reports on Form 8-K                          
|SIGNATURES | 8

|
|



|PART I.   FINANCIAL INFORMATION
Item 1.            Financial Statements
CHINA ELITE INFORMATION CO. ,LTD.(A Development Stage Company)INTERIM BALANCE SHEET(Unaudited)As of February 28, 2005
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                             

|                                                                                                      |  
|----------------------------------------------------------------------------------------------------- | -
|(Expressed in U.S. Dollars)                                                                           |  
|                                                                                                      |  
|ASSETS                                                                                                | $
|                                                                                                      |  
|                                                                                                     
|LIABILITIES AND STOCKHOLDERS DEFICIENCY                                                             
|Current Liabilities                                                                                   |  
|Accounts payable and accrued expenses                                                                 | $
|Loans from shareholder                                                                                |  
|                                                                                                      |  
|Total current liabilities                                                                             |  
|                                                                                                      |  
|                                                                                                      |  
|Commitments and Contingencies                                                                         |  
|                                                                                                     
|Stockholders Deficiency                                                                             
|Preferred stock: $0.01 par value; 10,000,000 shares authorized; 
     Issued and outstanding: none    |  
|Common stock: $0.01 par value; 50,000,000 shares authorized; 
     Issued and outstanding: 11,200,000 |  
|Additional paid in capital                                                                            |  
|Deficit accumulated during the development stage                                                      |  
|                                                                                                      |  
|Total stockholders deficiency                                                                        |  
|                                                                                                      |  
|                                                                                                      |  
|Total liabilities and stockholders deficiency                                                        | $
|                                                                                                      |  

|                                            
|--------------------------------------------
|See condensed notes to financial statements.

|1
|-



|CHINA ELITE INFORMATION CO., LTD.(A Development Stage Company)INTERIM STATEMENTS OF OPERATIONS(Unaudited)For the three months ended February 28, 2005 and 2004, andfor the period from inception (December 19, 1997) to February 28, 2005
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                         

|                                           |                                        |          |     
|------------------------------------------ | -------------------------------------- | -------- | ----
|(Expressed in U.S. Dollars)                | Cumulative 
      from
      inception |          | 2005
|                                           |                                       
|                                           |                                        |          |     
|Revenues                                   | $                                      |         |     
|                                           |                                        |          |     
|General and administrative expenses       
|Salaries and benefits                      |                                        | 181,888  |     
|General and administrative                 |                                        | 406,640  |     
|                                           |                                        |         
|Total general and administrative expenses  |                                        | 588,528  |     
|                                           |                                        |         
|                                           |                                        |          |     
|Operating loss                             |                                        | (588,528 | )   
|                                           |                                        |          |     
|Other income (expense)                     |                                        |          |     
|Loss on disposal of property and equipment |                                        | (1,473   | )   
|Interest expense                           |                                        | (53,956  | )   
|Interest income                            |                                        | 134,561  |     
|                                           |                                        |         
|Total other income (expense)               |                                        | 79,132   |     
|                                           |                                        |         
|                                           |                                        |          |     
|Net loss                                   | $                                      | (509,396 | )   
|                                           |                                        |         
|                                           |                                        |          |     
|Basic and diluted net loss per share       |                                        |          |     
|                                           |                                        |          |     
|                                           |                                        |          |     
|Weighted average shares outstanding        |                                        |          |     
|                                           |                                        |          |     

|                                            
|--------------------------------------------
|See condensed notes to financial statements.

|2
|-



|CHINA ELITE INFORMATION CO., LTD.
  (A Development Stage Company)
  INTERIM STATEMENTS OF CASH FLOWS
  (Unaudited)
  For the three months ended February 28, 2005 and 2004, and
  for the period from inception (December 19, 1997) to February 28, 2005
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                        

|                                                                                         |                                        |            |     
|---------------------------------------------------------------------------------------- | -------------------------------------- | ---------- | ----
|(Expressed in U.S. Dollars)                                                              | Cumulative 
      from
      inception |            | 2005
|                                                                                         |                                       
|                                                                                         |                                        |            |     
|Cash flows from operating activities                                                     |                                        |            |     
|Net loss                                                                                 | $                                      | (509,396   | )   
|                                                                                         |                                        |           
|Adjustments to reconcile net loss to net cash flows 
       used in operating activities |                                        |            |     
|Depreciation and organization costs                                                      |                                        | 11,492     |     
|Loss on disposal of property and equipment                                               |                                        | 1,473      |     
|Common stock issued for services                                                         |                                        | 48,400     |     
|(Increase) decrease in interest receivable                                               |                                        | (1,483     | )   
|Increase (decrease) in accounts payable and accrued expenses                             |                                        | 24,433     |     
|                                                                                         |                                        |           
|Net cash flows used in operating activities                                              |                                        | (425,081   | )   
|                                                                                         |                                        |           
|                                                                                        
|Cash flows from investing activities                                                    
|Cash paid for note receivable                                                            |                                        | (1,117,602 | )   
|Cash received from note receivable                                                       |                                        | 1,117,602  |     
|Cash paid for equipment                                                                  |                                        | (11,465    | )   
|                                                                                         |                                        |           
|Net cash flows used in investing activities                                              |                                        | (11,465    | )   
|                                                                                         |                                        |           
|                                                                                         |                                        |            |     
|Cash flows from financing activities                                                     |                                        |            |     
|Proceeds from loans payable                                                              |                                        | 232,895    |     
|Proceeds from issuance of stock                                                          |                                        | 1,531,250  |     
|Cash paid for stock redemption                                                           |                                        | (150,000   | )   
|Deferred offering costs against capital                                                  |                                        | (25,927    | )   
|Acquisition of treasury stock                                                            |                                        | (1,151,672 | )   
|                                                                                         |                                        |           
|Net cash flows provided by financing activities                                          |                                        | 436,546    |     
|                                                                                         |                                        |           
|                                                                                         |                                        |            |     
|Increase (decrease) in cash and cash equivalents                                         |                                        |           |     
|                                                                                         |                                        |            |     
|Cash and cash equivalents, beginning of period                                           |                                        |           |     
|                                                                                         |                                        |           
|                                                                                         |                                        |            |     
|Cash and cash equivalents, end of period                                                 | $                                      |           |     
|                                                                                         |                                        |           
|                                                                                         |                                        |            |     
|Cash paid for interest and income taxes                                                  |                                        |            |     
|                                                                                         |                                        |            |     
|Supplemental noncash investing and financing activities:                                 |                                        |            |     
|Common stock issued for services                                                         | $                                      | 48,400     |     
|                                                                                         |                                        |           
|Loans payable converted to additional paid in capital                                    | $                                      | 14,397     |     
|                                                                                         |                                        |           

|                                            
|--------------------------------------------
|See condensed notes to financial statements.

|3
|-



|CHINA ELITE INFORMATION CO., LTD. (A Development Stage Company)
      NOTES TO INTERIM FINANCIAL STATEMENTS
|-----------------------------------------------------------------------------------------------------------

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|NOTE 1  BASIS OF PRESENTATION
  The accompanying unaudited financial statements have been prepared in conformity with generally accepted
accounting principles in the United States of America. However, certain information and footnote
disclosures normally included in financial statements prepared in accordance with generally accepted
accounting principles have been omitted or condensed pursuant to the rules and regulations of the
Securities and Exchange Commission (SEC). In the opinion of management, all adjustments
of a normal recurring nature necessary for a fair presentation have been included. The results for
interim periods are not necessarily indicative of results for the entire year. These condensed financial
statements and accompanying notes should be read in conjunction with the Companys annual financial
statements and the notes thereto for the fiscal year ended November 30, 2004 included in its
Annual Report on Form 10-KSB.
NOTE 2   GOING CONCERN
The accompanying unaudited financial statements have been prepared in conformity with generally accepted
accounting principles in the United States of America, which contemplates continuation of the Company
as a going concern. However, the Company has limited operations and has sustained substantial operating
losses in recent years resulting in a substantial accumulated deficit. In view of these matters,
the continued existence of the Company is dependent upon its ability to meet its financing requirements
on a continuing basis and to succeed in its future operations.
To meet these objectives, the Company plans to seek potential merger candidates, expects to raise additional
equity, through private equity investment, in order to support existing operations and expand the
range and scope of its business. There is no assurance that such additional funds will be available
for the Company on acceptable terms, if at all. Management believes that actions presently taken
to revise the Companys operating and financial requirements provide the opportunity for the
Company to continue as a going concern. The Companys ability to achieve these objectives cannot
be determined at this time. If the Company is unsuccessful in its endeavors, it may have to cease
operations.
NOTE 3    RELATED PARTY TRANSACTIONS
Amount due to a stockholder of $218,498 at February 28, 2005 represents a serires of advances
from the majority stockholder to fund working capital requirements. There is no note and the amounts
are unsecured, interest-free, and repayable on demand. The Companys President has orally agreed
to fund the Companys operations for at least the next twelve months.

|4
|-



|Item 2.            Managements Discussion
and Analysis or Plan of Operations
  PRELIMINARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
The statements contained in this Form 10-QSB that are not purely historical are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These include statements about the Companys expectations,
beliefs, intentions or strategies for the future, which are indicated by words or phrases such as
anticipate, expect, intend, plan, will,
the Company believes, management believes and similar words or phrases. The
forward-looking statements are based on the Companys current expectations and are subject to
certain risks, uncertainties and assumptions. The Companys actual results could differ materially
from results anticipated in these forward-looking statements. All forward-looking statements included
in this document are based on information available to the Company on the date hereof, and the Company
assumes no obligation to update any such forward-looking statements. Readers are also urged to carefully
review and consider the various disclosures made by the Company that are to advise interested parties
of the factors which affect the Companys business, in this report, as well as the Companys
periodic reports on Forms 10-KSB, 10-QSB and 8-K filed with the Securities and Exchange Commission.
These risks and uncertainties, many of which are beyond our control, include (i) the sufficiency of
existing capital resources and the Companys ability to raise additional capital to fund cash
requirements for future operations; (ii) uncertainties involved in the acquisition of an operating
business; (iii) the Companys ability to achieve sufficient revenues through an operating business
to fund and maintain operations; (iv) volatility of the stock market; and (v) general economic conditions.
Although we believe the expectations reflected in these forward-looking statements are reasonable,
such expectations may prove to be incorrect. Investors should be aware that they could lose all or
substantially all of their investment.
Managements Plan of Operation
The Companys plan of operation for the next twelve months is to identify and acquire a favorable
business opportunity. The Company does not plan to limit its options to any particular industry,
but will evaluate each opportunity on its merits.
The Company has not yet entered into any agreement, nor does it have any commitment to enter into or
become engaged in any transaction as of the date of this filing.
The management of the Company endeavors to identify and pursue profitable business opportunities through
mergers and acquisitions, so as to diversify the business risks and maximize the returns to stockholders.
Although the Company does not plan to limit its options to any particular industry, the
Company will initially target the telecom industry in the Peoples Republic of China (PRC),
including the Hong Kong market, about which Mr. Li possesses extensive experience. Currently, the
Company is exploring a possible transaction with various telecom operators in the PRC. These telecom
providers are principally engaged in selling and distribution of telecom services and provision of
value-added services, including operating call centers, providing telemarketing services, customer
relationship management services, mobile applications, calling cards, etc.
The management believes that, through the prospective mergers and acquisitions in the PRC, the Company
could accelerate its developing pace and benefit from the vast opportunities brought by
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5
|-



|the continual growth in the PRC economy and the PRCs accession to the World Trade Organization.
The Company has no current plans (i) for the purchase or sale of any plant or equipment, (ii) to make
any changes in the number of employees, or (iii) incur any significant research and development expenses.
The Companys plans may change if it is able to identify and acquire a suitable business acquisiton.
Capital Resources and Liquidity
Management believes it has sufficient resources to meet the anticipated needs of the Companys
operations, such as maintaining its required continuous disclosure and reporting requirements with
the Securities and Exchange Commission, for the next twelve months, though there can be no assurances
to that effect. We have no revenues and our need for capital may change dramatically if we acquire
a suitable business opportunity during that period. Therefore, we plan to rely on shareholder
loans and the raising of debt or equity capital to continue our operations. There is no assurance
we will be successful in raising the needed capital. Notwithstanding same, Mr. Li, our President
has orally agreed to fund our operations for the next twelve months.
Item 3.            Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our Chief Executive Officer and Chief Financial Officer, Mr. Li (the Certifying Officer)
maintains a system of disclosure controls and procedures that is designed to provide reasonable assurance
that information, which is required to be disclosed, is accumulated and communicated to management
timely. Under the supervision and with the participation of management, the Certifying Officer evaluated
the effectiveness of the design and operation of our disclosure controls and procedures (as defined
in Rule 13a-15(e) or 15d-15(e) under the Exchange Act) within 90 days prior to the filing date of
this report. Based upon that evaluation, the Certifying Officer concluded that our disclosure controls
and procedures are effective in timely alerting them to material information relative to our company
required to be disclosed in our periodic filings with the SEC.
Changes in Internal Controls
Our Certifying Officer has indicated that there were no significant changes in our internal controls
or other factors that could significantly affect such controls subsequent to the date of his evaluation,
and there were no such control actions with regard to significant deficiencies and material weaknesses.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6
|-



|PART II.   OTHER INFORMATION
|----------------------------
|                            

|Item 1. | Legal Proceedings                                  
|------- | ---------------------------------------------------
|        |                                                    
|        | None                                               
|        |                                                    
|Item 2. | Changes in Securities                              
|        |                                                    
|        | None                                               
|        |                                                    
|Item 3. | Defaults Upon Senior Securities                    
|        |                                                    
|        | None                                               
|        |                                                    
|Item 4. | Submission of Matters to a Vote of Security Holders
|        |                                                    
|        | None                                               
|        |                                                    
|Item 5. | Other Information                                  
|        |                                                    
|        | None                                               
|        |                                                    
|Item 6. | Exhibits and Reports on Form 8-K                   
|        |                                                    
|        | (a)                                                
|        |                                                    

| | Exhibit 31 - Certification of President, Chief Executive Officer and Chief Financial Officer Pursuant
  to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                                                                                                                                                                                                         
| | Exhibit 32 - Certification of President, Chief Executive Officer and Chief Financial Officer Pursuant
  to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
| |                                                                                                                                                                                                         

| | (b) | Reports on Form 8-K:
| | --- | --------------------
| |     |                     

| | None
| | ----

|7
|-



|SIGNATURES
  Pursuant to the requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                      |    |                                      
|--------------------- | -- | -------------------------------------
|                      |    |                                      
|                      |    | CHINA ELITE INFORMATION CO., LTD.    
|                      |    |                                      
|                      |    |                                      
|Date:  April 15, 2005 | By | /s/ Li Kin Shing                     
|                      |    |                                      
|                      |    | Li Kin Shing                         
|                      |    | President and Chief Executive Officer

|8
|-