| o | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-----------------------------------------------------------------------------------|

| Nevada                                                        |   | 20-2190950                       |
|---------------------------------------------------------------|--------|----------------------------------|
| (State or other jurisdiction ofincorporation or organization) |   | (IRS EmployerIdentification No.) |

| Large Accelerated Filer  ̈ | Accelerated Filer  ̈ | Non-Accelerated Filer  ̈  | Smaller Reporting Company o |
|--------------------------------|--------------------------|------------------------------------|-----------------------------|

----

----

| PART I FINANCIAL INFORMATION                                            |   | 3      |
|-------------------------------------------------------------------------|--------|--------|
|                                                                    |   |   |
| ITEM 1. FINANCIAL STATEMENTS                                            |   | 3      |
|                                                                    |   |   |
| ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION |   | 4      |
|                                                                    |   |   |
| ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK      |   | 11     |
|                                                                    |   |   |
| ITEM 4. CONTROLS AND PROCEDURES                                         |   | 12     |
|                                                                    |   |   |
| PART II OTHER INFORMATION                                               |   | 13     |
|                                                                    |   |   |
| ITEM 1. LEGAL PROCEEDINGS                                               |   | 13     |
|                                                                    |   |   |
| ITEM 1A. RISK FACTORS                                                   |   | 13     |
|                                                                    |   |   |
| ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS     |   | 13     |
|                                                                    |   |   |
| ITEM 3. DEFAULTS UPON SENIOR SECURITIES                                 |   | 13     |
|                                                                    |   |   |
| ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITYHOLDERS              |   | 13     |
|                                                                    |   |   |
| ITEM 5. OTHER INFORMATION                                               |   | 13     |
|                                                                    |   |   |
| ITEM 6. EXHIBITS                                                        |   | 13     |
|                                                                    |   |   |
| SIGNATURES                                                              |   | 17     |
|                                                                    |   |   |
| EXHIBIT 31.1                                                            |   |   |
|                                                                    |   |   |
| EXHIBIT 31.2                                                            |   |   |
|                                                                    |   |   |
| EXHIBIT 32.1                                                            |   |   |
|                                                                    |   |   |
| EXHIBIT 32.2                                                            |   |   |

----

|                                                                                          |   | Page   |
|-----------------------------------------------------------------------------------------------|--------|--------|
| Unaudited Condensed Consolidated Statements of Operations and Other Comprehensive Income |   | F-2    |
|                                                                                          |   |   |
| Unaudited Condensed Consolidated Balance Sheets                                               |   | F3-4   |
|                                                                                          |   |   |
| Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity          |   | F-5    |
|                                                                                          |   |   |
| Unaudited Condensed Consolidated Statements of Cash Flows                                     |   | F6-7   |
|                                                                                          |   |   |
| Notes to and Forming Part of Unaudited Condensed Consolidated Financial Statements            |   | F8-20  |

----

----

| Chisen Electric Corporation                                    |
|----------------------------------------------------------------|
|                                                           |
| Index to Unaudited Condensed Consolidated Financial Statements |
| For the six months ended September 30, 2010                    |

|                                                                                     |   | Page             |
|------------------------------------------------------------------------------------------|--------|------------------|
|                                                                                     |   |             |
| Unaudited Condensed Consolidated Statements of Operations and Other Comprehensive Income |   | F-2              |
|                                                                                     |   |             |
| Unaudited Condensed Consolidated Balance Sheets                                          |   | F-3 – F-4  |
|                                                                                     |   |             |
| Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity     |   | F-5              |
|                                                                                     |   |             |
| Unaudited Condensed Consolidated Statements of Cash Flows                                |   | F-6 - F-7        |
|                                                                                     |   |             |
| Notes to and Forming Part of Unaudited Condensed Consolidated Financial Statements       |   | F-8 – F-20 |

----

| Chisen Electric Corporation                                   |
|---------------------------------------------------------------|
|                                                          |
| Unaudited Condensed Consolidated Statements of Operations and |
| Other Comprehensive Income                                    |
| For the six months ended September 30, 2010 and 2009          |

|                                                |   |   | Three months endedSeptember 30 |       |   | Six months endedSeptember 30 |   |
|-----------------------------------------------------|--------|--------|--------------------------------|------------|--------|------------------------------|--------|
|                                                |   |   | 2010                           |       |   | 2009                         |   |   | 2010 |   |   | 2009 |   |
|                                                |   |   | As restated                    |       |   |                         |   |   |   |   |   | As restated |   |
|                                                | Note   |   | US$’000                  |       |   | US$’000                |   |   | US$’000 |   |   | US$’000 |   |
| Operating revenues:                                 |   |   |                           |       |   |                         |   |   |   |   |   |   |   |
| Net sales to third parties                          |   |   |                           | 76,613     |   |                         |   | 50,392 |   |   |   | 127,042 |   |   |   | 79,867 |   |
|                                                |   |   |                           |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Cost of sales                                       |   |   |                           | (65,869    | )      |                         |   | (42,016 | ) |   |   | (111,260 | ) |   |   | (66,366 | ) |
|                                                |   |   |                           |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Gross income                                        |   |   |                           | 10,744     |   |                         |   | 8,376 |   |   |   | 15,782 |   |   |   | 13,501 |   |
|                                                |   |   |                           |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses:                                 |   |   |                           |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Sales, marketing and distribution                   |   |   |                           | (3,040     | )      |                         |   | (2,167 | ) |   |   | (5,551 | ) |   |   | (3,953 | ) |
| General and administrative                          |   |   |                           | (956       | )      |                         |   | (722 | ) |   |   | (1,641 | ) |   |   | (1,533 | ) |
|                                                |   |   |                           |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Operating income                                    |   |   |                           | 6,748      |   |                         |   | 5,487 |   |   |   | 8,590 |   |   |   | 8,015 |   |
|                                                |   |   |                           |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Other income, net                                   |   |   |                           | 110        |   |                         |   | 578 |   |   |   | 613 |   |   |   | 725 |   |
| Interest income                                     |   |   |                           | 102        |   |                         |   | - |   |   |   | 198 |   |   |   | 55 |   |
| Interest expense                                    |   |   |                           | (606       | )      |                         |   | (378 | ) |   |   | (1,291 | ) |   |   | (747 | ) |
|                                                |   |   |                           |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Income before income taxes                          |   |   |                           | 6,354      |   |                         |   | 5,687 |   |   |   | 8,110 |   |   |   | 8,048 |   |
|                                                |   |   |                           |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Income taxes expense                                | 4      |   |                           | (912       | )      |                         |   | (770 | ) |   |   | (1,161 | ) |   |   | (1,125 | ) |
|                                                |   |   |                           |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Net income attributable to CIEC common stockholders |   |   |                           | 5,442      |   |                         |   | 4,917 |   |   |   | 6,949 |   |   |   | 6,923 |   |
|                                                |   |   |                           |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Other comprehensive income                          |   |   |                           |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Foreign currency translation adjustment             |   |   |                           | 433        |   |                         |   | 24 |   |   |   | 554 |   |   |   | 24 |   |
|                                                |   |   |                           |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income                                |   |   |                           | 5,875      |   |                         |   | 4,941 |   |   |   | 7,503 |   |   |   | 6,947 |   |
|                                                |   |   |                           |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |
|                                                |   |   | Shares                         |       |   | Shares                       |   |   | Shares |   |   | Shares |   |
|                                                |   |   |                           |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Earnings per share                                  | 3      |   |                           |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Weight average number of common stock outstanding   |   |   |                           |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| - basic and diluted                                 |   |   |                           | 50,000,000 |   |                         |   | 50,000,000 |   |   |   | 50,000,000 |   |   |   | 50,000,000 |   |
|                                                |   |   |                           |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |
|                                                |   |   | US$                            |       |   | US$                          |   |   | US$ |   |   | US$ |   |
|                                                |   |   |                           |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Net income per share of common stock outstanding    |   |   |                           |       |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| - basic and diluted                                 |   |   |                           | 0.11       |   |                         |   | 0.10 |   |   |   | 0.14 |   |   |   | 0.14 |   |

| The financial statements should be read in conjunction with the accompanying notes. |
|-------------------------------------------------------------------------------------|

----

| Chisen Electric Corporation                     |
|-------------------------------------------------|
|                                            |
| Unaudited Condensed Consolidated Balance Sheets |
| As of September 30, 2010 and March 31, 2010     |

|                                          |   |   | As ofSeptember 30, |    |   | As ofMarch 31, |   |
|-----------------------------------------------|--------|--------|--------------------|---------|--------|----------------|--------|
|                                          |   |   | 2010               |    |   | 2010           |   |
|                                     | Note   |   | US$’000      |    |   | US$’000  |   |
| ASSETS                                        |   |   |               |    |   |           |   |
|                                          |   |   |               |    |   |           |   |
| Current assets:                               |   |   |               |    |   |           |   |
| Cash and cash equivalents                     |   |   |               | 8,612   |   |           |   | 6,019 |   |
| Restricted bank balances                      | 5      |   |               | 21,638  |   |           |   | 21,420 |   |
| Other financial assets                        | 6      |   |               | 3,122   |   |           |   | 7,438 |   |
| Trade receivables, net                        |   |   |               | 68,875  |   |           |   | 50,440 |   |
| Other receivables                             |   |   |               | 1,858   |   |           |   | 800 |   |
| Prepayments                                   |   |   |               | 2,192   |   |           |   | 4,933 |   |
| Due from related parties                      | 14(b)  |   |               | 5       |   |           |   | 8 |   |
| Inventories                                   | 7      |   |               | 24,575  |   |           |   | 30,038 |   |
| Assets classified as held for sale            | 19(a)  |   |               | 2,524   |   |           |   | - |   |
|                                          |   |   |               |    |   |           |   |   |   |
| Total current assets                          |   |   |               | 133,401 |   |           |   | 121,096 |   |
|                                          |   |   |               |    |   |           |   |   |   |
| Available-for-sale financial assets           | 8      |   |               | 2,699   |   |           |   | 882 |   |
| Long-term land lease prepayments, net         |   |   |               | 152     |   |           |   | 749 |   |
| Property, plant and equipment, net            | 9      |   |               | 9,402   |   |           |   | 10,474 |   |
| Deposit for acquisition of land and buildings |   |   |               | 788     |   |           |   | - |   |
|                                          |   |   |               |    |   |           |   |   |   |
| Total assets                                  |   |   |               | 146,442 |   |           |   | 133,201 |   |

| The financial statements should be read in conjunction with the accompanying notes. |
|-------------------------------------------------------------------------------------|

----

| Chisen Electric Corporation                     |
|-------------------------------------------------|
|                                            |
| Unaudited Condensed Consolidated Balance Sheets |
| As of September 30, 2010 and March 31, 2010     |

|                                                                    |   |   | As ofSeptember |          |   | As of March |   |
|-------------------------------------------------------------------------|--------|--------|---------------------|---------------|--------|-----------------------|--------|
|                                                                    |   |   |                | 30, 2010 |   |                  |   | 31, 2010 |   |
|                                                                    | Note   |   | US$’000       |          |   | US$’000         |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                              |   |   |                |          |   |                  |   |   |   |
|                                                                    |   |   |                |          |   |                  |   |   |   |
| Current liabilities:                                                    |   |   |                |          |   |                  |   |   |   |
| Trade payables                                                          |   |   |                | 14,971        |   |                  |   | 14,923 |   |
| Notes payable                                                           | 10     |   |                | 41,038        |   |                  |   | 35,504 |   |
| Accrued expenses and other accrued liabilities                          |   |   |                | 6,742         |   |                  |   | 5,087 |   |
| Due to related parties                                                  | 14(b)  |   |                | 4,127         |   |                  |   | 2,532 |   |
| Income taxes payable                                                    |   |   |                | 919           |   |                  |   | 148 |   |
| Short-term bank borrowings                                              | 11     |   |                | 41,336        |   |                  |   | 46,141 |   |
| Liabilities directly associated with assets classified as held for sale | 19(b)  |   |                | 874           |   |                  |   | - |   |
|                                                                    |   |   |                |          |   |                  |   |   |   |
| Total current liabilities                                               |   |   |                | 110,007       |   |                  |   | 104,335 |   |
|                                                                    |   |   |                |          |   |                  |   |   |   |
| Government subsidies                                                    | 12     |   |                | 117           |   |                  |   | 139 |   |
| Deferred tax liabilities                                                | 4(c)   |   |                | 460           |   |                  |   | 460 |   |
|                                                                    |   |   |                |          |   |                  |   |   |   |
| Total non-current liabilities                                           |   |   |                | 577           |   |                  |   | 599 |   |
|                                                                    |   |   |                |          |   |                  |   |   |   |
| Total liabilities                                                       |   |   |                | 110,584       |   |                  |   | 104,934 |   |
|                                                                    |   |   |                |          |   |                  |   |   |   |
| Commitments and contingencies                                           | 15     |   |                | -             |   |                  |   | - |   |
|                                                                    |   |   |                |          |   |                  |   |   |   |
| Stockholders’ equity:                                             |   |   |                |          |   |                  |   |   |   |
| Preferred stock, US$0.001 par value each:                               |   |   |                |          |   |                  |   |   |   |
| 10,000,000 shares authorized and no shares issued and outstanding       |   |   |                | -             |   |                  |   | - |   |
| Common stock, US$0.001 par value each:                                  |   |   |                |          |   |                  |   |   |   |
| 100,000,000 shares authorized                                           |   |   |                |          |   |                  |   |   |   |
| 50,000,000 shares issued and outstanding                                |   |   |                | 50            |   |                  |   | 50 |   |
| Capital reserves                                                        |   |   |                | 144           |   |                  |   | 144 |   |
| Statutory reserves                                                      |   |   |                | 3,184         |   |                  |   | 2,239 |   |
| Accumulated other comprehensive income                                  |   |   |                | 1,608         |   |                  |   | 1,054 |   |
| Retained earnings                                                       |   |   |                | 30,784        |   |                  |   | 24,780 |   |
|                                                                    |   |   |                |          |   |                  |   |   |   |
| Total CIEC stockholders’ equity                                   |   |   |                | 35,770        |   |                  |   | 28,267 |   |
|                                                                    |   |   |                |          |   |                  |   |   |   |
| Non-controlling interests                                               |   |   |                | 88            |   |                  |   | - |   |
|                                                                    |   |   |                |          |   |                  |   |   |   |
| Total stockholders’ equity                                        |   |   |                | 35,858        |   |                  |   | 28,267 |   |
|                                                                    |   |   |                |          |   |                  |   |   |   |
| Total liabilities and stockholders’ equity                        |   |   |                | 146,442       |   |                  |   | 133,201 |   |

| The financial statements should be read in conjunction with the accompanying notes. |
|-------------------------------------------------------------------------------------|

----

| Chisen Electric Corporation                                                    |
|--------------------------------------------------------------------------------|
|                                                                           |
| Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity |
| For the six months ended September 30, 2010                                    |

|                                             |   | Common stock issued |       |   |          |   |   |            |   |   |              |   |   | Accumulated      |   |   |                           |   |   |                                     |   |   |                    |   |
|--------------------------------------------------|--------|-------------------------------|------------|--------|---------------|--------|--------|-----------------|--------|--------|-------------------|--------|--------|------------------|--------|--------|--------------------------------|--------|--------|------------------------------------------|--------|--------|-------------------------|--------|
|                                             |   | Numberof shares          |       |   | Amount        |   |   | Capitalreserves |   |   | Statutoryreserves |   |   | Retainedearnings |   |   | othercomprehensive income |   |   | Total CIECstockholders’equity |   |   | Non-controllinginterest |   |   | Totalstockholders’equity |   |
|                                             |   |                          |       |   | US$’000 |   |   | US$’000   |   |   | US$’000     |   |   | US$’000    |   |   | US$’000                  |   |   | US$’000                            |   |   | US$’000           |   |   | US$’000 |   |
|                                             |   |                          |       |   |          |   |   |            |   |   |              |   |   |             |   |   |                           |   |   |                                     |   |   |                    |   |   |   |   |
| Balance as of April 1, 2010                      |   |                          | 50,000,000 |   |          |   | 50     |            |   |   | 144               |   |   |             | 2,239  |   |                           |   | 24,780 |                                     |   |   | 1,054                   |   |   |   | 28,267 |   |   |   | - |   |   |   | 28,267 |   |
| Net income                                       |   |                          | -          |   |          |   | -      |            |   |   | -                 |   |   |             | -      |   |                           |   | 6,949  |                                     |   |   | -                       |   |   |   | 6,949 |   |   |   | - |   |   |   | 6,949 |   |
| Transfer to statutory reserves                   |   |                          | -          |   |          |   | -      |            |   |   | -                 |   |   |             | 945    |   |                           |   | (945   | )                                        |   |   | -                       |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Foreign currency translation adjustment          |   |                          | -          |   |          |   | -      |            |   |   | -                 |   |   |             | -      |   |                           |   | -      |                                     |   |   | 554                     |   |   |   | 554 |   |   |   | - |   |   |   | 554 |   |
| Capital contributed by non-controlling interests |   |                          | -          |   |          |   | -      |            |   |   | -                 |   |   |             | -      |   |                           |   | -      |                                     |   |   | -                       |   |   |   | - |   |   |   | 88 |   |   |   | 88 |   |
|                                             |   |                          |       |   |          |   |   |            |   |   |              |   |   |             |   |   |                           |   |   |                                     |   |   |                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance as of September 30, 2010                 |   |                          | 50,000,000 |   |          |   | 50     |            |   |   | 144               |   |   |             | 3,184  |   |                           |   | 30,784 |                                     |   |   | 1,608                   |   |   |   | 35,770 |   |   |   | 88 |   |   |   | 35,858 |   |

| The financial statements should be read in conjunction with the accompanying notes. |
|-------------------------------------------------------------------------------------|

----

| Chisen Electric Corporation                               |
|-----------------------------------------------------------|
|                                                      |
| Unaudited Condensed Consolidated Statements of Cash Flows |
| For the six months ended September 30, 2010 and 2009      |

|                                                                              |   | Six months endedSeptember 30, |    |
|-----------------------------------------------------------------------------------|--------|----------------------------------------------|---------|
|                                                                              |   | 2010                                         |    |   | 2009 |   |
|                                                                              |   | US$’000                                |    |   | US$’000 |   |
| Cash flows from operating activities                                              |   |                                         |    |   |   |   |
| Net income                                                                        |   |                                         | 6,949   |   |   |   | 6,923 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |                                         |    |   |   |   |   |   |
| Depreciation of property, plant and equipment                                     |   |                                         | 540     |   |   |   | 270 |   |
| Written-off of property, plant and equipment                                      |   |                                         | -       |   |   |   | 6 |   |
| Loss on disposal of property, plant and equipment                                 |   |                                         | 18      |   |   |   | - |   |
| Amortization of long-term land lease prepayments                                  |   |                                         | 8       |   |   |   | 6 |   |
| Exchange differences                                                              |   |                                         | 68      |   |   |   | 147 |   |
| Provision for warranty costs                                                      |   |                                         | 549     |   |   |   | 44 |   |
| Government grant recognized                                                       |   |                                         | (24     | ) |   |   | (24 | ) |
| Changes in assets and liabilities:                                                |   |                                         |    |   |   |   |   |   |
| Other financial assets                                                            |   |                                         | 4,443   |   |   |   | (3,761 | ) |
| Trade receivables, net                                                            |   |                                         | (17,570 | ) |   |   | (13,386 | ) |
| Other receivables                                                                 |   |                                         | (171    | ) |   |   | (281 | ) |
| Prepayment                                                                        |   |                                         | 2,826   |   |   |   | (1,281 | ) |
| Due from related parties                                                          |   |                                         | 3       |   |   |   | 299 |   |
| Inventories                                                                       |   |                                         | 5,979   |   |   |   | (4,518 | ) |
| Trade payables                                                                    |   |                                         | (208    | ) |   |   | 5,020 |   |
| Notes payable                                                                     |   |                                         | 4,925   |   |   |   | 12,314 |   |
| Accrued expenses and other accrued liabilities                                    |   |                                         | 1,467   |   |   |   | 1,732 |   |
| Due to related parties                                                            |   |                                         | 1,551   |   |   |   | (321 | ) |
| Income taxes payable                                                              |   |                                         | 771     |   |   |   | 507 |   |
|                                                                              |   |                                         |    |   |   |   |   |   |
| Net cash provided by operating activities                                         |   |                                         | 12,124  |   |   |   | 3,696 |   |
|                                                                              |   |                                         |    |   |   |   |   |   |
| Cash flows from investing activities                                              |   |                                         |    |   |   |   |   |   |
| Purchase of property, plant and equipment                                         |   |                                         | (1,685  | ) |   |   | (657 | ) |
| Proceeds on disposal of property, plant and equipment                             |   |                                         | 1       |   |   |   | - |   |
| Investment in restricted bank balances, net                                       |   |                                         | 149     |   |   |   | (9,798 | ) |
| Deposit paid for acquisition of land and buildings                                |   |                                         | (788    | ) |   |   | (1,463 | ) |
| Acquisition of available-for-sale financial assets                                |   |                                         | (1,802  | ) |   |   | - |   |
|                                                                              |   |                                         |    |   |   |   |   |   |
| Net cash used in investing activities                                             |   |                                         | (4,125  | ) |   |   | (11,918 | ) |

| The financial statements should be read in conjunction with the accompanying notes. |
|-------------------------------------------------------------------------------------|

----

| Chisen Electric Corporation                               |
|-----------------------------------------------------------|
|                                                      |
| Unaudited Condensed Consolidated Statements of Cash Flows |
| For the six months ended September 30, 2010 and 2009      |

|                                                |   | Six months endedSeptember 30, |   |
|-----------------------------------------------------|--------|----------------------------------------------|--------|
|                                                |   | 2010                                         |   |   | 2009 |   |
|                                                |   | US$’000                                |   |   | US$’000 |   |
| Cash flows from financing activities                |   |                                         |   |   |   |   |
| Proceeds from short-term bank loans                 |   |                                         | 6,417  |   |   |   | 23,839 |   |
| Repayment of short-term bank loans                  |   |                                         | (8,282 | ) |   |   | (10,676 | ) |
| Repayment of bills financing                        |   |                                         | (3,731 | ) |   |   | - |   |
| Capital contributed by non-controlling interest     |   |                                         | 88     |   |   |   | - |   |
|                                                |   |                                         |   |   |   |   |   |   |
| Net cash (used in) provided by financing activities |   |                                         | (5,508 | ) |   |   | 13,163 |   |
|                                                |   |                                         |   |   |   |   |   |   |
| Net increase in cash and cash equivalents      |   |                                         | 2,491  |   |   |   | 4,941 |   |
|                                                |   |                                         |   |   |   |   |   |   |
| Cash and cash equivalents, beginning of period      |   |                                         | 6,019  |   |   |   | 2,620 |   |
|                                                |   |                                         |   |   |   |   |   |   |
| Effect on exchange rate changes                     |   |                                         | 102    |   |   |   | (143 | ) |
|                                                |   |                                         |   |   |   |   |   |   |
| Cash and cash equivalents, end of period            |   |                                         | 8,612  |   |   |   | 7,418 |   |
|                                                |   |                                         |   |   |   |   |   |   |
| Supplemental disclosure of cash flow information    |   |                                         |   |   |   |   |   |   |
| Interest received                                   |   |                                         | 198    |   |   |   | - |   |
| Interest paid                                       |   |                                         | 1,268  |   |   |   | 704 |   |
| Tax paid                                            |   |                                         | 400    |   |   |   | 550 |   |

| The financial statements should be read in conjunction with the accompanying notes. |
|-------------------------------------------------------------------------------------|

----

| Chisen Electric Corporation                                                        |
|------------------------------------------------------------------------------------|
|                                                                               |
| Notes to and Forming Part of Unaudited Condensed Consolidated Financial Statements |
| For the six months ended September 30, 2010 and 2009                               |

| 1. | ORGANIZATION AND PRINCIPAL ACTIVITIES |
|----|---------------------------------------|

| Name                                                                     |         | Place and date ofestablishment /incorporation                  |         | Percentage ofeffective equityinterest / votingright attributableto the Company |         | Principal activities                                  |
|--------------------------------------------------------------------------|--------------|------------------------------------------------------------------------------------|--------------|-------------------------------------------------------------------------------------------------------------------|--------------|------------------------------------------------------------|
|                                                                     |         |                                                                               |         |                                                                                                              |         |                                                       |
| Fast More Limited (“Fast More”)                              |         | Hong KongDecember 17, 2007                                                         |         | 100%                                                                                                              |         | Investment holding                                         |
|                                                                     |         |                                                                               |         |                                                                                                              |         |                                                       |
| Changxing Chisen Battery Co., Limited (“Changxing Chisen”)*  |         | Zhejiang,the People’s Republic of China (“PRC”)February 25, 2002 |         | 100%                                                                                                              |         | Manufacture and sales of sealed lead-acid battery products |
|                                                                     |         |                                                                               |         |                                                                                                              |         |                                                       |
| Chisen Technology Holdings Corporation (“Chisen Technology”) |         | Nevada, United StatesMay 18, 2009                                             |         | 100%                                                                                                              |         | Inactive                                                   |
|                                                                     |         |                                                                               |         |                                                                                                              |         |                                                       |
| Chisen Electric Jiangsu Co., Limited (“Chisen Jiangsu”)*     |    | Jiangsu,PRCAugust 23, 2010                                                         |    | 98%                                                                                                               |    | Inactive                                                   |

|   | * | These are direct translation of the name in Chinese for identification purpose only and are not the official name in English. |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------|

----

| Chisen Electric Corporation                                             |
|-------------------------------------------------------------------------|
|                                                                    |
| Notes to and Forming Part of Unaudited Condensed Consolidated Financial |
| Statements                                                              |
| For the six months ended September 30, 2010 and 2009                    |

| 2. | PREPRATION OF INTERIM FINANCIAL STATEMENTS |
|----|--------------------------------------------|

| 3. | EARNINGS PER SHARE |
|----|--------------------|

----

| Chisen Electric Corporation                                                        |
|------------------------------------------------------------------------------------|
|                                                                               |
| Notes to and Forming Part of Unaudited Condensed Consolidated Financial Statements |
| For the six months ended September 30, 2010 and 2009                               |

| 4. | INCOME TAXES |
|----|--------------|

|   | (a) | Income tax expenses are comprised of the following: |
|--------|-----|-----------------------------------------------------|

|                              | Three months endedSeptember 30 |   | Six months ended September 30 |
|-----------------------------------|-----------------------------------------------|--------|---------------------------------------------------|
|                              | 2010                                          |   | 2009                                              |   | 2010 |   | 2009 |
|                              | US$’000                                 |   | US$’000                                     |   | US$’000 |   | US$’000 |
|                              |                                          |   |                                              |   |   |   |   |
| Current taxes arising in the PRC: |                                          |   |                                              |   |   |   |   |
| For the period                    | 912                                           |   | 770                                               |   | 1,161 |   | 1,125 |

----

| Chisen Electric Corporation                                                        |
|------------------------------------------------------------------------------------|
|                                                                               |
| Notes to and Forming Part of Unaudited Condensed Consolidated Financial Statements |
| For the six months ended September 30, 2010 and 2009                               |

| 4. | INCOME TAXES (CONTINUED) |
|----|--------------------------|

|   | (a) | (Continued) |
|--------|-----|-------------|

|   | (b) | Reconciliation from the expected income tax expenses calculated with reference to the statutory tax rate in the PRC of 25% (2009: 25%) is as follows: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|                               |   | Three months endedSeptember 30 |   |   | Six months endedSeptember 30 |   |
|------------------------------------|--------|-----------------------------------------------|--------|--------|---------------------------------------------|--------|
|                               |   | 2010                                          |   |   | 2009                                        |   |   | 2010 |   |   | 2009 |   |
|                               |   | US$’000                                 |   |   | US$’000                               |   |   | US$’000 |   |   | US$’000 |   |
|                               |   |                                          |   |   |                                        |   |   |   |   |   |   |   |
| Expected income tax expenses       |   |                                          | 1,588  |   |                                        |   | 1,422 |   |   |   | 2,027 |   |   |   | 2,012 |   |
| Effect on tax incentives / holiday |   |                                          | (794   | )      |                                        |   | (761 | ) |   |   | (996 | ) |   |   | (1,092 | ) |
| Non-deductible items               |   |                                          | -      |   |                                        |   | 99 |   |   |   | - |   |   |   | 172 |   |
| Non-taxable income                 |   |                                          | -      |   |                                        |   | - |   |   |   | (34 | ) |   |   | - |   |
| Others                             |   |                                          | 118    |   |                                        |   | 10 |   |   |   | 164 |   |   |   | 33 |   |
|                               |   |                                          |   |   |                                        |   |   |   |   |   |   |   |   |   |   |   |
| Income tax expenses                |   |                                          | 912    |   |                                        |   | 770 |   |   |   | 1,161 |   |   |   | 1,125 |   |

|   | (c) | Components of net deferred tax liabilities were as follows: |
|--------|-----|-------------------------------------------------------------|

|                                                          |   | As ofSeptember 30, |   |   | As ofMarch 31, |   |
|---------------------------------------------------------------|--------|-------------------------|--------|--------|---------------------|--------|
|                                                          |   | 2010                    |   |   | 2010                |   |
|                                                          |   | US$’000           |   |   | US$’000       |   |
|                                                          |   |                    |   |   |                |   |
| Withholding tax on undistributed earnings of a PRC subsidiary |   |                    | 460    |   |                |   | 460 |   |

----

| Chisen Electric Corporation                                                        |
|------------------------------------------------------------------------------------|
|                                                                               |
| Notes to and Forming Part of Unaudited Condensed Consolidated Financial Statements |
| For the six months ended September 30, 2010 and 2009                               |

| 5. | RESTRICTED BANK BALANCES |
|----|--------------------------|

| 6. | OTHER FINANCIAL ASSETS |
|----|------------------------|

| 7. | INVENTORIES |
|----|-------------|

|                                     |   | As ofSeptember 30, |   |   | As ofMarch 31, |   |
|------------------------------------------|--------|------------------------------|--------|--------|--------------------------|--------|
|                                     |   | 2010                         |   |   | 2010                     |   |
|                                     |   | US$’000                |   |   | US$’000            |   |
|                                     |   |                         |   |   |                     |   |
| Raw materials                            |   |                         | 1,742  |   |                     |   | 7,186 |   |
| Work-in-progress and semi-finished goods |   |                         | 6,442  |   |                     |   | 13,482 |   |
| Finished goods                           |   |                         | 16,391 |   |                     |   | 9,370 |   |
|                                     |   |                         |   |   |                     |   |   |   |
|                                     |   |                         | 24,575 |   |                     |   | 30,038 |   |

| 8. | AVAILABLE-FOR-SALE FINANCIAL ASSETS |
|----|-------------------------------------|

|   | Available-for-sale financial assets as of September 30, 2010 and March 31, 2010 represented investment in unlisted equity securities and are recorded at cost. The management has estimated that the recoverable amount of the assets exceed their carrying value. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Chisen Electric Corporation                                                        |
|------------------------------------------------------------------------------------|
|                                                                               |
| Notes to and Forming Part of Unaudited Condensed Consolidated Financial Statements |
| For the six months ended September 30, 2010 and 2009                               |

| 9. | PROPERTY, PLANT AND EQUIPMENT, NET |
|----|------------------------------------|

|                                     |   | As ofSeptember 30, |   |   | As ofMarch 31, |   |
|------------------------------------------|--------|------------------------------|--------|--------|--------------------------|--------|
|                                     |   | 2010                         |   |   | 2010                     |   |
|                                     |   | US$’000                |   |   | US$’000            |   |
|                                     |   |                         |   |   |                     |   |
| Buildings                                |   |                         | 2,933  |   |                     |   | 5,468 |   |
| Leasehold improvements                   |   |                         | 787    |   |                     |   | 495 |   |
| Plant and machinery                      |   |                         | 4,849  |   |                     |   | 4,071 |   |
| Motor vehicles                           |   |                         | 991    |   |                     |   | 974 |   |
| Furniture, fixtures and office equipment |   |                         | 1,619  |   |                     |   | 1,419 |   |
|                                     |   |                         |   |   |                     |   |   |   |
|                                     |   |                         | 11,179 |   |                     |   | 12,427 |   |
|                                     |   |                         |   |   |                     |   |   |   |
| Accumulated depreciation                 |   |                         | (1,777 | )      |                     |   | (1,953 | ) |
|                                     |   |                         |   |   |                     |   |   |   |
|                                     |   |                         | 9,402  |   |                     |   | 10,474 |   |

| 10. | NOTES PAYABLE |
|-----|---------------|

|                                                                     |   | As ofSeptember 30, |   |   | As ofMarch 31, |   |
|--------------------------------------------------------------------------|--------|--------------------|--------|--------|----------------|--------|
|                                                                     |   | 2010               |   |   | 2010           |   |
|                                                                     |   | US$’000      |   |   | US$’000  |   |
| Corporate and personal guarantees issued by related parties (Note 14(d)) |   |               | 17,908 |   |           |   | 14,377 |   |
| Corporate guarantees issued by third parties                             |   |               | 1,492  |   |           |   | 1,467 |   |

----

| Chisen Electric Corporation                                                        |
|------------------------------------------------------------------------------------|
|                                                                               |
| Notes to and Forming Part of Unaudited Condensed Consolidated Financial Statements |
| For the six months ended September 30, 2010 and 2009                               |

| 11. | SHORT-TERM BANK BORROWINGS |
|-----|----------------------------|

|                  |   |   | As ofSeptember 30, |   |   | As ofMarch 31, |   |
|-----------------------|--------|--------|--------------------|--------|--------|----------------|--------|
|                  | Note   |   | 2010               |   |   | 2010           |   |
|                  |   |   | US$’000      |   |   | US$’000  |   |
|                  |   |   |               |   |   |           |   |
| Short-term bank loans | (i)    |   |               | 41,336 |   |           |   | 42,473 |   |
| Bills financing       | (ii)   |   |               | -      |   |           |   | 3,668 |   |
|                  |   |   |               |   |   |           |   |   |   |
|                  |   |   |               | 41,336 |   |           |   | 46,141 |   |

|   | (i) | Short-term bank loans |
|--------|-----|-----------------------|

|                                               |   | As ofSeptember 30, |   |   | As ofMarch 31, |   |
|----------------------------------------------------|--------|--------------------|--------|--------|----------------|--------|
|                                               |   | 2010               |   |   | 2010           |   |
|                                               |   | US$’000      |   |   | US$’000  |   |
|                                               |   |               |   |   |           |   |
| Land lease prepayments                             |   |               | -      |   |           |   | 598 |   |
| Buildings                                          |   |               | -      |   |           |   | 2,018 |   |
| Land lease prepayments classified as held for sale |   |               | 601    |   |           |   | - |   |
| Buildings classified as held for sale              |   |               | 1,923  |   |           |   | - |   |
|                                               |   |               |   |   |           |   |   |   |
|                                               |   |               | 2,524  |   |           |   | 2,616 |   |

|                                                                                               |   | As ofSeptember 30, |   |   | As ofMarch 31, |   |
|----------------------------------------------------------------------------------------------------|--------|--------------------|--------|--------|----------------|--------|
|                                                                                               |   | 2010               |   |   | 2009           |   |
|                                                                                               |   | US$’000      |   |   | US$’000  |   |
|                                                                                               |   |               |   |   |           |   |
| Corporate and personal guarantees issued by related parties (Note 14(d))                           |   |               | 24,771 |   |           |   | 30,589 |   |
| Corporate guarantees issued by third parties                                                       |   |               | 1,492  |   |           |   | 1,467 |   |
| Corporate and personal guarantees issued by related parties and a third party jointly (Note 14(d)) |   |               | 8,954  |   |           |   | 8,802 |   |

----

| Chisen Electric Corporation                                                        |
|------------------------------------------------------------------------------------|
|                                                                               |
| Notes to and Forming Part of Unaudited Condensed Consolidated Financial Statements |
| For the six months ended September 30, 2010 and 2009                               |

| 11. | SHORT-TERM BANK BORROWINGS (CONTINUED) |
|-----|----------------------------------------|

|   | (ii) | Bills financing |
|--------|------|-----------------|

| 12. | GOVERNMENT SUBSIDIES |
|-----|----------------------|

| 13. | FAIR VALUE MEASUREMENT |
|-----|------------------------|

|   | Level 1: | Observable inputs, such as unadjusted quoted market prices in active markets for the identical asset or liabilities. |
|--------|----------|----------------------------------------------------------------------------------------------------------------------|

|   | Level 2: | Inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. |
|--------|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Level 3: | Unobservable inputs reflecting the entity’s own assumptions in measuring the asset or liability at fair value. |
|--------|----------|----------------------------------------------------------------------------------------------------------------------|

----

| Chisen Electric Corporation                                                        |
|------------------------------------------------------------------------------------|
|                                                                               |
| Notes to and Forming Part of Unaudited Condensed Consolidated Financial Statements |
| For the six months ended September 30, 2010 and 2009                               |

| 14. | RELATED PARTY TRANSACTIONS |
|-----|----------------------------|

|   | (a) | Names and relationship of related parties: |
|--------|-----|--------------------------------------------|

| Name of related party                                                                     |         | Existing relationships with the Company                         |
|-------------------------------------------------------------------------------------------|--------------|-----------------------------------------------------------------|
|                                                                                      |         |                                                            |
| Mr. Xu Kecheng                                                                            |         | Director and controlling stockholder of Chisen Electric         |
|                                                                                      |         |                                                            |
| Zhejiang Chisen Glass Company Limited (“Chisen Glass”)*                       |         | A company controlled by a close family member of Mr. Xu Kecheng |
|                                                                                      |         |                                                            |
| Mr. Xu Keyong                                                                             |         | A close family member of Mr. Xu Kecheng                         |
|                                                                                      |         |                                                            |
| Ms. Zhou Fang Qin                                                                         |         | Spouse of Mr. Xu Kecheng                                        |
|                                                                                      |         |                                                            |
| Changxing Chisen Xinguangyuan Company Limited (“Xinguangyuan”)*               |         | A company controlled by a close family member of Mr. Xu Kecheng |
|                                                                                      |         |                                                            |
| Zhejiang Ai Ge Organism Products Company Limited (“Ai Ge Organism”)*          |         | A company controlled by Mr. Xu Kecheng                          |
|                                                                                      |         |                                                            |
| Zhejiang Changxing Nuo Wan Te Ke Glass Company Limited (“Nuo Wan Te Ke”)*     |         | A company controlled by a close family member of Mr. Xu Kecheng |
|                                                                                      |         |                                                            |
| Zhejiang Changxing Ruilang Electronic Company Limited (“Ruilang Electronic”)* |    | A company controlled by a close family member of Mr. Xu Kecheng |

|   | * | These are direct translation of the name in Chinese for identification purpose only and are not the official names in English. |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Summary of balances with related parties: |
|--------|-----|-------------------------------------------|

|                      |   | As ofSeptember 30, |   |   | As ofMarch 31, |   |
|---------------------------|--------|--------------------|--------|--------|----------------|--------|
|                      |   | 2010               |   |   | 2010           |   |
|                      |   | US$’000      |   |   | US$’000  |   |
| Due from related parties: |   |               |   |   |           |   |
| Ms. Zhou Fang Qin         |   |               | 5      |   |           |   | 8 |   |
|                      |   |               |   |   |           |   |   |   |
| Due to related parties:   |   |               |   |   |           |   |   |   |
| Mr. Xu Keyong             |   |               | 25     |   |           |   | 25 |   |
| Chisen Glass              |   |               | 1,105  |   |           |   | 110 |   |
| Ruilang Electronic        |   |               | 2,670  |   |           |   | 2,102 |   |
| Ai Ge Organism            |   |               | 297    |   |           |   | 292 |   |
| Nuo Wan Te Ke             |   |               | 3      |   |           |   | 3 |   |
| Xinguangyuan              |   |               | 27     |   |           |   | - |   |
|                      |   |               |   |   |           |   |   |   |
|                      |   |               | 4,127  |   |           |   | 2,532 |   |

----

| Chisen Electric Corporation                                                        |
|------------------------------------------------------------------------------------|
|                                                                               |
| Notes to and Forming Part of Unaudited Condensed Consolidated Financial Statements |
| For the six months ended September 30, 2010 and 2009                               |

| 14. | RELATED PARTY TRANSACTIONS (CONTINUED) |
|-----|----------------------------------------|

|   | (c) | Summary of related party transactions: |
|--------|-----|----------------------------------------|

| Name of            | Nature of                                         |   | Three months endedSeptember 30 |   |   | Six months endedSeptember 30 |   |
|--------------------|---------------------------------------------------|--------|--------------------------------|--------|--------|------------------------------|--------|
| related party      | transactions                                      |   | 2010                           |   |   | 2009                         |   |   | 2010 |   |   | 2009 |   |
|               |                                              |   | US$’000                  |   |   | US$’000                |   |   | US$’000 |   |   | US$’000 |   |
|               |                                              |   |                           |   |   |                         |   |   |   |   |   |   |   |
| Ruilang Electronic | Purchase of raw materials                         |   |                           | 2,201  |   |                         |   | - |   |   |   | 4,134 |   |   |   | - |   |
|               | Deposit paid for acquisition of land and building |   |                           | -      |   |                         |   | 1,462 |   |   |   | - |   |   |   | 1,462 |   |
|               |                                              |   |                           |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Chisen Glass       | Purchase of raw materials                         |   |                           | 760    |   |                         |   | - |   |   |   | 1,420 |   |   |   | - |   |

|   | (d) | Other arrangements: |
|--------|-----|---------------------|

|   |  ̇ | As of September 30, 2010, Chisen Glass provided guarantees, in aggregate, amounting to US$5,969,000 and US$3,731,000 to secure the short-term bank loans and notes payable of the Company, respectively. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |  ̇ | As of September 30, 2010, US$3,432,000 of the Company’s short-term bank loans was collateralized by land use rights owned by Ruilang Electronic and guaranteed by Mr. Xu Kecheng and Ms. Zhou Fang Qin. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |  ̇ | As of September 30, 2010,  Xinguangyuan, Mr. Xu Kecheng and a third party provided guarantees, in aggregate, amounting to US$8,954,000 to secure the short-term bank loans of the Company. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |  ̇ | As of September 30, 2010, Xinguangyuan and Mr. Xu Kecheng provided guarantees, in aggregate, amounting to US$11,938,000 and US$5,969,000 to secure the short-term bank loans and notes payable of the Company, respectively. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |  ̇ | As of September 30, 2010, Chisen Glass, Mr. Xu Kecheng and Ms. Zhou Fang Qin provided guarantees, in the aggregate, amounting to US$3,432,000 and US$4,477,000 to secure the short-term bank loans and notes payable of the Company, respectively. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |  ̇ | As of September 30, 2010, Xinguangyuan provided guarantees, in aggregate, amounting to US$3,731,000 to secure the notes payable of the Company. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Chisen Electric Corporation                                                        |
|------------------------------------------------------------------------------------|
|                                                                               |
| Notes to and Forming Part of Unaudited Condensed Consolidated Financial Statements |
| For the six months ended September 30, 2010 and 2009                               |

| 15. | COMMITMENTS AND CONTINGENCIES |
|-----|-------------------------------|

|   | (a) | Operating lease commitments |
|--------|-----|-----------------------------|

|                |   | As ofSeptember 30, |   |   | As ofMarch 31, |   |
|---------------------|--------|--------------------|--------|--------|----------------|--------|
|                |   | 2010               |   |   | 2010           |   |
|                |   | US$’000      |   |   | US$’000  |   |
|                |   |               |   |   |           |   |
| Within one year     |   |               | 625    |   |           |   | 599 |   |
| One to two years    |   |               | 656    |   |           |   | 630 |   |
| Two to three years  |   |               | 651    |   |           |   | 661 |   |
| Three to four years |   |               | 275    |   |           |   | 489 |   |
| Four to five years  |   |               | 29     |   |           |   | 115 |   |
|                |   |               |   |   |           |   |   |   |
| Total               |   |               | 2,236  |   |           |   | 2,494 |   |

|   | (b) | Capital commitments |
|--------|-----|---------------------|

| 16. | PROVISION FOR WARRANTY |
|-----|------------------------|

|                                            |   | Three months endedSeptember 30 |   |   | Six months endedSeptember 30 |   |
|-------------------------------------------------|--------|--------------------------------|--------|--------|------------------------------|--------|
|                                            |   | 2010                           |   |   | 2009                         |   |   | 2010 |   |   | 2009 |   |
|                                            |   | US$’000                  |   |   | US$’000                |   |   | US$’000 |   |   | US$’000 |   |
|                                            |   |                           |   |   |                         |   |   |   |   |   |   |   |
| Beginning balance                               |   |                           | 283    |   |                         |   | 147 |   |   |   | 226 |   |   |   | 121 |   |
| Exchange realignment                            |   |                           | 4      |   |                         |   | - |   |   |   | 5 |   |   |   | 1 |   |
| Accrual for warranties issued during the period |   |                           | 230    |   |                         |   | 65 |   |   |   | 554 |   |   |   | 105 |   |
| Settlement made during the period               |   |                           | (48    | )      |                         |   | (20 | ) |   |   | (316 | ) |   |   | (35 | ) |
|                                            |   |                           |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Closing balance                                 |   |                           | 469    |   |                         |   | 192 |   |   |   | 469 |   |   |   | 192 |   |

----

| Chisen Electric Corporation                                                        |
|------------------------------------------------------------------------------------|
|                                                                               |
| Notes to and Forming Part of Unaudited Condensed Consolidated Financial Statements |
| For the six months ended September 30, 2010 and 2009                               |

| 17. | RETIREMENT PLAN COSTS |
|-----|-----------------------|

| 18. | SEGMENTAL INFORMATION |
|-----|-----------------------|

| 19. | ASSETS CLASSIFIED AS HELD FOR SALE |
|-----|------------------------------------|

|                                                                    |   |   | As ofSeptember 30, |   |   | As ofMarch 31, |   |
|-------------------------------------------------------------------------|--------|--------|------------------------------|--------|--------|--------------------------|--------|
|                                                                    |   |   | 2010                         |   |   | 2010                     |   |
|                                                                    | Note   |   | US$’000                |   |   | US$’000            |   |
|                                                                    |   |   |                         |   |   |                     |   |
| Long-term land lease prepayments                                        |   |   |                         | 601    |   |                     |   | - |   |
| Buildings                                                               |   |   |                         | 1,923  |   |                     |   | - |   |
|                                                                    |   |   |                         |   |   |                     |   |   |   |
|                                                                    | (a)    |   |                         | 2,524  |   |                     |   | - |   |
|                                                                    |   |   |                         |   |   |                     |   |   |   |
| Liabilities directly associated with assets classified as held for sale | (b)    |   |                         | 874    |   |                     |   | - |   |

|   | (a) | On August 20, 2010, the Company’s wholly owned subsidiary, Changxing Chisen, entered into an investment agreement with the Administrative Committee of Changxing Economic Development Zone (“ACC”). Changxing Chisen agreed to relocate its business and production plant to a new location within one year from the date of the investment agreement. As a result, ACC will buy back the long-term land lease prepayments and buildings located in the existing plant of Jingyi Road, Changxing Economic Development Zone. All the related assets were reclassified at their carrying amounts from property, plant and equipment and long-term land lease prepayments to assets held for sale on the date of the investment agreement. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | As of September 30, 2010 and March 31, 2010, the Company had deferred compensation income from ACC of approximately US$874,000 (equivalent to 5% of total compensation) and US$Nil respectively. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Chisen Electric Corporation                                                        |
|------------------------------------------------------------------------------------|
|                                                                               |
| Notes to and Forming Part of Unaudited Condensed Consolidated Financial Statements |
| For the six months ended September 30, 2010 and 2009                               |

| 20. | SUBSEQUENT EVENTS |
|-----|-------------------|

| 21. | RESTATEMENT OF FINANCIAL STATEMENTS |
|-----|-------------------------------------|

|                       |   | Three months endedSeptember 30, 2009 |   |
|----------------------------|--------|--------------------------------------|--------|
|                       |   | As previouslyreported                |   |   | Asrestated |   |
|                       |   | US$’000                        |   |   | US$’000 |   |
|                       |   |                                 |   |   |   |   |
| Cost of sales              |   |                                 | 41,708 |   |   |   | 42,016 |   |
| Gross income               |   |                                 | 8,684  |   |   |   | 8,376 |   |
| General and administrative |   |                                 | (1,030 | ) |   |   | (722 | ) |

|                       |   | Six months endedSeptember 30, 2009 |   |
|----------------------------|--------|------------------------------------|--------|
|                       |   | As previouslyreported              |   |   | Asrestated |   |
|                       |   | US$’000                      |   |   | US$’000 |   |
|                       |   |                               |   |   |   |   |
| Cost of sales              |   |                               | 65,813 |   |   |   | 66,366 |   |
| Gross income               |   |                               | 14,054 |   |   |   | 13,501 |   |
| General and administrative |   |                               | 2,086  |   |   |   | 1,533 |   |

----

----

|                                                 |         | For The Six months Ended September 30 (Unaudited) |         |
|------------------------------------------------------|--------------|--------------------------------------------------------------------------------------|--------------|
|                                            |    | 2010                                                                                 |    |    | 2009 |    |    | 2010 |    |    | 2009 |    |
|                                                 |         | US$ ’000                                                                       |         |   | US $ ’000 |   |   |   |   |   |   |   |
| Revenues                                             |         | $                                                                                    | 127,042      |   |   | $ | 79,867 |   |   |   | 100.00 | % |   |   | 100.00 | % |
| Cost of sales                                        |         | $                                                                                    | 111,260      |   |   | $ | 66,366 |   |   |   | 87.58 | % |   |   | 83.10 | % |
| Gross profit                                    |         | $                                                                                    | 15,782       |   |   | $ | 13,501 |   |   |   | 12.42 | % |   |   | 16.90 | % |
| Sales, marketing and distribution expenses           |         | $                                                                                    | 5,551        |   |   | $ | 3,953 |   |   |   | 4.37 | % |   |   | 4.95 | % |
| General and administrative expenses                  |         | $                                                                                    | 1,641        |   |   | $ | 1,533 |   |   |   | 1.29 | % |   |   | 1.92 | % |
| Operating income                                     |         | $                                                                                    | 8,590        |   |   | $ | 8,015 |   |   |   | 6.76 | % |   |   | 10.04 | % |
| Other income, net                                    |         | $                                                                                    | 613          |   |   | $ | 725 |   |   |   | 0.48 | % |   |   | 0.91 | % |
| Interest income                                      |         | $                                                                                    | 198          |   |   | $ | 55 |   |   |   | 0.16 | % |   |   | 0.07 | % |
| Incomes before interest and income tax expenses |         | $                                                                                    | 9,401        |   |   | $ | 8,795 |   |   |   | 7.40 | % |   |   | 11.01 | % |
| Interest expense                                     |         | $                                                                                    | 1,291        |   |   | $ | 747 |   |   |   | 1.02 | % |   |   | 0.94 | % |
| Income before income tax expenses                    |         | $                                                                                    | 8,110        |   |   | $ | 8,048 |   |   |   | 6.38 | % |   |   | 10.08 | % |
| Income tax expenses                                  |         | $                                                                                    | 1,161        |   |   | $ | 1,125 |   |   |   | 0.91 | % |   |   | 1.41 | % |
| Net income                                           |         | $                                                                                    | 6,949        |   |   | $ | 6,923 |   |   |   | 5.47 | % |   |   | 8.67 | % |
| Other comprehensive income                           |         | $                                                                                    | 554          |   |   | $ | 24 |   |   |   | 0.44 | % |   |   | 0.03 | % |
| Comprehensive income                                 |         | $                                                                                    | 7,503        |   |   | $ | 6,947 |   |   |   | 5.91 | % |   |   | 8.70 | % |

----

----

----

|                                      |    | For The Three Months Ended September 30 (Unaudited) |    |
|------------------------------------------------|--------------|----------------------------------------------------------------------------------------|--------------|
|                                           |         |                                                                                   |         |   |   |   |   |   |   |   |   |   |
|                                           |         | 2010                                                                                   |         |   | 2009 |   |   | 2010 |   |   | 2009 |   |
|                                           |         | US $ ’000                                                                   |         |   | US$ ’000 |   |   |   |   |   |   |   |
| Revenues                                       |         | $                                                                                      | 76,613       |   |   | $ | 50,392 |   |   |   | 100.00 | % |   |   | 100.00 | % |
| Cost of sales                                  |         | $                                                                                      | 65,869       |   |   | $ | 42,016 |   |   |   | 85.98 | % |   |   | 83.38 | % |
| Gross profit                              |         | $                                                                                      | 10,744       |   |   | $ | 8,376 |   |   |   | 14.02 | % |   |   | 16.62 | % |
| Sales, marketing and distribution expenses     |         | $                                                                                      | 3,040        |   |   | $ | 2,167 |   |   |   | 3.97 | % |   |   | 4.30 | % |
| General and administrative expenses            |         | $                                                                                      | 956          |   |   | $ | 722 |   |   |   | 1.25 | % |   |   | 1.43 | % |
| Operating income                               |         | $                                                                                      | 6,748        |   |   | $ | 5,487 |   |   |   | 8.81 | % |   |   | 10.89 | % |
| Other income, net                              |         | $                                                                                      | 110          |   |   | $ | 578 |   |   |   | 0.14 | % |   |   | 1.15 | % |
| Interest income                                |         | $                                                                                      | 102          |   |   | $ | - |   |   |   | 0.13 | % |   |   | - |   |
| Income before interest and income tax expenses |         | $                                                                                      | 6,960        |   |   | $ | 6,065 |   |   |   | 9.08 | % |   |   | 12.04 | % |
| Interest expense                               |         | $                                                                                      | 606          |   |   | $ | 378 |   |   |   | 0.79 | % |   |   | 0.75 | % |
| Income before income tax expenses              |         | $                                                                                      | 6,354        |   |   | $ | 5,687 |   |   |   | 8.29 | % |   |   | 11.29 | % |
| Income tax expenses                            |         | $                                                                                      | 912          |   |   | $ | 770 |   |   |   | 1.19 | % |   |   | 1.53 | % |
| Net income                                     |         | $                                                                                      | 5,442        |   |   | $ | 4,917 |   |   |   | 7.10 | % |   |   | 9.76 | % |
| Other comprehensive income                     |         | $                                                                                      | 433          |   |   | $ | 24 |   |   |   | 0.57 | % |   |   | 0.05 | % |
| Comprehensive income                           |         | $                                                                                      | 5,875        |   |   | $ | 4,941 |   |   |   | 7.67 | % |   |   | 9.81 | % |

----

----

|                                                 |   | Six (6) Months Ended September 30(Unaudited) |       |
|------------------------------------------------------|--------|-----------------------------------------------------------------------|------------|
|                                                 |   | 2010                                                                  |       |   | 2009 |   |
| Net cash provided by operating activities            |   | $                                                                     | 12,124,000 |   |   | $ | 3,696,000 |   |
| Net cash used in investing activities                |   | $                                                                     | (4,125,000 | ) |   | $ | (11,918,000 | ) |
| Net cash (used in) provided by financing activities  |   | $                                                                     | (5,508,000 | ) |   | $ | 13,163,000 |   |
| Net increase  in cash and cash equivalents |   | $                                                                     | 2,491,000  |   |   | $ | 4,941,000 |   |
| Effect of exchange rate changes on cash              |   | $                                                                     | 102,000    |   |   | $ | (143,000 | ) |
| Cash and cash equivalents at beginning of period     |   | $                                                                     | 6,019,000  |   |   | $ | 2,620,000 |   |
| Cash and cash equivalents at end of period           |   | $                                                                     | 8,612,000  |   |   | $ | 7,418,000 |   |

----

----

|                                                                                |   | Payments Due By Period |   |
|------------------------------------------------------------------------------------------|--------|---------------------------------------|--------|
| Contractual Obligations (US$)                                                  |   | Total                                 |   |   | Less than1 year |   |   | 1-3years |   |   | 3-5years |   |   | More than5 years |   |
| Bank Indebtedness                                                                        |   | (SEE TABLE BELOW)                     |
| Other Indebtedness                                                                       |   |                                  | 0      |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Capital Lease Obligations                                                                |   |                                  | 0      |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Operating Lease Obligations                                                              |   | (SEE TABLE BELOW)                     |
| Purchase Obligations                                                                     |   | (SEE TABLE BELOW)                     |
| Other Long-Term Liabilities Reflected on the Company’s Balance Sheet under US GAAP |   |                                  | 0      |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |
| Total:                                                                                   |   |                                  | 0      |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |   |   | 0 |   |

| Bank indebtedness (US$)         |   | September 30, 2010 |       |   | March 31, 2010 |   |
|---------------------------------|--------|------------------------------|------------|--------|--------------------------|--------|
| Short-term bank borrowings      |   | US$                          | 41,336,000 |   |                     | US$    | 46,141,000 |   |
| Notes payable (within (1) year) |   | US$                          | 41,038,000 |   |                     | US$    | 35,504,000 |   |
| Total                           |   | US$                          | 82,374,000 |   |                     | US$    | 81,645,000 |   |

| Purchase Obligations (US$)                                 |   | September 30, 2010 |        |   | March 31, 2010 |   |
|------------------------------------------------------------|--------|------------------------------|-------------|--------|--------------------------|--------|
| Construction Projects and Purchase of Land and Machineries |   | US$                          | 160,187,000 |   |                     | US$    | 84,000 |   |
| Total                                                      |   | US$                          | 160,187,000 |   |                     | US$    | 84,000 |   |

| Operating Lease Obligations (US$) |   | September 30, 2010 |      |   | March 31, 2010 |   |
|-----------------------------------|--------|------------------------------|-----------|--------|--------------------------|--------|
| Within one (1) year               |   | US$                          | 625,000   |   |                     | US$    | 599,000 |   |
| 1-3 years                         |   | US$                          | 1,307,000 |   |                     | US$    | 1,291,000 |   |
| 3-5 years                         |   | US$                          | 304,000   |   |                     | US$    | 604,000 |   |
| Over five (5) years               |   | US$                          | 0         |   |                     | US$    | 0 |   |
| Total                             |   | US$                          | 2,236,000 |   |                     | US$    | 2,494,000 |   |

----

| EXHIBIT NO. |   | DESCRIPTION                                                                                                                                                                  |   | LOCATION                                                                                                                                              |
|------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|
|             |   |                                                                                                                                                                         |   |                                                                                                                                                  |
| 2.1              |   | Share Exchange Agreement, dated November 12, 2008, by and among World Trophy Outfitters, Inc., Fast More Limited, Cheer Gold Development Ltd. and Floster Investment Limited |   | Incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008                 |
|             |   |                                                                                                                                                                         |   |                                                                                                                                                  |
| 3.1              |   | Articles of Incorporation of World Trophy Outfitters, Inc. (n/k/a Chisen Electric Corporation)                                                                               |   | Incorporated by reference to Exhibit 3(i).1 to the Registrant’s Registration Statement on Form SB-2 as filed with the SEC on September 23, 2005 |
|             |   |                                                                                                                                                                         |   |                                                                                                                                                  |
| 3.2              |   | Certificate of Amendment to Articles of Incorporation of Chisen Electric Corporation (name change)                                                                           |   | Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K as filed with the SEC on February 4, 2009                  |
|             |   |                                                                                                                                                                         |   |                                                                                                                                                  |
| 3.3              |   | Amended and Restated Bylaws of Chisen Electric Corporation                                                                                                                   |   | Incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K as filed with the SEC on February 4, 2009                  |
|             |   |                                                                                                                                                                         |   |                                                                                                                                                  |
| 3.4              |   | Certificate of Incorporation of Fast More Limited, dated December 17, 2007                                                                                                   |   | Incorporated by reference to Exhibit 3.3 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008                 |

----

| 3.5    |   | Memorandum and Articles of Association of Fast More Limited, dated as of December 17, 2007                                                                             |   | Incorporated by reference to Exhibit 3.4 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008   |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                   |   |                                                                                                                                    |
| 3.6    |   | Certificate of Incorporation of Changxing Chisen Electric Co., Ltd.                                                                                                    |   | Incorporated by reference to Exhibit 3.5 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008   |
|   |   |                                                                                                                                                                   |   |                                                                                                                                    |
| 3.7    |   | Articles of Association of Changxing Chisen Electric Co., Ltd.                                                                                                         |   | Incorporated by reference to Exhibit 3.6 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008   |
|   |   |                                                                                                                                                                   |   |                                                                                                                                    |
| 10.1   |   | Agreement on Establishment of Changxing Chisen Physical Chemistry Power Research and Development Center, dated April 30, 2008                                          |   | Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|   |   |                                                                                                                                                                   |   |                                                                                                                                    |
| 10.2   |   | Form of Labor Contract                                                                                                                                                 |   | Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|   |   |                                                                                                                                                                   |   |                                                                                                                                    |
| 10.3   |   | Lease Agreement, dated March 30, 2008, by and between Changxing Chisen Electric Co., Ltd. and Changxing Xiangyi Industrial Park Investment Co., Ltd.                   |   | Incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|   |   |                                                                                                                                                                   |   |                                                                                                                                    |
| 10.4   |   | Contract For Loan on Guarantee, by and among Zhejiang Changxing Agricultural Cooperative Bank, Changxing Chisen Electric Co., Ltd. and Zhejiang Chisen Glass Co., Ltd. |   | Incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|   |   |                                                                                                                                                                   |   |                                                                                                                                    |
| 10.5   |   | Renminbi Loan Contract, dated January 11, 2008, by and between Changxing Chisen Electric Co., Ltd. and China Construction Bank Corporation (Changxing Branch)          |   | Incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|   |   |                                                                                                                                                                   |   |                                                                                                                                    |
| 10.6   |   | Renminbi Loan Contract, dated April 11, 2008, by and between Changxing Chisen Electric Co., Ltd. and China Construction Bank Corporation (Changxing Branch)            |   | Incorporated by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|   |   |                                                                                                                                                                   |   |                                                                                                                                    |
| 10.7   |   | Renminbi Loan Contract, dated March 31, 2008, by and between Changxing Chisen Electric Co., Ltd. and Bank of China (Hong Kong) Limited Shanghan Branch                 |   | Incorporated by reference to Exhibit 10.7 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|   |   |                                                                                                                                                                   |   |                                                                                                                                    |
| 10.8   |   | Loan Contract (Short Term), dated August 15, 2008, by and between Changxing Chisen Electric Co., Ltd. and Bank of China Changxing Branch                               |   | Incorporated by reference to Exhibit 10.8 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|   |   |                                                                                                                                                                   |   |                                                                                                                                    |
| 10.9   |   | Acceptance Agreement, dated August 25, 2008, by and between Changxing Chisen Electric Co., Ltd. and Industrial Bank Co., Ltd. Hangzhou Branch                          |   | Incorporated by reference to Exhibit 10.9 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|   |   |                                                                                                                                                                   |   |                                                                                                                                    |
| 10.10  |   | Acceptance Agreement of Commercial Bill, dated September 18, 2008, by and between Changxing Chisen Electric Co., Ltd. and China Bank Co., Ltd. Changxing Branch        |   | Incorporated by reference to Exhibit 10.10 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008 |

----

| 10.11  |   | Cooperation Agreement, dated April 20, 2008, by and between Changxing Chisen Electric Co., Ltd. and Xiamen University                                                                                                                                                    |   | Included by reference to Exhibit 10.11 to the Company’s Annual Report on Form 10-K as filed with the SEC on June 28, 2010             |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                     |   |                                                                                                                                        |
| 10.11  |   | Acceptance Agreement of Commercial Bill, dated July 29, 2008, by and between Changxing Chisen Electric Co., Ltd. and China Construction Bank Changxing Branch Co., Ltd.                                                                                                  |   | Incorporated by reference to Exhibit 10.11 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008     |
|   |   |                                                                                                                                                                                                                                                                     |   |                                                                                                                                        |
| 10.12  |   | Acceptance Agreement of Commercial Bill, dated September 9, 2008, by and between Changxing Chisen Electric Co., Ltd. and China Construction Bank Changxing Branch Co., Ltd.                                                                                              |   | Incorporated by reference to Exhibit 10.12 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008     |
|   |   |                                                                                                                                                                                                                                                                     |   |                                                                                                                                        |
| 10.13  |   | Components Purchase Contract, effective as of January 1, 2008, by and between Changxing Chisen Electric Co., Ltd. and Jiangsu Xinri Electric Bicycle Co., Ltd.                                                                                                           |   | Incorporated by reference to Exhibit 10.13 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008     |
|   |   |                                                                                                                                                                                                                                                                     |   |                                                                                                                                        |
| 10.14  |   | Supply Contract, dated April 22, 2008, by and between Changxing Chisen Electric Co., Ltd. and Jiangsu Yadea Science & Technology Development Co., Ltd.                                                                                                               |   | Incorporated by reference to Exhibit 10.14 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008     |
|   |   |                                                                                                                                                                                                                                                                     |   |                                                                                                                                        |
| 10.15  |   | Sales Contract of Battery, dated November 10, 2007, by and between Changxing Chisen Electric Co., Ltd. and Hu Qinzhong, Yancheng Office                                                                                                                                  |   | Incorporated by reference to Exhibit 10.15 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008     |
|   |   |                                                                                                                                                                                                                                                                     |   |                                                                                                                                        |
| 10.16  |   | Sales Contract of Battery, dated February 17, 2008, by and between Changxing Chisen Electric Co., Ltd. and Song Chunwei                                                                                                                                                  |   | Incorporated by reference to Exhibit 10.16 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008     |
|   |   |                                                                                                                                                                                                                                                                     |   |                                                                                                                                        |
| 10.17  |   | Compensation Agreement of Corporate Relocation Acquisition, dated August 20, 2010, by and between the Company’s chief operating subsidiary, Changxing Chisen Electric Co., Ltd., and the Administrative Committee of Changxing Economic Development Zone, Zhejiang |   |  Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K as filed with the SEC on August 24, 2010. |
|   |   |                                                                                                                                                                                                                                                                     |   |                                                                                                                                        |
| 10.18  |   | Investment Agreement, dated August 20, 2010, by and between the Company’s chief operating subsidiary, Changxing Chisen Electric Co., Ltd., and the Administrative Committee of Changxing Economic Development Zone, Zhejiang                                       |   | Incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K as filed with the SEC on August 24, 2010.       |
|   |   |                                                                                                                                                                                                                                                                     |   |                                                                                                                                        |
| 10.19  |   | Supplemental Agreement, dated August 20, 2010, by and between the Company’s chief operating subsidiary, Changxing Chisen Electric Co., Ltd., and the Administrative Committee of Changxing Economic Development Zone, Zhejiang                                |   | Incorporated by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K as filed with the SEC on August 24, 2010.       |
| 10.20  |   | Xuyi Economic Development Zone Project Investment Contract, dated September 6, 2010, by and between Chisen Electric Jiangsu Co., Ltd. and Jiangsu Xuyi Economic Development Zone Administrative Committee                                                                |   | Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the SEC on September 13, 2010.    |
|   |   |                                                                                                                                                                                                                                                                     |   |                                                                                                                                        |
| 10.21  |   | Xuyi Economic Development Zone Project Investment Contract Supplemental Agreement, dated September 6 2010, by and between Chisen Electric Jiangsu Co., Ltd. and Jiangsu Xuyi Economic Development Zone Administrative Committee                                          |   | Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K as filed with the SEC on September 13, 2010.    |

----

| 14.1   |   | Code of Business Conduct and Ethics                                                                                    |   | Incorporated by reference to Exhibit 14.1 to the Company’s Current Report on Form 8-K as filed with the SEC on February 4, 2009 |
|--------|--------|------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                   |   |                                                                                                                                  |
| 16.1   |   | Letter to SEC from Pritchett, Siler & Hardy, P.C.                                                                  |   | Incorporated by reference to Exhibit 16.1 to the Company’s Current Report on Form 8-K as filed with the SEC on January 21, 2009 |
|   |   |                                                                                                                   |   |                                                                                                                                  |
| 17     |   | Resignation of Mathew Evans, dated November 12, 2008                                                                   |   | Incorporated by reference to Exhibit 17 to the Company’s Current Report on Form 8-K as filed with the SEC on November 12, 2008  |
|   |   |                                                                                                                   |   |                                                                                                                                  |
| 21     |   | List of Subsidiaries                                                                                                   |   | Included by reference to Exhibit 21 to the Company’s Annual Report on Form 10-K as filed with the SEC on June 28, 2010          |
|   |   |                                                                                                                   |   |                                                                                                                                  |
| 31.1   |   | Certifications of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                |   | Provided herewith                                                                                                                     |
|   |   |                                                                                                                   |   |                                                                                                                                  |
| 31.2   |   | Certifications of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                |   | Provided herewith                                                                                                                     |
|   |   |                                                                                                                   |   |                                                                                                                                  |
| 32.1   |   | Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 of the Sarbanes-Oxley Act Of 2002 |   | Provided herewith                                                                                                                     |
|   |   |                                                                                                                   |   |                                                                                                                                  |
| 32.2   |   | Certification Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 of the Sarbanes-Oxley Act Of 2002 |   | Provided herewith                                                                                                                     |
|   |   |                                                                                                                   |   |                                                                                                                                  |
| 99.1   |   | Audit Committee Charter, dated January 15, 2009                                                                        |   | Incorporated by reference to Exhibit 99.1 to the Company’s Current Report on Form 8-K as filed with the SEC on February 4, 2009 |
|   |   |                                                                                                                   |   |                                                                                                                                  |
| 99.2   |   | Compensation Committee Charter, dated January 15, 2009                                                                 |   | Incorporated by reference to Exhibit 99.2 to the Company’s Current Report on Form 8-K as filed with the SEC on February 4, 2009 |
|   |   |                                                                                                                   |   |                                                                                                                                  |
| 99.3   |   | Corporate Governance and Nominating Committee Charter, dated January 15, 2009                                          |   | Incorporated by reference to Exhibit 99.3 to the Company’s Current Report on Form 8-K as filed with the SEC on February 4, 2009 |

----

| Date: February 28, 2011 | By:       | /s/ Xu Kecheng                                                          |   |
|------------------------------|-----------|-------------------------------------------------------------------------|--------|
|                         |      | Name: Xu Kecheng                                                        |   |
|                         |      | Its: President, Chief Executive Officer andPrincipal Executive Officer  |   |
|                         |      |                                                                    |   |
| Date: February 28, 2011 | By:  | /s/ Liu Chuanjie                                                        |   |
|                         |      | Name: Liu Chuanjie                                                      |   |
|                         |      | Its: Chief Financial Officer, PrincipalFinancial and Accounting Officer |   |

----