FORM 1O-Q

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                Quarterly Report Under Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                For the Quarterly Period Ended September 30, 2004
                         Commission File Number: 0-19505

                              YANG HOLDING COMPANY
                              --------------------
             (exact name of registrant as specified in its charter)

         FLORIDA                                               65-0274107
         -------                                               ----------
(State or other jurisdiction of                          (IRS Employer I.D. No.)
Incorporation of organization)

                         999 Brickell Avenue, Suite 600
                              Miami, Florida 33131
                              --------------------
                    (Address of principal executive offices)

                                 (305) 810-2898
                                 --------------
              (Registrant's telephone number, including area code)

                                 Not Applicable
                                 --------------
   (former name, address and former fiscal year, if changed from last report)

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

                             YES [X]  NO [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

INDICATE THE NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER'S CLASSES OF
COMMON STOCK, AS OF THE LATEST PRACTICABLE DATE.

As of September 30, 2004 there were 50,003,000 shares of Common Stock
outstanding.

<PAGE>

                                      INDEX

PART I - FINANCIAL INFORMATION

ITEM 1 - FINANCIAL STATEMENTS

         Condensed Balance Sheets
         as of September 30, 2004 (Unaudited) and December 31, 2003       3

         Condensed Statement of Operations for the Three Months Ended
         September 30, 2004 and 2003 (Unaudited)                          4

         Condensed Statement of Changes in Shareholders' Equity for the
         Three Months Ended September 30, 2004 and 2003 (Unaudited)       5

         Condensed Statement of Cash Flow for the Three Months Ended
         September 30, 2004 and 2003 (Unaudited)                          6

         Notes to Condensed Financial Statements                        7 - 10

ITEM 2   MANAGEMENT'S DISCUSSION AND ANALYSIS OF
         FINANCIAL CONDITION AND RESULTS OF OPERATIONS                    11

PART II - OTHER INFORMATION                                            12 - 13

SIGNATURE PAGE                                                            14

                                        2
<PAGE>

                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
                                 BALANCE SHEETS

                                                          09/30/04     12/31/03
                                                         -----------   ---------
                                                         (Unaudited)   (Audited)
                         ASSETS

         Current Assets
         Cash                                            $     20      $    223
                                                         --------      --------
                  Total Current Assets                         20           223
                                                         --------      --------
       Total Assets                                      $     20      $    223
                                                         ========      ========

        LIABILITIES AND STOCKHOLDERS' EQUITY

        Total Liabilities                                $      0      $      0
                                                         --------      --------
STOCKHOLDERS' EQUITY

       Preferred stock, par value $0.10 per share;
       1,000,000 shares authorized, no shares issued            0             0

       Common stock, par value $0.001 per share;
       200,000,000 shares authorized,
       50,003,000 shares issued and outstanding            50,003        50,003

       Additional paid-in capital                          40,321        34,449

        Deficit accumulated during the
                  development stage                       (90,304)      (84,229)
                                                         --------      --------
       Total Stockholders' Equity                              20           223
                                                         --------      --------
     Total Liabilities and Stockholders' Equity          $     20      $    223
                                                         ========      ========

The accompanying notes are an integral part of these financial statements.


                                        3
<PAGE>

                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF OPERATIONS
                   QUARTERS ENDED September 30, 2004 AND 2003
                                   (Unaudited)


                                          2004               2003
                                      ------------      ------------
Revenues                              $          0      $          0
                                      ------------      ------------
Costs and Expenses
       General and administrative              594               238
                                      ------------      ------------
Total Costs and Expenses                       594               238
                                      ------------      ------------
Net loss                              $       (594)     $       (238)
                                      ============      ============
Weighted average loss per share       $      (0.00)     $      (0.00)
                                      ============      ============
Shares used in the calculation of
   basic and diluted net loss per
   share                                50,003,000        50,003,000
                                      ============      ============

The accompanying notes are an integral part of these financial statements.

                                        4

<PAGE>

                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
                       STATEMENTS OF STOCKHOLDERS' EQUITY
    FOR THE PERIOD JANUARY 1, 1993 (DATE OF INCEPTION) TO September 30, 2004
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                               Additional   Accumulated
                                                        Common Stock             Paid-In     During the
     Date         Type                         No. of Shares      Amount        Capital     Dev. Stage      Total
     ----         ----                         -------------     --------      ----------   ------------   --------
<S>            <C>                             <C>               <C>           <C>          <C>            <C>
    01/01/1993 Issued Stock                       1,019,700      $  1,020            --            --         1,020
    08/13/1993 Issued Stock                       6,500,000         6,500            --            --         6,500
    09/01/1994 Stock Repurchase                  (6,500,000)       (6,500)           --            --        (6,500)
    03/15/1995 Issued Stock                       8,380,000         8,380            --            --         8,380
    04/10/1997 Reverse Split 1 for 10            (8,459,730)       (8,460)        8,460            --            --
    05/01/1997 Issued Stock                          60,030            60            --            --            60
    05/22/1997 Issued Stock                       9,000,000         9,000            --            --         9,000
    1993 Additional Shareholder                          --            --        33,287            --        33,287
 Deficit Accumulated Through 1998                        --            --       (53,747)           --       (53,747)
                                                -----------      --------      --------      --------      --------
 Balance, year ended December 31, 1998           10,000,000        10,000        41,747       (53,747)       (2,000)
    02/01/1999 Reverse Split 1 for 20            (9,500,000)       (9,500)        9,500            --            --
    02/01/1999 Issued Stock                              30            --            --            --            --
    04/22/1999 Stock Split 100 for 1             49,502,970        49,503       (49,503)           --            --
          1999 Net Loss                                  --            --            --        (7,569)       (7,569)
          1999 Shareholder Contribution                  --            --         9,569            --         9,569
                                                -----------      --------      --------      --------      --------
 Balance, year ended December 31, 1999           50,003,000        50,003        11,313       (61,316)           --
          2000 Shareholder Contribution                  --            --         7,234            --         7,234
          2000 Net Loss                                  --            --            --        (7,234)       (7,234)
                                                -----------      --------      --------      --------      --------
Balance, year ended December 31, 2000            50,003,000        50,003        18,547       (68,550)           --

          2001 Shareholder Contribution                  --            --         5,268            --         5,268
          2001 Net Loss                                  --            --            --        (5,250)       (5,250)
                                                -----------      --------      --------      --------      --------

Balance, year ended December 31, 2001            50,003,000        50,003        23,815       (73,800)           18

          2002 Shareholder Contribution                  --            --         4,844            --         4,844
          2002 Net Loss                                  --            --            --        (4,856)       (4,856)
                                                -----------      --------      --------      --------      --------

Balance, year ended December 31, 2002            50,003,000        50,003        28,659       (78,656)            6
          2003 Shareholder Contribution                  --            --         5,790            --         5,790
          2003 Net Loss                                  --            --            --        (5,573)       (5,573)
                                                -----------      --------      --------      --------      --------
Balance, year ended December 31, 2003            50,003,000        50,003        34,449       (84,229)          223

Nine mos ended 09/30/04 Shareholder Contrib              --            --         5,872            --         5,872
   Nine mos ended 09/30/04 Net Loss                      --            --            --        (6,075)       (6,075)
                                                -----------      --------      --------      --------      --------
Balance September 30, 2004                       50,003,000      $ 50,003      $ 40,321      $(90,304)     $     20
                                                ===========      ========      ========      ========      ========
</TABLE>

The accompanying notes are an integral part of these financial statements.

                                        5
<PAGE>
                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
                             STATEMENT OF CASH FLOWS
                   QUARTERS ENDED September 30, 2004 AND 2003
                                   (Unaudited)

                                              2004       2003
                                              -----      -----
CASH FLOWS FROM OPERATING
   ACTIVITIES

Net loss                                      ($594)     ($238)

Adjustment to reconcile net loss
  to net cash (used) by
  operating activities:                          --         --
                                              -----      -----
                                               (594)      (238)

Cash flow from investing activities              --         --

Cash flow from financing activities
     Shareholders' additional
        capital                                 322        250
                                              -----      -----
Net cash provided by financing activities       322        250
                                              -----      -----
Net increase (decrease) in cash               $ 272      $  12

Cash beginning of period                        292         61
                                              -----      -----
Cash end of year                              $  20      $  73
                                              =====      =====

The accompanying notes are an integral part of these financial statements.

                                        6
<PAGE>
                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS

NOTE 1.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         Business Activity

         Yang Holding Company (we or the Company) was organized under the laws
of the State of Florida on July 25, 1991, as National Advertising Group, Inc.
The Company, which is in the development stage, has not yet commenced business
operations. The Company intends to acquire an operating entity, however, the
company has not yet targeted an acquisition.

         Loss Per Share

         Loss per share is as computed by dividing the net loss by the average
number of common shares outstanding during each period. The average number of
common shares has been retroactively adjusted to reflect the 1 for 20 reverse
split approved in February, 1999 and the 100 for 1 forward split effected in
April, 1999.

         Estimates

         The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.

RECENT ACCOUNTING PRONOUNCEMENTS

FASB No. 145, "Rescission of FASB Statements Nos. 4, 44 and 64, Amendment of
FASB Statement No. 13, and Technical Corrections".

         In April 2002, the FASB issued SFAS No. 145, "Rescission of FASB
Statements Nos. 4, 44 and 64, Amendment of FASB Statement No. 13, and Technical
Corrections". This Statement, among other things, requires that gains and losses
related to extinguishment of debt be classified as extraordinary items only if
they meet the criteria in Opinion No. 30. The provision of Statement No. 145
related to the rescission of Statement No. 4 should be applied in fiscal years
beginning after May 15, 2002. Any gain or loss on extinguishment of debt that
was classified as an extraordinary item in prior periods presented, that does
not meet the criteria in Opinion No. 30 for classification as an extraordinary
item, should be reclassified. The provisions of Statement No. 145 are not
expected to materially affect the Company's financial statements.

FASB No. 146, "Accounting for Costs Associated with Exit or Disposal Activities"

         In June 2002, the FASB issued SFAS No. 146, "Accounting for Costs
Associated with Exit or Disposal Activities". This Statement addresses financial
accounting and reporting for costs associated with exit or disposal activities
and replaces

                                        7
<PAGE>

Emerging Issues Task Force (EITF) Issue No. 94-3, Liability Recognition for
Certain Employee Termination Benefits and Other Costs to Exit an Activity
(including Certain Costs Incurred in a Restructuring)". This Statement is
effective for exit or disposal activities that are initiated after December 31,
2002, with early application encouraged. The effect of adopting SFAS No. 146 is
not expected to have a material impact on the Company's financial position or
results of operations.

FIN No. 45 "Guarantor's Accounting and Disclosure Requirements for Guarantees,
Including Indirect Guarantees of Indebtedness of Others"

         In November 2002, the FASB issued Interpretation No. 45, Guarantor's
Accounting and Disclosure Requirements for Guarantees, Including Indirect
Guarantees of Indebtedness of Others" which expands previously issued accounting
guidance and disclosure requirements for certain guarantees. The interpretation
requires an entity to recognize an initial liability for the fair value of an
obligation assumed by issuing a guarantee. The initial recognition and initial
measurement provisions of FIN No. 45 are applicable to a company on a
prospective basis to guarantees issued or modified after December 31, 2002.
However, the disclosure requirements in FIN No. 45 are effective for a company's
financial statements for periods ending after December 15, 2002. The Company is
not a party to any agreement in which it is a guarantor of indebtedness of
others therefore the interpretation did not affect the Company's financial
position, results of operations or cash flows.

FASB No. 148 "Accounting for Stock-Based Compensation - Transition and
Disclosure"

         In December 2002, the FASB issued SFAS No. 148, "Accounting for
Stock-Based Compensation - Transition and Disclosure". SFAS No. 148 does not
alter the provisions of SFAS 123, nor does it require stock-based compensation
to be measured under the fair-value method. Rather, SFAS 148 provides
alternative transition methods to companies that elect to expense stock-based
compensation using the fair-value approach under SFAS No. 123. The Company will
continue to account for stock-based compensation in accordance with APB No. 25.
As such, the Company does not expect this standard to have a material impact on
its financial position or results of operations. The Company has adopted the
disclosure-only provisions of SFAS No. 148.

FIN No. 46, "Consolidation of Variable Interest Entities"

         In January 2003, the FASB issued Interpretations No. 46, "Consolidation
of Variable Interest Entities". FIN No. 46 addresses consolidation by business
enterprises of variable interest entities (formerly special purpose entities or
"SPEs"). The Company does not have any variable interest entities as defined by
FIN No. 46.

                                        8
<PAGE>

FASB No. 149, "Amendment of Statement No. 133 on Derivative Instruments and
Hedging Activities"

         In April 2003, the FASB issued Statement No. 149, "Amendment of
Statement No. 133 on Derivative Instruments and Hedging Activities". This
statement amends and clarifies financial accounting and reporting for derivative
instruments, including certain derivative instruments embedded in other
contracts and for hedging activities under Statement No. 133, "Accounting for
Derivatives Instruments and Hedging Activities." The provisions of this
statement are effective for all derivatives and hedging activities entered into
after June 30, 2003. The Company does not expect SFAS No. 149 to have a material
effect on its financial statements.

FASB No. 150 "Accounting for Certain Financial Instruments with Characteristics
of both Liabilities and Equity"

         In May 2003, the FASB issued SFAS No. 150 "Accounting for Certain
Financial Instruments with Characteristics of both Liabilities and Equity". SFAS
No. 150 establishes standards on the classification and measurement of certain
instruments with characteristics of both liabilities and equity. The provisions
of SFAS No. 150 are effective for financial instruments entered into or modified
after May 31, 2002 and to all other instruments that exist as of the beginning
of the first interim financial reporting period beginning after June 15, 2003.
The Company does not expect SFAS No. 150 to have a material effect on its
financial statements.

EITF 03-11, "Reporting Gains and Losses on Derivative Instruments That are
Subject to FASB Statement No. 133, Accounting for Derivative Instruments and
Hedging Activities, and Not Held for Trading Purposes".

         In August 2003, the EITF reached a consensus that all gains and losses
(realized and unrealized) on derivative instruments within the scope of SFAS 133
should be shown net in the income statement, whether or not settled physically,
if the derivative instruments are held for trading purposes. However, the EITF
recognized that there may be contracts within the scope of SFAS 133 considered
not held for trading purposes that warrant further consideration as to the
appropriate income statement classification of the gains and losses. In EITF
03-11, the EITF clarified certain criteria to use in determining whether gains
and losses related to non-trading derivative instruments should be shown net in
the income statement. The adoption of EITF 03-11 did not have an material effect
on the Company's financial position, results of operations or cash flows.

NOTE 2. COMMON STOCK

         Effective February 1, 1999, the Company effected a 1 for 20 reverse
split of our common stock.

         Effective April 22, 1999, the Company filed Articles of Amendment,
which increased its capitalization to 200,000,000 shares of common stock. In
addition, effective April 22, 1999, the Company forward split their issued and
outstanding common stock 100 for 1.

                                        9
<PAGE>

NOTE 3. INCOME TAXES

         The Company accounts for income taxes in accordance with SFAS No. 109,
"Accounting for Income Taxes". Accordingly, deferred income would be provided to
show the effect of temporary differences between the recognition of revenue and
expenses for financial and income tax reporting purposes and between the tax
basis of assets and liabilities and their reported amounts in the financial
statements.

         At September 30, 2004, the Company has available approximately $90,303
of net operating losses. The Company has provided a valuation allowance to fully
offset those tax benefits that might be recognized in the future, due to the
uncertainty of their utilization. These losses begin expiring in 2021.

NOTE 4. GOING CONCERN

         As shown in the accompanying financial statements, the Company is in
the development stage, have yet to generate operating revenues and will require
a significant amount of capital to commence it's planned principal operations.
As reflected in the accompanying financial statements, the Company has incurred
accumulated losses since inception of $90,303 and has raised an insignificant
amount of capital. As such, there is no assurance that the Company will be
successful in its efforts to raise the necessary capital to commence its planned
principal operations.

         The Company's plans include a merger and a subsequent public offering
of common stock; however there is no assurance that the Company will be
successful in its efforts to raise capital or to obtain a business combination.

         These conditions raise substantial doubt about the Company's ability to
continue as a going concern. The financial statements do not include any
adjustments that might result from the outcome of these uncertainties.

                                       10
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS.

         The Registrant has not, as of the end of the three month period ended
September 30, 2004, commenced active business operations. As of September 30,
2004 the Registrant had assets in the amount of $20, no liabilities, and the
total Shareholders' Equity was $20.

         The Registrant has no reasonable basis for comparison with respect to
its quarterly financial results in that the Company has not yet commenced its
business operations.

         The recurring professional fees and other costs of complying with
filings with the Securities and Exchange Commission, the Internal Revenue
Service and others is being funded through contributions to capital by the
Company's principal shareholder.

                                       11
<PAGE>

PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

         Not Applicable

ITEM 2.  CHANGES IN SECURITIES

         Effective April 22, 1999, the Company filed Articles of Amendment,
which increased the Company's capitalization to 200,000,000 shares of common
stock. In addition, effective April 22, 1999, the Company forward split its
issued and outstanding common stock 100 for 1.

         The issued and outstanding common stock after the recapitalization
consists of 50,003,000 shares, par value $0.001.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

         Not Applicable

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY- HOLDERS

         Not Applicable

ITEM 5.  OTHER INFORMATION

         On July 29, 2004 Mr. Huang, Yahe accepted the position of Chairman of
the Board of Yang Holding Company. Mr. Huang is a citizen and resident of the
People's Republic of China and is President of Yongda Venture Group, Inc., a
Florida Corporation. Mr. Huang is a very successful businessman.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         Exhibit 31.1 Certification Pursuant to Rule 15-d-14(a)

         Exhibit 32.1 Certification Pursuant to 18 U.S.C. Section 1350, as
                      adopted pursuant to Section 906 of the Sarbanes-Oxley Act
                      of 2002

         REPORTS ON FORM 8-K

         On February 17, 1999 the Company filed a Form 8-K, which is
incorporated herein by reference. The Report principally dealt with a change in
the corporate name from National Advertising Group, Inc., to Yang Holding
Company.

                                       12
<PAGE>

PART II - OTHER INFORMATION - (Continued)

         ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K - (Continued)

         Additionally, the February 17, 1999 Form 8-K disclosed a reverse split
of the outstanding shares of common stock, and the resignation of a director.

         On April 22, 1999, the Company filed a Form 8-K, which is incorporated
herein by reference. The Report principally dealt with the recapitalization of
the Company and the forward split of its outstanding shares of common stock.

         On April 12, 2000 the Company filed a Form 8-K, which is incorporated
herein by reference. The Report principally dealt with a change in the Company's
Certified Public Accountants, from Dohan and Company, P.A. to Berkovitz and
Company, P.A. and states there were no disagreements with Dohan and Company,P.A.

         On February 22, 2001 the Company filed a Form 8-K, which is
incorporated herein by reference. The Report principally dealt with a change in
the Company's Certified Public Accountants, from Berkovitz and Company, P.A. to
Puritz & Weintraub, LLP and states there were no disagreements with Berkovitz
and Company, P.A.

                                       13

<PAGE>

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                       Registrant:

                                       YANG HOLDING COMPANY

                                       By: /s/ James Chow
                                           --------------------------
                                               JAMES CHOW
                                               President

Date: November 11, 2004

                                       14