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 March 31, 2001
                         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)

                             Brickell Bayview Center
                80 SW 8 Street, Suite 2804, Miami, Florida 33130
                    (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 May 14, 2001 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 March 31, 2001 (Unaudited) and
         December 31, 2000                                                    3

         Condensed Statement of Operations for the Three Months Ended
         March 31, 2001 and 2000 (Unaudited)                                  4

         Condensed Statement of Changes in Shareholders' Equity for the
         Three Months Ended March 31, 2001 and 2000 (Unaudited)               5

         Condensed Statement of Cash Flow   for the Three Months Ended
         March 31, 2001 and 2000 (Unaudited)                                  6

         Notes to Condensed Financial Statements                             7-8

ITEM 2  MANAGEMENT'S DISCUSSION AND ANALYSIS OF
        FINANCIAL CONDITION AND RESULTS OF OPERATIONS                          9

PART II - OTHER INFORMATION                                                10-11

SIGNATURE PAGE                                                                12

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<PAGE>

                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
                             CONDENSED BALANCE SHEET
        March 31, 2001 (Unaudited) and December 31, 2000 (Audited)

                                                          3/31/01      12/31/00
                                                        (Unaudited)    (Audited)
                                                          --------     --------
ASSETS

  Total Assets                                            $      0     $      0
                                                          ========     ========

LIABILITIES AND SHAREHOLDERS' EQUITY
(DEFICIENCY IN ASSETS)

Liabilities                                               $      0     $      0
                                                          --------     --------
Shareholders' Equity:

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                                  20,557       18,547
Preferred Stock, par value $.10 per
share; 1,000,000 shares authorized,
no shares issued and outstanding                                 0            0
Deficit accumulated during the
development stage                                          (70,560)     (68,550)
                                                          --------     --------

Total Shareholders' Equity                                       0            0
                                                          --------     --------

Total Liabilities and Shareholders' Equity                $      0     $      0
                                                          ========     ========


See Accompanying Notes to Condensed Financial Statements

                                       3
<PAGE>
                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
                        CONDENSED STATEMENT OF OPERATIONS
             For the three months ended March 31, 2001 and 2000
                                   (Unaudited)

                                                         2001            2000
                                                        -------         -------

Revenues                                                $     0         $     0
                                                        -------         -------

Total Revenues                                                0               0
                                                        -------         -------

Expenses:

  Professional fees and expenses                          2,009               0
                                                        -------         -------

Total Expenses                                            2,009               0
                                                        -------         -------

Net Loss                                                $(2,009)        $    (0)
                                                        =======         =======


See Accompanying Notes to Condensed Financial Statements

                                       4
<PAGE>
                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
             CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
               For the three months ended March 31, 2001 and 2000
                                   (Unaudited)



                                                           2001          2000
                                                         -------        -------

Shareholders' Equity:
         Beginning of period                             $     0        $     0

Additions

         Shareholder contributions                         2,009              0

Deductions
         Net loss for the three months
         ended March 31, 2001 and 2000
         (Additional deficit accumulated
         during the development stage)                    (2,009)            (0)
                                                         -------        -------

Ending balance at end of period                          $     0        $     0
                                                         =======        =======

See Accompanying Notes to Condensed Financial Statements

                                       5
<PAGE>

                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
                        CONDENSED STATEMENT OF CASH FLOW
             For the three months ended March 31, 2001 and 2000
                                   (Unaudited)


                                                             2001        2000
                                                           -------      -------

CASH FLOW FROM OPERATING ACTIVITIES

Net loss                                                   $(2,009)     $    (0)
                                                           -------      -------
Net cash used by operating activities                       (2,009)          (0)

CASH FLOW FROM INVESTING
  ACTIVITIES

  Shareholders' contribution to paid in capital              2,009            0
                                                           -------      -------

CASH FLOW FROM FINANCING
  ACTIVITIES                                                     0            0
                                                           -------      -------

NET INCREASE (DECREASE) IN CASH                                  0            0
                                                           -------      -------

Cash - Beginning of Period                                       0            0
                                                           -------      -------

Cash - End of Period                                       $     0      $     0
                                                           =======      =======


See Accompanying Notes to Condensed Financial Statements

                                       6
<PAGE>

                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
                     NOTES TO CONDENSED FINANCIAL STATEMENTS
                                   (Unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

         BUSINESS ACTIVITY

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

         BASIS OF PRESENTATION

The accompanying unaudited condensed financial statements of Yang Holding
Company presented herein do not include all disclosures required by generally
accepted accounting principles for complete financial statements. In the opinion
of management these financial statements include all adjustments necessary for a
fair presentation of the results of interim periods.

The interim condensed financial statements should be read in conjunction with
the financial statements and footnotes that are included in the Company's Annual
Report on Form 10-K filed with the Securities and Exchange Commission March 26,
2001.

         RECAPITALIZATION

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.

In connection with the recapitalization, $40,003 was transferred from paid in
capital to common stock. The accompanying condensed financial statements give
effect to the recapitalization.

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<PAGE>
                              YANG HOLDING COMPANY
                          (A DEVELOPMENT STAGE COMPANY)
              NOTES TO CONDENSED FINANCIAL STATEMENTS - (Continued)
                                   (Unaudited)

NOTE 2 - GOING CONCERN

As shown in the accompanying financial statements, the Company has an
accumulated deficit of $ 70,559 as of March 31, 2001. As a result, the
Company has a deficiency in assets. The management of the Company intends to
actively pursue a business combination through a merger, or an acquisition. The
financial statements do not include any adjustments that might be necessary
should the Company be unable to continue as a going concern.

                                       8
<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 thre month period ended March
31, 2001, commenced active business operations. As of March 31, 2001 the
Registrant had no assets or liabilities, and the total Shareholders' Equity was
$0.

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.

                                       9
<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

                  Not Applicable

ITEM 6.           EXHIBITS AND REPORTS ON FORM 8-K

                  EXHIBITS

                  None

                  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.

                                       10
<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.




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<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:    May 14, 2001

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