U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

 /X/QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                                   ACT OF 1934


                       FOR THE PERIOD ENDED MARCH 31, 2005

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

                  FOR THE TRANSITION PERIOD FROM _____ TO_____

                        COMMISSION FILE NUMBER: 814-00063

                     CHINA BIOPHARMACEUTICALS HOLDINGS, INC.
              ----------------------------------------------------
              (Exact name of small business issuer in its charter)

           DELAWARE                                           13-2949462
-------------------------------                              -------------------
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)


Suite 1601, Buliding A, Jinshan Tower
No. 8, Shan Xi Road
Nanjing, Jiangsu
China                                                               210009
----------------------------------------                          ----------
(Address of principal executive offices)                          (Zip Code)


                REGISTRANT'S TELEPHONE NUMBER: (86) 25 8320 5758
                                              ------------------

                            (Former Name and Address)

Check  whether  the issuer  (1) has filed all  reports  required  to be filed by
Section 13 or 15(d) of the  Securities  Exchange  Act of 1934 during the past 12
months (or for such shorter period that the registrant was required to file such
reports),  and (2) has been subject to such filing  requirements for the past 90
days. YES /X/ NO / /

There were 24,723,757  shares of the Company's common stock outstanding on March
31, 2005.


<PAGE>

                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----

PART I - FINANCIAL INFORMATION.................................................2

  ITEM 1. FINANCIAL STATEMENTS.................................................2

  ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
          RESULTS OF OPERATIONS...............................................14

  ITEM 3. CONTROL AND PROCEDURES..............................................20

PART II - OTHER INFORMATION...................................................20

  ITEM 1. LEGAL PROCEEDINGS...................................................20

  ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.........20

  ITEM 3. DEFAULTS UPON SENIOR SECURITIES.....................................21

  ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.................21

  ITEM 5. OTHER INFORMATION...................................................21

  ITEM 6. EXHIBITS ...........................................................22









                                       1
<PAGE>

                     CHINA BIOPHARMACEUTICALS HOLDINGS, INC.
                                AND SUBSIDIARIES


PART 1 - FINANCIAL INFORMATION

       ITEM 1. FINANCIAL STATEMENTS


The consolidated financial statements of China Biopharmaceuticals Holdings, Inc.
and subsidiaries (collectively,  the "Company"),  included herein were prepared,
without audit,  pursuant to rules and regulations of the Securities and Exchange
Commission. Because certain information and notes normally included in financial
statements prepared in accordance with accounting  principles generally accepted
in the United States of America were condensed or omitted pursuant to such rules
and regulations,  these financial  statements should be read in conjunction with
the financial  statements  and notes thereto  included in the audited  financial
statements of the Company as included in the Company's  Form 10-KSB for the year
ended December 31, 2004.





















                                       2
<PAGE>
<TABLE>
<CAPTION>

                     CHINA BIOPHARMACEUTICALS HOLDINGS, INC.
              (FORMERLY GLOBUS GROWTH GROUP INC.) AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEET
                                 MARCH 31, 2005

                                                                          March 31,
         ASSETS                                                             2005
                                                                        ------------
<S>                                                                     <C>
Current Assets:
     Cash                                                               $  1,044,699
     Accounts receivable-net (Note 3)                                      3,227,920
     Prepaid expenses                                                      1,022,646
     Inventory  Note 4)                                                    1,544,359
                                                                        ------------
          Total current assets                                             6,839,623

Fixed Assets, net (Note 5)                                                 1,676,357

Other Assets (Note 6)                                                      2,121,612
                                                                        ------------
          Total Assets                                                  $ 10,637,593
                                                                        ============

         LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
     Bank loans                                                         $  1,812,251
     Accounts payable  and accrued expenses                                  642,850
     Other payable                                                         1,815,180
     Income taxes payable                                                    415,438
     Deferred revenue                                                        748,763
     Due to shareholders (Note 7)                                            361,794
     Bond Payable                                                            500,000
                                                                        ------------
          Total Current Liabilities                                        6,296,275

Commitments and contingencies                                                   --

Minority interests                                                         1,341,190

Shareholders' Equity:
     Preferred stock, $0.01 par value, 10,000,000 shares authorized;
       none issued
     Common stock, $0.01 par value, 200,000,000 shares authorized;
        24,723,757 shares issued and outstanding as of March 31, 2005        247,238
     Paid-in capital                                                       1,756,951
     Retained earnings                                                       999,278
     Accumulated comprehensive (loss)                                         (3,339)
                                                                        ------------
        Shareholders' Equity                                               3,000,128
                                                                        ------------
Total Liabilities and Shareholders' Equity                              $ 10,637,593
                                                                        ============
</TABLE>


                        See Notes to Financial Statements
                                        3


<PAGE>

                     CHINA BIOPHARMACEUTICALS HOLDINGS, INC.
              (FORMERLY GLOBUS GROWTH GROUP INC.) AND SUBSIDIARIES
                        CONSOLIDATED STATEMENTS OF INCOME


                                                     For the Three Months Ended
                                                              March 31,
                                                        2005            2004
                                                    ------------    ------------
                                                     (unaudited)    (unaudited)

Revenues
     Sales                                          $  1,988,508    $    457,607
     Cost of sales                                     1,099,067         126,577
     Business tax
                                                    ------------    ------------
          Gross Profit                                   889,441         331,030

Operating Expenses
     General and administrative                          357,368         187,603
                                                    ------------    ------------
          Income from operations                         532,074         143,427

Other income:
     Interest income
     Interest expense                                    (37,277)             20
     Other revenues and gains
     Other income, net                                       178             123
                                                    ------------    ------------
          Income before income taxes                     494,974         143,550

Income taxes

Minority interest                                         87,307          13,507
                                                    ------------    ------------

Net income                                               407,667         130,043

Foreign currency translation gain(loss)
                                                    ------------    ------------

Comprehensive income                                $    407,667    $    130,043
                                                    ============    ============

Basic and fully diluted earnings per share          $       0.02    $       0.01
                                                    ============    ============

Weighted average shares outstanding                 $ 24,523,757    $ 23,158,757
                                                    ============    ============




                        See Notes to Financial Statements
                                        4


<PAGE>
<TABLE>
<CAPTION>


                     CHINA BIOPHARMACEUTICALS HOLDINGS, INC.
              (FORMERLY GLOBUS GROWTH GROUP INC.) AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                           INCREASE (DECREASE) IN CASH

                                                                 For the Three Months Ended
                                                                         March 31,
                                                                     2005           2004
                                                                 -----------    -----------
                                                                 (unaudited)    (unaudited)
<S>                                                              <C>            <C>
Operating Activities
Net income                                                       $   407,667    $   120,043
Adjustments to reconcile net income to net cash provided(used)
   by operating activities:
Depreciation                                                          34,471          4,516
Minority interest                                                    290,345         27,617
Changes in operating assets and liabilities:
Accounts receivable                                                1,860,389         65,077
Inventories                                                          (70,338)         6,534
Prepaid expense and other rec                                     (1,022,646)        (3,588)
Other assets                                                        (315,298)           768
Accounts payable and accrued expenses                             (2,564,952)        80,130
Other payable                                                        875,241          7,823
Due to shareholder                                                       (22)          --
Customer deposit                                                      53,601         67,832
Taxes payable                                                         (1,477)          (809)
                                                                 -----------    -----------
Net cash provided(used) by operating activities                     (453,020)       375,943

Investing Activities
Purchase of fixed assets                                             (23,279)          --
                                                                 -----------    -----------
Net cash provided(used) by investing activities                      (23,279)          --

Financing Activities
Processes from issuance of common stock                              397,000           --
Processes from notes payable                                         500,000           --
Bank loan                                                            156,962           --
                                                                 -----------    -----------
Net cash provided by financing activities                          1,053,962           --
                                                                 -----------    -----------

Net increase in cash and cash equivalents                            577,663        375,943
Cash at beginning of period                                          467,036           --
                                                                 -----------    -----------
Cash at end of period                                            $ 1,044,699    $   375,943
                                                                 ===========    ===========

Supplemental Disclosures of Cash Flow Information:
  Cash paid during year for:
     Interest                                                    $    37,277    $      --
                                                                 ===========    ===========
     Income taxes                                                $      --      $      --
                                                                 ===========    ===========
</TABLE>



                        See Notes to Financial Statements
                                        5
<PAGE>




                     CHINA BIOPHARMACEUTICALS HOLDINGS, INC.
              (FORMERLY GLOBUS GROWTH GROUP INC.) AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS




Note 1- ORGANIZATION AND OPERATIONS

        CBH was  incorporated  under  the laws of the State of  Delaware  in the
        United  States.  The  consolidated   financial  statements  of  CBH  and
        subsidiaries  reflect the activities and financial  transactions  of its
        subsidiary,  CBC,  a British  Virgin  Islands  corporation  which is the
        parent,  management  company and holder of a 90%  ownership  interest in
        Chemsource,  a company  established  in the People's  Republic of China.
        Suzhou  Hengyi  Pharmaceuticals  of  Feedstock  Co., Ltd  ("Hengyi"),  a
        Chinese company established in Suzhou Province, China, which the Company
        acquired a 75.76% ownership on September 30, 2004.

        On  August  28,  2004,  the  Company  completed  a share  exchange  (the
        "Exchange")  with the  stockholders  of CBC  pursuant to the terms of an
        Agreement  for Share  Exchange,  dated August 28, 2004. In the Exchange,
        the Company acquired 100% of the issued and outstanding  stock of CBH in
        exchange of the issuance of 20,842,779  shares of its restricted  common
        stock, par value at $0.01 per share.  The Exchange  resulted in a change
        of voting  control of the  Company.  After the  Exchange,  the  previous
        shareholders of CBC owned 90% of outstanding common shares of CBH.

        CBC owns 90%  interest  of  Chemsource,  a  company  established  in the
        People's Republic of China. From 2001 to 2004, Chemsource engaged in the
        discovery,  development and  commercialization  of innovative  drugs and
        related bio-pharmaceutical products in China.

        The  principal  activities  of Hengyi  are sales  and  manufacturing  of
        pharmaceutical  intermediates,  such as  carbamazephine,  flumequine and
        iminostilbene carbonyl chloride in Mainland China.


Note 2- SIGNIFICANT ACCOUNTING POLICIES

        Economic and Political Risks

        The Company faces a number of risks and challenges  since its assets are
        located in China and its  revenues are derived  from its  operations  in
        China. China is a developing country with a young market economic system
        overshadowed by the state.  Its political and economic  systems are very
        different from the more  developed  countries and are still in the stage
        of  change.  China  also  faces  many  social,  economic  and  political
        challenges  that may produce  major  shocks and  instabilities  and even
        crises,  in both its  domestic  arena and its  relationship  with  other
        countries,  including but not limited to the United States. Such shocks,
        instabilities and crises may in turn significantly and negatively affect
        the Company's performance.




                                        6

<PAGE>

                     CHINA BIOPHARMACEUTICALS HOLDINGS, INC.
              (FORMERLY GLOBUS GROWTH GROUP INC.) AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS




Note 2- SIGNIFICANT ACCOUNTING POLICIES (continued)

        Basis of Presentation

        The  accompanying  financial  statements are prepared in accordance with
        generally accepted accounting principles in the United States of America
        ("US  GAAP").  This basis of  accounting  differs  from that used in the
        statutory accounts of the Company, which are prepared in accordance with
        the  "Accounting  Standards for Business  Enterprises"  and  "Accounting
        system for Business Enterprises" in the PRC ("PRC GAAP").

        Certain accounting principles,  which are stipulated by US GAAP, are not
        applicable in the PRC. The  difference  between PRC GAAP accounts of the
        Company and its US GAAP financial statements was immaterial.

        The  consolidated  financial  statements  include  the  accounts  of the
        Company  and  all  its   majority-owned   subsidiaries   which   require
        consolidation.   Inter-company  transactions  have  been  eliminated  in
        consolidation.

        On August 4, 2004, the Company  declared that the majority  stockholders
        of Globus executed a written consent  providing a merger ( the "Merger")
        of Globus  with and into its wholly  owned  subsidiary,  CBH. On July 3,
        2004,  an  Agreegment  and Plan of Merger (the "Merger  Agreement")  was
        signed by and between Globus and CBH. The Merger Agreement  provided for
        a tax-free  reorganization  pursuant to the provisions of Section 368 of
        the Internal Revenue Code,  whereby Globus would be merged with and into
        CBH. The separate corporate existence of Globus ceased and CBH continued
        as the surviving  corporation of the merger.  In the Merger,  all issued
        and  outstanding  shares of Globus were  converted into shares of common
        stock of CBH on the basis of seven for five (7 for 5).

        Fixed Assets

        Fixed  assets  are  stated  at  cost  less   accumulated   depreciation.
        Depreciation on fixed assets is provided on the straight-line basis over
        their respective  estimated useful lives.  Estimated useful lives are as
        follows.



        Equipment and machinery                  6 years
        Motor vehicles                           8 years
        Furniture and fixtures                   5 years
        Land use right                          48 years

        The  cost  and  related  accumulated  depreciation  of  assets  sold  or
        otherwise  retired are eliminated from the accounts and any gain or loss
        is included in the statement of operations.  The cost of maintenance and
        repairs is charged to income as incurred,  whereas significant  renewals
        and betterments are capitalized.

        Long-term  assets of the  Company  are  reviewed  annually as to whether
        their  carrying  value has become  impaired,  pursuant to the guidelines
        established in Statement of Financial  Accounting Standards ("SFAS") No.
        144,  "Accounting for the Impairment or Disposal of Long-Lived  Assets".
        The Company also  re-evaluated  the periods of amortization to determine
        whether subsequent events and circumstances are warrant revised estimate
        of useful lives.




                                        7


<PAGE>

                     CHINA BIOPHARMACEUTICALS HOLDINGS, INC.
              (FORMERLY GLOBUS GROWTH GROUP INC.) AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Note 2- SIGNIFICANT ACCOUNTING POLICIES (continued)

        Cash and Cash Equivalents

        For  financial  reporting  purposes,  the Company  considers  all highly
        liquid  investment  purchased with original  maturity of three months or
        less to be cash  equivalents.  The Company maintains no bank accounts in
        the United States of America.


        Patent and Development Costs

        The patent  and  development  costs  represent  patented  pharmaceutical
        formulas,  which have  obtained  official  registration  certificate  or
        official approval for clinical trials. No amortization is provided as it
        is held for  sale.  Such  costs  comprise  purchase  costs  of  patented
        pharmaceutical  formulas,  development  costs,  raw  materials and other
        related  expenses of  pharmaceutical  formulas.  Patent and  development
        costs are accounted for on an individual  basis.  The carrying  value of
        patent and development  costs is reviewed for impairment  annually,  and
        otherwise  when  events  changes  in  circumstances  indicate  that  the
        carrying value may not be recoverable.

        Research and Development Costs

        Research and development costs of pharmaceutical formulas for contracted
        projects are expensed when incurred.

        Research  costs of  pharmaceutical  formulas  held for sale are expensed
        whereas the  development  cost are  expensed  until the project  attains
        technical  feasibility  (i.e.  obtained  official  approval for clinical
        trials), and then such development costs are capitalized.

        Fair Value of Financial Instruments

        The  Company's  financial  instruments  primarily  include cash and cash
        equivalents,  accounts receivable,  accounts payable,  accrued expenses,
        customer  deposits and amounts due to related parties and  shareholders.
        Management has estimated  that the carrying  amounts  approximate  their
        fair values due to their short-term nature.

        Inventory

        Inventory, which consists primarily of finished goods, are stated at the
        lowere of average cost or market,  with average cost being determined by
        the fist-in, first-out (FIFO) method.


                                       8



<PAGE>


                     CHINA BIOPHARMACEUTICALS HOLDINGS, INC.
              (FORMERLY GLOBUS GROWTH GROUP INC.) AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS




Note 2- SIGNIFICANT ACCOUNTING POLICIES (continued)

        Revenue and Revenue Recognition

        For fixed-price  refundable new drugs contracts,  the Company recognizes
        revenue on a milestone basis. Progress payments received/receivables are
        recognized  as revenue only if the  specified  milestone is achieved and
        accepted by the customer,  the payment is not refundable,  and continued
        performance of future research and development  services  related to the
        milestone are not required.

        For sales of patented  pharmaceutical  formulas,  the Company recognizes
        revenue upon the delivery of the patented formulas.

        For sales of goods, revenue is recognized at the time of shipment.

        Income Taxes

        Income taxes are provided on the liability  method whereby  deferred tax
        assets and liabilities are recognized for the expected tax  consequences
        of temporary  differences  between the tax bases and reported amounts of
        assets and liabilities. Deferred tax assets and liabilities are computed
        using  enacted  tax rates  expected  to apply to  taxable  income in the
        periods in which  temporary  differences are expected to be recovered or
        settled. The effect on deferred tax assets and liabilities from a change
        in tax rates is  recognized  in income in the period  that  include  the
        enactment date. The Company  provides a valuation  allowance for certain
        deferred tax assets, if it is more likely than not that the Company will
        not realize tax assets through future operations.

        Use of Estimates

        The preparation of the financial statements in conformity with generally
        accepted accounting  principles in the United States of America 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   periods.
        Management makes these estimates using the best information available at
        the time the  estimate are made;  however  actual  results  could differ
        materially form those estimates.



                                        9

<PAGE>

                     CHINA BIOPHARMACEUTICALS HOLDINGS, INC.
              (FORMERLY GLOBUS GROWTH GROUP INC.) AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


Note 2- SIGNIFICANT ACCOUNTING POLICIES (continued)

        Comprehensive Income(Loss)

        SFAS No. 130, Reporting  Comprehensive Income,  established standard for
        the reporting and display of  comprehensive  income,  its components and
        accumulated  balances  in  a  full  set  of  general  purpose  financial
        statements.  SFAS No. 130  defines  comprehensive  income to include all
        changes in equity excepts those resulting form investments by owners and
        distributions to owners. Among other disclosures,  SPAS No. 130 requires
        that  all  items  that  are  required  to be  recognized  under  current
        accounting  standards as components of comprehensive  income be reported
        in financial  statement  that is presented  with the same  prominence as
        other  financial  statements.  The Company's  only current  component of
        comprehensive income is the foreign currency translation adjustment.

        Foreign Currency Translation

        The Company's financial information is presented in US dollars. People's
        Republic of China currency (Renminbi dollars) has been converted into US
        dollars at the exchange rate of 8.277 to 1.


        The RMB is not freely  convertible into foreign currency and all foreign
        exchange  transactions must take place through authorized  institutions.
        No representation is made that the RMB amounts could have been, or could
        be, converted into US$ at the rates used in translation.
        Earnings (Loss) Per Share

        Basic  earning(loss)  per share is  computed  by  dividing  income(loss)
        available  to  common  shareholders  by the  weighted-average  number of
        common shares outstanding during the period.  Diluted earnings per share
        is  computed  similar  to  basic  earnings  per  share  except  that the
        denominator  is  increased  to include the number of  additional  common
        shares that would have been  outstanding if the potential  common shares
        had been issued and if the additional common shares were dilutive. There
        were  no  dilutive  securities  outstanding  for the  reporting  periods
        presented.
        Interim Financial Information

        The unaudited balance sheet, the unaudited statements of income and cash
        flows have been  prepared in  accordance  with United  States  generally
        accepted accounting principles for interim financial information. In our
        opinion,  all  adjustments  (  consisting  solely  of  normal  recurring
        accruals ) considered necessary for a fair presentation of the financial
        position,  results of  operations  and cash flows as at March 31,  2005,
        have been included.  Readers of these financial  statements  should note
        that the interim  results from three months period ended March 31, 2005,
        is not  necessarily  indicative  of the results that may be expected for
        the fiscal year as a whole.


Note 3- ACCOUNTS RECEIVABLE

        Accounts receivable consist of the following:

                                                                     March 31,
                                                                        2005
                                                                    -----------

        Accounts receivable                                         $ 3,397,810
        less: Allowance for bad debt                                   (169,890)
                                                                    -----------
        Accounts  receivable, net                                   $ 3,227,920
                                                                    ===========




                                       10
<PAGE>

                     CHINA BIOPHARMACEUTICALS HOLDINGS, INC.
              (FORMERLY GLOBUS GROWTH GROUP INC.) AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 4- INVENTORY

        Inventory consists of following:                               March 31
                                                                          2005
                                                                      ----------

       Finished goods                                                 $1,389,044
       Packing materials and supplies                                    129,891
       Work in progress                                                   25,424
                                                                      ----------
                                                                      $1,544,359
                                                                      ==========

Note 5- FIXED ASSETS
                                                                       March 31
        Fixed assets consists of the following:                          2005
                                                                      ----------

        Plant, Equipment                                              $2,105,120
        Less: Accumulated depreciation                                   547,606
                                                                      ----------
                                                                       1,557,514
        Construction in progress                                         118,843
                                                                      ----------
                                                                      $1,676,357
                                                                      ==========


Note 6- OTHER ASSETS

        Other assets consists of the following:                        March 31
                                                                         2005
                                                                      ----------

        Cost of land use right                                        $1,473,964
        Less: Accumulated amortization                                    68,785
                                                                      ----------
                                                                       1,405,179

        Goodwell                                                         305,774
        Less: Accumulated amortization                                    15,289
                                                                      ----------
                                                                         290,485

        Deferred bond issuance expenses                                  108,200
        Less: Accumulated amortization                                    54,100
                                                                      ----------
                                                                          54,100

        Laboratory use right                                             300,000
        Less: Accumulated amortization                                    15,000
                                                                      ----------
                                                                         285,000

        Computer software                                                  6,343
        Less: Accumulated amortization                                     3,524
                                                                      ----------
                                                                           2,819

        Deferred taxes                                                    84,029
                                                                      ----------
                                                                      $2,121,612
                                                                      ==========

                                       11


<PAGE>

                     CHINA BIOPHARMACEUTICALS HOLDINGS, INC.
              (FORMERLY GLOBUS GROWTH GROUP INC.) AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 7- AMOUNT DUE TO SHAREHOLDERS

        Amounts due to shareholders consist of the following:
                                                                      March 31
                                                                        2005
                                                                    -----------

        Lufan An                                                    $   313,123
        Xiahao Liu                                                       36,589
        Xinzhong Shi                                                     12,082
                                                                    -----------
                                                                    $   361,794
                                                                    ===========

        The amounts due to shareholders are unsecured, interest-free and have no
        fixed repayment terms.

Note 8- BUSINESS COMBINATIONS

        Effective August 28, 2004, the Company completed the acquisition of CBC,
        a British Virgin  Islands  corporation  which is the parent,  management
        company  and  holder  of a 90% of the  ownership  interest  in its  only
        operating subsidiary,  Chemsource, a company established in the People's
        Republic  of  China  and  engaged  in  the  discovery,  development  and
        commercialization  of  innovative  drugs and related  bio-pharmaceutical
        products  in  China.  The  Company  exchanged  20,842,779  shares of its
        restricted  common stock,  par value $0.01 per share, for that number of
        shares  of CBC that  constitutes  100% of the  equity  interest  of CBC,
        valued  at  $447,431  which  represented  the  net  asset  of CBC at the
        acquisition date.


        The following summarizes the acquisition:

        Assets acquired                                             $ 1,077,242
        Liability assumed                                              (629,811)
                                                                    -----------
        Net assets of CBC at the acquisition date                   $   447,431
                                                                    ===========

        On September 29, 2004, we signed a purchase  agreement which was amended
        and  restated  on  December  31,  2004 to acquire a  75.7606%  ownership
        interest  of  Suzhou  Hengyi   Pharmaceuticals  of  Feedstock  Co.,  Ltd
        ("Hengyi"), a Chinese company established in Suzhou, China for 1,200,000
        of common shares valued at $1.00 per share or $1,200,000  and additional
        $1,600,000 as an additional  contribution  into the acquired  Hengyi for
        working capital and/or expansion  purposes.  The cash contribution is to
        be made in installments beginning in 2005.





                                       12



<PAGE>

                     CHINA BIOPHARMACEUTICALS HOLDINGS, INC.
              (FORMERLY GLOBUS GROWTH GROUP INC.) AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS




Note 9- COMMON STOCK

        On December 17, 2004,  the Company issued 600,000 shares of common stock
        to Gang Zhu and another  600,000 shares of common stock to Fu Ying Chou,
        both are  shareholders  of Suzhou Hengyi  Pharmaceutical  Feedstock Co.,
        Ltd. pursuant to the acquisition of Hengyi effective October 1, 2004.

        During  October  2004 the Company  engaged a  consultant  for six months
        ending March 31, 2005. The terms of the agreement are for the consultant
        to receive cash payment of $4,000 plus value at $2,500 common stocks and
        10,000 three year warrants to purchase  common stock at $0.50 per share,
        each month during the  agreement.  The common shares are being valued at
        $1.00 per share and the  warrants  are valued at $0.58 per warrant for a
        total  monthly  cost  to the  Company  of  $10,917  for  the  consulting
        services.  The common stock and warrants  will be  physically  issued in
        2005.

        During January 2005, the Company issued $500,000 face value  convertible
        notes  payable  180 days from the date of issue with  interest at 7% per
        annum.  The notes are  convertible  into common  stock of the Company at
        $1.00 per  share.  Attached  to the notes are three year  warrants  that
        allow the holder to purchase  shares of common stock at $1.50 per share.
        Relating to the  convertible  notes issuing,  the Company paid Wellfleet
        $40,000 in cash and issued  65,000  shares  valued at $65,000 and 26,666
        three year warrants to purchase the Company's  common stock at $1.50 per
        share valued at $3,200 using the Black-Schole  pricing model for a total
        of $108,200 of note  issuance  expense to be amortized  over the life of
        the note.

        On March 8, 2005,  the Company  issued 300,000 shares of common stock to
        China Pharmaceutical University located in Nanjing, China, pursuant to a
        joint  laboratory  agreement  and  agreed  to  invest  $36,245  into the
        laboratory in the next five years.  The value of the 300,000  shares has
        not been stated in the agreement.  However, the management estimated the
        stock as $1.00 per share.


                                       13


<PAGE>

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


Forward-Looking Statements:

The following  discussion  of the financial  condition and results of operations
should be read in conjunction  with the  consolidated  financial  statements and
related  notes  thereto.  The  following  discussion  contains   forward-looking
statements.  China  Biopharmaceuticals  Holdings,  Inc. is referred to herein as
"we" or "our."  The words or phrases  "would  be," "will  allow,"  "expect  to",
"intends to," "will likely  result," "are  expected  to," "will  continue,"  "is
anticipated,"  "estimate,"  or similar  expressions  are  intended  to  identify
"forward-looking  statements.  Such  statements  include  those  concerning  our
expected  financial  performance,  our corporate strategy and operational plans.
Actual   results   could  differ   materially   from  those   projected  in  the
forward-looking  statements as a result of a number of risks and  uncertainties,
including:  (a) those  risks  and  uncertainties  related  to  general  economic
conditions in China,  including regulatory factors that may affect such economic
conditions; (b) whether we are able to manage our planned growth efficiently and
operate profitable operations,  including whether our management will be able to
identify,  hire, train,  retain,  motivate and manage required personnel or that
management  will  be  able to  successfully  manage  and  exploit  existing  and
potential market  opportunities;(c)  whether we are able to generate  sufficient
revenues or obtain financing to sustain and grow our operations; and (d) whether
we are able to successfully  fulfill our primary requirements for cash which are
explained below under "Liquidity and Capital  Resources.  Statements made herein
are as of the date of the filing of this Form  10-QSB  with the  Securities  and
Exchange  Commission  and should not be relied upon as of any  subsequent  date.
Unless  otherwise  required  by  applicable  law,  we do not  undertake,  and we
specifically disclaim any obligation,  to update any forward-looking  statements
to reflect  occurrences,  developments,  unanticipated  events or  circumstances
after the date of such statement.

OVERVIEW

        China  Biopharmaceuticals  Holdings,  Inc. ("CBH", "the Company" or "the
Registrant")  is a  bio-pharmaceutical  company  focused on research  discovery,
development and  commercialization  of innovative drugs in People's  Republic of
China ("China" or "PRC").

The  Registrant,   a  Delaware  corporation,   was  originally  organized  as  a
corporation  under the laws of the state of New York on August 6, 1976 under the
name of  Globuscope,  Inc.  On August 7,  1984,  its name was  changed to Globus
Growth  Group,  Inc.,  which  was  its  name  until  it was  merged  into  China
Biopharmaceuticals  Holdings,  Inc.  (CBH),  its wholly owned  subsidiary in the
state of  Delaware  on August 28,  2004  through an  internal  re-organizational
merger.  Effective  August 28, 2004,  CBH  completed  the  acquisition  of China
Biopharmaceuticals  Corp.  ("CBC"), a British Virgin Islands  corporation as the
parent,  the management  company and holder of 90% of the ownership  interest in
its then only operating subsidiary and asset, NanJing Keyuan  Pharmaceutical R&D



                                       14
<PAGE>

Co., Ltd., doing business in English a.k.a.  Nanjing  Chemsource  Pharmaceutical
R&D Co. Ltd,  ("Keyuan" or  "Chemsource"),  a company  established  in China and
engaged in the discovery,  development and commercialization of innovative drugs
and related bio-pharmaceutical  products in China. Nanjing Keyuan Pharmaceutical
R&D Co., Ltd. was established in March 2000 in Nanjing City of Jiangsu Province,
China. It was founded and  spear-headed  by graduates from China  Pharmaceutical
University to engage in new drug  research and discovery and in the  development
of new drug screening technologies.

On February 27, 1986, the  stockholders of the Company  approved the divestiture
and sale of  those  assets  of the  Company  as  pertained  to its  then  camera
manufacturing  and photography  operations as well as the sale of certain shares
of stock in a photographic  related  company owned by it and its interest in the
Company's then owned premises. The sale was consummated as of February 28, 1986.
After such  divestiture,  the Company's  activities  consisted of the holding of
interests  in  various   companies  and  the  seeking  out  of  acquisition  and
joint-venture  opportunities in various fields of business  endeavor.  On May 27
1988,  the  Company  filed  with  the  Securities  and  Exchange   Commission  a
notification  of  election  to be treated as a  "Business  Development  Company"
("BDC") as that term is defined in the Investment Company Act of 1940 (the "1940
Act").  The decision to become a BDC was made  primarily  to better  reflect the
Company's anticipated future business and development relationships. A BDC is an
investment company designed to assist eligible portfolio  companies with capital
formation.  As a result of the reorganization the acquisition of CBC pursuant to
the Exchange  Agreement,  the Company is no longer a BDC and will continue as an
operating company.

On  August  4,  2004,  the  Company  filed  Definitive   Information   Statement
("Information  Statement")  pursuant to Section 14(c) of the Securities Exchange
Act of 1934, as amended,  notifying its  shareholders  the execution and pending
implementation  of an  Agreement  and Plan of Merger was  signed by and  between
Globus Growth Group, Inc., a New York corporation ("Globus") and the predecessor
of our company and its wholly owned  subsidiary  in the State of Delaware  under
the  current  name  of  the  Registrant,   China  Biopharmaceuticals   Holdings,
Inc.("CBH") The Agreement and Plan of Merger  Agreement  provided for a tax-free
reorganization pursuant to the provisions of Section 368 of the Internal Revenue
Code, according to which Globus, Inc. merged with and into the Company,  ceasing
its corporate  existence and having the Company as the surviving  corporation of
the merger (the "Merger").  In the Merger,  all issued and outstanding shares of
the common  stock of Globus have been  converted  into shares of common stock of
the  Company.  On August 28,  2004,  the  internal  reorganizational  Merger was
completed with Globus merging into the Company as the surviving entity.

Pursuant  to a share  exchange  agreement  ("Exchange  Agreement")  between  the
Company,  CBC, Keyuan,  and MAO Peng as the sole shareholder of CBC, our company
received all of the issued and  outstanding  common stock of CBC in exchange for
20,842,779 shares of restricted (as defined in Rule 144 of the Securities Act of
1933,  as  amended)  common  stock of our  company,  par value  $0.01 per share,
representing  approximately  90% of the issued and  outstanding  common  capital
stock of our company  following  the time of the  issuance.  There are currently
24,723,757  issued and  outstanding  shares of common  stock of the  reorganized
Company.

On September 29, 2004,  the  Registrant  signed a purchase  agreement  which was
amended  and  restated  on  December  31,  2004 to acquire a 75.7606%  ownership
interest of Suzhou Hengyi  Pharmaceuticals  of Feedstock Co., Ltd ("Hengyi"),  a
Chinese company established in Suzhou,  China for 1,200,000 of common shares and



                                       15
<PAGE>

additional  $1,600,000 as additional  contribution  into the acquired Hengyi for
working capital and/or expansion  purposes.  The cash contribution is to be made
in installments.

The shares of common stock of the Company are  currently not quoted on any stock
exchange  but we have  applied  for trading  with the Over the Counter  Bulletin
Board  ("OTC  Bulletin   Board")  under  the  symbol  CBIO.OB  and  our  listing
application  has been  accepted.  We are being  considered  for approval of such
listing application although no assurance can be given in this regard.

Although  to date  we have  been  successful  in  developing  our  business  and
products,  we  face  many  challenges  typically  faced  by a  growing  company,
including  limited  access to capital,  competition,  research  and  development
risks,  among many other risks. Our inability to overcome these risks could have
an adverse effect on our operations, financial condition and prospects.

Brief Description of the Registrant's Subsidiaries and Business

CBC  is  a  bio-pharmaceutical   company  focused  on  research  and  discovery,
development  and  commercialization  of  innovative  drugs  in  China.  CBC  was
incorporated  in the  British  Virgin  Islands  (BVI) as a  holding  company  of
pharmaceutical  assets in China.  It entered  into a merger  agreement  with the
predecessor  of the  Registrant.  CBC currently  owns  approximately  90% of the
ownership  interest in  Chemsource,  its drug discovery arm. CBC's mission is to
maximize  investment returns for its shareholders by integrating its strong drug
discovery and  development  strength with  manufacturing  and  commercialization
capabilities   and  by  actively   participating   in  the   consolidation   and
privatization  of the  pharmaceutical  industry  in China to  become a  dominant
player in the bio-pharmaceutical industry in China.

CBC has a robust  research and  development  ("R&D") team focused on discovering
new small and large  molecule  drugs as well as developing  generic and improved
drugs based on existing  products already on the market and traditional  Chinese
medicine products.  CBC has developed a solid discovery and development platform
with advanced R&D capabilities  based on post genome era technological  advances
to enable rapid drug  discovery  and  development.  CBC also has a rich existing
product  pipeline.   The  technological  backbone  of  the  CBC's  advanced  R&D
capabilities is a Drug Screening and Testing System--an  advanced drug screening
and testing  system based on certain  bio-technologies  that have only  recently
been made possible by rapid  technological  advances in the  Post-Genomics  Era.
This proprietary  gene-level technology platform enables CBC to deliver the next
generation of  drugs--which  are more effective and have fewer side effects in a
much shorter period than by traditional pharmaceutical developmental routes. The
technology  team  is  lead by some of the  best  drug  research  scientists  and
development  experts  in the  country.  CBC has a  product  pipeline  containing
approximately  twenty-five major products,  including sixteen new drugs that are
ready for  commercialization  in China, and nine other drugs undergoing  various
phases  of  clinical  trials  toward  approval  by the  SFDA.  CBC  also  offers
contractual  research and  development  products by licensing  the access to its
proprietary  screening and testing platforms to other pharmaceutical  companies.
CBC has built a  Library  of  Targeted  Drug  Candidates  ("LTDC")  with  20,000
chemical compounds.  Drug candidates undergo screening to reveal their potential
to become new drugs. CBC collaborates  with China  Pharmaceutical  University in
enhancing the resources of chemical compounds in the library. CBC builds LTDC to
both  accelerate its own drug  discovery and to generate  revenue in the form of
access fees paid by other pharmaceutical companies.

The  Registrant's  subsidiary  Hengyi  specializes in research and  development,
production  and  sales  of  pharmaceutical  products  as well as  chemicals  and
intermediaries  used in  pharmaceutical  products.  Hengyi has extensive product
pipeline  containing  twenty  six  major  products  that  are raw  material  and


                                       16
<PAGE>

intermediaries  for making  pharmaceutical  products.  More than 90% of Hengyi's
products are exported to North  America,  South America and European  countries.
Among  the  end  user   customers  of  Hengyi  are   companies   such  as:  TEVA
Pharmaceutical  Industries Ltd., TARO  Pharmaceutical  Industries Ltd.  Euticals
SPA,  ARASTO   Pharmaceutical   Chemical  Inc.,  Globe  Chemicals,   Biesterfeld
Siemsgluess  International  and Beckman  Coulter Inc. Hengyi can manufacture and
provide most of the raw  materials for when the Company  starts  commercializing
its new  drugs,  enabling  the  Company  to lower its  production  cost and gain
competitive advantages over its competitors.



GENERAL  RESULTS OF  OPERATIONS  FOR THE THREE  MONTHS  ENDED  MARCH 31, 2005 AS
COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2004

On September 29, 2004,  the  Registrant  signed a purchase  agreement  which was
amended  and  restated  on  December  31,  2004 to acquire a 75.7606%  ownership
interest of Hengyi.  The current  financial  statement  of the Company  reflects
Hengyi's  revenue and profit for the three  months from January 1, 2005 to March
31, 2005.

(1) REVENUE.
Revenue for the three months ended on March 31, 2005 was  $1,988,508,  while the
Company's  revenue  for the three  months  ended  March 31,  2004 was  $457,607,
representing a 335% increase. The increase is attributable primarily to revenues
generated by Hengyi as well as to an increase in the R&D services,  licensing of
access to Keyuan's proprietary  screening and testing platforms and licensing of
two new drugs by  Keyuan  to other  pharmaceutical  companies  during  the three
months ended March 31, 2005.

(2) R&D.
R&D cost for the three  months  ended  March 31, 2005 was $23,074 as compared to
$65,453 for the three months ended March 31, 2004,  representing a 65% decrease.
The  decrease  is  mainly  attributable  to the fact that  Keyuan  significantly
reduced its  investment  in R&D of new drug  project,  by  concentrating  on the
preparation of the commercialization of new drugs and therefore, most of the R&D
cost during three months  ended March 31, 2005 is  attributable  to R&D costs of
Hengyi.

(3) GROSS PROFIT.
Gross profit in the three months ended March 31, 2005  amounted at $889,441,  as
compared to a gross  profit of  $331,030  for the three  months  ended March 31,
2004, representing a 169% increase. The gross profit margin for the three months
ended March 31, 2005 was 45% as compared to 72% for the three months ended March
31, 2004.  In the first  quarter of 2005,  the Company  significantly  increased
sales.  The decrease in Gross profit  margin is mainly due to Hengyi's low gross
profit margin.

(4) GENERAL AND ADMINISTRATIVE EXPENSES
General and  administrative  expenses  for the three months ended March 31, 2005
was  $357,368 as compared to $187,603 for the three months ended March 31, 2004.
General and administrative expenses increased significantly for the three months
ended March 31, 2005 due to the reverse  merger,  reorganization  of the Company
and  the  acquisition  related  transaction  costs  for  Hengyi  as  well as the
financing  activities  of  the  Company.   Auditing  expense,   legal  expenses,
commissions  and  other  professional  expenses  are  the  main  reason  for the
significant  increase  in general  and  administrative  expenses.  Some of these
expenses are one time transactional expenses.



                                       17
<PAGE>

(7) NET INCOME
Net income for the three months ended March 31, 2005 was $407,667 as compared to
$130,043  for the  three  months  ended  March  31,  2004,  representing  a 213%
increase.  The increase is attributable to the fact that during the three months
ended March 31, 2005,  the Company  significantly  increased  sales,  which also
included sales by Hengyi and decreased its R&D expenses.


LIQUIDITY AND CAPITAL RESOURCES

For the three months ended March 31, 2005, net cash used in operating activities
was  $453,020,  net cash used in investing  activities  was $23,279 and net cash
provided by financing  activities was $1,053,962.  Cash and cash equivalents for
the period  ended March 31, 2005 was  $1,044,699.  Net increase in Cash and cash
equivalents  for the period ended March 31, 2005 was $577,663.  This has brought
concern to the Company's  management  because  Keyuan  desires to strengthen its
leading  position in new drug R&D and the  Company is  planning to proceed  with
further acquisitions for which the Company requires external sources of capital.

In January of 2005, the Registrant raised gross proceeds of $500,000 through the
sales of promissory note to accredited  investors.  The  Convertible  loan is 7%
interest rate per annually and payable with  interest.  The  principle  shall be
paid  upon  maturity,  which is 180 days from the date of the sales of the Note.
The Registrant  granted to holders of the Note the right to convert all, but not
less than all,  of the Note into  common  stock by  electing to convert the face
value  of the  Note at or  prior  to  maturity  at one  dollar  per  share.  The
Registrant further granted to holders of the Note with warrant right to purchase
at a price of $1.50  for a period of three  years  from the date of sales of the
Note. The purchase price shall be $1.50 per share with the underlying  shares to
be  registered  within  120  days  after  the date of  sales  of the  Note.  The
Registrant  agreed to  prepare  and file with the SEC a  registration  statement
covering  the resale of the common stock on or before April 30, 2005 for certain
investors. If such registration statement covering the shares of common stock to
which the  promissory  note can be converted  was not  declared  effective on or
before April 30, 2005, then the conversion  price will be reduced by 5% or $0.05
per share and the  warrant  amount will be  increased  by 5% per month for every
month.  However, to such date there is no effective  registration  statement for
the underlying securities.

Going forward,  our primary requirements for cash consist of: (1) acquisition of
pharmaceutical  manufacturing companies with GMP standard facilities in order to
commercialize  new drugs in our extensive new drug  pipeline.  (2) Continued R&D
for more  selected  new drug  projects  (3) Build up sales  network for new drug
distribution. We anticipate that our internal source of liquid assets may enable
us to continue our operation  activities other than  acquisition  activities for
next twelve months. However, we anticipate that our current operating activities
may  not  enable  us to  meet  the  anticipated  cash  requirements  for  future
acquisition  activities.  External source of capital may be needed for Company's
expansion.  We are exploring bank loans and private equity  financing to finance
such expenditures and intend to raise equity through the capital market once our
shares are traded.



                                       18
<PAGE>

MANAGEMENT ASSUMPTIONS

Management anticipates,  based on internal forecasts and assumptions relating to
our current  operations  that existing cash and funds  generated from operations
may not be  sufficient  to meet  requirements  capital  for  future  acquisition
activities.  We could be required to seek additional financing.  There can be no
assurance  that  we  will  be  able to  obtain  additional  financing  on  terms
acceptable to it, or at all.

EFFECT OF FLUCTUATION IN FOREIGN EXCHANGE RATES

Our operating  subsidiaries are located in China. Their business  activities are
mainly in China using  Chinese  Renminbi as the  functional  currency.  Based on
China  government  regulation,  all  foreign  currencies  under the  category of
current accounts are allowed to be freely exchanged with hard currencies. During
the  current  operation,  there is no  significant  change  in  exchange  rates;
however,  unforeseen  developments  may cause a  significant  change in exchange
rates.




















                                       19
<PAGE>

ITEM 3.  CONTROL AND PROCEDURES.


Evaluation  of  Disclosure  Controls  and  Procedures  - We maintain a system of
disclosure  controls  and  procedures  that are  designed  for the  purposes  of
ensuring  that  information  required  to be  disclosed  in our  Securities  and
Exchange  Commission  ("SEC")  reports is recorded,  processed,  summarized  and
reported  within the time periods  specified  in the SEC's rules and forms,  and
that  such  information  is  accumulated  and  communicated  to our  management,
including our Chief Executive  Officer (CEO) and Chief Financial  Officer (CFO),
as appropriate to allow timely decisions regarding required disclosures.

As of  the  end of  the  period  covered  by  this  report,  we  carried  out an
evaluation, under the supervision and with the participation of our CEO and CFO,
of the  effectiveness  of our  disclosure  controls and procedures as defined in
Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended. Based on that
evaluation,  our  CEO  and  CFO  concluded  that  our  disclosure  controls  and
procedures are effective.

Changes in Internal Control Over Financial  Reporting - There has been no change
in our internal  control over  financial  reporting  during the first quarter of
2005 that has materially affected, or is reasonably likely to materially affect,
our internal control over financial reporting.



PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS.

None.

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS


On March 8, 2005,  the Company  issued  300,000  shares of common stock to China
Pharmaceutical  University  located  in  Nanjing,  China,  pursuant  to a  joint
laboratory agreement. The value of the 300,000 shares has not been stated in the
agreement. However, the management estimated the stock as $1.00 per share.

During January 2005, the Company issued  $500,000 face value  convertible  notes
payable 180 days from the date of issue with interest at 7% per annum. The notes
are convertible into common stock of the Company at $1.00 per share. Attached to
the notes are three year  warrants  that allow the holder to purchase  shares of
common stock at $1.50 per share.  Relating to the convertible notes issuing, the
Company issued Wellfleet Partners,  Inc. and its designated  brokerage affiliate
WestPark Capital, Inc, and its chosen brokerage co-managers 65,000 shares valued
at $65,000 and 26,666 three year warrants to purchase the Company's common stock
at $1.50 per share valued at $3,200 using the  Black-Schole  pricing model for a
total of $108,200 of note issuance  expense to be amortized over the life of the
note.

All of the above  issuances and sales were deemed to be exempt under  Regulation
S,  Regulation D Rule 701 and Section 4(2) of the Securities Act. No advertising
or general  solicitation was employed in offering the securities.  The offerings
and sales were made to a limited number of persons,  all of whom were accredited
investors,  business associates of ours or our executive officers,  and transfer
was restricted by us in accordance with the requirements of the Securities Act.




                                       20
<PAGE>

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

None.

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

None.

ITEM 5.  OTHER INFORMATION

None



ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits

The following exhibits are filed as part of this report:


EXHIBIT
NUMBER            DESCRIPTION
-------           -------------------------------------------------------------

31.1              Certification  of Chief Executive  Officer Pursuant to Section
                  302 of the Sarbanes-Oxley Act of 2002.

31.2              Certification  of Chief Financial  Officer Pursuant to Section
                  302 of the Sarbanes-Oxley Act of 2002.

32.1              Certification  of Chief Executive  Officer pursuant to Section
                  906 of the Sarbanes-Oxley Act of 2002

32.2              Certification  of Acting Chief Financial  Officer  pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002












                                       21
<PAGE>

SIGNATURES



In accordance with the  requirements of the Securities  Exchange Act of 1934, as
amended,  the  Registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.

                                         CHINA BIOPHARMACEUTICALS HOLDINGS, INC.

Date: May 15, 2005
                                         By: /s/ MAO Peng
                                            ------------------------------------
                                            Name:  MAO Peng
                                            Title: Chairman and
                                                   Chief Executive Officer
Date: May 15, 2005
                                         By: /s/ HUNAG Chentai
                                            ------------------------------------
                                            Name:  HUANG Chentai
                                            Title: Chief Financial Officer









                                       22