SECURITIES AND EXCHANGE COMMISSION
              Washington, D.C.  20549

                    FORM 10-QSB
(Mark One)
[X]  QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
     OF THE SECURITIES EXCHANGE ACT OF 1934

          For the quarterly period ended
                   March 31, 2001
or

[  ] 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   0-29699

           GALENA ACQUISITION CORPORATION
   (Exact name of registrant as specified in its
charter)

Delaware                        52-2218872

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

               128 Joo Seng Road
            #03-00 Singapore 368356

(Address of principal executive offices  (zip code)

                              011 65 96852238

   (Registrant's telephone number, including area
code)

Indicate by check mark whether the registrant (1)
filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934
during the last 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

Indicate the number of shares outstanding of each
of the issuer's classes of common equity, as of the
latest practicable date.

Class                Outstanding at March 31, 2001
Common Stock,
par value $0.0001                6,750,000



           PART I -- FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS

           GALENA ACQUISITION CORPORATION
           (A Development Stage Company)
                As of March 31, 2001
                    (Unaudited)
<TABLE>
<CAPTION>
                       ASSETS

<S>
                                     <C>
Cash
                                     $   675
                                     --------
TOTAL ASSETS                         $   675
                                     ========

LIABILITIES AND STOCKHOLDER'S EQUITY

LIABILITIES                          $  -
                                     -------
STOCKHOLDER'S EQUITY

Preferred Stock, $.0001 par
 value, 200,000,000 shares
 authorized, none issued and
 outstanding                            -
Common Stock, $.0001 par value,
 500,000,000 shares authorized,
 6,750,000 issued and outstanding        675
Additional paid-in capital               535
Deficit accumulated during
 development stage                      (535)
                                       ------
                                         675
                                       ------
Total Stockholder's Equity               675
                                       ------
TOTAL LIABILITIES AND
   STOCKHOLDER'S EQUITY                 $675
                                       ======
</TABLE>
See accompanying notes to financial statements

<PAGE>

           GALENA ACQUISITION CORPORATION
           (A Development Stage Company)
               Statement of Operations

<TABLE>
<CAPTION>
             For the three   For the three   March24,1999
             Months Ended    Months ended    (Inception)to
             March 31,2001   March 31, 2000  March 31, 2001

<S>           <C>              <C>            <C>
Income            $     -         $    -       $   -

Expenses
  Organization
     expense            -               -         535
                  ----------       --------      --------

Total expenses          -               -         535
                  ----------       --------      -------
NET LOSS                -               -        (535)
                   =========       ========      =======

NET LOSS PER
SHARE BASIC AND
DILUTED            $    -               -       $ (.0001)
                   =========        =======      ========

WEIGHTED AVERAGE
NUMBER OF SHARES
BASIC AND DILUTED    5,019,444      5,000,000     5,002,371
                    ==========      ==========    ==========
</TABLE>

       See accompanying notes to financial statements


<PAGE>


             GALENA ACQUISITION CORPORATION
            (A Development Stage Company)
        Statement of Changes in Stockholder's Equity
       For the Period From March 24, 1999 (Inception)
                      To March 31, 2001
<TABLE>
<CAPTION>
<S>                 <C>         <C>        <C>         <C>     <C>
                                                      Deficit
                                                      Accumu-
                                                      lated
                                                      During
                       Common Stock       Additional  Develop-
                     Issued               Paid-In     ment
                     Shares     Amount    Capital     Stage     Total

Common Stock
  Issuance           5,000,000    $ 500   $  -       $  -      $  500

Contribution of
 Services               -            -       535        -        535

Net loss for
 nine months
 ended December
 31, 1999               -            -        -         (535)   (535)
                      --------     -----   ------       -----    -----
Balance at
  December 31, 1999   5,000,000      500     535         (535)    500

Net loss for the
 year ended December
 31, 200                 -            -       -            -       -
                       --------     -----   ------       -----    -----
Balance at December
 31, 2000              5,000,000     500      535         (535)    500

Common stock issued
 for cash              6,500,000     650       -            -      650

Purchase and
  cancellation of
  common stock        (4,750,000)    (475)      -           -     (475)

Net loss for the
 three months ended
 March 31, 2001          -            -         -           -        -
                       --------     -----    ------      -----    -----
BALANCE AT
MARCH 31, 2001         6,750,000    $ 675     $535       $(535)    $ 675
                      ==========    ======     ====      ======    =====
</TABLE>
                See accompanying notes to financial statements



<PAGE>


<TABLE>
<CAPTION>
                        GALENA ACQUISITION CORPORATION
                        (A Development Stage Company)
                           Statements of Cash Flows

                                                                    March 24, 1999
                                       March 31,      March 31,      (Inception) to
                                         2001           2000         March 31, 2001
<S>                                     <C>            <C>           <C>
CASH FLOWS FROM OPERATING
    ACTIVITIES:
Net loss                                $  -           $  -                (535)
 Adjustment to reconcile net
 loss to net cash
 used by operating activities

 Contributed expenses                      -               -                535
                                         --------      ---------        ----------
 Net cash used in Operating
  Activities                               -               -                    -
                                         --------      ---------        ----------
CASH FLOWS FROM INVESTING
 ACTIVITIES                                -               -                    -
                                         --------      ---------        ----------
CASH FLOWS FROM FINANCING  ACTIVITIES:

 Purchase and cancellation of
    Common stock                          (475)            -               (475)

 Proceeds from issuance of
  common stock                             650             -              1,150
                                         --------      ---------        ----------
Net cash provided by
 financing activities                      175             -                675
                                         --------      ---------        ----------
INCREASE IN CASH AND CASH
 EQUIVALENTS                               175             -                675

CASH AND CASH EQUIVALENTS
 BEGINNING OF PERIOD                       500            500                 -
                                         --------      ---------        ----------
CASH AND CASH EQUIVALENTS
  END OF PERIOD                          $ 675          $ 500            $  675
                                         ========      =========         =========
 </TABLE>

<PAGE>

NOTE 1  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A.  Organization and Business Operations

     Galena Acquisition Corporation (a development
stage company) ("the Company") was incorporated in
Delaware on March 24, 1999 to serve as a vehicle to
effect a merger, exchange of capital stock, asset
acquisition or other business combination with a
domestic or foreign private business.

     On March 28, 2001, the Company increased its
authorized capital from a total of 120,000,000
shares, consisting of 100,000,000 common shares and
20,000,000 undesignated preferred shares, to a
total of 700,000,000 shares, consisting of
500,000,000 common shares and 200,000,000
undesignated preferred shares.

     On March 30, 2001, the Company issued
6,500,000 common shares to Janford International
Limited, a Hong Kong corporation, for a total
price of $650 and redeemed and cancelled 4,750,000
of the outstanding 5,000,000 common shares owned by
TPG Capital Corporation, its then sole shareholder,
for a total price of $475.

      At March 31, 2001, the Company had not yet
commenced any formal business operations, and all
activity to date relates to the Company's
formation.  The Company's fiscal year end is
December 31.

The Company's ability to commence operations is
contingent upon its ability to identify a
prospective target business or otherwise raise
additional capital.

B.  Use of Estimates

     The preparation of the financial statements
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.

C.  Cash and Cash Equivalents

     For purposes of the statement of cash flows,
the Company considers all highly liquid investments
purchased with an original maturity of three months
or less to be cash equivalents.

D.  Income Taxes

     The Company accounts for income taxes under
the Financial Accounting Standards Board of
Financial Accounting Standards No. 109, "Accounting
for Income Taxes" ("Statement 109"). Under
Statement 109, deferred tax assets and liabilities
are recognized for the future tax consequences
attributable to differences between the financial
statement carrying amounts of existing assets and
liabilities and their respective tax basis.
Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to
taxable income in the years in which those
temporary differences are expected to be recovered
or settled.  Under Statement 109, the effect on
deferred tax assets and liabilities of a change in
tax rates is recognized in income in the period
that includes the enactment date. There were no
current or deferred income tax expense or benefits
due to the Company not having any material
operations for the period ending March  31, 2001.

NOTE 2  STOCKHOLDER'S EQUITY

        A.  Preferred Stock

     The Company is authorized to issue 200,000,000
shares of preferred stock at $.0001 par value, with
such designations, voting and other rights and
preferences as may be determined from time to time
by the Board of Directors.

        B.  Common Stock

     The Company is authorized to issue 500,000,000
shares of common stock at $.0001 par value.  At
inception, the Company issued 5,000,000 shares of
its common stock to TPG Capital Corporation ("TPG")
pursuant to Rule 506 for an aggregate consideration
of $500 of which 4,750,000 were redeemed and
cancelled for an aggregate redemption price of $475
on March 30, 2001.  On March 30, 2001, the Company
issued 6,500,000 shares of common stock to Janford
International Ltd., a Hong Kong corporation, for an
aggregate consideration of $650 resulting in a
change of control of the Company.

      C.  Additional Paid-In Capital

     Additional paid-in capital at March 31,
2001 represents the fair value of the amount of
organization and professional costs incurred by TPG
on behalf of the Company. (See Note 3)

NOTE 3  AGREEMENT

     On March 24, 1999, the Company signed an
agreement  with TPG, a related entity (See Note 4).
The Agreement called for TPG to provide the
following services, without reimbursement from the
Company, until the Company entered into a business
combination as described in Note 1A:

       1.  Preparation and filing of required
            documents with the Securities and
            Exchange Commission.
       2.  Location and review of potential target
            companies.
       3.  Payment of all corporate,
            organizational, and other costs
            incurred by the Company.

NOTE 4  RELATED PARTIES

     Legal counsel to the Company is a firm owned
by a former director of the Company who also owns a
controlling interest in the outstanding stock of
TPG. (See Note 3).

      Janford International Limited, the
controlling shareholder of the Company, (See Note
2(B)) is controlled by the sole director and
president of the Company.


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

     On March 28, 2001, the Company increased its
authorized capital from a total of 120,000,000
shares, consisting of 100,000,000 common shares
and 20,000,000 undesignated preferred shares, to a
total of 700,000,000 shares, consisting of
500,000,000 common shares and 200,000,000
undesignated preferred shares.

     On March 30, 2001, the Company redeemed
4,750,000 of the 5,000,000 common shares owned by
TPG Capital Corporation, its then sole
shareholder, for a total price of $475.

     On March 30, 2001, James Cassidy, its then
sole officer and director, resigned as the officer
and director of the Company. On that date Patrick
Peh was elected the sole director and appointed as
the president, secretary and treasurer of the
Company.

     On March 30, 2001, the Company issued
6,500,000 common shares to Janford International
Limited, a Hong Kong corporation controlled by Mr.
Peh.

     These transactions resulted in a change of
control of the Company. Further information is
contained  in the Current Report on Form 8-K
reporting these transactions which may viewed on
the SEC Web site at www.sec.gov.

     New management of the Registrant is
considering making an acquisition or other
business combination offer to a certain public
Australian corporation.  If the Registrant does
pursue such an offer, there will be significant
obstacles to its conclusion, including negotiating
the terms of the offer, arranging financing, if
required, and obtaining required approvals by the
Australian company and\or its shareholders.  In
addition, the acquisition offer may require review
and\or approval by appropriate agencies of the
Australian Government, which might either prohibit
the transaction or require modifications in its
terms which might be unacceptable to one or both
parties.  The offer may not be made, or, if made,
may not be accepted.

     Janford International, Ltd., the principal
shareholder of the Registrant, has agreed to
provide management and other services to it.
Janford International, Ltd. has entered into an
agreement with TPG Capital Corporation under which
TPG Capital has received and will receive
compensation for consulting services provided and
to be provided to Janford International, Ltd. in
regard to transactions by the Registrant.



           PART II -- OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

     There are no legal proceedings against the
Company and the Company is unaware of such
proceedings contemplated against it.

ITEM 2.  CHANGES IN SECURITIES

     Not applicable.

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

     (a)     Exhibits

     (b)     Reports on Form 8-K

    The Company filed a Report on Form 8-K on
April 18, 2001 reporting the change in control of
the Company.


                    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.



GALENA ACQUISITION CORPORATION

By:  /s/ Patrick Peh
         President

Dated: May 14, 2001