`UNITED STATES 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 June 30, 2005

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
              For the transition period from _________ to _________

                        Commission file number 000-26169
                                               ---------


                               Chinawe.com Inc.
 -------------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

<TABLE>

                     California                                  95-462728
---------------------------------------------     -----------------------------------
(State or other jurisdiction of incorporation     (I.R.S. Employer Identification No.)
or organization)
</TABLE>

                              Room 7, 13/F, Block A
                      Fuk Keung Industrial Building, 66-68
                        Tong Mi Road, Kowloon, Hong Kong
                    ----------------------------------------
                    (Address of principal executive offices)

                                 (852) 23810818
                           ---------------------------
                           (Issuer's telephone number)

The number of shares outstanding of the issuer's common stock, par value $.001
per share, as of August 1, 2005 was 43,800,000.

Transitional Small Business Disclosure Format (Check one): Yes [ ]   No [X]


                                       1





                                Chinawe.com Inc.

PART I - FINANCIAL INFORMATION                                          Page No.

Item 1.  Financial Statements

         Consolidated Condensed Balance Sheet as of
         June 30, 2005 (Unaudited)                                             3

         Consolidated Condensed Statements of Operations for
         the Three and Six months ended June 30, 2005 (Unaudited)
         and June 30, 2004 (Unaudited)                                         4

         Consolidated Condensed Statement of Changes in
         Stockholders' Deficit for the Six months ended
         June 30, 2005 (Unaudited)                                             5

         Consolidated Condensed Statements of Cash Flows for
         the Six months ended June 30, 2005 (Unaudited)
         and June 30, 2004 (Unaudited)                                         6

         Notes to Consolidated Condensed Financial Statements                  7

Item 2.  Management's Discussion and Analysis or Plan of Operation            13

Item 3.  Controls and Procedures                                              23

PART II - OTHER INFORMATION

Item 6.  Exhibits                                                             24

SIGNATURES                                                                    25





                                       2



PART I - FINANCIAL INFORMATION
Item 1.  Financial Statements.

                                CHINAWE.COM INC.
                      CONSOLIDATED CONDENSED BALANCE SHEET
                                   (UNAUDITED)

<TABLE>

                                                                                        Note               AS OF
                                                                                                   JUNE 30, 2005
                                                                                                             US$

ASSETS
Current assets:
Cash and cash equivalents                                                                                186,241
Accounts receivable, net of allowance
   for doubtful accounts of US$2,073                                                                       2,022
Prepayment, deposits and other debtors                                                                    74,475
                                                                                                   -------------
Total current assets                                                                                     262,738

Property, plant and equipment, net                                                        5               49,672
                                                                                                   -------------
TOTAL ASSETS                                                                                             312,410
                                                                                                    ============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Customer deposits received                                                                                15,359
Accrued expenses and other current liabilities                                                           145,592
Current portion of long-term debt                                                                          3,254
Due to related parties                                                                    6              848,738
Income tax payable                                                                        7               36,997
                                                                                                   -------------
Total current liabilities                                                                              1,049,940
                                                                                                   -------------
Contingencies and commitments

Stockholders' deficit:
Preferred stock, par value US$0.001 per share; authorized 20,000,000 shares; none
   issued
Common stock, par value US$0.001 per share; authorized 100,000,000 shares; issued                         43,800
   and outstanding 43,800,000 shares
Capital in excess of par                                                                                  85,948
Accumulated losses                                                                                     (865,836)
Accumulated other comprehensive income                                                                   (1,442)
                                                                                                   -------------
Total stockholders'deficit                                                                             (737,530)
                                                                                                   -------------
TOTAL LIABILITES AND STOCKHOLDERS'DEFICIT                                                                312,410
                                                                                                   =============
</TABLE>

          See notes to the consolidated condensed financial statements.

                                       3





                                CHINAWE.COM INC.
                 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>

                                     NOTE       Three months ended June 30,            Six months ended June 30,
                                                      2005                 2004                2005                 2004
                                                       US$                  US$                 US$                  US$

OPERATING REVENUES
On-line services                                     8,254                9,227              14,210               17,321
Asset management and related                       215,855              209,349             503,889              209,349
   services
                                            --------------       --------------      --------------       --------------
                                                   224,109              218,576             518,099              226,670

Depreciation                                       (4,306)              (1,701)             (4,853)              (5,489)
Administrative and general                       (137,635)             (48,471)           (193,612)             (93,663)
   expenses

                                            --------------       --------------      --------------       --------------
INCOME FROM OPERATIONS                              82,168              168,404             319,634              127,518

NON-OPERATING INCOME (EXPENSE)
Interest                                           (7,892)              (5,304)            (15,699)             (13,218)
Other income                                           223                    2                 819                    2

                                            --------------       --------------      --------------       --------------
INCOME BEFORE INCOME TAXES                          74,499              163,102             304,754              114,302

Income tax expense                    7           (14,996)                    -            (24,869)                    -

                                            --------------       --------------      --------------       --------------
NET INCOME                                          59,503              163,102             279,885              114,302
                                                 =========         ============        ============         ============

Basic and diluted net income per
   share of common stock                             0.001                0.004               0.006                0.003
                                                 =========         ============        ============         ============

Weighted average number of shares
   of common stock outstanding                  43,800,000           43,800,000          43,800,000           42,505,495
                                                 =========         ============        ============         ============
</TABLE>




See notes to the consolidated condensed financial statements.



                                       4


                                CHINAWE.COM INC.
                        CONSOLIDATED CONDENSED STATEMENT
                       OF CHANGES IN STOCKHOLDERS' DEFICIT
                         SIX MONTHS ENDED JUNE 30, 2005
                                   (UNAUDITED)

<TABLE>

                                       Common stock
                                       ------------
                                                                                                     Accumulated
                                                                                                           other             Total
                                  Number of                       Capital in      Accumulated      comprehensive     Stockholders'
                                     shares         Amount     excess of par           losses             income         (deficit)
                                                       US$               US$              US$                US$               US$

Balance as of January 1, 2005    43,800,000         43,800            85,948      (1,145,721)              (325)       (1,016,298)

Comprehensive income:
   Net income for the period              -              -                 -          279,885                  -           279,885
   Currency translation
   adjustments                            -              -                 -                -            (1,117)           (1,117)
                                -----------    -----------    --------------    --------------    --------------    --------------
Total comprehensive income
                                                                                                                           278,768
                                                                                                                    --------------

Balance as of June 30, 2005      43,800,000         43,800            85,948        (865,836)            (1,442)         (737,530)
                                     ======          =====             =====          =======            =======           =======
</TABLE>



See notes to the consolidated condensed financial statements.















                                       5


                                CHINAWE.COM INC.
                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                            SIX MONTHS ENDED JUNE 30,
                                   (UNAUDITED)

<TABLE>

                                                                            2005        2004
                                                                             US$         US$

CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                                               279,885     114,302

Adjustments to reconcile net income to net cash provided by operating
   activities:
   Depreciation                                                            4,853       5,489
   Changes in operating assets and liabilities:
     Accounts receivable, net                                             10,000     (11,333)
     Prepayments, deposits and other debtors                             (70,740)      2,414
     Customer deposits received                                              341      (5,525)
     Accrued expenses and other current liabilities                       (2,895)     (5,951)
     Income tax payable                                                   24,869           -
                                                                         -------      ------

NET CASH PROVIDED BY OPERATING ACTIVITIES                                246,313      99,396
                                                                         -------      ------

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment                                (50,289)     (4,357)
                                                                         -------      ------

NET CASH USED IN INVESTING ACTIVITIES                                    (50,289)     (4,357)
                                                                         -------      ------

CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long-term debt                                               (3,168)     (3,005)
Advance from related parties                                              91,532     166,115
Repayment to related parties                                            (115,626)   (206,427)
Increase in loan from a director                                           3,331         888
                                                                         -------      ------

NET CASH USED IN FINANCING ACTIVITIES                                    (23,931)    (42,429)
                                                                         -------      ------

NET INCREASE IN CASH AND CASH EQUIVALENTS                                172,093      52,610

Cash and cash equivalents, beginning of period                            14,929      16,800

Effect of exchange rate changes                                             (781)     (2,475)
                                                                         -------      ------

CASH AND CASH EQUIVALENTS, END OF PERIOD                                 186,241      66,935
                                                                         =======      ======


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest                                                    15,699      13,218
                                                                         =======      ======

NON-CASH TRANSACTION
Issuance of 3,800,000 shares of common stock of the Company for
   settlement of a loan from a related party                                   -     128,260
                                                                         =======      ======
</TABLE>

See notes to the consolidated condensed financial statements

                                       6


                                CHINAWE.COM INC.
            NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                     SIX MONTHS ENDED JUNE 30, 2005 AND 2004
                                   (UNAUDITED)


1.    The interim financial statements

      The accompanying financial statements have been prepared by Chinawe.com
      Inc. ("Chinawe") and its subsidiaries (collectively referred to as the
      "Company") and, in the opinion of management, reflect all material
      adjustments which are necessary for a fair statement of results for the
      interim periods presented, including normal recurring adjustments. Certain
      information and footnote disclosures made in the Company's Annual Report
      on Form 10-KSB for the year ended December 31, 2004 (the "10-KSB") have
      been condensed or omitted for the interim statements. It is the Company's
      opinion that, when the interim statements are read in conjunction with the
      10-KSB, the disclosures are adequate to make the information presented not
      misleading. The results of operations for the six months ended June 30,
      2005 are not necessarily indicative of the operating results for the full
      year.

2.    Description of business

      The Company, formed pursuant to the corporation laws of the State of
      California on March 19, 1997, is engaged in the business of providing loan
      servicing and other services relating to non-performing loans ("NPL" or
      "NPLs") in The People's Republic of China ("PRC"), enabling e-commerce
      transactions for small and medium-size producers of goods in the PRC for
      sale to overseas wholesale customers, and managing assets located in the
      PRC by attempting to expedite transactions between Chinese operators of
      these assets and overseas purchasers and joint ventures.

3.    Organization.

      The consolidated condensed financial statements include the accounts of
      Chinawe and the following subsidiaries:

      Officeway Technology Limited; incorporated in the British Virgin Islands
      in December 1999, formed for the purpose of acquiring (in March 2000) its
      wholly-owned subsidiary, Chinawe Asset Management Limited ("CAM (HK)")




                                       7



                                CHINAWE.COM INC.
            NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                     SIX MONTHS ENDED JUNE 30, 2005 AND 2004
                                   (UNAUDITED)


      (formerly known as "Welcon Info-Tech Limited"); incorporated in Hong Kong
      in June 1997, provides loan servicing and other services relating to NPLs
      in the PRC and subscriber services for the production of website image and
      business-to-business e-marketplace for small-to-medium size businesses.

      Welcon Info-Tech Limited ("WIT(GZ)"); a joint venture formed in the PRC in
      March 2000. CAM(HK) entered into a joint venture agreement with Guangzhou
      Welcon Info-Tech Limited (the "PRC Party") to establish a Sino-foreign
      co-operative joint venture in Guangzhou for a period of 10 years. The PRC
      Party was registered in Guangzhou in March 1998 and is principally engaged
      in providing subscriber services for the development of computer software
      and networking, website design, technical consulting and a
      business-to-business e-marketplace for small-to-medium size businesses.
      The joint venture agreement required CAM(HK) to invest US$127,486 into the
      joint venture. The PRC Party is to provide premises, facilities and
      licensing agreements for an annual service fee of US$12,068. All profits
      or losses, net of service fees from the joint venture are to be allocated
      to CAM(HK).

      Chinawe Asset Management (PRC) Limited ("CAM(PRC)"); established in the
      PRC in April 2005 to service the NPLs under a Services Agreement with
      Huizhou One Limited.

4.    Summary of significant accounting policies

      (a)   Basis of presentation

            The accompanying financial statements present the financial position
            of the Company as of June 30, 2005 and its results of operations and
            cash flows for the six months ended June 30, 2005 and 2004. All
            inter-company accounts and transactions have been eliminated in
            consolidation.






                                       8





                                CHINAWE.COM INC.
            NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                     SIX MONTHS ENDED JUNE 30, 2005 AND 2004
                                   (UNAUDITED)

      (b)   Translation of foreign currencies

            Transactions in currencies other than the functional currency during
            the period are translated into the functional currency at the
            applicable rates of exchange prevailing at the time of the
            transactions. Monetary assets and liabilities denominated in
            currencies other than the functional currency are translated into
            the functional currency at the applicable rates of exchange in
            effect at the balance sheet date. Exchange gains and losses are
            recorded in the statements of operations.

            For translation of financial statements into the reporting currency,
            assets and liabilities are translated at the exchange rate at the
            balance sheet date, equity accounts are translated at historical
            exchange rates, and revenues, expenses, gains and losses are
            translated at the weighted average rates of exchange prevailing
            during the period. Translation adjustments resulting from this
            process are recorded in accumulated other comprehensive income
            (loss) within stockholders' equity.

            There was no significant fluctuation in the exchange rate of the
            United States dollar to RMB and the exchange rate adopted was US$1 =
            RMB8.2865.

      (c)   Going concern consideration

            Details of the Company's ability to continue as a going concern are
            set out in Item 2 of this Form 10-QSB under the heading
            "Management's Discussion and Analysis or Plan of Operation-Liquidity
            and Capital Resources."

5.    Property, plant and equipment

                                                             June 30, 2005
         At cost:                                                      US$
         Computer equipment                                         78,457
         Leasehold improvement                                       4,936
         Motor vehicle                                              79,068
                                                             -------------
                                                                   162,461
         Accumulated depreciation                                (112,789)
                                                             -------------
         Net                                                        49,672
                                                             =============

                                       9


                                CHINAWE.COM INC.
            NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                     SIX MONTHS ENDED JUNE 30, 2005 AND 2004
                                   (UNAUDITED)


6.    Related party transactions

      The balances with related parties are as follows:

                                                               June 30, 2005
                                                                         US$
         At cost:                                     NOTE
         Loan from a director, including interest     (a)            143,062
         Advances from stockholders                   (b)            702,214
         Advances from PRC party                      (b)              3,462
                                                               -------------
                                                                     848,738
                                                               =============

      (a)   The loan from a director is unsecured, interest bearing and was
            repayable on June 30, 2004. Interest expenses charged for the six
            months ended June 30, 2005 and 2004 were US$15,563 and US$12,919,
            respectively. The maturity date of this loan was extended until June
            2006.

      (b)   Except as described above regarding the loan from a director, all
            balances with related parties are unsecured, non-interest bearing
            and repayable on demand. During the six months ended June 30, 2005
            and 2004, the Company received advances from related parties of
            US$91,532 and US$166,115, respectively. In addition, during the six
            months ended June 30, 2005 and 2004, the Company repaid advances
            ofUS$115,626 and US$206,427, respectively.

            The Company occupied office space in a building leased from an
            affiliate of the Company. Rental expense for each of the six months
            ended June 30, 2005 and 2004 was approximately US$3,861 and US$0,
            respectively. In view of the Company having continued to incur
            losses over the past several years, the Company negotiated with the
            landlord, an affiliate of the Company, from whom the company rented
            its office space, for a rent reduction in 2004. The Company had
            provided for such office space rent in the financial statements for
            the year ended December 31, 2003 in the amount of US$2,414. Since
            the request for the rent reduction was agreed to by the landlord in
            2004 and was effective from November 1, 2003, the Company credited
            the "write-back" of the provision previously made to the Statement
            of Operations for the year ended December 31, 2004. No rental was
            charged by the landlord to the Company for the year ended December



                                       10


                                CHINAWE.COM INC.
            NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                     SIX MONTHS ENDED JUNE 30, 2005 AND 2004
                                   (UNAUDITED)


            31, 2004 and the rent reduction remained effective until a
            subsidiary of the Company entered into a definitive agreement with
            Huizhou One Limited, a subsidiary of Citigroup Financial Products
            Inc. in April 2005. Commencing from April 2005, the Company has
            agreed to resume payment of the monthly rent of US$1,207 per month.

7.    Income taxes

      It is management's intention to reinvest all the income attributable to
      the Company earned by its operations outside the United States.
      Accordingly, no US corporate income taxes are provided for in these
      financial statements. The Company is subject to income taxes on an entity
      basis on income arising in or derived from the tax jurisdiction in which
      each entity is domiciled. Under the current laws of the British Virgin
      Islands (the "BVI"), dividends and capital gains arising from the
      Company's investments in the BVI are not subject to income taxes and no
      withholding tax is imposed on payments of dividends to the Company.

      Companies that carry on business and derive income in Hong Kong are
      subject to Hong Kong profits tax at 17.5%. Companies that carry on
      business and derive income in the PRC are subject to national income tax
      at 30% and local income tax at 3%. The income tax expense for the year
      represents PRC enterprise income tax charged on the deemed profit earned
      in the PRC.

      No income taxes have been provided for CAM(HK) as its assessable profit
      during the six months ended June 30, 2005 is wholly absorbed by unrelieved
      tax losses brought forward from previous periods. No income taxes have
      been provided for WIT(GZ) as it has incurred losses since commencement of
      operations.













                                       11





                                CHINAWE.COM INC.
            NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                     SIX MONTHS ENDED JUNE 30, 2005 AND 2004
                                   (UNAUDITED)


8.    Stock Plan

      On July 25, 2001 the Board of Directors approved the Chinawe.com Inc. 2001
      Restricted Stock Plan (the "Plan"), under which 5,000,000 shares of the
      Company's common stock have been reserved for award under the Plan.
      Pursuant to the Plan, stock awards may be granted to eligible officers,
      directors, employees and consultants of the Company. Through June 30,
      2005, no awards have been made under the Plan.






























                                       12


Item 2. Management's Discussion and Analysis or Plan of Operation.

The following discussion should be read in conjunction with the Consolidated
Condensed Financial Statements and Notes thereto appearing elsewhere in this
Form 10-QSB. The following discussion contains forward-looking statements. Our
actual results may differ significantly from those projected in the
forward-looking statements. Factors that might cause future results to differ
materially from those projected in the forward-looking statements include, but
are not limited to, those discussed in "Risk Factors" and elsewhere in this
document.

Overview - Results of Operations

The Company's financial statements for the six months ended June 30, 2005 have
been prepared on a going concern basis, which contemplates the realization of
assets and the settlement of liabilities and commitments in the normal course of
business. For the six months ended June 30, 2005, the Company reported net
income of US$279,885 and as of June 30, 2005 had a stockholders' deficit and a
working capital deficit of US$737,530 and US$787,202, respectively.

Three Months ended June 30, 2005 compared to the Three Months ended June 30,
2004

Revenues. Revenue for the three months ended June 30, 2005 was US$224,109 as
compared to that of US$218,576 for the three months ended June 30, 2004, an
increase of 3%. As a result of focusing on the new business development of
providing services relating to the management of non-performing loans as
discussed in "Liquidity and Capital Resources" below, revenue earned from the
e-commerce business has continued to decrease while the Company earned asset
management income of US$215,855 for the three months ended June 30, 2005,
compared to the three months ended June 30, 2004 of US$209,349.

Expenses. Administrative and general expenses for the three months ended June
30, 2005 were US$137,635 as compared to US$48,471 for the three months ended
June 30, 2004, an increase of 184%. The increase was due to the increase in
salary expense, rental expense and overseas traveling expense together with the
"write-back" concerning the rent reduction for the three months ended June 30,
2004. As a result of loans advanced to the Company by a director in the third
quarter of 2003, the Company has incurred interest expense of US$7,811 and
US$12,919 payable to such director for the three months ended June 30, 2005 and
2004, respectively.

Taxation. Income tax expense for the three months ended June 30, 2005 amounted
to US$14,996. The amount represents PRC enterprise income tax charged on the


                                       13


deemed profit from asset management and related services earned in the People's
Republic of China ("PRC").

As a consequence of the foregoing, we had income from operations for the three
months ended June 30, 2005 of US$82,168 as compared to US$168,404 for the three
months ended June 30, 2004. Our net income for the three months ended June 30,
2005 was US$59,503 as compared to US$163,102 for the three months ended June 30,
2004.

Six Months ended June 30, 2005 compared to the Six Months ended June 30, 2004

Revenues. Revenues for the six months ended June 30, 2005 were US$518,099 as
compared to that of US$226,670 for the six months ended June 30, 2004, an
increase of 129%. As a result of focusing on the new business development of
providing services relating to the management of non-performing loans as
discussed in "Liquidity and Capital Resources" below, revenue earned from the
e-commerce business has continued to decrease while the Company earned asset
management income of US$503,889 for the six months ended June 30, 2005, compared
to the six months ended June 30, 2004 of US$209,349.

Expenses. Administrative and general expenses for the six months ended June 30,
2005 were US$193,612 as compared to US$93,663 for the six months ended June 30,
2004, an increase of 107%. The increase was due to the increase in salary
expense, rental expense and overseas traveling expense together with the
"write-back" concerning the rent reduction for the six months ended June 30,
2004. As a result of loans advanced to the Company by a director in the third
quarter of 2003, the Company has incurred interest expense of US$15,563 and
US$12,919 payable to such director for the six months ended June 30, 2005 and
2004, respectively.

Taxation. Income tax expense for the six months ended June 30, 2005 amounted to
US$24,869. The amount represents PRC enterprise income tax charged on the deemed
profit from asset management and related services earned in the PRC.

As a consequence of the foregoing, we had income from operations for the six
months ended June 30, 2005 of US$319,634 as compared to US$127,518 for the six
months ended June 30, 2004. Our net income for the six months ended June 30,
2005 was US$279,885 as compared to US$114,302 for the six months ended June 30,
2004.

Liquidity and Capital Resources

The Company's financial statements for the six months ended June 30, 2005 have
been prepared on a going concern basis, which contemplates the realization of
assets and the settlement of liabilities and commitments in the normal course of
business. For the six months ended June 30, 2005, the Company reported net
income of US$279,885 and as of June 30, 2005 had a stockholders deficit and a
working capital


                                       14


deficit of US$737,530 and US$787,202, respectively. Although the Company has
experienced difficulty in meeting its liquidity needs, management of the Company
is confident that the following plans should address the issue of the Company
continuing as a going concern:

(1)   In September 2001, the Company signed an agreement with China Great Wall
      Asset Management Corporation ("Great Wall"), a financial company
      controlled by the PRC. Under the agreement, which has a five year term
      with options to renew, the Company is to help Great Wall dispose of
      non-performing assets (the "Assets") using both the Company's business and
      e-business networks. The Company, among other things, has the exclusive
      right to promote the Assets currently held by Great Wall through the
      Company's complete electronic business intelligence system. In the event
      that the promotion efforts result in a successful sale of the Assets, the
      Company is to receive approximately 1.2% to 2% of the gross sales price of
      the Assets. Against this background, the Company has entered into the
      business of servicing non-performing loans, including but not limited to,
      asset auctions and asset securitizations.

(2)   During the year ended December 31, 2004, the Company entered into an
      interim Services Agreement (the "Agreement") with Citigroup Financial
      Products Inc., a subsidiary of Citigroup Inc. ("CFP"), to provide loan
      servicing and other services relating to a pool of non-performing loans
      ("NPL" or "NPLs") in Huizhou, Guangdong Province, China to be purchased by
      CFP from Great Wall. The NPLs to be purchased are valued at $242 million.

      The Agreement was in effect while approval of the requisite PRC
      governmental agencies was sought for the transaction between CFP and Great
      Wall. The final approval was received on April 1, 2005. It was the
      intention of CFP and the Company, upon such approval, that a definitive
      agreement be entered into pursuant to which the Company is to provide
      substantially the same services as under the Agreement for a period
      covering the resolution of the NPLs (the "Definitive Agreement"). Pursuant
      to PRC law, the Company set up Chinawe Asset Management (PRC) Limited
      ("CAM"), a new PRC subsidiary, to service the NPLs under the Definitive
      Agreement. On April 20, 2005 the Definitive Agreement, between Huizhou One
      Limited ("Owner"), a subsidiary of CFP, and CAM, was executed.

      Pursuant to the Definitive Agreement, Owner appointed CAM to provide
      enumerated consulting services with regard to the NPLs (the "Consulting
      Services") pursuant to the laws of the PRC and the business scope of CAM
      as approved by the PRC government. CAM is to provide the Consulting
      Services in accordance with (a) applicable PRC law, (b) the terms of the
      Definitive Agreement, (c) the directions given pursuant to the Definitive
      Agreement from time to time by Owner, and (d) its responsible and
      reasonable judgment, within its agency authority and in the interest of
      Owner, as to other appropriate actions, subject to the approval of Owner.

                                       15


      Owner will pay CAM, as compensation for the Consulting Services, the
      following: (i) a base consulting fee paid on signing of the Definitive
      Agreement; (ii) a monthly consulting fee (the "Consulting Fee"); (iii) a
      monthly collection fee (the "Collection Fee") based on a percentage of all
      actual collections and recoveries relating to the assets serviced (net of
      all costs and expenses incurred in the resolution of the assets) during
      the relevant month; and (iv) an incentive fee (the "Incentive Fee") if
      Owner receives from the resolution of the assets a cumulative amount equal
      to the aggregate of the purchase price of the assets and the costs and
      expenses incurred by Owner in the acquisition of the assets plus a
      specified internal rate of return.

      Each of the Consulting Fee, the Collection Fee and the Incentive Fee is
      payable by Owner to Consultant only in respect of assets that are actually
      advised on by Consultant and is not payable in respect of assets which are
      devised on behalf of Owner by a sub-consultant appointed by Owner in its
      sole discretion as contemplated by the Definitive Agreement or which are
      not advised on by Consultant for any other reason.

      The respective duties and obligations of CAM and Owner created by the
      Definitive Agreement terminate upon the final recovery determination of
      the last remaining loan or property under management. Notwithstanding the
      foregoing, in addition to termination of the Definitive Agreement for
      breach by CAM, Owner may terminate the Definitive Agreement at any time
      upon five business days' prior written notice to CAM. CAM may not resign
      from the obligations and duties imposed upon it by the Definitive
      Agreement unless as a result of a change in PRC law CAM's duties under the
      Definitive Agreement are no longer permissible under applicable PRC law or
      CAM receives a notice from a relevant governmental or regulatory authority
      to the effect that CAM's duties under the Definitive Agreement are not
      permissible under applicable PRC law, or in the event of a termination of
      the Definitive Agreement pursuant to the terms thereof. Subject to
      applicable PRC law or the applicable governmental authority in the PRC, no
      such resignation is to become effective unless and until a qualified
      consultant satisfactory to Owner is willing to provide the Consulting
      Services and enters into a consulting agreement with Owner in form and
      substance substantially similar to the Definitive Agreement.

      Upon termination of the Definitive Agreement (a) Owner shall pay all fees
      and expenses payable to CAM that have accrued up to and including the date
      of termination; and (b) CAM shall reimburse Owner for any fees and
      expenses prepaid to CAM and applicable to periods arising after the date
      of termination.

      The Company reached agreement with Great Wall for the employment of
      certain members from the existing Great Wall team in Guangdong. The
      Company expects to continue to add talented individuals to complement the
      existing staff which possesses a good mix of industry know-how and local
      knowledge.


                                       16


      Management believes that the combination of in-depth knowledge of China
      and professional skills in the servicing industry will give the Company a
      competitive edge in servicing NPLs in China.

      Management believes that the new strategic direction of the Company and
      the servicing arrangement with CFP will erase doubts on the Company's
      operating as a going-concern. Management believes that the focus on NPLs
      in China will form the basis of growth for the Company in the years to
      come. The Company is currently evaluating its involvement in a series of
      NPL transactions. The Company will focus on the NPL business as its core
      business and its current e-business is expected to diminish in importance
      with respect to revenue and profit.

(3)   Having entered into the Definitive Agreement, the Company expects in the
      near future to issue an aggregate of five to ten million shares of its
      common stock to various finders as compensation for their efforts and
      contributions in connection with the transaction.

(4)   Now that the Definitive Agreement has been executed, the Company expects
      to receive fees on a regular basis, which in management's opinion should
      be sufficient to meet the Company's working capital and capital
      expenditure requirements going forward. However, we may need to raise
      additional funds in order to meet funding requirements of a more rapid
      expansion plan, potential acquisitions, development of new or enhanced
      products or services in response to competitive pressures or to acquire
      technologies or complimentary products or businesses. There is no
      guarantee that we will be able to raise such funds.

Quantitative And Qualitative Disclosures About Market Risk

We are not exposed to a material level of market risk due to changes in interest
rates. We do not have outstanding debt instruments and we do not maintain a
portfolio of interest-sensitive debt instruments.

We expect to derive a significant portion of revenues in the form of Renminbi
and, therefore, may be exposed to significant foreign currency risks in the
future. During the fiscal years ended December 31, 2004 and December 31, 2003,
we did not engage in hedging activities to mitigate the impact of changes in
foreign exchange rates. We may in the future use foreign currency forward
exchange contracts as a vehicle for hedging purposes.


















                                       17





Critical Accounting Policies And Estimates

Our financial statements reflect the selection and application of accounting
policies which require management to make significant estimates and assumptions.
We believe that the following are some of the more critical judgment areas in
the application of our accounting policies that currently affect our financial
condition and results of operations.

The Company generally recognizes online subscription and service income and
asset management and related services income when persuasive evidence of an
arrangement exists, services are rendered, the fee is fixed or determinable, and
collectibility is probable.

Subscription and service income receivable from members is recognized over the
period of subscription and to the extent of services rendered in accordance with
the terms of agreements.

Asset management and related services income is recognized when services are
rendered in accordance with the terms of agreements.

We maintain allowances for doubtful accounts for estimated losses resulting from
the inability of our customers to make required payments. If the financial
condition of our customers were to deteriorate, resulting in an impairment of
their ability to make payments, additional allowances may be required which
would results in an additional general and administrative expense in the period
such determination was made.

We do not have any of the following:

      o     Certain trading activities that include non-exchange traded
            contracts accounted for at fair value.

      o     Relationships and transactions with persons or entities that derive
            benefits from any non-independent relationships other than related
            party transactions discussed herein.

Off-Balance Sheet Arrangements

The Company has no off-balance sheet arrangements that have or are reasonably
likely to have a current or future effect on the Company's financial condition,
changes in financial condition, revenues or expenses, results of operations,
liquidity, capital expenditures or capital resources that is material to the
Company.





                                       18






RISK FACTORS

Set forth below are certain risks and uncertainties relating to our business.
These are not the only risks and uncertainties we face. Additional risks and
uncertainties not presently known to us or that we currently deem immaterial may
also impair our business. If any of the following risks actually occur, our
business, operating results or financial condition could be materially adversely
affected.

Risks Relating To Our Business

IT IS DIFFICULT TO EVALUATE OUR BUSINESS AND PROSPECTS BECAUSE WE HAVE A LIMITED
OPERATING HISTORY

If we do not successfully address these risks and uncertainties, our business,
operating results and financial condition will be materially adversely affected.

WE HAVE A HISTORY OF LOSSES, WE HAVE ONLY RECENTLY ACHIEVED PROFITABILITY AND WE
MAY NOT SUSTAIN PROFITABILITY

WE MAY REQUIRE ADDITIONAL FUNDS TO IMPLEMENT OUR CURRENT PLANS AND FINANCE
FUTURE GROWTH

Our business model assumes that we will have substantial additional funds to
implement the full range of products and services we plan to offer.

We may seek to obtain additional funds through sales of equity and/or debt, or
other external financing in order to fund our current operations and to achieve
our business plan. We cannot assure that any additional capital resources will
be available to us, or, if available, will be on terms that will be acceptable
to us. Any additional equity financing will dilute the equity interests of
existing security holders. If adequate funds are not available or are not
available on acceptable terms, our ability to execute our business plan and our
business could be materially and adversely affected.












                                       19






OUR MANAGEMENT HAS LIMITED EXPERIENCE OPERATING A PUBLIC COMPANY. WE MAY FACE
RISKS ASSOCIATED WITH POTENTIAL ACQUISITIONS, INVESTMENTS, STRATEGIC
PARTNERSHIPS OR OTHER VENTURES, INCLUDING WHETHER SUCH TRANSACTIONS CAN BE
LOCATED, COMPLETED AND THE OTHER PARTY INTEGRATED WITH OUR BUSINESS ON FAVORABLE
TERMS

As part of our long-term growth strategy, we may seek to acquire or make
investments in complementary businesses, technologies, services or products or
enter into strategic relationships with parties who can provide access to those
assets, if appropriate opportunities arise. From time to time, we may enter into
discussions and negotiations with companies regarding our acquiring, investing
in, or partnering with their businesses, products, services or technologies. We
may not identify suitable acquisition, investment or strategic partnership
candidates, or if we do identify suitable candidates, we may not complete those
transactions on commercially acceptable terms or at all. Acquisitions often
involve a number of special risks, including the following:

      o     we may experience difficulty integrating acquired operations,
            products, services and personnel;

      o     we may be unable to retain acquired subscribers;

      o     the acquisition may disrupt our ongoing business;

      o     we may not be able to successfully incorporate acquired technology
            and rights into our service offerings and maintain uniform
            standards, controls, procedures, and policies;

      o     we may not be able to retain the key personnel of the acquired
            company;

      o     the businesses we acquire may fail to achieve the revenues and
            earnings we anticipated; and

      o     we may ultimately be liable for contingent and other liabilities,
            not previously disclosed to us, of the companies that we acquire.

















                                       20


We may not successfully overcome problems encountered in connection with
potential future acquisitions. In addition, an acquisition could materially
adversely affect our operating results by:

      o     diluting security holders' ownership interest;

      o     causing us to incur additional debt; and

      o     forcing us to amortize expenses related to goodwill and other
            intangible assets.

Any of these factors could have a material adverse effect on our business. These
difficulties could disrupt our ongoing business, distract our management and
employees and increase our expenses. Furthermore, we may incur indebtedness or
issue equity securities to pay for any future acquisitions.

RISK RELATING TO DOING BUSINESS IN CHINA

THERE ARE ECONOMIC RISKS ASSOCIATED WITH DOING BUSINESS IN CHINA

The PRC economy has experienced significant growth in the past decade, but such
growth has been uneven across geographic and economic sectors and has recently
been slowing. There can be no assurance that such growth will not continue to
decrease or that any slow down will not have a negative effect on our business.
The PRC economy is also experiencing deflation which may continue in the future.
The current economic situation may adversely affect our profitability over time
as expenditures for advertisements may decrease due to the results of slowing
domestic demand and deflation. In October, 1998, the Guangdong International
Trust and Investment Corporation, an investment holding company of Guangzhou
Province, was declared insolvent and shut down by the PRC government.
Subsequently many other similarly situated PRC provincial investment holding
companies have defaulted on their loans and experienced financial difficulties.
As a result, our clients and suppliers may have limited access to credit that
may adversely affect our business. In addition, the international financial
markets in which the securities of the PRC government, agencies and private
entities are traded also have experienced significant price fluctuations upon
speculation that the PRC government may devalue the Renminbi which could
increase our costs relative to our PRC revenues.







                                       21




RESTRICTIONS ON CURRENCY EXCHANGE MAY LIMIT OUR ABILITY TO UTILIZE OUR REVENUES
EFFECTIVELY

We expect to derive a significant portion of revenues in the form of Renminbi.
Although Chinese governmental policies were introduced in 1996 to allow greater
convertibility of the Renminbi, significant restrictions still remain. We can
provide no assurance that the Chinese regulatory authorities will not impose
greater restrictions on the convertibility of the Renminbi. Any future
restrictions on currency exchanges may limit our ability to utilize revenue
generated in Renminbi to fund our business activities outside the PRC.

A CHANGE IN CURRENCY EXCHANGE RATES COULD INCREASE OUR COSTS RELATIVE TO OUR
REVENUES

We expect to generate a portion of our revenues and to incur expenses and
liabilities in Chinese Renminbi and U.S. dollars. As a result, we are subject to
the effects of exchange rate fluctuations with respect to any of these
currencies. We have not entered into agreements or purchased instruments to
hedge our exchange rate risks although we may do so in the future.

RISKS RELATING TO OUR STOCK

POSSIBLE DELISTING OF OUR STOCK FROM TRADING ON THE ELECTRONIC BULLETIN BOARD

Our common stock is listed on the electronic bulletin board of the
over-the-counter market. Once delisted, we cannot predict when, if ever, our
class of common stock would be re-listed for trading on the electronic bulletin
board or any other market or exchange as the approval to re-list the common
stock is subject to review by the National Association of Securities Dealers,
Inc. ("NASD").

BECAUSE OUR COMMON STOCK PRICE IS BELOW $5.00, WE ARE SUBJECT TO ADDITIONAL
RULES AND REGULATIONS.

The SEC has adopted regulations which generally define a "penny stock" to be any
equity security that has a market price (as defined) of less than $5.00 per
share, subject to certain exceptions. Our common stock presently is a "penny
stock". Because our stock is a "penny stock", it is subject to rules that impose
additional sales practice requirements on broker/dealers who sell our securities
to persons other than established customers and accredited investors. There can
be no assurance that the common stock will trade for $5.00 or more per share, or
if so, when.










                                       22





Although we desire to list the common stock on the Nasdaq SmallCap Market and
intend to apply for a listing on the SmallCap market at such time as we meet the
listing criteria, there can be no assurance that we will ever qualify.

Absent Nasdaq SmallCap Market or other Nasdaq or stock exchange listing,
trading, if any, in common stock will, as it presently is, continue in the
"Electronic Bulletin Board" administered by the NASD. As a result, you may find
it difficult to dispose of or to obtain accurate quotations as to the market
value of the common stock.

WE HAVE NO INTENTION TO PAY DIVIDENDS

We have never paid any cash dividends on our common stock. We currently intend
to retain all future earnings, if any, for use in our business and do not expect
to pay any dividends in the foreseeable future.

Item 3. Controls and Procedures.

      (a)   Evaluation of Disclosure Controls and Procedures

            Our disclosure controls and procedures (as defined in Rules
            13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934,
            as amended (the "Exchange Act")) are designed to ensure that
            information required to be disclosed in the reports that we file or
            submit under the Exchange Act is recorded, processed, summarized and
            reported within the time periods specified in the rules and forms of
            the Securities and Exchange Commission. The Company carried out an
            evaluation, under the supervision and with the participation of the
            Company's management, including the Company's Chief Executive
            Officer and Chief Financial Officer, of the effectiveness of the
            design and operation of the Company's disclosure controls and
            procedures as of June 30, 2005 and, based on their evaluation, the
            Chief Executive Officer and Chief Financial Officer concluded that
            the Company's disclosure controls and procedures are effective.

      (b)   Changes in Internal Controls

            There have been no significant changes in the Company's internal
            controls or in other factors that could significantly affect these
            controls subsequent to the date the Company carried out its
            evaluation.














                                       23





PART II - OTHER INFORMATION

Item 6. Exhibits.

      31.1  Rule 13a-14(a)/15d-14(a) Certification

      31.2  Rule 13a-14(a)/15d-14(a) Certification

      32.1  Section 1350 Certification of Chief Executive Officer

      32.2  Section 1350 Certification of Chief Financial Officer

































                                       24




                                   SIGNATURES

      In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


Date: August 22, 2005                       CHINAWE.COM INC.
                                            -----------------------------
                                            (Registrant)


                                            By: /s/ Man Keung Wai
                                            -----------------------------
                                            Man Keung Wai
                                            Chief Executive Officer
                                            (Principal Executive Officer)


                                            By: /s/ Vivian Chu
                                            -----------------------------
                                            Vivian Chu
                                            Chief Financial Officer
                                            (Principal Financial Officer)











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