`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, 2006

       [ ] 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.
                     ---------------------------------------

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

                            Room 1304, Dongbao Tower
                             767 Dongfeng Road East
                             Guangzhou, China 510600
                             -----------------------
                    (Address of principal executive offices)

                                (8620) 3821-0119
                           ---------------------------
                           (Issuer's telephone number)

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).
Yes       No    X
    ---       ----

The number of shares outstanding of the issuer's common stock, par value $.001
per share, as of July 14, 2006 was 43,800,000.

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






                                CHINAWE.COM INC.


PART I - FINANCIAL INFORMATION                                          Page No.

Item 1.  Financial Statements

      Consolidated Condensed Balance Sheet as of
      June 30, 2006 (Unaudited)                                              3

      Consolidated Condensed Statements of Operations
      for the Three and Six months ended June 30,
      2006 (Unaudited) and June 30, 2005 (Unaudited)                         4

      Consolidated Condensed Statements of Cash Flows
      for the Six months ended June 30, 2006
      (Unaudited) and June 30, 2005 (Unaudited)                              5

      Notes to Consolidated Condensed Financial
      Statements for the Six months ended June 30,
      2006 and 2005 (Unaudited)                                              6

Item 2.  Management's Discussion and Analysis or Plan of Operation          11

Item 3.  Controls and Procedures                                            14

PART II - OTHER INFORMATION

Item 6.  Exhibits                                                           15

SIGNATURES                                                                  16





                                        2



PART I - FINANCIAL INFORMATION
Item 1.  Financial Statements.
                                CHINAWE.COM INC.
                      CONSOLIDATED CONDENSED BALANCE SHEET
                                   (UNAUDITED)
                                      Note

                                                                       As of
                                                                   June 30, 2006
                                                                        US$
ASSETS
Current assets:
Cash and cash equivalents                                               210,488
Accounts receivable, net of allowance
   for doubtful accounts of US$2,215                                     32,812
Prepayments, deposits and other debtors                                  22,480
                                                                       --------

Total current assets                                                    265,780

Property, plant and equipment, net                    5                 106,810
                                                                       --------
TOTAL ASSETS                                                            372,590
                                                                       ========

LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accrued expenses and other current liabilities                          179,688
Current portion of long-term debt                     6                  12,331
Due to related parties                                7                 523,747
Income tax payable                                    8                 352,434
Surcharge on taxes                                    9                  27,274
                                                                       --------

Total current liabilities                                             1,095,474
                                                                      ---------
Long term liabilities:
Non-current portion of long-term debt                 6                  32,883
                                                                       --------

Contingencies and commitments                         9

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
     and outstanding 43,800,000 shares                                   43,800
Capital in excess of par                                                 85,948
Accumulated losses                                                     (882,926)
Accumulated other comprehensive loss                                     (2,589)
                                                                       --------
Total stockholders' deficit                                            (755,767)
                                                                       --------

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT                             372,590
                                                                       ========





See notes to the consolidated condensed financial statements.


                                       3



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



                                           NOTE      Three months ended June 30,         Six months ended June 30,
                                                      2006              2005              2006            2005
                                                      US$               US$               US$             US$

OPERATING REVENUES
On-line services income                                -                  8,254                55          14,210
Asset management and related services                 384,563           215,855           761,428         503,889
                                                      ---------         ---------         ---------       ---------
                                                      384,563           224,109           761,483         518,099
Depreciation                                          (12,216)           (4,306)          (24,071)         (4,853)
Administrative and general expenses                  (248,685)         (137,635)         (530,711)       (193,612)
                                                      ---------         ---------         ---------       ---------

INCOME FROM OPERATIONS                                123,662            82,168           206,701         319,634

NON-OPERATING INCOME (EXPENSE)
Interest                                               (8,388)           (7,892)          (16,791)        (15,699)
Surcharge on taxes                                    (12,939)                -           (27,274)              -
Other income                                              427               223               853             819
                                                      ---------         ---------         ---------       ---------

INCOME BEFORE INCOME TAXES                            102,762            74,499           163,489         304,754

Income tax expense                          8         (72,877)          (14,996)         (113,578)        (24,869)
                                                      ---------         ---------         ---------       ---------

NET INCOME                                             29,885            59,503            49,911         279,885
                                                      =========         =========         =========       =========
Basic and diluted net income
per share of common stock                               0.001             0.001             0.001           0.006
                                                      =========         =========         =========       =========

Weighted average number of shares
 of common stock outstanding                        43,800,000       43,800,000        43,800,000       43,800,000
                                                    ===========      ===========       ===========      ===========




See notes to the consolidated condensed financial statements.




                                       4



                                                  CHINAWE.COM INC.
                                  CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                                    (UNAUDITED)

                                                                                 Six months ended June 30,
                                                                                2006 (US$)        2005 (US$)

CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                                                        49,911            279,885
Adjustments to reconcile net income to net cash provided by operating
   activities:
   Depreciation                                                                   24,071              4,853
   Changes in operating assets and liabilities:
     Accounts receivable, net                                                     16,177             10,000
     Prepayments, deposits and other debtors                                      31,475            (70,740)
     Customer deposits received                                                   (7,265)               341
     Accrued expenses and other current liabilities                              (36,166)            (2,895)
     Surcharge on taxes                                                           27,274                  -
     Income tax payable                                                          115,201             24,869
                                                                                --------           --------

NET CASH PROVIDED BY OPERATING ACTIVITIES                                        220,678            246,313
                                                                                --------           --------

CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment                                         (2,617)           (50,289)
                                                                                --------           --------

NET CASH USED IN INVESTING ACTIVITIES                                             (2,617)           (50,289)
                                                                                --------           --------

CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long-term debt                                                       (6,166)            (3,168)
Advance from related parties                                                     207,875             91,532
Repayment to related parties                                                    (451,154)          (115,626)
Increase in loan from a director                                                   2,436              3,331
                                                                                --------           --------

NET CASH USED IN FINANCING ACTIVITIES                                           (247,009)           (23,931)
                                                                                --------           --------

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                             (28,948)           172,093

Cash and cash equivalents, beginning of period                                   237,310             14,929

Effect of exchange rate changes                                                    2,126               (781)
                                                                                --------           --------

CASH AND CASH EQUIVALENTS, END OF PERIOD
                                                                                 210,488            186,241
                                                                                ========            =======
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest                                                            16,791            15,699
                                                                                ========            =======




See notes to the consolidated condensed financial statements.



                                       5



                                CHINAWE.COM INC.
            NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                     SIX MONTHS ENDED JUNE 30, 2006 AND 2005
                                   (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, 2005 (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, 2006 are not necessarily indicative of the
operating results for the full year.

2.    Description of business

      The Company was formed pursuant to the corporation laws of the State of
California on March 19, 1997. The Company's principal business is providing
professional management services relating to non-performing loans ("NPL" or
"NPLs") in the People's Republic of China ("PRC"). The Company's professional
service platform provides comprehensive solutions to NPL assets, either by
expediting ownership transactions between the portfolio owners and their
purchasers, or by negotiating with the relevant debtors to facilitate financial
restructuring. The Company is also actively seeking a wide scope of asset
management opportunities among various industries located in the PRC.

Guangzhou Welcon Information Limited ("WIT (GZ)"), a subsidiary of the Company
from which the Company previously derived a great proportion of its revenues,
terminated its operations on October 31, 2005 and dissolved in February 2006.
The activities of WIT (GZ) for the year ended December 31, 2005 were
insignificant and immaterial to the financial statements of the Company.

3.    Organization

The consolidated 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)").

CAM (HK); a company incorporated in Hong Kong in June 1997, which provides
subscriber services for the production of website images and a
business-to-business e-marketplace for small-to-medium size businesses.

Chinawe Asset Management (PRC) Limited ("CAM (PRC)") was established in the PRC
in April 2005 to service the NPLs under services agreements with Huizhou One
Limited, a subsidiary of Citigroup Financial Products Inc. ("CFP").



                                       6



                                CHINAWE.COM INC.
            NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                     SIX MONTHS ENDED JUNE 30, 2006 AND 2005
                                   (UNAUDITED)


4.    Summary of significant accounting policies

    (a) Basis of accounting

The financial statements have been prepared in accordance with generally
accepted accounting principles in the United States of America ("US").

    (b) Basis of presentation

The accompanying financial statements present the financial position of the
Company as of June 30, 2006, and its results of operations for the three and six
months ended June 30, 2006 and 2005 and cash flows for the six months ended June
30, 2006 and 2005. All inter-company accounts and transactions have been
eliminated in consolidation.

    (c) Translation of foreign currencies

The Company's functional currency is Renminbi, which is the currency of the
primary economic environment in which the Company operates. For reporting
purposes, the amounts shown in the financial statements are presented in US
dollars ("reporting currency").

For translation of financial statements into the reporting currency, assets and
liabilities for each balance sheet presented are translated at the rates of
exchange existing at year end. Income and expenses for each income statement
presented are translated at the average rates during the year. Resulting
exchange differences are recognized in accumulated other comprehensive income
(loss) within stockholders' equity.

    (d) Going concern consideration

The Company's financial statements for the six months ended June 30, 2006 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. As of June 30, 2006, the Company had negative working capital and
stockholders' deficit of US$829,694 and US$755,767 respectively, which raised
substantial doubt about its ability to continue as a going concern.

Management is of the view that although the Company has experienced difficulty
in meeting its liquidity needs, such difficulty has been greatly alleviated
recently due to the change in the Company's business. Management of the Company
is confident that the new strategic direction of the Company and the servicing
arrangements with a subsidiary of CFP will generate sufficient cash flows for
operations, gradually improve its financial condition, and eventually erase
doubts as to the Company's operating as a going concern.





                                       7


                                CHINAWE.COM INC.
            NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                     SIX MONTHS ENDED JUNE 30, 2006 AND 2005
                                   (UNAUDITED)

5. Property, plant and equipment, net

   Property, plant and equipment are summarized as follows:

                                                As of June 30, 2006
                                                       US$
   Office equipment                                   7,925
   Computer equipment                                 9,806
   Leasehold improvement                             57,023
   Motor vehicle                                     99,119
                                                   ---------

                                                    173,873
   Accumulated depreciation                         (67,063)
                                                   ---------
   Net                                              106,810
                                                   =========


6. Long term debt

   Long term debt consists of an obligation under capital lease with US$45,214
   outstanding as of June 30, 2006. The debt is secured by a motor vehicle with
   a net book value of US$33,384, bearing interest at 3-5% per annum and is
   repayable in monthly installments of US$1,232, with the final installment due
   in February 2010. Maturity of the debt is as follows:

                                                       As of June 30, 2006
                                                               US$
   Within 1 year                                              14,778
   Over 1 year but not exceeding 2 years                      14,778
   Over 2 years but not exceeding 3 years                     14,778
   Over 3 years but not exceeding 4 years                      9,850
                                                              ---------
                                                              54,184
   Less: Amount representing interest                         (8,970)
                                                              ---------
   Present value of net minimum lease payments                45,214
                                                              =========


                                       8




                                CHINAWE.COM INC.
            NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                     SIX MONTHS ENDED JUNE 30, 2006 AND 2005
                                   (UNAUDITED)


7. Related party transactions

   The balances with related parties are as follows:

                                                         As of June 30, 2006
                                                                  US$
   At cost:                                      NOTE
   Loan from a director, including interest      (a)            148,249
   Advances from stockholders                    (b)            375,498
                                                               --------
                                                                523,747
                                                               ========

   (a) The loan from a director is unsecured, interest bearing and was
originally due to be repaid on June 30, 2004. Interest expense charged for the
six months ended June 30, 2006 and 2005 was US$15,569 and US$15,563,
respectively. The maturity date of this loan was extended until September 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, 2006 and 2005, the Company
received advances from related parties of US$207,875 and US$91,532,
respectively. In addition, during the six months ended June 30, 2006 and 2005,
the Company repaid advances of US$451,154 and US$115,626, respectively.

8.    Income taxes

It is management's intention to reinvest all the income attributable to the
Company earned by its operations outside the US. 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 income tax at 17.5%. Companies that carry on business and derive
income in the PRC are subject to a national income tax at 30% and a local income
tax at 3%. The income tax expense for the period represents the PRC enterprise
income tax charged on the profit earned in the PRC.

No income taxes have been provided for the Hong Kong subsidiary as it has
incurred losses since commencement of its operations.


9. Contingencies

One of the subsidiaries of Chinawe in the PRC is subject to the PRC enterprise
income tax and business tax. However, up to 30 June 2006, the Company has
submitted tax returns and made payments for a portion of the total tax
liabilities, which is not in compliance with the tax laws and regulations in the
PRC. For this reason, the Company has made full provision for all tax
liabilities in accordance with the relevant tax laws and regulations, together
with a default interest that may be levied on the Company at a daily rate of
0.05% of the underpaid taxes.


                                       9


Despite the fact that the Company has fully accrued the taxes and related
default interest in the financial statements, the Company may be subject to
penalties ranging from 50% to 500% of the underpaid tax amounts. The exact
amount of the penalty cannot be estimated with any reasonable degree of
certainty.


10. 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, 2006, no
awards have been made under the Plan.







                                       10




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, the number of the Company's clients, limited
operating history, competition, risks of doing business in the PRC and currency
risks.

OVERVIEW - RESULTS OF OPERATIONS

The Company's financial statements for the six months ended June 30, 2006 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, 2006, the Company reported net
income of US$49,911 and as of June 30, 2006 had a stockholders' deficit and a
working capital deficit of US$755,767 and US$829,694, respectively.

THREE MONTHS ENDED JUNE 30, 2006 COMPARED TO THE THREE MONTHS ENDED JUNE 30,
2005

REVENUES. Revenue for the three months ended June 30, 2006 was US$384,563 as
compared to that of US$224,109 for the three months ended June 30, 2005, an
increase of 72%. 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 is no longer our major business and all income was derived
from asset management.

EXPENSES. Administrative and general expenses for the three months ended June
30, 2006 were US$248,685 as compared to US$137,635 for the three months ended
June 30, 2005, an increase of 81%. The increase was mainly attributable to the
growing asset management business of the Company. Compared to the period of
three months ended June 30, 2005, the increase in administrative and general
expenses for the three months ended June 30, 2006 mainly comprised the increase
in salary expense from US$64,413 to US$110,479, rental expense from US$11,385 to
US$20,159, motor vehicle expense from US$4,394 to US$21,140 and professional
fees from US$8,379 to US$57,019, respectively .

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$7,778 and US$7,811
payable to the director for the three months ended June 30, 2006 and 2005,
respectively.

TAXATION. Income tax expense for the three months ended June 30, 2006 amounted
to US$72,877. The amount represents PRC enterprise income tax charged on the
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, 2006 of US$123,662 as compared to US$82,168 for the three
months ended June 30, 2005. Our net income for the three months ended June 30,
2006 was US$29,885 as compared to US$59,503 for the three months ended June 30,
2005.



                                       11



SIX MONTHS ENDED JUNE 30, 2006 COMPARED TO THE SIX MONTHS ENDED JUNE 30, 2005

REVENUES. Revenue for the six months ended June 30, 2006 was US$761,483 as
compared to that of US$518,099 for the six months ended June 30, 2005, an
increase of 47%. 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 is no longer our major business and all income was derived
from asset management.

EXPENSES. Administrative and general expenses for the six months ended June 30,
2006 were US$530,711 as compared to US$193,612 for the six months ended June 30,
2005, an increase of 174%. The increase was mainly attributable to the growing
asset management business of the Company. Compared to the six months ended June
30, 2005, the increase in administrative and general expenses for the six months
ended June 30, 2006 mainly comprised the increase in salary expense from
US$98,165 to US$215,727, rental expense from US$15,943 to US$33,003, motor
vehicle expense from US$4,944 to US$41,436 and professional fees from US$8,854
to US$130,026, respectively.

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$15,569 and US$15,563
payable to the director for the six months ended June 30, 2006 and 2005,
respectively.

TAXATION. Income tax expense for the six months ended June 30, 2006 amounted to
US$113,578. The amount represents PRC enterprise income tax charged on the
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, 2006 of US$206,701 as compared to US$319,634 for the six
months ended June 30, 2005. Our net income for the six months ended June 30,
2006 was US$49,911 as compared to US$279,885 for the six months ended June 30,
2005.

LIQUIDITY AND CAPITAL RESOURCES

The Company's financial statements for the six months ended June 30, 2006 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, 2006, the Company reported net
income of US$49,911 and as of June 30, 2006 had a stockholders' deficit and a
working capital deficit of US$755,767 and US$829,694, respectively. Although the
Company has experienced difficulty in meeting its liquidity needs, such
difficulty has been greatly alleviated recently due to the change in the
Company's business. Management of the Company is confident that the following
plans should address the issue of the Company continuing as a going concern:

(1) On September 22, 2005, the Company entered into a Services Agreement (the
"Agreement") with Citigroup Financial Products Inc., a subsidiary of Citigroup
Inc. ("CFP"), to provide loan servicing and other services relating to
non-performing loans ("NPL" or "NPLs") in Foshan, Guangdong Province, China
purchased by CFP from China Great Wall Asset Management Corporation ("Great
Wall") (the "Foshan Agreement"). The book value of the NPL portfolio was $370
million. The transaction between CFP and Great Wall had been approved by the
requisite PRC governmental agencies prior to the execution of the Foshan
Agreement. Subsequently, Chinawe Asset Management (PRC) Limited ("CAM"), a
subsidiary of the Company, also set up a branch office in Foshan, Guangdong
Province, primarily to render services related to this portfolio of NPLs.
Previously, CAM had entered into a Services Agreement with CFP to provide loan
servicing and other services relating to NPLs in Huizhou, Guangdong Province,
China (together with the Agreement, the "CFP Agreements").

Pursuant to the Foshan Agreement, CFP 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. As compensation for the Consulting Services received, CFP pays CAM a
fixed monthly portion and a series of variable fees based on performance as
follows: (i) a base consulting fee paid on signing of the 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 Huizhou One Limited ("Owner"), a
subsidiary of CFP, 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.

Upon termination of the Foshan Agreement (a) CFP 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.


                                       12


Management strongly believes that the new strategic direction of the Company and
the servicing arrangements with CFP will gradually 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
CFP Agreements provide the basis for close cooperation between the Company and
CFP for the investment and resolution of non-performing assets in the Chinese
market. This close cooperation not only should help the Company improve its
financial position, but also increase the likelihood of future expansion in
other domains of asset management in China. We keep evaluating the Company's
involvement in a series of future NPL transactions.

(2) 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.

(3) The Company has begun 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, as well as development of new or
enhanced products or services in response to competitive pressures or to acquire
technologies or complimentary products or businesses. However, 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 since we do not have outstanding debt instruments and we do not maintain a
portfolio of interest-sensitive debt instruments.

However, as our asset management business is carried out more and more
comprehensively, we may be exposed to a material level of market risk due to
undeveloped financial and credit systems in China. Laws, regulations and
policies are insufficient to protect asset owners. As an asset management
servicer, we can only ensure due professional care.

During the six months ended June 30, 2006, we derived a significant portion of
revenues in the form of US dollars. From October 2005 onwards, however, we
derived and expect in the future to derive a significant portion of revenues in
the form of Chinese Renminbi ("RMB") and, therefore, may be exposed to
significant currency risks between the RMB and other major foreign currencies in
the future. Previously, because the RMB was effectively pegged to the U.S.
dollar, it was not significantly important for the Company to engage in hedging
activities to mitigate the impact of changes in foreign exchange rates. However,
in the future management may use foreign currency forward exchange contracts as
a vehicle for hedging purposes if China adopts a floating system and our
management determines that the volatility of currency risks is material to the
Company's operations and financial performance.

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.

REVENUE RECOGNITION AND VALUATION. The Company generally recognizes asset
management and related services income, as well as online subscription and
service income when persuasive evidence of an arrangement exists, services are
rendered, the fee is fixed or determinable, and collectability is probable.
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 result in an additional general and administrative expense in the period
such determination was made.


RELATED PARTY TRANSACTION. We do not have any of the following:

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



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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.

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 SEC. 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, 2006 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.





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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




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                                   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 14, 2006                           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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