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                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 March 31, 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)

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

                                Chinawe.com Inc.
                              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)

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

The number of shares outstanding of the issuer's common stock, par value $.001
per share, as of May 15, 2005 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
         March 31, 2005 (Unaudited)                                          3

         Consolidated Condensed Statements of Operations for
         the Three Months Ended March 31, 2005 (Unaudited)
         and March 31, 2004 (Unaudited)                                      4

         Consolidated Condensed Statements of Changes in
         Stockholders' Deficit for the Three Months Ended
         March 31, 2005 (Unaudited)                                          5

         Consolidated Condensed Statements of Cash Flows for
         the Three Months Ended March 31, 2005 (Unaudited)
         and March 31, 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                                            20

PART II - OTHER INFORMATION

Item 6.  Exhibits                                                           22

SIGNATURES                                                                  23

PART I - FINANCIAL INFORMATION
Item 1.  Financial Statements.

                                CHINAWE.COM INC.
                      CONSOLIDATED CONDENSED BALANCE SHEET
                              AS OF MARCH 31, 2005
                                   (UNAUDITED)
<TABLE>

                                                              Note           US$             RMB
                                                                             ---             ---

ASSETS
Current assets:
   Cash and cash equivalents                                               216,067        1,790,447
   Accounts receivable, net of allowance
         for doubtful accounts of RMB17,176 (US$2,073)                      22,015          182,437
   Prepayments, deposits and other debtors                                   9,285           76,950
                                                                        ----------       ----------

   Total current assets                                                    247,367        2,049,834

Property, plant and equipment, net                             5             3,673           30,434
                                                                        ----------       ----------
TOTAL ASSETS                                                               251,040        2,080,268
                                                                        ==========       ==========

LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
   Customer deposits received                                               15,377          127,423
   Accrued expenses and other current liabilities                          156,432        1,296,277
   Current portion of long-term debt                                         5,375           44,542
   Due to related parties                                      6           846,224        7,012,236
   Income tax payable                                          7            22,001          182,312
                                                                        ----------       ----------
   Total current liabilities                                             1,045,409        8,662,790
                                                                        ----------       ----------
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                                       42,417          351,491
   Capital in excess of par                                                 85,948          712,211
   Accumulated losses                                                     (925,339)      (7,667,811)
   Accumulated other comprehensive income                                    2,605           21,587
                                                                        ----------       ----------
Total stockholders' deficit                                               (794,369)      (6,582,522)
                                                                        ----------       ----------
TOTAL LIABILITIES AND
  STOCKHOLDERS' DEFICIT                                                    251,040        2,080,268
                                                                        ==========       ==========
</TABLE>

See notes to the consolidated condensed financial statements.

                                       3

                                CHINAWE.COM INC.
                 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                   THREE MONTHS ENDED MARCH 31, 2005 AND 2004
                                   (UNAUDITED)

<TABLE>

                                                                                Three months ended March 31,
                                                                   ------------------------------------------------------
                                                                             2005                2005                2004
                                                     Note                     US$                 RMB                 RMB

OPERATING REVENUES
On-line services                                                            5,956              49,358              67,079
Asset management and related services                                     288,034           2,386,796                   -
                                                                   --------------      --------------      --------------
                                                                          293,990           2,436,154              67,079

Depreciation                                                                 (547)             (4,532)            (31,393)
Administrative and general expenses                                       (55,977)           (463,855)           (395,775)
                                                                   --------------      --------------      --------------
INCOME (LOSS) FROM OPERATIONS                                             237,466           1,967,767            (360,089)

NON-OPERATING INCOME (EXPENSE)
Interest                                                                   (7,807)            (64,692)            (65,587)
Other income                                                                  596               4,940              21,267
                                                                   --------------      --------------      --------------
INCOME (LOSS) BEFORE INCOME TAXES                                         230,255           1,908,015            (404,409)

Income tax expense                                    7                    (9,873)            (81,813)                  -
                                                                   --------------      --------------      --------------
NET INCOME (LOSS)                                                         220,382           1,826,202            (404,409)
                                                                   ==============      ==============      ==============
Basic and diluted net income (loss) per share of
   common stock                                                              0.01                0.04               (0.01)
                                                                   ==============      ==============      ==============
Weighted average number of shares of common
   stock outstanding                                                   43,800,000          43,800,000          41,210,989
                                                                   ==============      ==============      ==============
</TABLE>

See notes to the consolidated condensed financial statements.

                                       4

                                CHINAWE.COM INC.
                        CONSOLIDATED CONDENSED STATEMENT
                       OF CHANGES IN STOCKHOLDERS' DEFICIT
                        THREE MONTHS ENDED MARCH 31, 2005
                                   (UNAUDITED)

<TABLE>

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

Balances as of January 1,
  2005                           43,800,000       351,491         712,211      (9,494,013)            8,763        (8,421,548)

Comprehensive income:
  Net income for period                   -             -               -       1,826,202                 -         1,826,202
  Currency translation
    adjustments                           -             -               -               -            12,824            12,824
                                ------------   -----------   -------------   -------------   ---------------   ---------------

Total comprehensive income                                                                                          1,839,026
                                                                                                               ---------------
Balances as of March 31,
  2005                           43,800,000       351,491         712,211      (7,667,811)           21,587        (6,582,522)
                                ============   ===========   =============   =============   ===============   ===============

Balances as of March 31,
   2005                    US$                     42,417          85,948        (925,339)            2,605          (794,369)
                                               ===========   =============   =============   ===============   ===============
</TABLE>

See notes to the consolidated condensed financial statements.

                                       5

                                CHINAWE.COM INC.
                            STATEMENTS OF CASH FLOWS
                   THREE MONTHS ENDED MARCH 31, 2005 AND 2004
                                   (UNAUDITED)

<TABLE>

                                                           2005             2005              2004
                                                            US$              RMB               RMB

CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income (loss)                                     220,382        1,826,202          (404,409)

   Adjustments to reconcile net income (loss)
      to net cash provided by (used in)
      operating activities:
      Depreciation                                           547            4,532            31,393
      Changes in operating assets and liabilities:
         Accounts receivable, net                        (10,000)         (82,866)                -
         Prepayments, deposits and other debtors          (5,551)         (46,000)           20,000
         Accrued expenses and other                          360            2,976            89,118
            current liabilities
         Income tax payable                                9,873           81,813                 -
         Customer deposits received                        8,236           68,249           (24,251)
                                                      ----------       ----------        ----------

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES      223,847        1,854,906          (288,149)
                                                      ----------       ----------        ----------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Increase in loan from a director                        6,150           50,959            14,391
   Advance from related parties                           64,150          531,580           693,858
   Repayment to related parties                          (91,923)        (761,717)         (485,679)
   Repayment of long-term debt                            (1,047)          (8,674)          (12,368)
                                                      ----------       ----------        ----------

NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES      (22,670)        (187,852)          210,202
                                                      ----------       ----------        ----------

NET INCREASE (DECREASE) IN
  CASH AND CASH EQUIVALENTS                              201,177        1,667,054           (77,947)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD            14,929          123,712           139,218

EFFECT OF EXCHANGE RATE CHANGES                              (39)            (319)             (528)
                                                      ----------       ----------        ----------

CASH AND CASH EQUIVALENTS, END OF PERIOD                 216,067        1,790,447            60,743
                                                      ==========       ==========        ==========

SUPPLMENTAL DISCLOSURE OF CASH FLOW
INFORMATION
Cash paid for interest                                    7,807            64,692            51,196
                                                      ==========       ==========        ==========

NON-CASH TRANSACTION
Conversion of amount due to a related party
  to 3,800,000 shares of common stock of the Company          -                 -         1,062,900
                                                      ==========       ==========        ==========
</TABLE>

See notes to the consolidated condensed financial statements.

                                       6

                                CHINAWE.COM INC.
            NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                   THREE MONTHS ENDED MARCH 31, 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 three months ended March 31,
     2005 are not necessarily indicative of the operating results for the full
     year.

2.   Description of business

     The Company was incorporated under the laws of the State of California.
     After recapitalization in 2001, the Company has been engaged in the
     business of enabling e-commerce transactions for small and medium-size
     producers of goods in Mainland China for sale to overseas wholesale
     customers and managing assets located in the People's Republic of China
     ("PRC"). See "Item 2. Management's Discussion and Analysis or Plan of
     Operation - Liquidity and Capital Resources".

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, Welcon Info-Tech Limited (now known as "Chinawe
     Asset Management Limited").

                                       7

CHINAWE.COM INC.
NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
THREE MONTHS ENDED MARCH 31, 2005 AND 2004
(UNAUDITED)

     Chinawe Asset Management Limited ("CAM(HK)") (formerly known as Welcon
     Info-Tech Limited); incorporated in Hong Kong in June 1997, provides loan
     servicing and other services relating to non-performing loans ("NPL" or
     "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
     business-to-business e-marketplace for small-to-medium size businesses. The
     joint venture agreement required CAM(HK) to invest RMB1,056,412 into the
     joint venture. The PRC Party is to provide premises, facilities and
     licensing agreements for an annual service fee of RMB100,000. 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. See Note 9 "Subsequent Events."

4.   Summary of significant accounting policies

     (a)  Basis of presentation

          Theaccompanying financial statements present the financial position of
          the Company as of March 31, 2005 and its results of operations and
          cash flows for the three months ended March 31, 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
                   THREE MONTHS ENDED MARCH 31, 2005 AND 2004
                                   (UNAUDITED)

     (b)  Translation of foreign currencies

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

          The translation of the financial statements of subsidiaries whose
          functional currencies are other than RMB into RMB is performed for
          balance sheet accounts using closing exchange rates in effect at the
          balance sheet date and for revenue and expense accounts using an
          average exchange rate during each reporting period. The gains or
          losses resulting from translation are included in stockholders'
          deficit separately as accumulated other comprehensive income or loss.

          Translation of amounts from RMB into US$ for the convenience of the
          reader has been made at the exchange rate on March 31, 2005 of US$1.00
          = RMB8.2865. No representation is made that the RMB amounts could have
          been, or could be, converted into US$ at that rate on March 31, 2005
          or at any other date.

                                       9

                                CHINAWE.COM INC.
            NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                   THREE MONTHS ENDED MARCH 31, 2005 AND 2004
                                   (UNAUDITED)

     (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

                                                March 31, 2005
                                      -----------------------------------
                                            US$                RMB
                                      ---------------    ----------------
     At cost:
     Computer equipment                        23,819             197,382
     Leasehold improvement                      4,936              40,905
     Motor vehicle                             41,773             346,158
                                      ---------------    ----------------
                                               70,528             584,445

     Accumulated depreciation                 (66,855)           (554,011)
                                      ---------------    ----------------
                                                3,673              30,434
                                      ===============    ================

6.   Related party transactions

     The balances with related parties are as follows:

                                                          March 31, 2005
                                                 -------------------------------
                                                      US$               RMB
                                                 -------------    --------------
     Loan from a director, including interest          140,941         1,167,911
     Advances from related parties:
       Shareholders                                    701,821         5,815,640
       PRC party                                         3,462            28,685
                                                 -------------    --------------

                                                       846,224         7,012,236
                                                 =============    ==============

     (a)  The loan from a director is unsecured, interest bearing and is
          repayable on June 30, 2004. Interest expenses charged for the three
          months ended March 31, 2005 and 2004 were RMB64,240 (US$7,752) and
          RMB64,265 (US$7,755), respectively. The maturity date of this loan was
          extended until June 2006. See "Item 2. Management's Discussion and
          Analysis or Plan of Operation- Liquidity and Capital Resources."

                                       10

                                CHINAWE.COM INC.
            NOTES TO THE CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
                   THREE MONTHS ENDED MARCH 31, 2005 AND 2004
                                   (UNAUDITED)

     (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 three months ended March 31, 2005 and
          2004, the Company received advances from related parties of RMB531,580
          and RMB693,858, respectively. In addition, during the three months
          ended March 31, 2005 and 2004, the Company repaid advances of
          RMB761,717 and RMB485,679, respectively.

          The Company occupied office space in a building leased by an affiliate
          of the Company. Rental expense for each of the three months ended
          March31, 2005 and 2004 was approximately RMB37,770 and RMB17,600,
          respectively.

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 three months ended March 31, 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
                   THREE MONTHS ENDED MARCH 31, 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 March 31, 2005, no awards have been made
under the Plan.

9.   Subsequent events

On April 20, 2005, CAM (PRC) executed the definitive Services Agreement with
Huizhou One Limited, a subsidiary of Citigroup Financial Products Inc., to
provide loan servicing and other services relating to a pool of non-performing
loans in Huizhou. See Item 2 of this Form 10-QSB under the heading "Management's
Discussion and Analysis or Plan of Operation-Liquidity and Capital Resources."

                                       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 three months ended March 31, 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 three months ended March 31, 2005, the Company reported net
income of RMB1,826,202 (US$220,382) and as of March 31, 2005 had a stockholders'
deficit and a working capital deficit of RMB6,582,522 (US$794,369) and
RMB6,612,956 (US$798,042), respectively.

Three months Ended March 31, 2005 compared to the Three months Ended March 31,
2004

Revenues. Revenues for the three months ended March 31, 2005 were RMB2,436,154
as compared to subscription and service income of RMB67,079 for the three months
ended March 31, 2004, an increase of 3,532%. 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 RMB2,386,796 for the three months
ended March 31, 2005.

Expenses. Administrative and general expenses for the three months ended March
31, 2005 were RMB463,855 as compared to RMB395,775 for the three months ended
March 31, 2004, an increase of 17%. The increase was due to the increase in
salary expense. As a result of loans advanced to the Company by a director in
the third quarter of 2004, the Company has incurred interest expense of
RMB64,240 and RMB64,265 payable to a director for the three months ended March
31, 2005 and 2004, respectively.

Taxation. Income tax expense for the three months ended March 31, 2005 amounted
to RMB81,813. 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 three
months ended March 31, 2005 of RMB1,967,767 as compared to a loss from
operations of RMB360,089 for the three months ended March 31, 2004. Our net
income for the three months ended March 31, 2005 was RMB1,826,202 as compared to
a net loss of RMB404,409 for the three months ended March 31, 2004.

                                       13

Liquidity and Capital Resources

The Company's financial statements for the three months ended March 31, 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 three months ended March 31, 2005, the Company reported net
income of RMB1,826,202 (US$220,382) and as of March 31, 2005 had a stockholders'
deficit and a working capital deficit of RMB6,582,522 (US$794,369) and
RMB6,612,956 (US$798,042), 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 People's Republic of China ("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.

                                       14

     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
     advised 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 will
     continue to add talents to complement the existing staff which possesses a
     good mix of industry know-how and local knowledge. 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

                                       15

     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 Common
     Stock to various finders as compensation for their efforts and
     contributions in connection with the deal.

(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 tCompany'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, opment 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 risks 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.

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
assets 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.

                                       16

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.

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 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 will 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.

                                       17

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.

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.

                                       18

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.

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 purchase 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 NASD.

                                       19

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.

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 National Association of
Securities Dealers, Inc. 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

     Disclosure controls and procedures are designed to ensure the reliability
     of the financial statements and other disclosures included in this report.
     Within the 90 days prior to the filing of this report, 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 pursuant to Exchange
     Act Rule 13a-14. Based upon that evaluation, the Chief Executive Officer
     and Chief Financial Officer concluded that the Company's disclosure
     controls and procedures are effective in timely alerting them to material
     information required to be included in the Company's periodic Securities
     and Exchange Commission filings.

     (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.

                                       20

                           PART II - OTHER INFORMATION

Item 6. Exhibits.

        10.3    Asset Consulting Agreement, dated as of April 20, 2005, by and
                between Huizhou One Limited and Chinawe Asset Management (PRC)
                Limited(x)

        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 Executive Officer

------------------
(x) Filed in redacted form pursuant to Rule 24b-2 promulgated under the
Securities Exchange Act of 1934, as amended ("Exchange Act"). Filed separately
in unredacted form subject to a request for confidential treatment pursuant to
Rule 24b-2 under the Exchange Act.

                                       21

                                   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: May 23, 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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