U.S. Securities and Exchange Commission
                             Washington, D.C. 20549

                                  FORM 10-KSB/A


[X]  ANNUAL  REPORT  UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
     1934  for  the  period  ended  December  31,  2003

[ ]  TRANSITION  REPORT  UNDER SECTION 13 OR 15(d)  OF  THE SECURITIES  EXCHANGE
     ACT  OF  1934  for  the  transition  period  from  _______  to  _______

                        COMMISSION FILE NUMBER: 333-52472
                        ---------------------------------

                                 XENICENT, INC.
                                 --------------
        (Exact name of small business issuer as specified in its charter)


     North  Carolina                                       36-4344865
     ---------------                                       ----------
(State  or  other  jurisdiction  of            (IRS Employer identification No.)
incorporation  or  organization)


                P.O. Box 243, Chimney Rock, North Carolina 28720
                ------------------------------------------------
                    (Address of principal executive offices)

                                 (828) 625-2666
                                 --------------
                          (Issuer's telephone number)

      Securities registered pursuant to Section 12(b) of the Exchange Act:

                                      None

      Securities registered pursuant to Section 12(g) of the Exchange Act:

                      $0.001 Par Value Common Voting Stock
                                (Title of Class)

Check whether the issuer (1) filed all reports required to be filed by Section13
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  [  ]

Check  if there is no disclosure of delinquent filers in response to Item 405 of
Regulation  S-B  contained in this form, and no disclosure will be contained, to
the  best  of  registrant's  knowledge,  in  definitive  proxy  or  information
statements  incorporated  by  reference  in  Part  III of this Form 10-KSB or an
amendment  to  this  Form  10-KSB.  [X]

State  issuer's  net  revenues  for  its  most  recent  fiscal  year:  $-0-

As  of  April  14, 2004, there were 10,562,000 common shares outstanding and the
aggregate  market  value of the common shares (based upon the average of the bid
price  ($.15)  reported  by  brokers),  held by non-affiliates was approximately
$1,584,300.  Transitional Small Business Disclosure Format (check one): Yes [  ]
No[X]

Number  of  shares  of common stock outstanding as of April 14, 2004: 10,562,000

Number  of  shares  of  preferred  stock  outstanding  as of April 14, 2004: -0-

AMENDMENT:  Since  this  amended  filing  herein is directly attributable to the
correction  of  an  error resulting from the recording of the 2002 Giantek share
exchange  agreement  as a purchase rather than an investment, this above section
has  not  been  updated to reflect the number of common and preferred shares and
market value for our shares since the prior filing of Form 10-KSB. We deem it to
be  more  decision  useful for a reader to view our public SEC filings since the
original  filing  of  this  10-KSB.

           CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION

The  discussion  contained  in  this 10-KSB under the Securities Exchange Act of
1934,  as amended, (the "Exchange Act") contains forward-looking statements that
involve  risks  and  uncertainties.  The  issuer's  actual  results could differ
significantly  from  those discussed herein.  These include statements about our
expectations,  beliefs,  intentions  or  strategies  for  the  future,  which we
indicate  by  words or phrases such as "anticipate," "expect," "intend," "plan,"
"will,"  "we believe," "the Company believes," "management believes" and similar
language,  including  those  set  forth  in the discussion under "Description of
Business,"  including  the  "Risk  Factors"  described  in  that  section,  and
"Management's  Discussion  and  Analysis  or Plan of Operation" as well as those
discussed  elsewhere in this Form 10-KSB. We base our forward-looking statements
on  information currently available to us, and we assume no obligation to update
them.  Statements  contained  in  this Form 10-KSB that are not historical facts
are  forward-looking statements that are subject to the "safe harbor" created by
the  Private  Securities  Litigation  reform  Act  of  1995.


                The rest of this page is left intentionally blank
                -------------------------------------------------


                                     PART I
                                     ------

Item  1.  Business

GENERAL  DESCRIPTION  OF  BUSINESS
----------------------------------

     We  were  incorporated  in  North  Carolina  on July 26, 1996 as Great Land
Development Co. We changed our name to Xenicent, Inc. on November 8, 2000. Since
our incorporation as Great Land Development Co., we have engaged in the business
of  real  estate  consulting and purchasing and reselling vacant tracts of land,
primarily  in  the North Carolina area.  Pursuant to a Share Exchange Agreement,
dated  June  27,  2002  (the "Share Exchange Agreement"), we acquired a majority
interest  in Giantek Technology Corporation ("Giantek"), a Taiwanese corporation
that manufactures and distributes Light Emitting Diode (LED) display systems. As
of  December 30, 2003, we terminated our relationship with Giantek and agreed to
transfer  our  sixty  percent  majority  interest  in Giantek back to its former
controlling  shareholders  pursuant  to  the  rescission provisions of the Share
Exchange  Agreement,  in  exchange  for  the  return  to  us of 80,000 shares of
Xenicent  common  stock.

     Since  the  termination of our relationship with Giantek, and the agreement
to  rescind  the  share  exchange  which was consummated on June 27, 2002, we no
longer  controlled  any operating businesses until August 11, 2004. The Board of
Directors recognized the need to increase shareholder value, and determined that
the  only  way to enhance shareholder value was to effect a Business Combination
with  Heilongjiang  Pingchuan  Yi  Liao  Qi Xie You Xian Gong  Si, a corporation
organized  and  existing  under  the  laws  of  the  Peoples'  Republic of China
("Pingchuan").  This  target  business  is  deemed  to  have  significant growth
potential  which,  in  the  opinion of our management, could provide a profit to
both  us  and  our shareholders. See Item 12 herein for a complete discussion of
the  transaction  we  have  entered  into.

     We  report  that  we  have  never  been  the  subject  of any bankruptcy or
receivership.

CONTROLS  AND  PROCEDURES

(a)  On  December  31,  2003,  our  Chief  Executive Officer and Chief Financial
     Officer  made  an  evaluation of our disclosure controls and procedures. In
     our  opinion,  the  disclosure controls and procedures are adequate because
     the  systems of controls and procedures are designed to assure, among other
     items,  that  1) recorded transactions are valid; 2) valid transactions are
     recorded; and 3) transactions are recorded in the proper period in a timely
     manner  to  produce financial statements which present fairly the financial
     condition,  results of operations and cash flows for the respective periods
     being  presented.  Moreover,  the evaluation did not reveal any significant
     deficiencies  or  material  weaknesses  in  our  disclosure  controls  and
     procedures.

(b)  There have been no significant changes in our internal controls or in other
     factors  that  could  significantly  affect  these  controls since the last
     evaluation.

REPORTS  TO  SECURITY  HOLDERS.

     We  file  quarterly,  annual  and  other  reports  with  the Securities and
Exchange  Commission.  Our annual report contains the required audited financial
statements.  We are not required to deliver an annual report to security holders
and  will  not  voluntarily  deliver a copy of the annual report to the security
holders.  The  reports  and  other information filed by us will be available for
inspection and copying at the public reference facilities of the Commission, 450
Fifth  Street,  N.W.,  Washington,  D.C.  20549.

     Copies  of  such material may be obtained by mail from the Public Reference
Section  of the Commission at 450 Fifth Street, N.W., Washington, D.C. 20549, at
prescribed rates.  Information on the operation of the Public Reference Room may
be  obtained  by  calling the SEC at 1-800-SEC-0330. In addition, the Commission
maintains  a  World  Wide  Website  on  the  Internet at http://www.sec.gov that
contains  reports,  proxy  and  information  statements  and  other  information
regarding  registrants  that  file  electronically  with  the  Commission.

Item  2.  Properties

     We maintain our offices in the United States at P.O. Box 243, Chimney Rock,
North  Carolina  28720.

Item  3.  Legal  Proceedings

     We  are  not  a  party  to  any  legal proceedings, nor, to the best of our
knowledge,  is  any  such  proceedings  threatened  or  contemplated.

Item  4.  Submission  of  Matters  to  a  Vote  of  Security  Holders

     No  matter  was  submitted  to  a  vote  during  the  fourth  quarter.


                                    PART II
                                    -------

Item  5.  Market  for  the Registrant's Common Stock and Related Security Holder
          Matters

(a)  Our common stock is currently quoted on the Over-the-Counter Bulletin Board
     (OTC  BB)  under  the  ticker  symbol  "PGCN."  The OTC BB is an electronic
     quotation system whereby market participants (licensed broker/dealers) make
     markets  and execute trades in their sponsored securities. We began trading
     on  the  OTC  BB  in  July  of  2001.

     The  following quotations were provided by the OTC BB, and do not represent
actual  transactions;  these quotations do not reflect dealer markups, markdowns
or  commissions.

     STOCK  QUOTATIONS

     CLOSING  BIDS

Period:                    High             Low
                          ------          ------

 1/1/02  to   3/31/02     $ 1.20          $  .92
 4/1/02  to   6/30/02     $  .90          $  .30
 7/1/02  to   9/30/02     $  .39          $  .14
10/1/02  to  12/31/02     $  .50          $  .10
 1/1/03  to   3/31/03     $  .11          $  .55
 4/1/03  to   6/30/03     $  .09          $  .80
 7/1/03  to   9/30/03     $  .33          $  .72
10/1/02  to  12/31/03     $  .18          $  .49


(b)  Holders.

     The  approximate  number of record holders of our securities as of the date
of  this  report  is  approximately  175.

(c)  Dividends.

Dividends

     We  have  not  declared  any  cash  dividends on our common stock since our
inception and do not anticipate paying such dividends in the foreseeable future.
We  plan to retain any future earnings for use in our business. Any decisions as
to  future  payment  of  dividends  will  depend  on  our earnings and financial
position  and  such  other  factors,  as  the Board of Directors deems relevant.

Dividend  Policy

     All  shares  of  common stock are entitled to participate proportionally in
dividends  if  our  Board  of  Directors  declares them out of the funds legally
available. These dividends may be paid in cash, property or additional shares of
common  stock.  We have not paid any dividends since our inception and presently
anticipate  that  all  earnings, if any, will be retained for development of our
business.  Any  future  dividends  will  be  at  the  discretion of our Board of
Directors  and  will  depend  upon,  among  other  things,  our future earnings,
operating  and  financial  condition,  capital  requirements, and other factors.

     Our Shares are "Penny Stocks" within the Meaning of the Securities Exchange
Act  of  1934

     Our  Shares  are  "penny  stocks"  within  the  definition  of that term as
contained  in  the  Securities Exchange Act of 1934, generally equity securities
with  a  price of less than $5.00. Our shares will then be subject to rules that
impose  sales practice and disclosure requirements on certain broker-dealers who
engage  in  certain  transactions  involving  a  penny  stock.

     Under  the  penny stock regulations, a broker-dealer selling penny stock to
anyone  other  than an established customer or "accredited investor" must make a
special  suitability  determination  for  the  purchaser  and  must  receive the
purchaser's  written  consent  to  the transaction prior to the sale, unless the
broker-dealer  is otherwise exempt. Generally, an individual with a net worth in
excess  of  $1,000,000  or  annual  income  exceeding  $200,000  individually or
$300,000  together  with his or her spouse is considered an accredited investor.
In  addition,  unless  the broker-dealer or the transaction is otherwise exempt,
the  penny  stock regulations require the broker-dealer to deliver, prior to any
transaction  involving  a  penny  stock,  a  disclosure schedule prepared by the
Securities  and  Exchange  Commission  relating  to  the  penny  stock market. A
broker-dealer  is  also  required  to  disclose  commissions  payable  to  the
broker-dealer  and  the  Registered  Representative  and  current  bid and offer
quotations  for  the securities. In addition a broker-dealer is required to send
monthly statements disclosing recent price information with respect to the penny
stock  held  in  a  customer's  account,  the  account's  value  and information
regarding  the limited market in penny stocks. As a result of these regulations,
the  ability  of  broker-dealers  to  sell  our  stock may affect the ability of
Selling  Security Holders or other holders to sell their shares in the secondary
market.  In  addition,  the  penny stock rules generally require that prior to a
transaction  in  a  penny  stock,  the  broker-dealer  make  a  special  written
determination  that  the  penny stock is a suitable investment for the purchaser
and  receive  the  purchaser's  written  agreement  to  the  transaction.

     These  disclosure requirements may have the effect of reducing the level of
trading activity in the secondary market for a stock that becomes subject to the
penny  stock  rules. These additional sales practice and disclosure requirements
could  impede  the  sale  of  our  securities, if our securities become publicly
traded. In addition, the liquidity for our securities may be adversely affected,
with  concomitant  adverse  affects  on the price our securities. Our shares may
someday  be  subject to such penny stock rules and our shareholders will, in all
likelihood,  find  it  difficult  to  sell  their  securities.

Item  6.  Management's  Discussion  and  Analysis

Selected  Financial  Data
-------------------------

For  the  year  ended  December  31,  2003  and  2002.

                                                        2003           2002
                                                     ----------     ----------

   Revenues                                          $      -0-     $      -0-

      Net  Loss                                        (329,544)      (425,565)
      Net  Loss  per  Common  Share                        (.16)          (.23)
   Weighted Average Common Shares Outstanding         2,083,567      1,887,117

At  December  31,  2003  and  2002

                                                        2003           2002
                                                     ----------     ----------

   Total  Assets                                     $    2,651     $  323,192
                                                     ----------     ----------
   Working  Capital  (Deficit)                         (113,960)       (48,676)
   Shareholders'  Equity  (Deficit)                    (112,140)       272,004

No  dividends  have  been  declared  or  paid  during  the  period  presented.

Results  of  Operations
-----------------------

     For  the  years  ended  December  31,  2003  and  2002.

Sales.

     There  were  no  sales  for  the  years  ended  December  31, 2003 or 2002.

Cost  of  Sales.

     There  was no cost of sales for the years ended December 31, 2003 and 2002.

Expenses.

     Total  expenses  for  the  year  ended  December  31, 2003 were $166,341 as
compared  to $245,386 over the same period in 2002. This represented an decrease
of  $79,045. The decrease in total expenses was primarily due a reduction in the
number  of  common  shares  issued  for  services  during  the years, which were
$105,500  and  $189,650  respectively.

     We expect increases in expenses through the year 2004 as we move toward new
developments  in  our  business  plan.

Income  Taxes

     We  did  not  have any material income tax expense during 2003 and 2002. At
December  31,  2003,  we  had  net  deferred tax assets of approximately $72,000
resulting  from temporary tax differences and net operating losses. The deferred
tax  credit  was  reduced  by  a  valuation  allowance  of  the  same  amount

Income  /  Losses.

     Net loss for the year ended December 31, 2003 was $329,544 as compared to a
net  loss  of  $425,565  over the same period in 2002. The losses were primarily
attributable to the loss from investment in Giantek, loss from the impairment of
a  non-marketable  security  and  for  non-cash expenses associated with issuing
stock  for  services.

Impact  of  Inflation.

     We  believe  that  inflation has had a negligible effect on operations over
the  past  three  years. We believe that it can offset inflationary increases in
the  cost  of  labor  by  increasing sales and improving operating efficiencies.

Liquidity  and  Capital  Resources.

     Cash  flows  generated  by  operations were a negative $31,581 for the year
ended  December  31, 2003 as compared with a negative $42,646 in the same period
in 2002. Negative cash flows from operations in 2003 were primarily attributable
to  our  loss  from  operations, partially offset by the loss from investment in
Giantek,  loss from the impairment of a non-marketable security and for non-cash
expenses  associated  with  issuing stock for services. Negative cash flows from
operation  in  2002  were  primarily  attributable  to our loss from operations,
partially  offset  by  the  $189,650  from  common stock issued for services and
$179,000  loss  from  the  impairment  of  a  non-marketable  security.

     Cash  flows  from  investing  activities  for  2003 were a negative $2,400,
attributable  to  acquisitions  of  fixed  assets.

     Cash flows provided by financing activities were $32,200 for the year ended
December  31,  2003  as  compared  with  $33,939  cash  generated from financing
activities  over  the  same  period  in 2002. Cash flows provided from financing
activities  in  2003  and 2002 were $32,200 and $33,939, respectively, primarily
attributable  to  a  loan  from  Mr.  Bennett,  our  President.  Mr.  Bennett's
stockholder loan is unsecured, due on demand and bears interest at 6% per annum.
The  stockholder  loan  balance  was  $73,659  at  December  31,  2003.

     Overall,  we have funded our cash needs from inception through December 31,
2003  with  a  series  of  debt  and equity transactions, primarily with related
parties.  If  we are unable to receive additional cash from our related parties,
we  may  need  to  rely on financing from outside sources through debt or equity
transactions.  Our  related  parties are under no legal obligation to provide us
with  capital  infusions. Failure to obtain such financing could have a material
adverse  effect  on  operations  and  financial  condition.

     We  had cash on hand of $731 and a working capital deficit of $(113,960) as
of December 31, 2003. As of December 31, 2002, we had cash on hand of $2,512 and
working  capital  deficit  of  $(48,676).

Liquid  Market

     There is currently a limited trading market for our shares of common stock,
and  there  can be no assurance that a more substantial market will ever develop
or  be  maintained. Any market price for our shares of common stock is likely to
be very volatile, and numerous factors beyond our control may have a significant
adverse  effect.  In addition, the stock markets generally have experienced, and
continue  to  experience,  extreme  price  and  volume  fluctuations  which have
affected  the  market price of many small capital companies and which have often
been  unrelated  to  the  operating  performance of these companies. These broad
market  fluctuations,  as well as general economic and political conditions, may
also adversely affect the market price of our common stock. Further, there is no
correlation between the present limited market price of our common stock and our
revenues, book value, assets or other established criteria of value. The present
limited  quotations  of  our common stock should not be considered indicative of
the  actual  value  of  our  common  stock.

Dividends

     We  have  not  paid  any  cash dividends to date and does not anticipate or
contemplate paying cash dividends in the foreseeable future until earnings would
generate  funds  in excess of those required to provide for our growth needs. We
currently  intend  to  retain  any  future  earnings to fund the development and
growth  of  its  business.

Impact  of  Inflation

     We  believe  that  inflation has had a negligible effect on operations over
the  past two years. We believe that it can offset inflationary increases in the
cost  of  labor  by  increasing  sales  and  improving  operating  efficiencies.

Critical  Accounting  Policies  (FR-60)

     Revenue  recognition  is  a  critical  accounting  policy  of ours since it
represents  the majority of our entire financial statements taken as a whole. It
is  also  important  in light of the Staff Accounting Bulletins published by the
Securities  and  Exchange  Commission  the  past  few  years.

Going  Concern.

     As  indicated  in  our  accompanying  audited  financial  statements,  our
independent  auditors  have  expressed  doubt as to whether we can continue as a
going  concern.

Item  7.  Financial  Statements

                          INDEPENDENT AUDITORS' REPORT
                          ----------- ----------------


To  the  Board  of  Directors  and  Shareholders  of
Xenicent,  Inc.

We  have audited the accompanying balance sheet of Xenicent, Inc. as of December
31,  2003  and  the related statements of operations, stockholders' deficit, and
cash  flows  for  the  years  ended  December 31, 2003 and 2002. These financial
statements  are  the  responsibility  of  the  Company's  management.  Our
responsibility  is  to express an opinion on these financial statements based on
our  audits.

We  conducted our audit in accordance with auditing standards generally accepted
in  the  United  States  of  America.  Those  standards require that we plan and
perform  the  audit  to  obtain reasonable assurance about whether the financial
statements  are free from material misstatement. An audit includes examining, on
a  test  basis, evidence supporting the amounts and disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made  by  management,  as well as evaluating the overall
financial  statement  presentation.  We  believe  that  our  audits  provide  a
reasonable  basis  for  our  opinion.

As more fully described in Note I of the notes to financial statements, an error
in  recording  the  2002  investment in Giantek as a purchase, rather than as an
investment,  resulting  in a net overstatement of previously reported assets and
liabilities  and  an understatement in stockholders' equity at December 31, 2002
and  an  understatement and an overstatement of previously reported net loss for
the  years  ended  December  31,  2003  and 2002 respectively were discovered by
management  of  the  Company  during  2004. Accordingly, the balance sheet as of
December  3  1,  2002 and the statements of operations, changes in stockholders'
deficit and cash flows for the years ended December 3 1, 2003 and 2002 have been
restated  to  rellect  corrections  to  previously  reported  amounts.

In  our  opinion,  the financial statements referred to above present fairly, in
all  material  respects, the financial position of Xenicent, Inc. as of December
31,  2003,  and  the  results of its operations and its cash flows for the years
ended  December  31,  2003  and  2002  in  conformity with accounting principles
generally  accepted  in  the  United  States  of  America.

The  accompanying  financial  statements have been prepared assuming the Company
will continue as a going concern. As discussed in Note D, notes to the financial
statements,  the  Company has mutually rescinded it's share of ownership in it's
subsidiary.  As  a  result  of  this  rescission,  the  Company has no assets or
operations.  This  raises  substantial  doubt about its ability to continue as a
going  concern.  Management's  plans in regard to these matters are described in
Note  D.  The  financial  statements  do  not include any adjustments that might
result  from  the  outcome  of  these  risks  and  uncertainties.


Perrella  &  Associates,  P.A.
Pompano  Beach,  Florida
May  12,  2004,  except  for  Notes  B  and  I  which
are  as  of  June  23,  2004


<TABLE>
<CAPTION>

                                 XENICENT, INC.
                                  BALANCE SHEET
                                DECEMBER 31, 2003
===============================================================================
<S>                                                                <C>

                                     ASSETS
                                     ------

CURRENT ASSETS:
   Cash                                                            $        731
                                                                   ------------
      TOTAL CURRENT ASSETS                                                  731
                                                                   ------------

PROPERTY, PLANT AND EQUIPMENT:
   Property and equipment, net of accumulated
   depreciation of $7,280                                                 1,920
                                                                   ------------


      TOTAL ASSETS                                                 $      2,651
                                                                   ============


                      LIABILITIES AND STOCKHOLDERS' DEFICIT
                      -------------------------------------

CURRENT LIABILITIES:
   Accounts payable                                                      41,032
   Loan payable to stockholder                                           73,659
                                                                   ------------
      TOTAL CURRENT LIABILITIES                                         114,691
                                                                   ------------


STOCKHOLDERS' DEFICIT:
   Preferred stock ($.001 par value, 5,000,000
   shares authorized: none issued and outstanding)                            -
   Common stock ($.001 par value, 50,000,000
   shares authorized: 2,112,400 issued and outstanding)                   2,112
   Common stock to be returned ($.001 par value,
   80,000 common shares)                                                    (80)
   Additional paid-in-capital                                         1,124,360
   Accumulated deficit                                               (1,238,432)
                                                                   ------------
      TOTAL STOCKHOLDERS' DEFICIT                                      (112,040)
                                                                   ------------

      TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT                  $      2,651
                                                                   ============


    The accompanying notes are an integral part of these financial statements

</TABLE>


<TABLE>
<CAPTION>

                                 XENICENT, INC.
                            STATEMENTS OF OPERATIONS
                 FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002
===============================================================================

                                                      2003              2002
                                                  (As Restated)     (As Restated)
                                                   ----------        ----------
<S>                                                <C>               <C>

REVENUE AND COST OF SALES:
   Sales                                           $        -        $        -
   Cost of sales                                            -                 -
                                                   ----------        ----------
   Gross Profit                                             -                 -
                                                   ----------        ----------

OPERATING EXPENSES:

   Selling, general and administrative                166,341           245,386
                                                   ----------        ----------
      TOTAL EXPENSES                                  166,341           245,386
                                                   ----------        ----------

      OPERATING LOSS                                 (166,341)         (245,386)
                                                   ----------        ----------

OTHER  INCOME (EXPENSE):
   Interest expense                                    (3,203)           (1,179)
   Loss from investment-Giantek                       (84,000)                -
   Loss from  impairment of non-marketable
   Securities                                         (76,000)         (179,000)
                                                   ----------        ----------
      TOTAL OTHER (EXPENSE)                          (163,203)         (180,179)
                                                   ----------        ----------

      NET LOSS                                       (329,544)         (425,565)
                                                   ----------        ----------

Basic & fully diluted loss per share                    (0.16)            (0.23)
                                                   ==========        ==========

Weighted average common shares outstanding          2,083,567         1,887,117
                                                   ==========        ==========




    The accompanying notes are an integral part of these financial statements

</TABLE>


<TABLE>
<CAPTION>

                                                   XENICENT, INC.
                                  STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT
                                  FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002
                                                   (As Restated)
===============================================================================================================================

                               Preferred Stock,       Common Stock,        Common Stock
                                  $.001 Par            $0.001 Par         to be Returned
                               ----------------   ---------------------  ----------------  Additional
                                                                                           Paid-in      Accumulated
                               Shares    Amount     Shares      Amount    Shares   Amount  Capital      Deficit         Total
                               ------    ------   ----------   --------  --------  ------  ----------   -----------   ---------
<S>                            <C>       <C>      <C>          <C>       <C>       <C>     <C>          <C>           <C>

Balances, January 1, 2002           -         -    1,769,000      1,769         -       -     490,473      (483,323)      8,919

Common stock issued for
services received                   -         -       85,400         85         -       -     189,565             -     189,650

Common stock issued for
acquisitions                        -         -      182,000        182         -       -     498,818             -     499,000

Net loss                            -         -            -          -         -       -           -      (425,565)   (425,565)
                               ------    ------   ----------   --------  --------  ------  ----------   -----------   ---------

Balances, December 31, 2002         -         -    2,036,400      2,036         -       -   1,178,856      (908,888)    272,004

Common stock issued for
services received                   -         -       76,000         76         -       -     105,424             -     105,500

Shares to be returned               -         -            -          -   (80,000)    (80)   (159,920)            -    (160,000)

Net loss                            -         -            -          -         -       -           -      (329,544)   (329,544)
                               ------    ------   ----------   --------  --------  ------  ----------   -----------   ---------

Balances, December 31, 2003         -         -    2,112,400      2,112   (80,000)    (80)  1,124.360    (1,238,432)   (112,040)
                               ======    ======   ==========   ========  ========  ======  ==========   ===========   =========




    The accompanying notes are an integral part of these financial statements


</TABLE>


<TABLE>
<CAPTION>

                                 XENICENT, INC.
                            STATEMENTS OF CASH FLOWS
                 FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002
===============================================================================

                                                      2003              2002
                                                  (As Restated)     (As Restated)
                                                   ----------        ----------
<S>                                                <C>               <C>

CASH FLOWS FROM OPERATING ACTIVITIES:
   Net loss                                        $ (329,544)       $ (425,565)
   Adjustments to reconcile net loss to net
   cash used in operating activities:
      Depreciation                                      1,160             2,040
      Common stock issued for services                105,500           189,650
      Loss from investment-Giantek                     84,000                 -
      Loss from asset impairment of
      non-marketable security                          76,000           179,000
      Decrease in prepaid expenses                          -             2,500
      Increase (decrease) in operating liabilities:
         Accounts payable and accrued expenses         31,303             9,729
                                                   ----------        ----------
         NET CASH PROVIDED BY (USED IN)
         OPERATING ACTIVITIES                         (31,581)          (42,646)
                                                   ----------        ----------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Acquisitions of property, plant and equipment       (2,400)                -
                                                   ----------        ----------
         NET CASH PROVIDED BY (USED IN)
         INVESTING ACTIVITIES                          (2,400)                -
                                                   ----------        ----------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Proceeds from stockholder loans                     32,200            33,939
                                                   ----------        ----------
         NET CASH PROVIDED BY (USED IN)
         FINANCING ACTIVITIES                          32,200            33,939
                                                   ----------        ----------

         NET INCREASE (DECREASE) IN CASH AND
         CASH EQUIVALENTS                              (1,781)           (8,707)

CASH AND CASH EQUIVALENTS:
   Beginning of year                                    2,512            11,219
                                                   ----------        ----------

   End of period                                   $      731        $    2,512
                                                   ==========        ==========

SUPPLEMENTAL CASH FLOW DISCLOSURES AND NON-CASH
INVESTING  INFORMATION:
   Common stock issued in connection
   with acquisitions                               $        -        $  499,000
                                                   ==========        ==========
   Common stock issued to employees for services   $   12,500        $   20,000
                                                   ==========        ==========
   Common stock issued to others for services      $   93,000        $  169,650
                                                   ==========        ==========
   Cash paid during the year for interest          $        -        $        -
                                                   ==========        ==========
   Cash paid during the year for income taxes      $        -        $        -
                                                   ==========        ==========

    The accompanying notes are an integral part of these financial statements



</TABLE>


                                 XENICENT, INC.
                          Notes to Financial Statements
                 For the years ended December 31, 2003 and 2002

NOTE  A  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

Organization  - Xenicent, Inc. (the "Company"), a holding company, was organized
------------
under  the  laws  of  the  State  of  North  Carolina  on  July  20,  1996.

In  2002,  the  Company  made  an  investment in Giantek Technology Corporation,
("Giantek"),  see  Note  B,  a  corporation formed according to the laws of tile
Republic of China, that nmnufactures light emitting diode (LED) display systems.
In  December 2003, the share exchange agreement for this investment was mutually
rescinded,  see  Note  D.

Cash  and  Cash  Equivalents  - For purposes of the Statement of Cash Flows, the
----------------------------
Company  considers  liquid investments with an original maturity of three months
or  less  to  be  cash  equivalents.

Property  and  equipment  -  Property  and  equipment  is  stated  at  cost less
------------------------
accumulated  depreciation.  Expenditures that would increase the value or extend
the  useful  life  of  property  and  equipment are capitalized. Depreciation is
provided  on a straight-line basis over the estimated useful life of the assets.

Impairment of Long-Lived Assets -The Company evaluates the recoverability of its
-------------------------------
property  and  equipment  and  other  assets  in  accordance  with  Statement of
Financial Accounting Standards No.144, Accounting for the Impairment or Disposal
of Long-Lived ilssets"CSFAS 144",). SFAS 144 requires recognition of impairnient
of  long-lived assets in the event the net book value of such assets exceeds the
estimated  future  undiscounted  cash  flows  attributable to such assets or the
business  to which such assets relate. SFAS 144 excludes goodwill and intangible
assets.  When  an  asset exceeds its expected cash flows, it is considered to be
impaired and is written down to -fair value, which is determined based on either
discounted  future  cash  flows  or  appraised  values.  The Company adopted the
statement on January 1, 2002. An impairment of traderight stock is recognized in
2003  and  2002,  see  Note  B.

Advertising  Costs  -  Advertising costs are expensed as incurred. There were no
------------------
expenses  incurred  relating  to advertising during the years ended December 31,
2003  and  2002.

Income  Taxes  -  Income  taxes  are  provided  in  accordance with Statement of
-------------
Financial  Accounting  Standards  No.  109 (SFAS No- 109), ~Accountingjbr Income
Taxes.  "A  defelTed  tax  asset  or  liability  is  recorded  for all temporary
differences  between  financial  and  tax  reporting  and  net  operating
loss-carryforwards.

Deferred tax assets are reduced by a valuation allowance when, in the opinion of
management, it is more likely than not that, some portion or all of the deferred
tax asset will not be realized. Deferred tax assets and liabilities are adjusted
for  the  effect  of  changes  in  tax  laws and rates on the date of enactment.


                                 XENICENT, INC.
                          Notes to Financial Statements
                 For the years ended December 31, 2003 and 2002

NOTE  A  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (continued)

Loss  per  Share  -  Statement  of  Financial  Accounting Standard (SFAS) No.128
----------------
requires  dual  presentation of basic and diluted earnings loss per share with a
reconciliation  of  the  numerator  and  denominator  of  the  loss  per  share
computations.  Basic  earnings  per  share  amounts  are
based on the weighted average shares of common stock outstanding. If applicable,
diluted earnings per share would assume the conversion, exercise, or issuance of
all potential common stock instruments such as options, warrants and convertible
securities,  unless  the  effect  is  to  reduce a loss or increase earnings per
share. There were no adjustments required to net loss for the years presented in
the  computation  of  diluted  earnings  per  share.

Management's  Use  of  Estimates  -  The  preparation of financial statements in
--------------------------------
conformity  with  accounting  principles generally accepted in the United States
requires  management  to make estimates and assumptions that affect the reported
amounts  of  assets  and  liabilities,  disclosures  of  contingent  assets  and
liabilities  at  the  date  of  financial statements and the reported amounts of
revenues  and  expenses during the reporting period. Actual results could differ
from  those  estimates.

Recent  Accounting  Pronouncements  -  In  June  2001,  the Financial Accounting
----------------------------------
Standards  Board  issued  Statement  of  Financial  Accounting  Standards (SFAS)
No.143,  "Accounting  for  Asset  Retirement  Obligations"  which  addresses the
accounting  and  reporting  for  obligations  associated  with the retirement of
tangible  long-lived  assets  and  the associated retirement costs. SFAS No. 143
requires  that  the fair value of a liability for an asset retirement obligation
be  recognized in the period in which it is incurred if a reasonable estimate of
fair  value  cannot  be made. SFAS No. 143 is effective for financial statements
issued  for  fiscal  years  beginning  after June 15, 2002. The Company does not
expect SFAS No. 143 to have a material effect on its financial condition or cash
flows.

In April of 2002, Statement of Financial Accounting Standards (SFAS) No. 145 was
issued,  which  rescinded  SFAS  Statements No. 4, 44 and 64, amended No. 13 and
contained  technical corrections. As a result of SFAS 145, gains and losses from
extinguishments  of  debt will be classified as extraordinary items only if they
meet  the  criteria  in APB Opinion No. 30, that they are unusual and infrequent
and  not  part  of an entity's recurring operations. The Company does not expect
SFAS No. 145 to have a material effect on its financial condition or cash flows.
The  Company  will  adopt  SFAS  145  on  January  1,  2004.

In  July  2002,  the  FASB  issued  SFAS 146, which addresses significant issues
regarding  the  recognition,  measurement,  and  reporting  of  costs  that  are
associated with exit and disposal activities, including restructuring activities
that  are  currently  accounted  -for pursuant to the guidance that the Emerging
Issues  Task  Force  ("EITF")  has  set forth in EITF Issue No. 94-3, "Liability
Recognition for Certain Employee Termination Benefits mid Other Costs to Exit an
Activity  (Including  Certain  Costs  Incurred  in  a  Restructuring)". SFAS 146
revises  the  accounting  for  certain  lease  termination  costs  and  employee
termination  benefits,  which  are  generally  recognized  in  connection  with
restructuring  charges.  The  provisions  of  SFAS 146 are effective for exit or
disposal  activities  that  are  initiated  after  December  3  1,  2002.  The


                                 XENICENT, INC.
                          Notes to Financial Statements
                 For the years ended December 31, 2003 and 2002

NOTE  A  -  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (continued)

Company does not expect SFAS 146 to have an impact its financial statements once
adopted  on  January  I,  2004.

In January 2003, the FASB issued FIN No. 46, "Consolidation of Variable Interest
Entities". FIN No. 46 requires the consolidation of entities that cannot finance
their  activities  without  the  support  of other parties and that lack certain
characteristics  of  a  controlling  interest,  such  as  the  ability  to niake
decisions about the entity's activities via voting rights or similar rights. The
entity that consolidates the variable interest entity is the primary beneficiary
of  the entity's activities. FIN No. 46 applies immediately to variable interest
entities created after January 31, 2003, and must be applied in the first period
beginning  after  June  15,2003  -for  entities  in  which an enterprise holds a
variable  interest  entity that it acquired before February 1, 2003. The Company
plans  to  adopt  this  Interpretation  III  the  first  quarter of fiscal 2004.

In  January  2003,  the EITF released Issue No. 00-21, ("EITF 00-21 "), "Revenue
Arrangements  with  Multiple Deliveries", which addressed certain aspects of the
accounting  by  a  vendor  for  arrangement under which it will perform multiple
revenue-generating  activities.  Specifically,  EITF  00-21 addresses whether an
arrangement  contains  more  than one unit of accounting and the measurement and
allocation  to  the separate units of accounting in the arrangement. EITF 00-2 I
is  effective  for revenue arrangements entered into in fiscal periods beginning
after  June  15,  2003. The adoption of this standard will not have an impact on
the  Company's  financial  statements.

In  May  2003,  the  FASB  issued  SFAS  No. 149, "Amendment of Statement 133 on
Derivative  Instruments  and  Hedging  Activities."  SFAS  No.  149  amends  and
clarifies  accounting  for  derivative instruments, including certain derivative
instruments  embedded  in other contracts, and for hedging activities under SFAS
No.  133. SFAS No. 149 is effective for contracts entered into or modified after
June  30, 2003 and for hedging relationships designated after June 30, 2003. The
Company  does  not  believe  that  there  will  be  any  impact on its financial
statements.

In  May  2003,  the  FASB issued SFAS No. 150, "Accounting for Certain Financial
Instruments  with  Characteristics of both Liabilities and Equity." SFAS No. 150
establishes  standards  for how companies classic' and measure certain financial
instruments  with  characteristics  of  both liabilities and equity. It requires
companies  to  classif~'  a  financial  instrument that is within its scope as a
liability  (or  an  asset in sonic circumstances). SFAS No. 150 is effective for
financial  instruments entered into or modified after May 31, 2003. The standard
will  not  impact  the  Company's  financial  statements.


                                 XENICENT, INC.
                          Notes to Financial Statements
                 For the years ended December 31, 2003 and 2002

NOTE  B  -  IN  VESTMENT  IN  GIANTEK

On  June  27,  2002,  the  Company  issued  122,000 shares of it common stock in
exchange for 60% of Giantek's issued and outstanding common shares pursuant to a
share  exchange  agreement,  ("Agreement").

The  agreement  calls  for the attainment of certain covenants within a 24-month
timefrom  closing  date, or by June 2004, including a guaranteed Company minimum
share value and Giantek minimum sales goals. In the event covenants are not met,
the  Company  agrees  to either (1) pay in cash the difference to Giantek or (2)
return the Giantek shares. The shares of both companies are held in escrow until
the  end  of  the  24-month  time  period.  The agreement also provided -for the
Company  to  make  a $750,000 working capital contribution to Giantek by October
2003, and extended date. The agreement is accounted for as an investment, rather
than  a  purchase  due  to  the  need  to  satisf~'  the  above  covenants.

On  June  3,  2002,  the  Company  entered  into a Share Exchange Agreement with
Traderight Corporation ("Traderight"), a Florida corporation, to acquire 500,000
shares  of  Traderight  stock in exchange -for 300,000 shares pre-reversed stock
split  of  Xenicent's  common  stock.  Xenieent's stock was trading at $0.85 per
share  on  the date of acquisition therefore, the cost basis for this investment
is $255,000. The investment was made in anticipation that Traderight would offer
its  stock  to  the  public in an initial public offering. The certainty of this
offering of Traderight stock is not determinable by the Company. As a result, an
impairment  of  the asset value has been recorded in December 31, 2003 and 2002,
in  the  amount  of  $76,000  and  $179,000,  respectively.

NOTE  C  -  AGREEMENT  RESCISSION

Effective  December  30,  2003,  the  Company and Giantek mutually rescinded the
share  exchange  agreement for the Company's 60% investment in Giantek (See Note
B). As part of the rescission agreement, the Company gave back the sixty percent
(60%)  interest in Giantek in exchange for 80,000 shares of the Company's common
stock. Giantek is to retain 30,000 shares of the Company's common stock for 2003
services.  The  Company  issued 12,000 of common stock as a finder's fee in June
2002. The fair value of these transactions, $84,000, was expensed as a result of
the  agreement  rescission.

As  a result of the rescission, Giantek will retum 80,000 shares of common stock
subsequent  to  December  31,  2003.  These shares have a fair value of$l60,000.


                                 XENICENT, INC.
                          NOTES TO FINANCIAL STATEMENTS
                 FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002

NOTE  D  -  GOING  CONCERN  AND  UNCERTAINTY

As  reflected  in  Note  C,  the  Company  has  mutually rescinded it's share of
ownership  in  Giantek  in  December  2003.  As a result of this rescission, the
Company  has  no  assets  or operations. This raises substantial doubt about its
ability to continue as a going coneem. The ability of the Company to continue as
a  going  concern  is  dependent  on  the  Company's ability to raise additional
capital and implement a plan for reorganization and merger as discussion in Note
H.  The  financial  statements  do  not  include  any  adjustments that might be
necessary  if  the  Company  is  unable  to  continue  as  a  going  concern.

Management  believes  that action presently being taken to merge the Company and
obtain  additional  funding provides the opportunity for the Company to continue
as  a  going  concern.

NOTE  E  -  EQUITY

During  the  years  ended December 31, 2003 and 2002, the Conipany issued 76,000
and  85,400,  respectively,  shares  of  its  common  stock  professionals  and
consultants for services received. The stock was valued at the fair value at the
time  of  issuance,  yielding  an  aggregate  value  of  $105,500  and $189,650,
respectively.  Included  in  those shares for each of the years presented in the
financial  statements,  the  Company  issued  10,000  shares of its common stock
pursuant  to  the  2003 compensatory plan for Giantek's employees. The stock was
expensed at a fair value of $12,500 and $20,000, for December 31, 2003 and 2002,
respectively.

During  the  year ended December 31, 2002, the Conipany issued 122,000 shares of
its  common stock in connection with its investment of 60% of Giantek. The stock
was  valued  at  the  fair  value at the time of issuance, yielding an aggregate
value  of  $244,000.

During  the  year  ended December 31, 2002, the Conipany issued 60,000 shares of
its  common  stock  in  connection  with  its  acquisition  of 500,000 shares of
Traderight  Corporation,  a  licensed  securities  broker-dealer.  The stock was
valued  at  the -fair value at the time of issuance, yielding an aggregate value
of  $255,000.

During  the  year  ended December 31, 2003, the Company's Board of Directors has
authorized  options  to  purchase 20,000 shares of the Company's common stock at
$.85.  However,  to  date  no  options  have  been  issued.


                                 XENICENT, INC.
                          NOTES TO FINANCIAL STATEMENTS
                 For the years ended December 31, 2003 and 2002

NOTE  F  -  INCOME  TAXES

Deferred  income  tax  assets  for 2003 and 2002 reflect the impact of temporary
differences  between  assets  and liabilities for financial statement and income
tax  purposes.  The  difference  primarily  relates  to  net operating losses. A
valuation allowance has been recorded, to the extent of deferred tax assets, due
to  the  uncertainty of realizing the net deferred tax asset for accumulated net
operating  losses.

The  Company  had  available  at  December  31,  2003,  a  net  operating  loss
carryforward  from  U.S.  operations  of  $180,000 that could be applied against
taxable  income  in  subsequent  years  through  December  31,  2017.

NOTE  G  -  RELATED  PARTY  TRANSACTIONS

The  loan  payable  to stockholder at December 31, 2003 consists of an unsecured
note payable to the Company's president. The note bears interest at a rate of 6%
per  annum  and  is  due  on  demand.

NOTE  H  -  SUBSEQUENT  EVENT

On March 22, 2004, the Company executed a Letter of Intent with Harbin Ping Chun
Yao  Ye  Gu Fen You Xian Gong Si, a corporation organized and existing under the
laws  of  the Peoples Republic of China ("Ping Chun"), which contemplates a plan
of  exchange pursuant to which the Conipany will issue 70,000,000 new investment
shares  of  common stock to the shareholders of Ping Chun in exchange for all of
their  shares  of  capital  stock  of  Ping  Chun.  As  a result of the exchange
transaction, Ping Chun will become a wholly-owned subsidiary of the Company, and
the  Ping  Chun  Shareholders  will  control approximately 96% of the issued and
outstanding  shares  of  the  Company.

The  Letter  of  Intent  states that it sets forth the terms and conditions upon
which  the Company and its Board of Directors and shareholders will enter into a
definitive  Plan  of
Exchange  with Ping Chun. There are no guarantees that negotiations will lead to
the  execution  of  such  a  definitive  Plan  of Exchange, or that if a Plan of
Exchange  is  executed,  the  conditions of closing for either party there under
will  be  met  and  the  exchange  transaction  will  be  consummated.

In  connection  with  the  proposed  Plan  of  Exchange  and  the reorganization
contemplated  thereby,  the Board of Directors of the Company on March 30, 2004,
adopted  a resolution approving a -five to one reverse split of comnion stock to
holders  of  record  as  of  April  15,  2004.  All common stock aniounts in the
accompanying  financial  statements  have been retroactively restated to reflect
this  capitalization  change.


                                 XENICENT, INC.
                          NOTES TO FINANCIAL STATEMENTS
                 FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002

NOTE  I-  RESTATEMENT  OF  FINANCIAL  STATEMENTS  RESULTING  FROM THE CORRECTION
          OF  AN  ERROR

The  accompanying statements of operations, changes in stockholders' deficit and
cash  flows for the years ended December 31, 2003 and 2002 have been restated to
correct  an  error  resulting  in  recording  the  2002  Giantek  share exchange
agreement  as  a purchase rather than an investment (See Note B). The completion
of  the  share  exchange  was  dependent  upon  the  Company funding $750,000 to
Giantek,  among  other  covenants  as  further discussed in Note B, that was not
funded  and  consummated.

The  error  resulted  in  the  Company  using  purchase accounting for recording
Giantek  assets, liabilities and stockholders' equity in 2002. The effect of the
error  at  December  31,  2002  was  to  increase assets by $1,325,248, increase
liabilities  and  minority  interest  by  $1,481,738  and decrease stockholders'
equity  $156,490.  The  agreement was rescinded in 2003, as discussed in Note C,
and  therefore  the  error had no effect on the December 31, 2003 balance sheet.

Also,  as  a result of the correction, operating expenses decreased by $138,607,
other  expense  decreased  by  $49,952,  minority interest in loss of subsidiary
decreased  by  $75,424  and  net  loss  decreased by $113,135 for the year ended
December  31,  2002  and  other  expenses  increased  by  $84,000,  loss  from
discontinued  operations decreased by $29,135 and net loss increased by $113,135
for  the  year  ended  December  31,  2003.

The  net  effect  of the errors on basic and fully diluted loss per share was to
reduce  previously  reported  loss  per share of $.29 to $.23 for the year ended
December  31,  2002  and  increase previously reported loss per share of $.10 to
$.16  for  the  year  ended  December  31,  2003.


Item  8.  Changes  with  and  Disagreements  With  Accountants on Accounting and
          Financial  Disclosure

None.

ITEM  8a.  Controls  and  Procedures

     Quarterly  Evaluation  of Controls.  As of the end of the period covered by
this  annual report on Form 10-KSB, we evaluated the effectiveness of the design
and  operation  of  (i)  our  disclosure  controls  and  procedures ("Disclosure
Controls"),  and  (ii)  our internal control over financial reporting ("Internal
Controls"). This evaluation ("Evaluation") was performed by our President, Chief
Executive  Officer,  ("CEO")  Duane Bennett, and Chief Financial Officer ("CFO")
Duane  Bennett.  In  this section, we present the conclusions of our CEO and CFO
based  on  and  as  of  the  date  of  the  Evaluation,  (i) with respect to the
effectiveness of our Disclosure Controls, and (ii) with respect to any change in
our  Internal  Controls that occurred during the most recent fiscal quarter that
has  materially  affected,  or  is  reasonably  likely  to materially affect our
Internal  Controls.

     CEO  and  CFO  Certifications.  Attached to this annual report, as Exhibits
31.1 and 31.2, are certain certifications of the CEO and CFO, which are required
in accordance with the Exchange Act and the Commission's rules implementing such
section  (the  "Rule  13a-14(a)/15d-14(a)  Certifications"). This section of the
annual  report contains the information concerning the Evaluation referred to in
the  Rule 13a-14(a)/15d-14(a) Certifications. This information should be read in
conjunction with the Rule 13a-14(a)/15d-14(a) Certifications for a more complete
understanding  of  the  topic  presented.

     Disclosure  Controls  and  Internal  Controls.  Disclosure  Controls  are
procedures  designed with the objective of ensuring that information required to
be  disclosed  in  our reports filed with the Commission under the Exchange Act,
such  as  this  annual  report,  is recorded, processed, summarized and reported
within the time period specified in the Commission's rules and forms. Disclosure
Controls  are  also  designed  with  the  objective  of  ensuring  that material
information  relating  to  us  is  made  known to the CEO and the CFO by others,
particularly during the period in which the applicable report is being prepared.
Internal Controls, on the other hand, are procedures which are designed with the
objective  of  providing  reasonable  assurance  that  (i)  our transactions are
properly  authorized,  (ii)  the  Company's  assets  are  safeguarded  against
unauthorized  or  improper use, and (iii) our transactions are properly recorded
and  reported,  all to permit the preparation of complete and accurate financial
statements  in  conformity  with accounting principals generally accepted in the
United  States.

     Limitations  on  the  Effectiveness  of  Controls.  Our management does not
expect  that  our  Disclosure Controls or our Internal Controls will prevent all
error  and  all  fraud.  A  control  system,  no  matter  how well developed and
operated,  can  provide  only  reasonable,  but  not absolute assurance that the
objectives  of  the  control system are met.  Further, the design of the control
system  must  reflect  the  fact  that  there  are resource constraints, and the
benefits  of controls must be considered relative to their costs. Because of the
inherent  limitations  in  all  control  systems,  no evaluation of controls can
provide absolute assurance that all control issues and instances so of fraud, if
any,  within  the Company have been detected. These inherent limitations include
the  realities  that  judgments  in  decision-making  can  be  faulty,  and that
breakdowns  can occur because of simple error or mistake. Additionally, controls
can  be circumvented by the individual acts of some persons, by collusion of two
or more people, or by management override of the control. The design of a system
of  controls also is based in part upon certain assumptions about the likelihood
of  future events, and there can be no assurance that any design will succeed in
achieving  its  stated  objectives  under  all potential future conditions. Over
time, control may become inadequate because of changes in conditions, or because
the  degree  of  compliance  with  the  policies  or procedures may deteriorate.
Because  of  the  inherent  limitations  in  a  cost-effective  control  system,
misstatements  due  to  error  or  fraud  may  occur  and  not  be  detected.

     Scope  of  the  Evaluation.  The CEO and CFO's evaluation of our Disclosure
Controls  and  Internal  Controls  included  a  review  of  the  controls'  (i)
objectives,  (ii)  design,  (iii)  implementation,  and  (iv)  the effect of the
controls  on  the  information  generated  for use in this annual report. In the
course  of  the  Evaluation,  the  CEO  and  CFO sought to identify data errors,
control  problems,  acts  of  fraud, and they sought to confirm that appropriate
corrective  action,  including  process improvements, was being undertaken. This
type  of  evaluation  is  done  on  a  quarterly  basis  so that the conclusions
concerning  the  effectiveness  of our controls can be reported in our quarterly
reports  on  Form 10-QSB and annual reports on Form 10-KSB. The overall goals of
these  various  evaluation activities are to monitor our Disclosure Controls and
our  Internal  Controls,  and  to  make  modifications  if and as necessary. Our
external  auditors  also review Internal Controls in connection with their audit
and  review  activities.  Our  intent  in  this  regard  is  that the Disclosure
Controls  and  the  Internal Controls will be maintained as dynamic systems that
change  (including  improvements  and  corrections)  as  conditions  warrant.

     Among other matters, we sought in our Evaluation to determine whether there
were  any  significant  deficiencies  or  material  weaknesses  in  our Internal
Controls, which are reasonably likely to adversely affect our ability to record,
process,  summarize  and  report  financial  information,  or  whether  we  had
identified  any  acts of fraud, whether or not material, involving management or
other  employees  who  have  a  significant  role in our Internal Controls. This
information  was  important  for both the Evaluation, generally, and because the
Rule  13a-14(a)/15d-14(a)  Certifications,  Item 5, require that the CEO and CFO
disclose that information to our Board (audit committee), and to our independent
auditors, and to report on related matters in this section of the annual report.
In the professional auditing literature, "significant deficiencies" are referred
to  as  "reportable  conditions".  These  are  control  issues  that  could have
significant  adverse  affect  on  the  ability to record, process, summarize and
report  financial  data  in  the  financial statements. A "material weakness" is
defined  in  the  auditing  literature  as  a  particularly  serious  reportable
condition where the internal control does not reduce, to a relatively low level,
the  risk  that  misstatement  cause by error or fraud may occur in amounts that
would  be  material  in relation to the financial statements and not be detected
within  a  timely  period  by  employee in the normal course of performing their
assigned  functions.  We  also sought to deal with other controls matters in the
Evaluation,  and  in  each case, if a problem was identified; we considered what
revisions,  improvements  and/or  corrections  to  make  in  accordance with our
ongoing  procedures.

     Conclusions.  Based  upon  the  Evaluation,  the Company's CEO and CFO have
concluded  that, subject to the limitations noted above, our Disclosure Controls
are  effective  to  ensure  that material information relating to the Company is
made  known  to  management,  including the CEO and CFO, particularly during the
period  when  our  periodic  reports  are  being prepared, and that our Internal
Controls  are  effective  to  provide  reasonable  assurance  that our financial
statements  are  fairly  presented  inconformity  with  accounting  principals
generally accepted in the United States.  Additionally, there has been no change
in  our  Internal  Controls  that occurred during our most recent fiscal quarter
that  has  materially  affected, or is reasonably likely to affect, our Internal
Controls.

Item  9.  Directors  and  Executive  Officers  of  the  Registrant

Directors  and  Executive  Officers.

     Our  Bylaws  provide  that we must have at least 1 director.  Each director
will  serve  until  our  next  annual shareholder meeting, to be held sixty days
after  the close of the fiscal year, or until a successor is elected who accepts
the  position.  Directors  are  elected for one-year terms.  Our officers may be
elected by our Board of Directors at any regular or special meeting of the Board
of  Directors.

     Vacancies  may be filled by a majority vote of the remaining directors then
in  office.  Our  directors  and  executive  officers  are  as  follows:


     Name         Age                  Position
-------------     ---     ------------------------------------
Duane Bennett      43     President and Director
-------------     ---     ------------------------------------

     Duane  Bennett has been our President and a Director since our inception in
July  1996.  Mr.  Bennett  will  serve  as  a  director  until  our  next annual
shareholder  meeting,  or until a successor is elected who accepts the position.

     Mr. Bennett's experience in the real estate industry and otherwise over the
last  ten  years  has  consisted  of  the  following:

     From  1997  to  2001,  Mr. Bennett was the sole owner, president, and chief
executive  officer of ABC Realty, Inc., a licensed real estate brokerage company
in  the  business  of  buying  and  selling  residential  properties  within the
Charlotte, North Carolina area. ABC Realty was incorporated in North Carolina on
February  12,  1997.  ABC  Realty  had  no activity during 1997 and 1998 and had
profits  of  $19,451  and $65,105 in 1999 and 2000, respectively. ABC Realty has
had  no  employees,  other  than  Mr.  Bennett,  since  its  inception.

     From  1999  to  2000,  Mr. Bennett was the sole owner, president, and chief
executive  officer  of  Internet  Funding Corp., which was incorporated in North
Carolina  on  September  14,  1999.  Internet  Funding  sought  to  develop  the
operations  of  and  arrange  capital  financing  for development stage Internet
companies  within the Charlotte, North Carolina area. Internet Funding failed to
locate any companies that needed its services and had no revenues or operations.
Internet  Funding  had  no  employees  other  than  Mr.  Bennett.

     From  1991 until 1995, Mr. Bennett was also the chief executive officer and
president  of  Bennett  International Businesses, a sole proprietorship owned by
Mr.  Bennett  and  based  in  Charlotte,  North Carolina.  Bennett International
Businesses  explored investment opportunities in China, Mexico, South Africa and
Chile.  Bennett  International  Businesses  failed  to  locate  any  investment
opportunities  and had no revenues or material operations. Bennett International
Businesses  had  no  other  employees  other  than  Mr.  Bennett.

     From  1995  to  1996,  Mr.  Bennett  also  operated  Premier  Builders  and
Developers  in  Charlotte, North Carolina.  Premier Builders was incorporated in
North  Carolina  on  January  1,  1995.  This  company developed land within the
Charlotte,  North Carolina area. Premier Builders and Developers had no revenues
for  1995  and  1996 and had expenses and related losses of $21,605 and $14,935,
respectively.

Significant  Employees.

     Other  than  our  officer,  we  have  no  significant  employees.

Family  Relationships.

     None.

Legal  Proceedings.

     No  officer,  director,  or  persons  nominated  for  such positions and no
promoter  or  significant  employee of us has been involved in legal proceedings
that  would  be  material  to  an  evaluation  of  our  management.

     There  are  no  arrangements  or  understandings pursuant to which any were
elected  as  officers.

Section  16(a)  Beneficial  Ownership  Reporting  Compliance

     Based  on information furnished to Registrant, no officer, director, or ten
percent shareholder failed to file on a timely basis reports on Forms 3, 4, or 5
during  the  most  recent  two  fiscal  years.

Audit  Committee  Financial  Expert

     The Company does not have a separately designated standing audit committee.
Pursuant  to  Section  3(a)(58)(B)  of  the  Exchange  Act,  the entire Board of
Directors  acts  as  an  audit  committee  for  the  purpose  of  overseeing the
accounting  and  financial  reporting processes, and our audits of the financial
statements.  The  Commission  recently adopted new regulations relating to audit
committee  composition and functions, including disclosure requirements relating
to  the  presence  of an "audit committee financial expert" serving on its audit
committee.  In  connection  with  these new requirements, our Board of Directors
examined  the  Commission's definition of "audit committee financial expert" and
concluded  that  we  do  not  currently  have a person that qualifies as such an
expert.  Presently,  there are only four (4) directors serving on our Board, and
we  are  not  in  a  position  at  this  time  to attract, retain and compensate
additional  directors  in order to acquire a director who qualifies as an "audit
committee  financial expert", but we intend to retain an additional director who
will qualify as such an expert, as soon as reasonably practicable. While neither
of  our  current  directors  meets  the  qualifications  of  an "audit committee
financial  expert",  each  of  our  directors,  by virtue of his past employment
experience,  has  considerable  knowledge  of financial statements, finance, and
accounting,  and  has  significant  employment  experience  involving  financial
oversight  responsibilities.  Accordingly, we believe that our current directors
capably  fulfill  the  duties  and responsibilities of an audit committee in the
absence  of  such  an  expert.

Code  of  Ethics

     We are presently working with our legal counsel to prepare and adopt a code
of  ethics  that  applies  to  our  principal chief executive officer, principal
financial  officer,  principal  accounting  officer  or  controller,  or persons
performing  similar  functions  (the  "Code  of Ethics"). A draft of the Code of
Ethics  is attached hereto as Exhibit 14.1. The Code of Ethics is being designed
with  the  intent  to  deter  wrongdoing,  and  to  promote  the  following:

-    Honest  and  ethical  conduct,  including the ethical handling of actual or
     apparent  conflicts  if  interest  between  personal  and  professional
     relationships
-    Full,  fair,  accurate, timely and understandable disclosure in reports and
     documents  that  a  small  business  issuer  files with, or submits to, the
     Commission  and  in  other public communications made by the small business
     issuer
-    Compliance  with  applicable  governmental  laws,  rules  and  regulations
-    The  prompt  internal reporting of violations of the code to an appropriate
     person  or  persons  identified  in  the  code
-    Accountability  for  adherence  to  the  code

Section  16(a)  Beneficial  Ownership  Reporting  Compliance

     Under Section 16(a) of the Exchange Act, all executive officers, directors,
and each person who is the beneficial owner of more than 10% of the common stock
of  a company that files reports pursuant to Section 12 of the Exchange Act, are
required  to  report  the  ownership  of  such  common stock, options, and stock
appreciation  rights  (other  than  certain cash-only rights) and any changes in
that  ownership  with  the Commission. Specific due dates for these reports have
been  established,  and  the Company is required to report, in this Form 10-KSB,
any  failure  to comply therewith during the fiscal year ended December 2003. We
believe  that  all  of these filing requirements were satisfied by our executive
officers,  directors and by the beneficial owners of more than 10% of our common
stock.  In  making  this  statement,  we  have  relied  solely  on copies of any
reporting  forms  received  by it, and upon any written representations received
from reporting persons that no Form 5 (Annual Statement of Changes in Beneficial
Ownership)  was  required  to be filed under applicable rules of the Commission.

Item 10.  Executive  Compensation

     None  of  our  directors  or  officers  have received any compensation from
Xenicent,  including  salary,  stock,  stock  options,  or  otherwise,  and  no
compensation  is  accruing.  There  are  no  arrangements  or  agreements  for
employment,  compensation, or change in control that exist with the Xenicent for
either our officers or directors. All other individuals who provide services for
Xenicent are considered independent contractors, and it is anticipated that this
arrangement  will  continue  for  the  foreseeable  future.

Item 11.  Security  Ownership  of  Certain  Beneficial  Owners  and  Management

     Since this amended filing herein is directly attributable to the correction
of  an  error  resulting  from  the recording of the 2002 Giantek share exchange
agreement  as  a  purchase  rather than an investment, this section has not been
updated  to  reflect  the  security  ownership  of certain beneficial owners and
management since the prior filing of Form 10-KSB. We deem it to be more decision
useful  to  present  this Item 11 section as originally filed since a reader can
view  our  public  SEC  filings  since  the  original  filing of the 10-KSB. The
following  tables  set  forth the ownership, as of April 14, 2004, of our common
stock  (a) by each person known by us to be the beneficial owner of more than 5%
of  our  outstanding  common  stock,  and  (b)  by each of our directors, by all
executive  officers  and our directors as a group. To the best of our knowledge,
all  persons  named  have  sole voting and investment power with respect to such
shares,  except  as  otherwise  noted.

Security  Ownership  of  Certain  Beneficial  Owners  (1)  (2)


<TABLE>
<CAPTION>


Title of Class     Name and Address     # of Shares     Nature of Ownership     Current % Owned
--------------     ----------------     -----------     -------------------     ---------------
<S>                <C>                  <C>             <C>                     <C>

Common             Duane Bennett          2,000,000            Direct                 18.9%
                   P.O. Box 243
                   Chimney Rock, NC
                   28720
--------------     ----------------     -----------     -------------------     ---------------
Common             Duane Bennett          4,000,000          Indirect                 37.9%
                   P.O. Box 243
                   Chimney Rock, NC
                   28720
--------------     ----------------     -----------     -------------------     ---------------
Common             Sharon Bennett         2,000,000            Direct                 18.9%
                   P.O. Box 243
                   Chimney Rock, NC
                   28720
--------------     ----------------     -----------     -------------------     ---------------
Common             Frank & Sofia Chen       600,000            Direct                  5.7%
                  (2)
                   No. 52 Po-Ai Road,
                   7th Floor
                   Taipei, Taiwan
                   R.O.C.
--------------     ----------------     -----------     -------------------     ---------------

Security  Ownership  of  Officers  and  Directors  (2).

Title of Class     Name and Address     # of Shares     Nature of Ownership     Current % Owned
--------------     ----------------     -----------     -------------------     ---------------
<S>                <C>                  <C>             <C>                     <C>

Common             Duane Bennett          2,000,000            Direct                 18.9%
--------------     ----------------     -----------     -------------------     ---------------
Common             Duane Bennett          4,000,000          Indirect                 37.9%
--------------     ----------------     -----------     -------------------     ---------------
Common             Frank & Sofia Chen       600,000            Direct                  5.7%
                  (2)
--------------     ----------------     -----------     -------------------     ---------------
Common             All Officers and       6,600,000            Direct                 62.5%
                   Directors as a
                   Group (2)


</TABLE>


Changes  in  Control.

     There  are currently no arrangements, which would result in a change in our
control. There was a change in control since our original 10-KSB filing relating
to the business combination with Heilongjiang  Pingchuan Yi Liao Qi Xie You Xian
Gong  Si  as  discussed  in  Item  12  below.

(1)  Pursuant  to  Rule  13-d-3  under  the  Securities Exchange Act of 1934, as
     amended,  beneficial  ownership  of  a  security consists of sole or shared
     voting power (including the power to vote or direct the voting) and/or sole
     or  shared  investment  power (including the power to dispose or direct the
     disposition)  with  respect  to  a  security  whether  through  a contract,
     arrangement,  understanding,  relationship or otherwise. In addition to the
     2,000,000 shares which Duane Bennett owns in his own name, Mr. Bennett also
     has  the  voting  power over the shares of stock issued in the names of his
     children  as  follows:  Adam  Bennett,  1,000,000  shares;  Emily  Bennett,
     1,000,000  shares;  Nellie  Bennett,  1,000,000  shares;  and Mary Bennett,
     1,000,000  shares.  Unless otherwise indicated, each person indicated above
     has  sole power to vote, or dispose or direct the disposition of all shares
     beneficially  owned. We are unaware of any shareholders whose voting rights
     would  be  affected  by  unity  property  laws.

(2)  The  common  shares  held by Frank and Sofia Chen is owned jointly. Of this
     amount 400,000 shares are being returned to the Treasury in connection with
     the termination agreement with Giantek Technology Corporation. These shares
     are  expected  to  be  retired.

Item 12.  Certain  Relationships  and  Related  Transactions

     On  June  22,  2004,  we  executed a Plan of Exchange between and among us,
Duane  Bennett  and  Harbin  Ping  Chun  Yao  Ye  Gu  Fen  You  Xian Gong  Si, a
corporation  organized  and  existing under the laws of the Peoples' Republic of
China  ("Ping  Chun").  On  July  28,  2004,  pursuant to the agreement, we also
changed  our  name  to  Pingchuan  Pharmaceutical  Inc.  and  increased  our
authorized  shares  of  common stock  from  50,000,000  to 150,000,000 by filing
Articles  of  Amendment  with  the  Secretary  of  State  of  the State of North
Carolina.  In  addition,  on  August  3,  2003,  the  NASDAQ  awarded  the  new
trading  symbol  of  "PGCN"  to  the  Pingchuan  Pharmaceutical  Inc.

     Pursuant  to  and  at  the closing of the agreement on August 11, 2004, the
shareholders of Pingchuan exchanged all of their registered capital of Pingchuan
for  70,000,000  shares  of  our  common  stock.  As  a  result  of the exchange
transaction,  Ping  Chun  became our wholly-owned  subsidiary, and the Ping Chun
Shareholders  controlled approximately 98% of our issued and outstanding shares.
A  copy  of  the  Plan of Exchange was filed and attached as a Current Report on
Form  8-K  filed  with the Commission on August 13, 2004, and is incorporated by
reference  herein.

Item 13.  Exhibits  and  Reports  on  Form  8-K

(a)  Financial  Statements

1.   The  following  financial  statements  of Xenicent are included in Part II,
     Item  7:

Independent  Auditors'  Report                                    F-1
Balance  Sheet  -  December  31,  2003                            F-2,3
Statements  of  Operations  -  Years  Ended
     December  31,  2003  and  2002                               F-4
Statements  of  Stockholders'  Equity  -  Years  Ended
     December  31,  2003  and  2002                               F-5
Statements  of  Cash  Flows  -  Years  Ended
     December  31,  2003  and  2002                               F-6
Notes  to  Financial  Statements                                  F-7-14

2.   Exhibits
     3.     Articles of Incorporation  as amended and bylaws are incorporated by
            reference to Exhibit  No. 1 of Form SB-2 as amended filed July 2001.
     14.1   Code  of  Ethics
     31.1.  Rule  13a-14(a)/15d-14(a)  Certifications of Chief Executive Officer
     31.2.  Rule  13a-14(a)/15d-14(a)  Certifications of Chief Financial Officer
     32.1.  Section  1350  Certifications  of  Chief  Executive  Officer
     32.1.  Section  1350  Certifications  of  Chief  Financial  Officer

(b)  Reports  on  Form  8-K

None.

Item 14.  Principal  Accountant  Fees  and  Services

Fees  Billed  For  Audit  and  Non-Audit  Services

     The  following  table represents the aggregate fees billed for professional
audit  services  rendered  to  the  independent  auditor, Perrella & Associates,
("Perrella")  for  our  audit  of  the annual financial statements for the years
ended  December  31,  2003  and  2002,  and  all  fees billed for other services
rendered  by  Perrella  during  those  periods.


Year Ended December 31                     2003              2002
----------------------                   --------          --------
                                         Perrella          Perrella
                                         --------          --------
Audit Fees (1)                           $ 10,000  (2)     $ 10,000  (3)
Audit-Related Fees (2)                         --                --
Tax Fees (3)                                   --                --
All Other Fees (4)                             --                --
Total Accounting Fees and Services       $ 10,000          $ 10,000


(1)  Audit  Fees.  These are fees for professional services for our audit of the
     annual financial statements, and for the review of the financial statements
     included  in our filings on Form 10-QSB, and for services that are normally
     provided  in  connection  with  statutory  and  regulatory  filings  or
     engagements.
(2)  Audit-Related  Fees.  These are fees for the assurance and related services
     reasonably  related  to  the  performance of the audit or the review of our
     financial  statements.
(3)  Tax  Fees.  These  are  fees  for professional services with respect to tax
     compliance,  tax  advice,  and  tax  planning.
(4)  All  Other  Fees.  These  are  fees for permissible work that does not fall
     within  any  of  the  other fee categories, i.e., Audit Fees, Audit-Related
     Fees,  or  Tax  Fees.


Pre-Approval  Policy  For  Audit  and  Non-Audit  Services

     We  do not have a standing audit committee, and the full Board performs all
functions  of  an  audit  committee, including the pre-approval of all audit and
non-audit  services before we engage an accountant. All of the services rendered
to  the  Company  by  Perrella  were  pre-approved  by  our  Board of Directors.

     We  are  presently  working  with  our  legal  counsel  to establish formal
pre-approval  policies and procedures for future engagements of our accountants.
The  new  policies and procedures will be detailed as to the particular service,
will  require  that  the Board or an audit committee thereof be informed of each
service,  and  will  prohibit the delegation of pre-approval responsibilities to
management. It is currently anticipated that our new policy will provide (i) for
an  annual  pre-approval,  by  the  Board  or  audit  committee,  of  all audit,
audit-related  and non-audit services proposed to be rendered by the independent
auditor  for  the  fiscal  year,  as  specifically  described  in  the auditor's
engagement  letter,  and  (ii) that additional engagements of the auditor, which
were  not  approved in the annual pre-approval process, and engagements that are
anticipated  to  exceed  previously  approved thresholds, will be presented on a
case-by-case  basis,  by  the  President  or Controller, for pre-approval by the
Board  or  audit  committee, before management engages the auditors for any such
purposes.  The  new  policy  and  procedures  may  authorize  the Board or audit
committee  to  delegate,  to  one  or  more  of  its  members,  the authority to
pre-approve  certain permitted services, provided that the estimated fee for any
such  service does not exceed a specified dollar amount (to be determined).  All
pre-approvals  shall  be contingent on a finding, by the Board, audit committee,
or  delegate, as the case may be, that the provision of the proposed services is
compatible  with the maintenance of the auditor's independence in the conduct of
its  auditing  functions.  In  no  event  shall any non-audit related service be
approved that would result in the independent auditor no longer being considered
independent  under  the  applicable  rules and regulations of the Securities and
Exchange  Commission.



                           --Signature Page Follows--


                                   SIGNATURES
                                   ----------

Pursuant  to  the  requirements  of  the  Securities  Exchange  Act of 1934, the
Registrant has caused this report to be signed on its behalf by the undersigned,
hereunto  duly  authorized.


                                                  XENICENT,  INC.
                                                  ---------------

Date:  October  19,  2004                    By:  /s/  Zhanwu  Hu
                                                  ---------------
                                                  Zhanwu  Hu
                                                  President  and  Director