<PAGE>

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

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

                  For the quarterly period ended June 30, 2003
                                                 -------------

[ ] 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 Identification No.)
incorporation or organization)

                                Chinawe.com Inc.
                            c/o Hartman & Craven LLP
                            Attn: Joel I. Frank, Esq.
                               488 Madison Avenue
                            New York, New York 10022
--------------------------------------------------------------------------------
                    (Address of principal executive offices)

                               c/o (212) 753-7500
--------------------------------------------------------------------------------
                           (Issuer's telephone number)

The number of shares outstanding of the issuer's common stock, par value $.001
per share, as of August 1, 2003 was 40,000,000.

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


<PAGE>


                                Chinawe.com Inc.

<TABLE>
<CAPTION>
PART I - FINANCIAL INFORMATION                                                   Page No.
<S>                                                                              <C>
Item 1.  Financial Statements.

         Consolidated Balance Sheet as of June 30, 2003 (Unaudited)                 3
         and December 31, 2002 (Audited)

         Consolidated Condensed Statements of Operations
         for the Three Months Ended June 30, 2003 and
         June 30, 2002 (Unaudited)                                                  4

         Consolidated Condensed Statements of Operations
         for the Six Months Ended June 30, 2003 and
         June 30, 2002 (Unaudited)                                                  5

         Consolidated Statements of Shareholders' Deficit and Comprehensive         6
         Income (Loss) for the Six Months Ended June 30, 2003 (Unaudited)

         Consolidated Statements of Cash Flows for the Six Months Ended             7
         June 30, 2003 and June 30, 2002 (Unaudited)

         Notes to Financial Statements                                              8

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

Item 3.  Controls and Procedures                                                   23

PART II - OTHER INFORMATION

Item 6.   Exhibits and Reports on Form 8-K                                         24

SIGNATURES                                                                         25
</TABLE>



<PAGE>


PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.

                           CONSOLIDATED BALANCE SHEET
                                  JUNE 30, 2003

<TABLE>
<CAPTION>
                                                                       JUNE 30, 2003           DECEMBER 31, 2002
                                                                        (Unaudited)                 (Audited)
                                                                 ------------------------   ------------------------
                                                                        RMB           US$          RMB           US$
                                                                 ----------    ----------   ----------      --------
<S>                                                              <C>           <C>          <C>             <C>
ASSETS
Current assets:
    Cash and cash equivalents                                        20,608         2,487       18,953         2,287
    Accounts receivable, net of allowance of doubtful
     accounts of RMB11,176                                           33,336         4,022       18,299         2,208
    Other current assets                                             63,018         7,604       62,292         7,517
                                                                 ----------    ----------   ----------      --------
        Total current assets                                        116,962        14,113       99,544        12,012
                                                                 ----------    ----------   ----------      --------
Property, plant and equipment, net                                  120,553        14,547      195,052        23,537
                                                                 ----------    ----------   ----------      --------
TOTAL ASSETS                                                        237,515        28,660      294,596        35,549
                                                                 ==========    ==========   ==========      ========
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
    Customer deposits                                               196,167        23,671      232,707        28,081
    Accrued expenses and others liabilities                         957,485       115,535    1,093,583       131,964
    Current portion of long term debt                                49,151         5,931       47,865         5,776
    Advances from related parties                                 7,469,248       901,277    6,770,824       817,041
                                                                 ----------    ----------   ----------      --------
        Total current liabilities                                 8,672,051     1,046,414    8,144,979       982,862
                                                                 ----------    ----------   ----------      --------
Non-current liabilities
    Long term debt                                                   78,785         9,507      103,687        12,512
                                                                 ----------    ----------   ----------      --------
        Total liabilities                                         8,750,836     1,055,921    8,248,666       995,374

Commitments and contingencies
Shareholders' deficit:
    Preferred stock, par value US$0.001 per shares,
     authorized 20,000,000 shares, none issued; Common
     stock, par value US$0.001 per share, authorized
     100,000,000 shares, issued and outstanding
     40,000,000 shares                                              320,000        38,613      320,000        38,615
    Capital in excess of par                                       (319,198)      (38,516)    (319,198)      (38,518)
    Accumulated deficit                                          (8,530,278)   (1,029,307)  (7,971,796)     (961,964)
    Accumulated other comprehensive loss                             16,155         1,949       16,924         2,042
                                                                 ----------    ----------   ----------      --------
        Total shareholders deficit                              (8,513,321)   (1,027,261)  (7,954,070)     (959,825)
                                                                 ----------    ----------   ----------      --------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT                         237,515        28,660      294,596        35,549
                                                                 ==========    ==========   ==========      ========
</TABLE>

See notes to the condensed consolidated financial statements.


                                        3

<PAGE>


                 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                    THREE MONTHS ENDED JUNE 30, 2003 AND 2002
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                     2003                                     2002
                                        ------------------------------            ----------------------------
                                            RMB                 US$                  RMB                US$
                                        ----------          ----------            ----------        ----------
<S>                                     <C>                 <C>                   <C>               <C>
Operating revenues
Subscription and service income            119,031              14,363               146,592            17,510

Administrative and general expenses       (392,853)            (47,402)             (685,920)          (81,930)
                                        ----------          ----------            ----------        ----------

Loss from operations                      (273,822)            (33,039)             (539,328)          (64,420)

Other income                                    15                   2                    31                 3
                                        ----------          ----------            ----------        ----------

Net loss                                  (273,807)            (33,037)             (539,297)          (64,417)
                                        ==========          ==========            ==========        ==========
Basic and diluted net
loss per common stock                       (0.007)             (0.001)                (0.01)           (0.002)
                                        ==========          ==========            ==========        ==========
Weighted average shares
Outstanding                             40,000,000          40,000,000            40,000,000        40,000,000
                                        ==========          ==========            ==========        ==========
</TABLE>





See notes to the condensed consolidated financial statements.




                                        4

<PAGE>


                 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                     SIX MONTHS ENDED JUNE 30, 2003 AND 2002
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                      2003                                     2002
                                         ------------------------------            ----------------------------
                                             RMB                 US$                   RMB                US$
                                         ----------          ----------            ----------        ----------
<S>                                      <C>                 <C>                   <C>               <C>
Operating revenues
Subscription and service income             249,058              30,053               330,384            39,463

Administrative and general expenses        (807,565)            (97,445)           (1,212,229)         (144,795)
                                         ----------          ----------            ----------        ----------

Loss from operations                       (558,507)            (67,392)             (881,845)         (105,332)

Other income                                     25                   3                    45                 5
                                         ----------          ----------            ----------        ----------

Net loss                                   (558,482)            (67,389)             (881,800)         (105,327)
                                         ==========          ==========            ==========        ==========
Basic and diluted net
   loss per common stock                      (0.01)             (0.002)                (0.02)           (0.003)
                                         ==========          ==========            ==========        ==========
Weighted average shares
  Outstanding                            40,000,000          40,000,000            40,000,000        40,000,000
                                         ==========          ==========            ==========        ==========
</TABLE>



See notes to the condensed consolidated financial statements.




                                        5

<PAGE>


              CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIT AND
                           COMPREHENSIVE INCOME (LOSS)
                         SIX MONTHS ENDED JUNE 30, 2003
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                            Common stock                                           Accumulated
                                            ------------                                           other             Total
                                                                 Capital in        Accumulated     comprehensive     Shareholders'
                                                     Amount      excess of par     (deficit)       (loss)            (deficit)
                                     Shares          RMB         RMB               RMB             RMB               RMB
                                     ----------      -------     -------------     ----------      -------------     -------------
<S>                                  <C>             <C>         <C>               <C>             <C>               <C>
Balances, January 1, 2003            40,000,000      320,000       (319,198)       (7,971,796)         16,924        (7,954,070)

Comprehensive loss:
   Net loss for the six
   months ended June 30, 2003                 -            -              -          (558,482)              -          (558,482)

   Currency translation
   adjustments                                -            -              -                 -            (769)             (769)
                                     ----------      -------       --------        ----------          ------        ----------

   Total comprehensive loss                                                                                            (559,251)
                                                                                                                     ----------

Balances, June 30, 2003              40,000,000      320,000       (319,198)       (8,530,278)         16,155        (8,513,321)
                                     ==========      =======       ========        ==========          ======        ==========

Balances, June 30, 2003-US$                           38,613        (38,516)       (1,029,307)          1,949        (1,027,261)
                                                     =======       ========        ==========          ======        ==========
</TABLE>





See notes to the condensed consolidated financial statements.


                                        6


<PAGE>


                                CHINAWE.COM INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                     SIX MONTHS ENDED JUNE 30, 2003 AND 2002
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                   2003                                   2002
                                                    -----------------------------------     ----------------------------------
                                                          RMB                 US$                 RMB                 US$
                                                    ---------------     ---------------     ---------------      -------------
<S>                                                 <C>                 <C>                 <C>                  <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss                                               (558,482)            (67,389)            (881,800)          (105,327)

Adjustments to reconcile net loss to net cash
used in operating activities:
  Depreciation                                           74,511               8,991               53,488              6,389
  Changes in operating assets and liabilities:
  Accounts receivable                                   (15,028)             (1,813)                 (71)                (9)
  Other current assets                                     (725)                (87)              17,848              2,132
  Accounts payable                                            -                   -              (12,916)            (1,543)
  Accrued expenses and other current liabilities       (136,291)            (16,446)            (133,633)           (15,962)
  Customer deposits received                            (36,545)             (4,410)            (125,440)           (14,983)
                                                    ---------------     ---------------     ---------------      -------------
NET CASH USED IN OPERATING ACTIVITIES                  (672,560)            (81,154)          (1,082,524)          (129,303)
                                                    ---------------     ---------------     ---------------      -------------
CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of plant and equipment                               -                   -               (1,938)              (232)
                                                    ---------------     ---------------     ---------------      -------------
NET CASH USED IN INVESTING ACTIVITIES                         -                   -               (1,938)              (232)
                                                    ---------------     ---------------     ---------------      -------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase in advances from related parties             1,404,633             169,490            1,089,227            130,104
Repayments to related parties                          (708,127)            (85,446)                   -                  -
Repayment of long term debts                            (23,616)             (2,850)             (22,397)            (2,675)
                                                    ---------------     ---------------     ---------------      -------------
NET CASH PROVIDED BY FINANCING ACTIVITIES               672,890              81,194            1,066,830            127,429
                                                    ---------------     ---------------     ---------------      -------------
NET (DECREASE) INCREASE IN CASH AND CASH
EQUIVALENTS                                                 330                  40              (17,632)            (2,106)

CASH AND CASH EQUIVALENTS, BEGINNING                     18,953               2,287               38,859              4,642

EFFECT OF EXCHANGE RATE ON CASH                           1,325                 160                1,349                161
                                                    ---------------     ---------------     ---------------      -------------
CASH AND CASH EQUIVALENTS, ENDING                        20,608               2,487               22,576              2,697
                                                    ===============     ===============     ===============      =============
</TABLE>






See notes to the condensed consolidated financial statements.


                                        7


<PAGE>


                        NOTES TO THE FINANCIAL STATEMENTS
                 FOR THE SIX MONTHS ENDED JUNE 30, 2003 AND 2002
                                   (UNAUDITED)


1.     Nature of business

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

       Officeway Technology Limited ("Officeway"); 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.

       Welcon Info-Tech Limited ("WIT(HK)"); incorporated in Hong Kong in June
       1997, WIT(HK) provides subscriber services for the production of website
       image and business-to-business e-marketplace for small to medium size
       businesses.

       Guangzhou Welcon Information Limited ("GWI"); a joint venture formed in
       March 2000. WIT(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 WIT(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 WIT(HK).


2.     The interim financial statements

       The accompanying financial statements, as of June 30, 2003 and for the
       six months ended June 30, 2003, have been prepared by Chinawe.com Inc
       (the "Company") without audit. Pursuant to the rules and regulations of
       the Securities and Exchange Commission, certain information and footnote
       disclosures normally included in the financial statements prepared in
       accordance with accounting principles generally accepted in the United
       States of America have been condensed or omitted pursuant to such rules
       and regulations. However, the Company believes that the disclosures are
       adequate to make the information presented not misleading. These
       financial statements should be read in conjunction with the financial
       statements and the notes thereto included in the Company's audited annual
       financial statements for the year ended December 31, 2002.

       The preparation of financial statements in conformity with accounting
       principles generally accepted in the United States of America requires
       management to make estimates that



                                       8
<PAGE>


       affect the reported amounts of assets, liabilities, revenues and expenses
       and the disclosure of contingent assets and liabilities. Actual results
       could differ from these estimates.

       In the opinion of management, all adjustments (which include only normal
       recurring adjustments) necessary to present fairly the financial position
       as of June 30, 2003, results of operations and cash flows for the six
       months ended June 30, 2003, have been made. The results of operations for
       the six months ended June 30, 2003 and 2002 are not necessarily
       indicative of the operating results for the full year.

3.     Translation of foreign currencies

       The Company considers Renminbi as its functional currency as a
       substantial portion of the Company's business activities are based in
       Renminbi.

       Transactions in currencies other than functional currencies during the
       year 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 Renminbi, into Renminbi 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 Renminbi into United States dollars ("US$")
       is for the convenience of readers and has been made at the Exchange Rate
       of US$1.00 = RMB8.2874 as of June 30, 2003 and US$1.00 = RMB8.372 as of
       June 30, 2002. No representation is made that the Renminbi amounts could
       have been, or could be, converted into United States dollars at that rate
       or at any other rate.

4.     Risk considerations

       (i)   As a majority of the Company's operations are conducted in the PRC,
             the Company is subject to special considerations and significant
             risks not typically associated with investments in equity
             securities of North American and Western European companies. The
             Company's operations may be adversely affected by significant
             political, economic and social uncertainties in the PRC. Although
             the PRC government has been pursuing economic reform policies for
             the past several years, no assurance can be given that the PRC
             government will continue to pursue such policies or that such
             policies may not be significantly altered, especially in the event
             of a change in leadership, social or political disruption or
             unforeseen circumstances affecting the PRC's political, economic
             and social life. There is also no guarantee that the PRC
             government's pursuit of economic reforms will be consistent or
             effective.


                                       9
<PAGE>

       (ii)  The Company expects that substantially all of its revenues will be
             denominated in RMB. A portion of such revenues will need to be
             converted into other currencies to meet foreign currency
             obligations such as payment of any dividends declared. Both the
             conversion of RMB into foreign currencies and the remittance of
             foreign currencies abroad require PRC government approval. No
             assurance can be given that the operating subsidiaries within the
             Company will continue to be able to convert sufficient amounts of
             foreign currencies in the PRC's foreign exchange markets in the
             future for payment of dividends.

5.     Stock Plan

       On July 25, 2001 the Board of Directors approved the Chinawe.com Inc.
       2001 Restricted Stock Plan (the "Plan"), under which 5,000,000 shares of
       the Company's common stock have been reserved for award under the Plan.
       Pursuant to the Plan, stock awards may be granted to eligible officers,
       directors, employees and consultants of the Company. Through June 30,
       2003, no awards have been made under the Plan.






                                       10
<PAGE>


Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operation.

The following discussion should be read in conjunction with the Consolidated
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

Our financial statements have been prepared assuming that we will continue in
business as a going-concern. Presently, we generate no significant income and
have incurred net losses since inception. Our prospects must be considered in
light of the significant risks, costs and difficulties often encountered by
enterprises in their early stages of development, in particular companies in the
Internet sector and, more specifically, targeting and operating in the Greater
China and Asian markets. As discussed in our financial statements and in this
section, we have suffered a net loss of RMB558,482 (US$67,389) during the six
month period ended June 30, 2003. At the end of this period we had a
stockholders' deficit of RMB8,513,321 (US$1,027,261) and a working capital
deficit of RMB8,555,089 (US$1,032,301). The Independent's Auditors Report on the
Company's financial statements as of and for the years ended December 31, 2003
and 2002 included a "going concern" explanatory paragraph which means that the
Auditors expressed substantial doubt about the Company's ability to continue as
a going concern. Management's plans with respect to these matters are described
in this section and in our financial statements, but does not include any
adjustments that might result from the outcome of this uncertainty. There is no
guarantee that we will be able to raise the needed funds and there are no
guarantees that we will not be required to raise further capital for operations
and expansion in the near future.

Our operations have not been, and in the near term are not expected to be,
materially affected by inflation or changing prices. We will encounter
competition from a variety of firms selling Internet services in its market
area. Many of these firms have long-standing customer relationships and are
well-staffed and well financed. The Company believes that competition in the
Internet industry is based on competitive pricing, although the ability,
reputation and support of a marketing network is also significant. The Company
does not believe that any recently enacted or presently pending proposed
legislation will have a material adverse effect on its results of operations.




                                       11
<PAGE>


Three Months Ended June 30, 2003 compared to the Three Months Ended June 30,
2002

Revenues. Subscription and service income for the three months ended June 30,
2003 was RMB119,031 as compared to subscription and service income of RMB146,592
for the three months ended June 30, 2002, a decrease of 19%. The decrease in
revenues is attributable to the downturn in the economy as a result of the SARS
outbreak, giving rise to lower usage of the Company's services. Other income for
the three months ended June 30, 2003 was RMB15 as compared to other income of
RMB31 for the three months ended June 30, 2002, a decrease of 52%.

Expenses. Administrative and general expenses for the three months ended June
30, 2003, were RMB392,853 as compared to administrative and general expenses of
RMB 685,920 for the three months ended June 30, 2002, a decrease of 43%. The
decrease is due to cost reduction measures implemented by the Company in light
of decreased revenues.

As a consequence of the foregoing, our loss from operations decreased from
RMB539,328 for the three months ended June 30, 2002 to RMB273,822 for the three
months ended June 30, 2003. Our net loss decreased from RMB539,297 for the three
months ended June 30, 2002 to RMB273,807 for the three months ended June 30,
2003.

Six Months Ending June 30, 2003 compared to the Six Months Ending June 30, 2002

Revenues. Membership fee income for the six months ending June 30, 2003 was
RMB249,058 as compared to membership fee income of RMB330,384 for the six months
ending June 30, 2002, a decrease of 25%. The decrease in revenues is
attributable to the downturn in the economy as a result of the SARS outbreak,
giving rise to lower usage of the Company's services. Other income for the six
months ending June 30, 2003 was RMB25 as compared to other income of RMB45 for
the six months ending June 31, 2002, a decrease of 44%.

Expenses. Administrative and general expenses for the six months ending June 30,
2003 were RMB807,565 as compared to administrative and general expenses of
RMB1,212,229 for the three months ending June 30, 2002, a decrease of 33%. The
decrease is due to cost reduction measures implemented by the Company in light
of decreased revenues.

As a consequence of the foregoing, our loss from operations decreased from
RMB881,845 for the six months ending June 30, 2002 to RMB558,507 for the six
months ending June 30, 2003. Our net loss decreased from RMB881,800 for the six
months ending June 30, 2001 to RMB558,482 for the six months ending June 30,
2002.

Factors That May Affect Future Results

Management's Discussion and Analysis and other parts of this Report contain
information based on management's beliefs and forward-looking statements that
involve a number of risks, uncertainties, and assumptions. There can be no
assurance that actual results will not differ materially from the
forward-looking statements as a result of various factors, including but not
limited to the following:

The markets for many of our product offerings are characterized by rapidly
changing technology, evolving industry standards, and frequent new product
introductions. Our operating results will depend to a significant extent on our
ability to design, develop, or otherwise obtain and introduce new products,
services, systems, and solutions and to reduce the costs of these offerings. The
success of these and other new offerings is




                                       12
<PAGE>

dependent on many factors, including proper identification of customer needs,
cost, timely completion and introduction, differentiation from offerings of our
competitors, and market acceptance. The ability to successfully introduce new
products and services could have an impact on future results of operations.

Fluctuations in Quarterly Results

We have incurred operating losses since inception, and cannot be certain that we
will achieve profitability on a quarterly or annual basis in the future. We
believe that future operating results will be subject to quarterly fluctuations
due to a variety of factors, including, but not limited to:

o      Continued growth of business and of the Internet in China;
o      Our ability to attract and retain customers and maintain customer
       satisfaction;
o      Technical difficulties or system outages;
o      Government regulation;
o      Fulfilling contractual obligations under the agreements with China Great
       Wall Asset Management Corporation and others;
o      Pricing policies of competitors;
o      Ability to attract and retain qualified personnel with Chinese language
       and Internet industry expertise, in particular technical, sales and
       marketing personnel;
o      The amount and timing of operating costs and capital expenditures
       relating to expansion of our business and infrastructure;
o      The ability to upgrade, develop and maintain our systems and
       infrastructure; and
o      Failure to increase sales.

In addition to the factors set forth above, the Company's operating results will
be impacted by the extent to which the Company incurs non-cash charges
associated with stock-based arrangements with employees and non-employees.

Liquidity and Capital Resources

On March 15, 2001, Neo Modern completed a merger with Chinawe, a privately-held
company incorporated in the State of Delaware, pursuant to an Agreement and Plan
of Merger dated October 17, 2000 (the "Merger Agreement"). In conjunction with
the terms of the Merger Agreement, Neo Modern changed its name to Chinawe.com
Inc. and each outstanding share of Chinawe common stock was converted into
2,876.4565 shares of Neo Modern common stock. All share and per share amounts
reflect the conversion.

The Group's financial statements for the six months ended June 30, 2003 have
been prepared on a going concern basis, which contemplates the realization of
assets and the settlement of liabilities and commitments in the normal course of
business. For the six months ended June 30, 2003, the Group reported a net loss
of RMB558,482 (US $67,389) and at June 30, 2003 has a stockholders' deficit and
a working capital deficit of RMB8,513,321 (US $1,027,261) and RMB8,555,089 (US
$1,032,301), respectively. The Company has also experienced difficulty and
uncertainty in meeting its liquidity needs. These factors raise substantial
doubt about the Company's ability to continue as a going



                                       13
<PAGE>


concern. Management's plans to address these concerns include:

(1)    In June 2001, the Company signed an agreement with China Great Wall Asset
       Management Corporation ("Great Wall"), a PRC government-controlled
       financial company. 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
       decided to enter into the business of servicing non-performing loans,
       including but not limited to, asset auctions and asset securitizations.

(2)    In August 2002, the Company signed a Memorandum of Understanding with
       Great Wall ("MOU-GW") for the purchase of a group of selected assets with
       a face value of approximately US$400 million directly from Great Wall
       (the "Acquisition"). The Company is currently negotiating the terms and
       conditions of a definitive agreement for the Acquisition with Great Wall.
       It is anticipated that the Company will enter into a definitive agreement
       within three to six months. In order to execute a definitive agreement
       with Great Wall for the Acquisition, the Company will need to obtain one
       or more sources of financing. Accordingly, in October 2002, the Company
       entered into a Memorandum of Understanding with a United States-based
       investor (the "MOU-USI"). The parties are bound by a confidentiality
       agreement not to disclose the identity nor the preliminary terms of the
       deal unless and until a formal agreement is signed. Under the MOU-USI,
       the Company and such investor are to form a joint venture on terms to be
       mutually agreed upon for the Acquisition. The Company is currently
       negotiating with the investor the terms and conditions, including
       financing, of the joint venture. It is anticipated that the joint venture
       agreement will be executed at or immediately prior to the time the formal
       Acquisition agreement with Great Wall is entered into. The agreement with
       Great Wall will be conditional upon the Company's entering into a
       definitive agreement with the investor and the agreement with the
       investor will be conditional upon the Company's entering into a
       definitive agreement with Great Wall. There can be no assurance that the
       Company will be able to negotiate mutually satisfactory agreements with
       Great Wall and/or the investor. Upon completion of the Acquisition and
       obtaining all necessary PRC government approvals, the Company will be
       engaged in the asset servicing business as its core activities.

       Upon signing of the formal agreements, the Company expects 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 Acquisition.

Our current cash balances will not be sufficient to meet our working capital and
capital expenditure requirements for the next six months. It is anticipated that
with the further expansion of operations we will incur negative cash flows,
therefore requiring us to seek



                                       14
<PAGE>

additional financings to support the growth in operations, both on a short term
and long term basis. In addition to the Great Wall agreement, we expect to
acquire or invest in other businesses, products, services and technologies that
complement or augment the Company's service offerings and customer base. We
currently are engaged in discussions with a number of companies regarding
strategic acquisitions or investments. Although these discussions are ongoing,
no definitive agreements have been signed and there can be no assurance that any
of these discussions will result in actual acquisitions. In addition, there may
be the requirement to amortize significant amounts of goodwill and other
intangible assets in connection with future acquisitions, which would materially
increase the Company's operating expenses. In addition, we may seek to raise
funds by offering debt or equity to the public. There is no guarantee that we
will be able to raise the funds. Thereafter, we may need to raise additional
funds in order to meet funding requirements of a more rapid expansion plan,
potential acquisitions, development of new or enhanced products or services, in
response to competitive pressures or to acquire technologies or complimentary
products or businesses.

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 three months June 30, 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.

       We recognize subscription and service income from members over the period
of subscription and to the extent of services rendered in accordance with the
terms of subscription and service agreements.

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

       We do not have any of the following:


                                       15
<PAGE>

       o     Off-balance sheet arrangements.

       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.

                                  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 EXPECT TO LOSE MONEY IN THE FUTURE AND WE MAY
NOT ACHIEVE OR 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.

OUR MANAGEMENT HAS LIMITED EXPERIENCE OPERATING A PUBLIC COMPANY

WE MAY FACE RISKS ASSOCIATED WITH POTENTIAL ACQUISITIONS, INVESTMENTS, STRATEGIC
PARTNERSHIPS OR OTHER VENTURES,



                                       16
<PAGE>


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



                                       17
<PAGE>


our expenses. Furthermore, we may incur indebtedness or issue equity securities
to pay for any future acquisitions.

IF WE FAIL TO EFFECTIVELY MANAGE OUR GROWTH, OUR BUSINESS WILL SUFFER

If the Internet and the business-to-business e-marketplace becomes as widely
used in China as we expect and as estimates suggest and our business grows
correspondingly, this rapid growth will place a significant strain on our
managerial, operational, financial and information systems resources. To
accommodate any significant increase in our size and manage our growth, we must
implement and improve these systems and attract, train, manage and retain
qualified employees. These demands will require us to add new management
personnel and develop new expertise. If we fail to successfully manage our
growth, our ability to maintain and increase our subscriber base will be
impaired and our business will suffer.

It is impossible to predict how entry into the World Trade Organization will
affect China's economy or the manner in which it conducts business domestically
and internationally.

NETWORKS ARE SUBJECT TO SECURITY RISKS AND INAPPROPRIATE USE BY INTERNET USERS
THAT COULD INTERRUPT OUR SERVICES

The future success of our business will depend on the security of the networks
of third parties over which we have no control. Despite implementation of
security measures, we remain vulnerable to computer viruses, sabotage, break-ins
and similar disruptive problems caused by subscribers or other Internet users.

OUR SERVICES AND REPUTATION MAY BE ADVERSELY AFFECTED BY SOFTWARE DEFECTS

Our services depend on complex software developed by third parties. Software
often contains defects, particularly when first introduced or when new versions
are released. These defects could cause service interruptions that damage our
reputation, increase our service costs, cause us to lose revenue, delay market
acceptance or divert our development resources, any of which could materially
adversely affect our business, operating results and financial condition. We may
not discover software defects that affect our services or enhancements until we
deploy the software.



                                       18
<PAGE>

                    RISKS RELATING TO DOING BUSINESS IN CHINA

OUR BUSINESS DEPENDS ON CONTINUED GROWTH OF THE INTERNET IN CHINA

Our future success substantially depends on continued growth in the use of
computer and the Internet in China. Although we believe that computer and
Internet usage in China will continue to grow as it has in the past, we cannot
be certain that this growth will continue or that it will continue in its
present form. The growth of computer usage and the Internet in China is
constrained by the cost of computers and other Internet access devices to
Chinese people relative to their annual income and current technology
infrastructure and no assurance can be given that computers or other Internet
access devices will be offered at prices within the budget of the average
Chinese consumer or that the technological infrastructure will be enhanced. If
Internet usage declines in China or evolves away from our business, our growth
will slow or stop and our financial results will suffer.

INCREASED GOVERNMENT REGULATION MAY INCREASE OUR COST OF DOING BUSINESS OR CAUSE
US TO CHANGE THE WAY WE CONDUCT OUR BUSINESS

Any new legislation or regulation adopted by the PRC regarding the Internet, or
the application or uncertainty relating to the application of existing laws and
regulations to the Internet, could materially adversely affect our business,
operating results and financial condition. Legislation could impair the growth
of the Internet and decrease the acceptance of the Internet as a communications
and commercial medium. This could decrease the demand for our services, increase
our cost of doing business or otherwise have a material adverse affect on our
business, financial condition and operating results. Further, the growth and
development of the Internet messaging market may prompt calls for more stringent
consumer protection laws that may impose additional burdens on companies
conducting business online. These laws may impose additional burdens on our
business. For example, because we rely on the collection and use of personal
data from our users for targeting advertisements, any laws or regulations that
restrict our ability to collect or use such information may harm us. Hong Kong
has enacted laws or adopted regulations that prevent Internet companies or Web
portals from selling any information collected from users.

REGULATION OF THE INTERNET AND INFORMATION INDUSTRY IN THE PRC MAY ADVERSELY
AFFECT OUR BUSINESS

The PRC has enacted regulations governing the provision of ISP services,
Internet access and the distribution of news and other information. The Chinese
government regulates access to the Internet by imposing strict licensing
requirements and requiring ISPs in China to use the international inbound and
outbound Internet backbones. Our vendors of these services have obtained all
licenses required to offer Internet access services in the parts of the PRC
where we conduct business, but there can be no assurance that such licenses will
be retained.



                                       19
<PAGE>

We also note that the Chinese legal system is a civil law system in which
decided legal cases have little precedential value. As a result, in many cases
it is difficult to determine the type of content that may result in liability.
We cannot predict the effect of further developments in the Chinese legal
system, particularly with regard to the Internet, including the promulgation of
new laws, changes to existing laws or the interpretation or enforcement thereof,
or the preemption of local regulations by national laws. Periodically, the
Ministry of Public Security has stopped the distribution of information over the
Internet which it believes to be socially destabilizing. The Ministry of Public
Security has the authority to cause any local ISP to block any Web site
maintained outside of China at its sole discretion. Web sites that are blocked
in China include many major news-related Web sites such as www.cnn.com,
www.latimes.com, www.nytimes.com and www.appledaily.com.hk. These laws will
affect the Chinese language Web portal which we propose to develop in the
future.

The Chinese government has also expressed its intention to closely control
possible new areas of business presented by the Internet, such as Internet
telephony. We cannot provide assurance that we will be able to obtain any
necessary license required in the future or that future changes in Chinese
government policies affecting the provision of ISP services, information
services, including the provision of online services, will not impose additional
regulatory requirements on us or our strategic partners, intensify competition
in the Chinese information industry or otherwise have a material adverse effect
on our business, financial condition and results of operations.

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.



                                       20
<PAGE>

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.

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"



                                       21
<PAGE>


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.

Recently Issued Accounting Pronouncements

In May 2003, the FASB issued SFAS No. 150, "Accounting for Certain Financial
Instruments with Characteristics of both Liabilities and Equity". The SFAS
No.150 improves the accounting for certain financial instruments that, under
previous guidance, issuers could account for as equity and requires that those
instruments be classified as liabilities in statements of financial position. In
addition to its requirements for the classification and measurement of financial
instruments in its scope, SFAS No. 150 also requires disclosures about
alternative ways of settling the instruments and the capital structure of
entities, all of whose shares are mandatorily redeemable. Most of the guidance
in SFAS No. 150 is effective for all financial instruments entered into or
modified after May 31, 2003, and otherwise is effective at the beginning of the
first interim period beginning after June 15, 2003. The Company had no financial
instruments outstanding and the adoption of SFAS No. 150 has no impact on the
Company's consolidated financial statement.

In April 2003, the FASB issued SFAS No. 149 Amendment of Statement 133 on
Derivative Instruments and Hedging Activities. The SFAS No. 149 amends and
clarifies financial accounting and reporting for derivative instruments,
including certain derivative instruments embedded in other contracts
(collectively referred to as derivatives) and for hedging activities under SFAS
No. 133, Accounting for Derivative Instruments and Hedging Activities. Subject
to certain exception, this statement is effective for contracts entered into or
modified after June 30, 2003 and for hedging relationships designated after June
30, 2003 and all provisions of this Statement should be applied prospectively.
The Company had no derivative instruments outstanding at June 30, 2003 and the
adoption of SFAS No. 149 has no impact on the Company's consolidated financial
statements.

In November 2002, the FASB issued Interpretation No. 45, "Guarantor's Accounting
and Disclosure Requirements for Guarantees, Including Indirect Guarantees of
Indebtedness of Others" ("FIN 45"). The disclosure requirements of FIN 45 are
effective for the Company's consolidated financial statements for the year ended
December 31, 2002. For applicable guarantees issued after January 1, 2003, FIN
45 requires that a guarantor recognize a liability for the fair value of
obligations undertaken in issuing guarantees. The Company does not expect that
this standard will have any effect on its consolidated financial statements.


                                       22
<PAGE>


In January 2003, the FASB issued Interpretation No. 46, "Consolidation of
Variable Interest Entities" ("FIN 46"), which requires the consolidation of
variable interest entities, as defined. FIN 46 is applicable to financial
statements to be issued after 2002; however, disclosures are required currently
if any variable interest entities are expected to be combined. The Company
currently has no interests in variable interest entities, and therefore does not
expect adoption of FIN No. 46 to have an impact on the Company's consolidated
financial statements.

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.






                                       23
<PAGE>


                           PART II - OTHER INFORMATION


ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

       (a)   Exhibits.

             31.1     Rule 13a-14(a)/15d-14(a) Certification
             31.2     Rule 13a-14(a)/15d-14(a) Certification
             32.1     Section 1350 Certification of Chief Executive Officer
             32.2     Section 1350 Certification of Chief Financial Officer

       (b)   Reports on Form 8-K.

             No reports on Form 8-K were filed during the quarter ended June 30,
2003.





                                       24
<PAGE>


                                   SIGNATURES

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


Date: August 14, 2003
                                                   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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