----

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**       **

**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**WASHINGTON,      D.C. 20549**

**FORM      10-Q**

|   |                                                                                                                                 |
|--------|--------------------------------------------------------------------------------------------------------------------------------------|
| x      | Quarterly                Report Pursuant to Section 13 or 15(d) of the Securities Exchange                Act of                1934 |
|   | For                the quarterly period ended September 30,                2008.                                                     |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  ̈ | Transition                Report Pursuant to Section 13 or 15(d) of the Securities Exchange                Act of                1934                                                                                                                                                                                                                                                                                                    |
|   | For                the transition period from                                             to                               . |

**Commission      File Number: 000-**
**53122**

**HAMBRECHT      ASIA ACQUISITION CORP.**

|                                           |                               |
|------------------------------------------------|------------------------------------|
| **Cayman                Islands**              | **N/A**                            |
| (State                or Other Jurisdiction of | (I.R.S.                Employer    |
| Incorporation                or Organization)  | Identification                No.) |

**13/F      Tower 2**

**New      World Tower**

**18      Queens Road Central**

**Hong      Kong**

**852-2801-5383**

| Large                Accelerated Filer  ̈ | Accelerated                Filer  ̈ | Non-Accelerated                Filer  ̈ | Smaller                Reporting Company x |
|-----------------------------------------------|-----------------------------------------|---------------------------------------------|--------------------------------------------|

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**Hambrecht      Asia Acquisition Corp.**

**(a      corporation in the development stage)**

**Index      to Form 10-Q**

| **Part                I.**  | **Financial                Information**                                                                                          |   |
|-----------------------------|-----------------------------------------------------------------------------------------------------------------------------------|--------|
|                        |                                                                                                                              |   |
|                        | Item                1. Condensed Financial Statements                                                                             |   |
|                        |                                                                                                                              |   |
|                        | Condensed                Balance Sheets                                                                                           | 3      |
|                        |                                                                                                                              |   |
|                        | Condensed                Statements of Operations                                                                                 | 4      |
|                        |                                                                                                                              |   |
|                        | Condensed                Statements of Shareholders’ Equity                                                                 | 5      |
|                        |                                                                                                                              |   |
|                        | Condensed                Statements of Cash Flows                                                                                 | 6      |
|                        |                                                                                                                              |   |
|                        | Notes                to Condensed Financial Statements                                                                            | 7      |
|                        |                                                                                                                              |   |
|                        | Item                2. Management’s Discussion and Analysis of Financial Condition and Results                of Operations | 14     |
|                        |                                                                                                                              |   |
|                        | Item                3. Quantitative and Qualitative Disclosures About Market                Risk                                  | 15     |
|                        |                                                                                                                              |   |
|                        | Item                4T. Controls and Procedures                                                                                   | 15     |
|                        |                                                                                                                              |   |
| **Part                II.** | **Other                Information**                                                                                              | 17     |
|                        |                                                                                                                              |   |
|                        | Item                1A. Risk Factors                                                                                              | 17     |
|                        |                                                                                                                              |   |
|                        | Item                2. Unregistered Sales of Equity Securities and Use of                Proceeds                                 | 17     |
|                        |                                                                                                                              |   |
|                        | Item                6. Exhibits                                                                                                   | 18     |
|                        |                                                                                                                              |   |
| SIGNATURES                  |                                                                                                                              | 19     |
|                        |                                                                                                                              |   |
| CERTIFICATIONS              |                                                                                                                              |   |

----

**PART      I - FINANCIAL INFORMATION**

**ITEM      1. FINANCIAL STATEMENTS**

**Hambrecht      Asia Acquisition Corp.**

**(a      corporation in the development stage)**

**Condensed      Balance Sheets**

|                                                                                                                                                                                                                                                                                                                                                        |   | **September                30, 2008** |       |  **December                31, 2007** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|------------|--------------------------------------------|--------|
| **ASSETS**                                                                                                                                                                                                                                                                                                                                                  |   | **(unaudited)**                       |       |                                       |   |
| **Current                assets**                                                                                                                                                                                                                                                                                                                           |   |                                  |       |                                       |   |
| Cash                                                                                                                                                                                                                                                                                                                                                        |   | $                                     | 63,007     |                                       | $      | 101,671 |   |
| Prepaid                expenses                                                                                                                                                                                                                                                                                                                             |   |                                  | 120,831    |                                       |   | 183,254 |   |
|                                                                                                                                                                                                                                                                                                                                                        |   |                                  |            |                                       |   |  |   |
| **Total                current assets**                                                                                                                                                                                                                                                                                                                     |   |                                  | 183,838    |                                       |   | 284,925 |   |
| **Other                asset**                                                                                                                                                                                                                                                                                                                              |   |                                  |            |                                       |   |  |   |
| Cash                equivalents held in the Trust Account                                                                                                                                                                                                                                                                                                   |   |                                  | 33,748,713 |                                       |   | -- |   |
|                                                                                                                                                                                                                                                                                                                                                        |   |                                  |            |                                       |   |  |   |
|  **Total                assets**                                                                                                                                                                                                                                                                                                                       |   | $                                     | 33,932,550 |                                       | $      | 284,925 |   |
|                                                                                                                                                                                                                                                                                                                                                        |   |                                  |            |                                       |   |  |   |
| **LIABILITIES                AND SHAREHOLDERS’ EQUITY**                                                                                                                                                                                                                                                                                               |   |                                  |            |                                       |   |  |   |
| **Current                liabilities**                                                                                                                                                                                                                                                                                                                      |   |                                  |            |                                       |   |  |   |
| Accrued                expenses                                                                                                                                                                                                                                                                                                                             |   | $                                     | 94,985     |                                       | $      | -- |   |
| Loan                payable, shareholder                                                                                                                                                                                                                                                                                                                    |   |                                  | --         |                                       |   | 281,661 |   |
|                                                                                                                                                                                                                                                                                                                                                        |   |                                  |            |                                       |   |  |   |
| **Total                current liabilities**                                                                                                                                                                                                                                                                                                                |   |                                  | 94,985     |                                       |   | 281,661 |   |
|                                                                                                                                                                                                                                                                                                                                                        |   |                                  |            |                                       |   |  |   |
| **Long-term                liabilities**                                                                                                                                                                                                                                                                                                                    |   |                                  |            |                                       |   |  |   |
| Deferred                underwriting fees, net of $356,101 subject to forfeiture                in the event of possible redemption                                                                                                                                                                                                                         |   |                                  | 830,903    |                                       |   | -- |   |
|                                                                                                                                                                                                                                                                                                                                                        |   |                                  |            |                                       |   |  |   |
| **Ordinary                shares**,                subject to redemption, (1,271,788 shares at redemption                value of $7.92 per share)                                                                                                                                                                                                          |   |                                  | 10,072,561 |                                       |   | -- |   |
|                                                                                                                                                                                                                                                                                                                                                        |   |                                  |            |                                       |   |  |   |
|                                                                                                                                                                                                                                                                                                                                                        |   |                                  |            |                                       |   |  |   |
| **Shareholders’                equity**                                                                                                                                                                                                                                                                                                               |   |                                  |            |                                       |   |  |   |
| Ordinary                shares, $.001 par value, 50,000,000 shares authorized; 5,299,125                and                1,150,000 shares issued and outstanding as of September 30, 2008                and                December 31, 2007 (which includes 1,271,788 shares and 0 shares subject                to                possible redemption) |   |                                  | 5,299      |                                       |   | 1,150 |   |
| Additional                paid-in capital                                                                                                                                                                                                                                                                                                                   |   |                                  | 22,851,981 |                                       |   | 23,850 |   |
| Earnings                accumulated during the development stage                                                                                                                                                                                                                                                                                            |   |                                  | 76,822     |                                       |   | (21,736 | ) |
|                                                                                                                                                                                                                                                                                                                                                        |   |                                  |            |                                       |   |  |   |
| Total                shareholders’ equity                                                                                                                                                                                                                                                                                                             |   |                                  | 22,934,102 |                                       |   | 3,264 |   |
|                                                                                                                                                                                                                                                                                                                                                        |   |                                  |            |                                       |   |  |   |
|  Total                liabilities and shareholders’ equity                                                                                                                                                                                                                                                                                       |   | $                                     | 33,932,550 |                                       | $      | 284,925 |   |
|                                                                                                                                                                                                                                                                                                                                                        |   |                                  |            |                                       |   |  |   |

*See      accompanying notes to condensed financial statements.*

----

**Hambrecht      Asia Acquisition Corp.**

**(a      corporation in the development stage)**

**Condensed      Statements of Operations**

**(Unaudited)**

|                                                                                                                                            |   | **For                  the Three****Months                  Ended****September                  30, 2008** |      |  **For                  the Nine****Months                  Ended****September                  30, 2008** |   | **Period                  from****July                  18, 2007****(inception)                  to****September                  30, 2008** |   | **Period                  from****July                  18, 2007****(inception)                  to****September                  30, 2007** |                     |
|-------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------|-----------|-----------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------|--------------------------|
| Revenues                                                                                                                                        |   | $                                                                                                          | --        |                                                                                                            | $      | --                                                                                                                                           |   | $                                                                                                                                            | --                       |   | $ | -- |   |
|                                                                                                                                            |   |                                                                                                       |      |                                                                                                            |   |                                                                                                                                         |   |                                                                                                                                         |                     |   |   |   |   |
|                                                                                                                                            |   |                                                                                                       |      |                                                                                                            |   |                                                                                                                                         |   |                                                                                                                                         |                     |   |   |   |   |
| Formation                  and administrative costs                                                                                             |   |                                                                                                       | 91,353    |                                                                                                            |   | 248,036                                                                                                                                      |   |                                                                                                                                         |      |   |   |      |   |
|                                                                                                                                            |   |                                                                                                       |           |                                                                                                            |   |                                                                                                                                              |   |                                                                                                                                         |                          |   |   |  |   |
| Loss                  from operations                                                                                                           |   |                                                                                                       | (91,353   | )                                                                                                               |   | (248,036                                                                                                                                     | )      |                                                                                                                                         | (269,772                 | ) |   | (3,438 | ) |
|                                                                                                                                            |   |                                                                                                       |           |                                                                                                            |   |                                                                                                                                              |   |                                                                                                                                         |                          |   |   |  |   |
| Interest                  income, net                                                                                                           |   |                                                                                                       | 178,461   |                                                                                                            |   | 346,594                                                                                                                                      |   |                                                                                                                                         | 346,594                  |   |   | — |   |
|                                                                                                                                            |   |                                                                                                       |           |                                                                                                            |   |                                                                                                                                              |   |                                                                                                                                         |                          |   |   |  |   |
| Net                  income (loss)                                                                                                              |   |                                                                                                       | 87,108    |                                                                                                            |   | 98,558                                                                                                                                       |   |                                                                                                                                         | 76,822                   |   |   | (3,438 | ) |
|                                                                                                                                            |   |                                                                                                       |           |                                                                                                            |   |                                                                                                                                              |   |                                                                                                                                         |                          |   |   |  |   |
| Weighted                  average number of ordinary shares subject to possible redemption,                  basic                  and diluted |   |                                                                                                       | 1,271,788 |                                                                                                            |   | 963,873                                                                                                                                      |   |                                                                                                                                         | 598,869                  |   |   | 1,150,000 |   |
|                                                                                                                                            |   |                                                                                                       |      |                                                                                                            |   |                                                                                                                                         |   |                                                                                                                                         |                     |   |   |   |   |
|                                                                                                                                            |   |                                                                                                       |      |                                                                                                            |   |                                                                                                                                         |   |                                                                                                                                         |                     |   |   |   |   |
| Income                  per ordinary share subject to possible redemption, basic and                  diluted                                   |   | $                                                                                                          | -         |                                                                                                            | $      | -                                                                                                                                            |   | $                                                                                                                                            | -                        |   | $ | - |   |
|                                                                                                                                            |   |                                                                                                       |      |                                                                                                            |   |                                                                                                                                         |   |                                                                                                                                         |                     |   |   |   |   |
| Weighted                  average number of ordinary shares outstanding (not subject to possible                  redemption) , basic           |   |                                                                                                       | 5,299,125 |                                                                                                            |   | 4,296,435                                                                                                                                    |   |                                                                                                                                         | 3,104,928                |   |   | 1,150,000 |   |
|                                                                                                                                            |   |                                                                                                       |      |                                                                                                            |   |                                                                                                                                         |   |                                                                                                                                         |                     |   |   |   |   |
| Income                  (loss) per ordinary share not subject to possible redemption,                  basic                                    |   | $                                                                                                          | 0.02      |                                                                                                            | $      | 0.02                                                                                                                                         |   | $                                                                                                                                            | 0.02                     |   | $ | (0.00 | ) |
|                                                                                                                                            |   |                                                                                                       |      |                                                                                                            |   |                                                                                                                                         |   |                                                                                                                                         |                     |   |   |   |   |
| Weighted                  average number of ordinary shares outstanding (not subject to possible                  redemption), diluted          |   |                                                                                                       | 7,485,119 |                                                                                                            |   | 5,933,652                                                                                                                                    |   |                                                                                                                                         | 3,882,080                |   |   | 1,150,000 |   |
|                                                                                                                                            |   |                                                                                                       |      |                                                                                                            |   |                                                                                                                                         |   |                                                                                                                                         |                     |   |   |   |   |
| Income                  (loss) per ordinary share not subject to possible redemption,                  diluted                                  |   | $                                                                                                          | 0.01      |                                                                                                            | $      | 0.02                                                                                                                                         |   | $                                                                                                                                            | 0.02                     |   | $ | (0.00 | ) |

*See      accompanying notes to condensed financial statements.*

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**Hambrecht      Asia Acquisition Corp.**

**(a      corporation in the development stage)**

**Condensed      Statements of Shareholders’ Equity**

**For      the Period July 18, 2007(date of inception) to September 30,      2008**

|                                                                                                                                                                                                                                                                                                                                                          |   | **Ordinary                  Shares** |                     |       |   |                                 |   |                                                                                                          |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|--------------------------|------------|--------|--------------------------------------|--------|---------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                          |   | **Shares**                           |                     | **Amount** |   | **Additional****Paid-in****Capital** |   | **Earnings                  (Deficit)****Accumulated****During                  the****Development****Stage** |   | **Total                  Shareholders’ Equity** |   |
| Balances                  at July 18, 2007                                                                                                                                                                                                                                                                                                                    |   |                                 | --                       |       | $      | --                                   |   | $                                                                                                             | -- |   | $ | -- |   | $ | -- |   |
|                                                                                                                                                                                                                                                                                                                                                          |   |                                 |                     |       |   |                                 |   |                                                                                                          |   |   |   |   |   |   |   |   |
| Sale                  of units issued to founders on July 18, 2007 at approximately $0.02                  per                  share                                                                                                                                                                                                                         |   |                                 | 1,150,000                |       |   | 1,150                                |   |                                                                                                          | 23,850 |   |   |   |   |   | 25,000 |   |
|                                                                                                                                                                                                                                                                                                                                                          |   |                                 |                     |       |   |                                 |   |                                                                                                          |   |   |   |   |   |   |   |   |
| Net                  loss                                                                                                                                                                                                                                                                                                                                |   |                                 |                     |       |   |                                 |   |                                                                                                          |   |   |   | (21,736 | ) |   | (21,736 | ) |
|                                                                                                                                                                                                                                                                                                                                                          |   |                                 |                     |       |   |                                 |   |                                                                                                          |   |   |   |   |   |   |   |   |
| Balances                  at December 31, 2007                                                                                                                                                                                                                                                                                                                |   |                                 | 1,150,000                |       | $      | 1,150                                |   | $                                                                                                             | 23,850 |   | $ | (21,736 | ) | $ | 3,264 |   |
|                                                                                                                                                                                                                                                                                                                                                          |   |                                 |                     |       |   |                                 |   |                                                                                                          |   |   |   |   |   |   |   |   |
| Proceeds                  from sale of warrants in a private placement to initial                  shareholders                                                                                                                                                                                                                                               |   |                                 |                     |       |   |                                 |   |                                                                                                          | 1,550,000 |   |   |   |   |   | 1,550,000 |   |
| Sale                  of 4,000,000 units at $8.00 per share in the public offering, net                  of                  underwriters’ discount and offering expenses (1,199,999 shares subject to                  possible redemption)                  (unaudited)                                                                               |   |                                 | 4,000,000                |       |   | 4,000                                |   |                                                                                                          | 29,550,348 |   |   |   |   |   | 29,554,348 |   |
| Sale                  of 239,300 units at $8.00 per share in the public offering from                  partial                  exercise of underwriters’ overallotment option, net of underwriters’                  discount and offering expenses (71,789 shares subject to possible                  redemption)                  (unaudited) |   |                                 | 239,300                  |       |   | 239                                  |   |                                                                                                          | 1,800,344 |   |   |   |   |   | 1,800,583 |   |
| Forfeiture                  of founders shares from partial exercise of underwriters’ overallotment                  option (unaudited)                                                                                                                                                                                                                 |   |                                 | (90,175                  | )          |   | (90                                  | )      |                                                                                                          |   |   |   |   |   |   | (90 | ) |
| Proceeds                  subject to possible redemption                  of 1,271,788 shares at a redemption value of $7.92 per share                  (unaudited)                                                                                                                                                                                           |   |                                 |                     |       |   |                                 |   |                                                                                                          | (10,072,561 | ) |   |   |   |   | (10,072,561 | ) |
| Net                  income                                                                                                                                                                                                                                                                                                                                   |   |                                 |      |       |   |                  |   |                                                                                                          |      |   |   | 98,558 |   |   | 98,558 |   |
| Balances                  at September 30, 2008 (unaudited)                                                                                                                                                                                                                                                                                                   |   |                                 | 5,299,125                |       | $      | 5,299                                |   | $                                                                                                             | 22,851,981 |   | $ | 76,822 |   | $ | 22,934,102 |   |

*See      accompanying notes to condensed financial statements.*

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**Hambrecht      Asia Acquisition Corp.**

**(a      corporation in the development stage)**

**Condensed      Statements of Cash Flows**

**(unaudited)**

|                                                                                                                       |   |                                     |        |  **Period                  from**        |   |  **Period                  from**        |   |
|----------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|-------------|-----------------------------------------------|--------|-----------------------------------------------|--------|
|                                                                                                                       |   |  **For                  the Nine**       |        |  **July                  18, 2007**      |   |  **July                  18, 2007**      |   |
|                                                                                                                       |   |  **Months                  Ended**       |        |  **(inception)                  to**     |   |  **(inception)                  to**     |   |
|                                                                                                                       |   |  **September                  30, 2008** |        |  **September                  30, 2008** |   |  **September                  30, 2007** |   |
| **Cash                  flows from operating activities:**                                                                 |   |                                     |        |                                     |   |                                     |   |
| Net                  income (loss)                                                                                         |   | $                                             | 98,558      |                                          | $      | 76,822                                        |   | $ | (3,438 | ) |
| Adjustments                  to reconcile net income (loss) to net cash provided by operating                  activities: |   |                                          |             |                                          |   |                                               |   |   |  |   |
| Change                  in operating assets and liabilities:                                                               |   |                                          |        |                                          |   |                                          |   |   |   |   |
| Accrued                  expenses                                                                                          |   |                                          | 94,985      |                                          |   | 94,985                                        |   |   | — |   |
| Prepaid                  expenses                                                                                          |   |                                          | 62,423      |                                          |   | (120,831                                      | )      |   | — |   |
|                                                                                                                       |   |                                          |        |                                          |   |                                          |   |   |   |   |
| Net                  cash provided by (used in) operating activities                                                       |   |                                          | 255,966     |                                          |   | 50,976                                        |   |   | (3,438 | ) |
|                                                                                                                       |   |                                          |             |                                          |   |                                               |   |   |  |   |
| **Cash                  used in investing activities:**                                                                    |   |                                          |             |                                          |   |                                               |   |   |  |   |
| Changes                  in cash equivalents held in Trust Account                                                         |   |                                          | (33,748,713 | )                                             |   | (33,748,713                                   | )      |   | — |   |
|                                                                                                                       |   |                                          |             |                                          |   |                                               |   |   |  |   |
| **Cash                  flows from financing activities:**                                                                 |   |                                          |             |                                          |   |                                               |   |   |  |   |
| Proceeds                  from sale of ordinary shares to founders                                                         |   |                                          | —     |                                          |   | 25,000                                        |   |   | 25,000 |   |
| Proceeds                  from shareholder’s note payable                                                            |   |                                          | —     |                                          |   | 281,661                                       |   |   | 91,661 |   |
| Payments                  of Deferred Offering Cost                                                                        |   |                                          | —     |                                          |   | —                                       |   |   | (98,817 | ) |
| Proceeds                  from warrants purchased in private placement                                                     |   |                                          | 1,550,000   |                                          |   | 1,550,000                                     |   |   | — |   |
| Proceeds                  from initial public offering                                                                     |   |                                          | 32,000,000  |                                          |   | 32,000,000                                    |   |   | — |   |
| Proceeds                  from exercise of underwriters overallotment option                                               |   |                                          | 1,914,400   |                                          |   | 1,914,400                                     |   |   | — |   |
| Repayment                  of shareholder’s note payable                                                             |   |                                          | (281,661    | )                                             |   | (281,661                                      | )      |   | — |   |
| Payment                  of offering costs of initial public offering                                                      |   |                                          | (1,728,656  | )                                             |   | (1,728,656                                    | )      |   | — |   |
|                                                                                                                       |   |                                          |        |                                          |   |                                          |   |   |   |   |
| Net                  cash provided by financing activities                                                                 |   |                                          | 33,454,083  |                                          |   | 33,760,744                                    |   |   | 17,844 |   |
|                                                                                                                       |   |                                          |             |                                          |   |                                               |   |   |  |   |
| Net                  increase (decrease) in cash                                                                      |   |                                          | (38,664     | )                                             |   | 63,007                                        |   |   | 14,406 |   |
| Cash                  at beginning of the period                                                                           |   |                                          | 101,671     |                                          |   | —                                       |   |   | — |   |
|                                                                                                                       |   |                                          |        |                                          |   |                                          |   |   |   |   |
| Cash                  at end of the period                                                                                 |   | $                                             | 63,007      |                                          | $      | 63,007                                        |   | $ | 14,406 |   |
|                                                                                                                       |   |                                          |        |                                          |   |                                          |   |   |   |   |
| **Supplemental                  schedule of non-cash financing activities:**                                               |   |                                          |             |                                          |   |                                               |   |   |  |   |
| Deferred                  underwriting fees, net                                                                           |   | $                                             | 830,903     |                                          | $      | 830,903                                       |   |   | — |   |
| Ordinary                  shares subject to possible redemption                                                            |   | $                                             | 10,072,561  |                                          | $      | 10,072,561                                    |   |   |      |   |

*See      accompanying notes to condensed interim financial      statements.*

----

**Hambrecht      Asia Acquisition Corp.**

**(a      corporation in the development stage)**

**Notes      to Condensed Interim Financial Statements**

**(unaudited)**

**NOTE      1—ORGANIZATION AND BUSINESS OPERATIONS**

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**NOTE      2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES **

**Cash      equivalents held in the Trust Account:**

**Fair      value of financial instruments:**

**Use      of estimates:**

----

**Income      taxes:**

**Ordinary      shares subject to possible redemption:**

**Income      per ordinary share:**

**Recently      Adopted Accounting Pronouncements:**

----

**New      Accounting Pronouncements:**

**NOTE      3—PUBLIC OFFERING**

----

**NOTE      4—RELATED PARTY TRANSACTIONS**

**NOTE      5—FAIR VALUE MEASUREMENTS**

*Fair      Value Measurement*
*Effective      Date of FASB Statement No. 157,*

----

|                                                    |   |                                                                                                                               |       |                                                                                             |   |                                                                    |   |                                                   |    |
|---------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|------------|-------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------|--------|-------------------------------------------------------------|---------|
|                                                    |   |  **Fair                  Value of Financial Assets as of September 30,                  2008**       |       |
|   **Description**                             |   |  **September                  30,****2008**                                                                                        |       |  **Quoted Prices in****Active                  Markets****(Level                  1)** |   |  **Significant Other****Observable Inputs****(Level 2)** |   | **Significant****Unobservable****Inputs****(Level 3)** |    |
| Assets:                                                 |   |                                                                                                                               |       |                                                                                             |   |                                                                    |   |                                                   |    |
| Cash                  equivalents                       |   | $                                                                                                                                       | 67,001     |                                                                                                  | $      | 67,001                                                                       |   | $                                                           | — |   | $ | — |   |
| Cash                  equivalents held in Trust Account |   |                                                                                                                                    | 33,748,713 |                                                                                                  |   | 33,748,713                                                                   |   |                                                        | — |   |   | — |   |
|                                                    |   |                                                                                                                                    |            |                                                                                                  |   |                                                                              |   |                                                        |         |   |   |  |   |
| Total                                                   |   | $                                                                                                                                       | 33,815,714 |                                                                                                  | $      | 33,815,714                                                                   |   | $                                                           | — |   | $ | — |   |
|                                                    |   |                                                                                                                                    |            |                                                                                                  |   |                                                                              |   |                                                        |         |   |   |  |   |

**NOTE      6— COMMITMENTS AND UNDERWRITERS’ COMPENSATION**

----

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**ITEM      2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF      OPERATIONS**

**Forward      Looking Statements**

**Overview**

**Results      of Operations for the Three Month Period ended September 30,      2008**

**Results      of Operations for the Nine Month Period ended September 30,      2008**

**Liquidity      and Capital Resources**

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**Off-Balance      Sheet Arrangements**

**Contractual      Obligations**

**ITEM      3. **
**QUANTITATIVE      AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

**ITEM      4T. CONTROLS AND PROCEDURES**

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**Compliance      with Section 404 of the Sarbanes-Oxley Act of 2002**

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**PART      II - OTHER INFORMATION**

**ITEM      1A. RISK FACTORS**

**ITEM      2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF      PROCEEDS**

**Use      of Proceeds**

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**ITEM      6. EXHIBITS**

|                       |                                                                                                                                                                                                                                         |
|----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Exhibit                No. | Description                                                                                                                                                                                                                                  |
|                       |                                                                                                                                                                                                                                         |
| 31.1                       | Certification                of the Chief Executive Officer (Principal Executive Officer) pursuant                to                Rule 13a-14(a) of the Securities Exchange Act, as                amended.                      |
| 31.2                       | Certification                of the Chief Financial Officer (Principal Financial and Accounting                Officer) pursuant to rule 13A-14(a) of the Securities Exchange Act,                as                amended.                 |
| 32.1                       | Certification                of the Chief Executive Officer and Chief Financial Officer pursuant                to 18                U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley                Act of 2002 . |

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**SIGNATURES**

|                             |                                            |                                                                                                       |
|----------------------------------|-------------------------------------------------|------------------------------------------------------------------------------------------------------------|
|                             |                                            |                                                                                                       |
|                             | HAMBRECHT                ASIA ACQUISITION CORP. |
|                             |                                            |                                                                                                       |
|                             |                                            |                                                                                                       |
| November                13, 2008 | By:                                             | /s/ John                Wang                                                                          |
|                             |                                            | John                Wang                                                                                   |
|                             |                                            | Chief                Executive Officer, President and Director(Principal                Executive Officer) |
|                             |                                            |                                                                                                       |
|                             |                                            |                                                                                                       |

| November                  13, 2008 | By:    | /s/ Robert                J. Eu                                                                                                             |
|------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|
|                               |   | Robert                J. Eu                                                                                                                      |
|                               |   | Chairman                of the Board, Chief Financial Officer, Secretary and Director(Principal                Financial and Accounting Officer) |

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**Exhibit      Index**

|                       |                                                                                                                                                                                                                                         |
|----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Exhibit                No. | Description                                                                                                                                                                                                                                  |
|                       |                                                                                                                                                                                                                                         |
| 31.1                       | Certification                of the Chief Executive Officer (Principal Executive Officer) pursuant                to                Rule 13a-14(a) of the Securities Exchange Act, as                amended.                      |
| 31.2                       | Certification                of the Chief Financial Officer (Principal Financial and Accounting                Officer) pursuant to rule 13A-14(a) of the Securities Exchange Act,                as                amended.                 |
| 32.1                       | Certification                of the Chief Executive Officer and Chief Financial Officer pursuant                to 18                U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley                Act of 2002 . |

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