SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K  SANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the

fiscal year

 ended December 31, 2009£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 000-25997China Holdings, Inc.(Exact Name of Small Business Issuer as specified in its Charter)  Wyoming91-1939533(State or other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification Number)78365 Hwy. 111 Ste. 382 La Quinta, CA92253(Address of principal executive offices)(Zip Code)  (760) 219-2776(Issuer's telephone number)  Former Name: Silver Bow Antique Aviation  Common Stock, no par value3,190,400Title of ClassNumber of Shares Outstanding at December 31, 2009  Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act £ Yes S No  Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. £ Yes  S No  Indicate by check mark whether the Issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.   Yes S  No £  Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and wil not be contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.        S   Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.   See the definitions of large accelerated filer,  accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.  Large accelerated filer£Accelerated filer£Non-accelerated filer£Smaller reporting companyS  Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    S  Yes     £ No.  Indicate the number of shares outstanding of each of the issuer's classes of Common Equity, as of the latest practicable date.  Common Stock, no par value3,190,400Title of ClassNumber of Shares Outstanding
at December 31, 2009No Exhibits.  2   PART I  Item 1. Business  Business Development.  China Holdings, Inc. (the "Company") was organized under the laws of the State of Nevada on April 28, 1994, under the name "Silver Bow Antique Aviation". The Company was incorporated primarily to engage in the restoration and maintenance of antique aircraft.  The Company's articles initially authorized the Company to issue a total of 11,000 shares of stock, consisting of 10,000 common stock and 1,000 shares of preferred stock, both with a par value of $.001 per share.  An amendment to the Articles of Incorporation of the Company on October 7, 1998 increased its authorized shares to 100,000,000 consisting of 99,990,000 and 10,000 preferred shares, all with a par value of $.001 per share.  Item 1A.  Risk Factors.  N/A  Item 1B.  Unresolved Staff Comments.  N/A  Item 2. Properties.  The Company has no property as of the date of this report, (31 DEC 2009).  The Company Headquarters are located in La Quinta, California and are furnished by Mr. Dempsey Mork, Chief Financial Officer, Director.  Item 3. Legal Proceedings.  None.  Item 4. Submission of matters to a vote of Security holders.  None.  Part II  Item 5. Market for Company's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.  Market Information. China Holdings, Inc.'s common stock is not included in the pink sheets or in the OTC Bulletin Board maintained by the NASD. China Holdings, Inc. plans to apply to the OTC Bulletin Board.  There is no public trading market for China Holdings, Inc.'s common stock and that there is no guarantee any trading market will develop.  Holders.  The shareholders of record of China Holdings, Inc. common stock, as of December 31, 2009 is 52.  Dividends. Holders of China Holdings, Inc. common stock are entitled to receive such dividends as may be declared by its board of directors.    Item 6.  Selected Financial Data.  As a smaller reporting company, as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the Exchange Act), we are not required to provide the information required by this item.  3     Item 7. Management Discussion and Analysis of Financial Condition and Results of Operations.  China Holdings, Inc. is a Development Stage Company and is investigating various opportunities as a merger candidate. Currently, the Company has entered discussions with several, small to medium-size companies that are looking for merger opportunities for listings on a U.S. Stock Agency, such as AMX, NASDAQ, OTC, BULLETIN BOARD, etc.  The Management of China Holdings, Inc. has a broad background of management expertise in merging Companies (such as China Holdings, Inc.) with other Companies who are seeking assistance in becoming listed on a U.S. Stock Agency.  Item 7A.  Quantitative and Qualitative Disclosures About Market Risk.  N/A  4   Item 8.  Financial Statement and Supplementary Data.  CHINA HOLDINGS, INC.  (A DEVELOPMENT STAGE COMPANY)  AUDITED FINANCIAL STATEMENTS  FOR THE PERIODS ENDING DECEMBER 31, 2009 AND 2008     SAM KAN AND COMPANY 1151 HARBOR BAY PKWY STE 101 ALAMEDA, CA  F-1   TABLE OF CONTENTS  PageINDEPENDENT AUDITORS REPORTF-3FINANCIAL STATEMENTSBalance Sheet.F-4Income StatementF-5Statement of Cash FlowsF-6Statement of Stockholders EquityF-7Notes to Financial StatementsF-8  F-2     REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM  To the Board of Directors China Holdings, Inc. (A Development Stage Company) La Quinta, California We have audited the accompanying balance sheets of China Holdings, Inc. as of December 31, 2009 and 2008, and the related statements of operations, stockholders' equity (deficit), and cash flows for the years ended December 31, 2009 and 2008. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects,  the financial position of China Holdings, Inc. (A Development Stage Company) as of December 31, 2009 and 2008, and the results of their  operations and their cash flows for the years then ended in conformity  with U.S. generally accepted accounting principles. We were not engaged to examine management's assessment of the effectiveness of China Holdings, Inc.’s internal control over financial reporting as of December 31, 2009 and 2008, and accordingly, we do not express an opinion thereon. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note B to the consolidated financial statements, the Company has suffered recurring losses and has experienced negative cash flows from operations, which raises substantial doubt about the Company's ability to continue as a going concern.  Management's plans in regard to those matters are also described in Note B to the consolidated financial statements. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.   /s/ Sam Kan and Company Sam Kan and Company April 12, 2010 Alameda, California  F-3    CHINA HOLDINGS, INC.(A DEVELOPMENT STAGE COMPANY)BALANCE SHEETDECEMBER 31, 2009 AND 2008ASSETS20092008Current AssetsCash and Cash Equivalents--Total Current Assets--Total Assets--LIABILITIES AND STOCKHOLDERS' EQUITY
2009

2008Current LiabilitiesTotal Current Liabilities--Short Term LiabilitiesRelated Party Advance (Note E)56,00050,000Total Long Term Liabilities56,00050,000Total Liabilities (all current)
  56,00050,000Stockholders' Equity (Note B)Preferred stock, par value $.001;shares authorized; -noshares issued and outstanding--Common stock, par value $.001;99,999,000 shares authorized;3,190,400 shares issued and outstanding3,1903,190Additional Paid in Capital--Retained Earnings (Accumulated Deficit)(59,190)(53,190)Total Stockholders' Equity(56,000)(50,000)Total Liabilities and Stockholders' Equity$-$- See accompanying notes to finanical statements   F-4    CHINA HOLDINGS, INC.(A DEVELOPMENT STAGE COMPANY)STATEMENT OF OPERATIONFOR THE PERIODS ENDED DECEMBER 31, 2009 AND 2008Income2009
2008

For the Period from April 28, 1994 (Inception) to December 31, 2009Revenues$-$
  -
  $
  -Total Income-
  -
  
  -Cost of Goods Sold-
-

-Gross Margin-
-

-Operating Expenses (Note E)General and Administrative6,000
  -
  
  59,190Total Operating Expenses6,000
  -
  
  59,190Other Income (loss)Interest Expense
  
  -
  
  -
  
  -Net Income (Loss)$(6,000)$
-

(59,190)Per Share Information:Net Income (Loss) per share - 3,190,400 shares issued$(0.00246)$
-Basic weighted average numbercommon stock shares outstanding$2,438,055$
2,386,842

See accompanying notes to financial statements  F-5    CHINA HOLDINGS, INC.(**A DEVELOPMENT STAGE ENTERPRISE)**STATEMENT OF CASH FLOWSFOR THE PERIODS ENDED DECEMBER 31, 2009 AND 2008CASH FLOWS FROM OPERATING ACTIVITIES2009
2008

For the period from April 28, 1994 (inception) to December 31, 2009Net income$(6,000)$
-
$
(59,190)Adjustments to reconcile net income to net cash providedby operating activitiesNet Cash Provided (Used) By Operating Activities(6,000)
  -
  
  (59,190)CASH FLOWS FROM INVESTING ACTIVITIESFixed Asset Additions-
-

-Net Cash (Used) By Investing Activities-
-

-CASH FLOWS FROM FINANCING ACTIVITIESDebt Related Party6,000
-

56,000Capital Contributions-
-

3,190Net Cash (Used) By Financing Activities6,000
-

59,190NET INCREASE (DECREASE) IN CASH-
-

-CASH AT BEGINNING OF YEAR-
-

-CASH AT END OF YEAR
  $
  -
  $
  -
  $
  -**Supplemental cash flow Information:**Cash Paid for interest
  $
  -
  $
  -
  $
  -Cash paid for income taxes
  $
  -
  $
  -
  $
  -See accompanying notes to financial statements   F-6    CHINA HOLDINGS, INC.STATEMENT OF STOCKHOLDERS' EQUITYACCUMULATED FOR THE PERIOD FROM DATE OF INCEPTIONON APRIL 28, 1994(Expressed in US Dollars)TotalNumber of
  AdditionalStockholders'Common
  ParPaidDeficitEquityShares
ValueIn CapitalAccumulated(Deficit)- April 28, 1994 (Inception)-
$0.00$-$-$-**Balance as of December 31, 1994**-
0.001---**Balance as of December 31, 1995**-
0.001---- Shares issued at par value for consulting*936,900
0.001--936Net Loss for the period ending December 31, 1996
(936)(936)Balance as of December 31, 1996936,900
0.001-(936)-Balance as of December 31, 1997936,900
0.001-(936)-- Sale of Common Stock for Cash2,053,500
0.001--2,054Balance as of December 31, 19982,990,400
0.001-(936)2,054- Convertible $50,000 note See Footnote E-
0.001---Net Loss for the period from December 31, 1999
(50,000)(50,000)Balance as of December 31, 19992,990,400
0.001-(50,936)(47,947)Balance as of December 31, 20002,990,400
0.001-(50,936)(47,947)- Shares issued at par value for services200,000
0.001--200Net Loss for the period from December 31, 2001
(2,254)(2,254)Balance as of December 31, 20013,190,400
0.001-(53,190)(50,000)Balance as of December 31, 20023,190,400
0.001-(53,190)(50,000)Balance as of December 31, 20033,190,400
0.001-(53,190)(50,000)Balance as of December 31, 20043,190,400
0.001-(53,190)(50,000)Balance as of December 31, 20053,190,400
0.001-(53,190)(50,000)Balance as of December 31, 20063,190,400
0.001-(53,190)(50,000)Balance as of December 31, 20073,190,400
0.001-(53,190)(50,000)Balance as of December 31, 20083,190,400
0.001-(53,190)(50,000)Net loss for the Period of December 31, 2009
  
  
  
  
  
  
  (6,000)
  
  (6,000)Balance as of December 31, 20093,190,400
$  0.00$                -$  (59,190.00)$   (56,000.00)See accompanying notes to financial statements   F-7   CHINA HOLDINGS, INC. (A Development Stage Company) NOTES TO FINANCIAL STATEMENTS FOR THE PERIODS ENDING DECEMBER 31, 2009 AND 2008   NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of significant accounting policies of China Holdings, Inc. (A Development Stage Company) (the Company) is presented to assist in understanding the Company’s financial statements. The accounting policies presented in these footnotes conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the accompanying financial statements. These financial statements and notes are representations of the Company’s management who are responsible for their integrity and objectivity. The Company has not realized revenues from its planned principal business purpose and is considered to be in its development state in accordance with ASC 915, “Development Stage Entities”, formerly known as SFAS 7, “*Accounting and Reporting by Development State Enterprises.”* Organization, Nature of Business and Trade Name China Holdings, Inc. (the Company) was incorporated in the State of Nevada on April 28, 1994 under the name of Silver Bow Antique Aviation. The Company was incorporated to engage in any lawful activities. The Company’s articles initially authorized 1,000 shares of Preferred Stock and 10,000 shares of Common Stock, both at a par value of $.001 per share. The Company has been in the developmental stage since inception and has no operating history other than organizational matters. On October 9, 1998, the Company filed a certificate of amendment amending resident agent and stock. The Company is now authorized 100,000,000 shares of Common Stock at a par value of $.001. The registered agent is Harold T. Gewerter, Esq. On October 6, 2005, Silver Bow Antique Aviation, a Nevada corporation, voted to merge with China Holdings, Inc, a Wyoming corporation with the Wyoming corporation surviving for the purpose of effecting a name changed and changing the domicile of the company from Nevada to Wyoming. China Holdings, Inc. was organized in the State of Wyoming on October 6, 2005 for the purpose of engaging in any lawful corporate business, including but not limited to, participating in mergers with and acquisitions of other companies. The Company has been in the developmental stage since inception and has no operating history other than organizational matters. The primary activity of the Company currently involves seeking a company or companies that it can acquire or with whom it can merge. The Company has not selected any company as an acquisition target or merger partner and does not intend to limit potential candidates to particular field or industry, but does retain the right to limit candidates, if it so chooses, to a particular field or industry. The Company is currently investigating various opportunities as a merger candidate. Currently, the Company has entered into discussions with several small to medium size companies that are looking for merger opportunities. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that (1) recorded transactions are valid; (2) all valid transactions are recorded and (3) transactions are recorded in the period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the company for the respective periods being presented.   F-8   CHINA HOLDINGS, INC. (A Development Stage Company) NOTES TO FINANCIAL STATEMENTS FOR THE PERIODS ENDING DECEMBER 31, 2009 AND 2008  NOTE A  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)  Property and Equipment Property and equipment are carried at cost. Expenditures for maintenance and repairs are charged against operations. Renewals and betterments that materially extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for the period. Depreciation is computed for financial statement purposes on a straight-line basis over estimated useful lives of the related assets. The estimated useful lives of depreciable assets are:   EstimatedUseful LivesOffice Equipment5-10 yearsCopier5-7   yearsVehicles5-10 years  For federal income tax purposes, depreciation is computed under the modified accelerated cost recovery system. For audit purposes, depreciation is computed under the straight-line method.  Cash and Cash Equivalents  For purposes of the statement of cash flows, the Company considers all short-term debt securities purchased with maturity of three months or less to be cash equivalents.  Revenue and Cost Recognition The Company has been in the developmental stage since inception and has no operations to date. The Company currently does not have a means for generating revenue. Revenue and Cost Recognition procedures will be implemented based on the type of company acquired in a merger or acquisition. Cost of Goods Sold Since the Company is still in the development state formal application of certain procedures have not been implemented. Generally, job costs include all direct materials, and labor costs and those indirect costs related to development and maintenance of the website. Selling, general and administrative costs are charged to expense as incurred. However, Cost of Goods Sold procedures will be dependent on the industry that the identified merger or acquisition candidate is in. Advertising Advertising expenses related to specific jobs are allocated and classified as costs of goods sold. Advertising expenses not related to specific jobs are recorded as general and administrative expenses. Use of Estimates   F-9   CHINA HOLDINGS, INC. (A Development Stage Company) NOTES TO FINANCIAL STATEMENTS FOR THE PERIODS ENDING DECEMBER 31, 2009 AND 2008  NOTE A  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Use of Estimates (continued) a material impact on China Holdings, Inc.’s financial condition and results of operations during the period in which such changes occurred. Actual results could differ from those estimates. China Holdings, Inc.’s financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented. Capital Stock – Common Stock The Company’s articles initially authorized the Company to issue a total of 11,000 (Eleven Thousand) shares of stock, consisting of 1,000 (One Thousand) shares of preferred stock and 10,000 (Ten Thousand) shares of common stock, both with a par value of $.001 per share. During 1996, certain consulting services were rendered to the Company by the majority stockholder, Magellan Capital Corporation, (a Nevada Corporation doing business in California) and four (4) other individuals. The value of such services were at the stated par value for 1,041 shares issued on July 15, 1995 and have been stated on the Balance Sheet and Statement of Operations and Cash Flow Statement at $936 for the year ending December 31, 1996, which amount reflects the par value of the original issue on the date of the 1 to 900 forward stock split on the 1,041 shares. Revised number of shares issued and outstanding after the foregoing split were 936,900, with a total value of $936 as of the end of year December 31, 1996. An amendment to the Articles of Incorporation of the Company on October 7, 1998 increased its authorized shares to a total of 100,000,000 (One Hundred Million) shares, consisting of 99,990,000 (Ninety Nine Million Nine Hundred Ninety Thousand) shares of common stock and 10,000 (Ten Thousand) shares of preferred stock, all with a par value of $.001 per share. Currently, no shares of preferred stock have been issued. Three Million One Hundred Ninety Thousand Four Hundred (3,190,400) shares of common stock have been issued. Basic Loss Per Share The computations of basic loss per share of common stock are based on the weighted average number of shares outstanding at the date of the financial statements. There are no common stock equivalents outstanding. Provision for Income Taxes Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences.  Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases.  Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely that not that some portion or all of the deferred tax assets will not be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Recently Issued Accounting Pronouncements  F-10   CHINA HOLDINGS, INC. (A Development Stage Company) NOTES TO FINANCIAL STATEMENTS FOR THE PERIODS ENDING DECEMBER 31, 2009 AND 2008  NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Recently Issued Accounting Pronouncements (continued) nongovernmental entities were superseded by the issuance of ASC. ASC did not change GAAP, but rather combined the sources of GAAP and the framework for selecting among those sources into a single source. Accordingly, the adoption of ASC had no impact on the financial results of the Company. In May 2008, FASB issued Financial Accounting Standards No. 163, *“Accounting for Financial Guarantee Insurance Contracts - an interpretation of FASB Statement No. 60.”*Diversity exists in practice in accounting for financial guarantee insurance contracts by insurance enterprises under FASB Statement No. 60, Accounting and Reporting by Insurance Enterprises. That diversity results in inconsistencies in the recognition and measurement of claim liabilities because of differing views about when a loss has been incurred under FASB Statement No. 5, Accounting for Contingencies. This Statement requires that an insurance enterprise recognize a claim liability prior to an event of default (insured event) when there is evidence that credit deterioration has occurred in an insured financial obligation. This Statement also clarifies how Statement 60 applies to financial guarantee insurance contracts, including the recognition and measurement to be used to account for premium revenue and claim liabilities. Those clarifications will increase comparability in financial reporting of financial guarantee insurance contracts by insurance enterprises. This Statement requires expanded disclosures about financial guarantee insurance contracts. The accounting and disclosure requirements of the Statement will improve the quality of information provided to users of financial statements. This Statement is effective for financial statements issued for fiscal years beginning after December 15, 2008, and all interim periods within those fiscal years. In May 2008, FASB issued Financial Accounting Standards No. 162*, “The Hierarchy of Generally Accepted Accounting Principles.”*This Statement identifies the sources of accounting principles and the framework for selecting the principles to be used in the preparation of financial statements of nongovernmental entities that are presented in conformity with generally accepted accounting principles (GAAP) in the United States (the GAAP hierarchy). This Statement is effective 60 days following the SEC's approval of the Public Company Accounting Oversight Board amendments to AU Section 411, *The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles*. This pronouncement has no effect on this Company’s financial reporting at this time. In March of 2008 the Financial Accounting Standards Board (FASB) issued SFAS No. 161, “*Disclosures about Derivative Instruments and Hedging Activities—an amendment of FASB Statement No. 133*, “*Accounting for Derivatives and Hedging Activities*.”  SFAS No. 161 has the same scope as Statement No. 133 but requires enhanced disclosures about (a) how and why an entity uses derivative instruments, (b) how derivative instruments and related hedged items are accounted for under Statement No. 133 and its related interpretations, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows.  SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008, with early application encouraged.  The statement encourages, but does not require, comparative disclosures for earlier periods at initial adoption.  SFAS No. 161 has no effect on the Company’s financial position, statements of operations, or cash flows at this time.  F-11   CHINA HOLDINGS, INC. (A Development Stage Company) NOTES TO FINANCIAL STATEMENTS FOR THE PERIODS ENDING DECEMBER 31, 2009 AND 2008  NOTE A  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Recently Issued Accounting Pronouncements (continued) face of the consolidated statement of income.  When a subsidiary is de-consolidated, any retained non-controlling interest is to be measured at fair value.  Gain or loss on de-consolidation is recognized rather than carried as the value of the retained investment.  The Statement is effective for fiscal years and interim periods beginning on or after December 15, 2008.  It cannot be adopted earlier but, once adopted, is to be applied retroactively.  This pronouncement has no effect on this Company’s financial reporting at this time. In December 2007, the FASB issued SFAS No.141 (revised 2007), “*Business Combinations*” (“SFAS 141(R)”) and SFAS No. 160, “*Non-controlling Interests in Consolidated Financial Statements*” (“SFAS 160”). These standards aim to improve, simplify, and converge internationally the accounting for business combinations and the reporting of non-controlling interests in consolidated financial statements. The provisions of SFAS 141 (R) and SFAS 160 are effective for the fiscal year beginning April 1, 2009.  The adoption of SFAS 141(R) and SFAS 160 has not impacted the Company’s financial statements. None of the above new pronouncements has current application to the Company, but may be applicable to the Company’s future financial reporting. NOTE B – GOING CONCERN Under the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading, or seeking protection from creditors pursuant to laws or regulations. Accordingly, assets and liabilities are recorded on the basis that the entity will be able to realize its assets and discharge its liabilities in the normal course of business. Management expects to seek potential business opportunity from all known sources but will rely principally on personal contacts of its officers and directors as well as indirect associations between them and other business and professional people. It is not presently anticipated that the Company will engage professional firms specializing in business acquisitions or reorganizations. Management, while not especially experienced in matters relating to the new business of the Company, will rely upon their own efforts and, to a much lesser extent, the efforts of the Company’s shareholders, in accomplishing the business purposes of the Company. The officers and directors of the company have paid all expenses related to the activities of seeking other business opportunities and performing all functions necessary for the required SEC filings for this company with the understanding that these expenses will not be reimbursed by the company due to the fact that this is not the only company they are performing these services for. NOTE C – INCOME TAXES   F-12   CHINA HOLDINGS, INC. (A Development Stage Company) NOTES TO FINANCIAL STATEMENTS FOR THE PERIODS ENDING DECEMBER 31, 2009 AND 2008  NOTE C – INCOME TAXES (continued) Due to the inherent uncertainty in forecasts and future events and operating results, the Company has provided for a valuation allowance in an amount equal to gross deferred tax assets resulting in no net deferred tax assets or liabilities for the periods audited. Net deferred tax assets consist of the following components from Inception on April 28, 1998 to December 31, 2009: 2009Deferred tax assets NOL Carryover
    $
    20,125Valuations Allowance
    
    (20,125)Net Deferred Tax Asset
    $
    0 The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate of 34% to pretax income from continuing operations for the periods ended Dec. 31, 2009 due to the following: On December 31, 2009, the Company had an operating loss carry forward of $20,125 that can be used as an offset against future taxable income. No tax benefit has been reported in the December 31, 2009 financial statements since the potential tax benefit is offset by a valuation allowance of the same amount. Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry-forwards for Federal income tax reporting purposes are subject to annual limitations.  Should a change in ownership occur, net operating loss carry forwards may be limited as to use in the future.  NOTE D – NET LOSS PER COMMON SHARE Net loss per share is calculated in accordance with ASC 260, “*Earnings Per Share,*” formerly known as SFAS No. 128, “*Earnings Per Share.*” The weighted –average number of common shares outstanding during each period is used to compute basic loss per share. Diluted loss per share is computed using the weighted averaged number of shares and dilutive potential common shares outstanding.  Dilutive potential common shares are additional common shares assumed to be exercised.Basic net loss per common share is based on the weighted-average number of share of common stock of Three Million One Hundred Ninety Thousand Four Hundred (3,190,400) outstanding in the development period ending December 31, 2009 and 2008. Loss
    
    Shares
    
    Per Share(Numerator)
    
    (Denominator)
    
    AmountFrom Inception on April 28, 1994 to The Year Ended December 31, 2009
    $
    (59,190)
    $
    2,438,055
    $
    (0.02428)  NOTE E- RELATED PARTY TRANSACTIONS For the year ended December 31, 2008, the Company’s President advanced $50,000 to the Company for the working capital. In late 2009, the Company’s President paid $6,000 for professional fees for filing compliance purposes. These advances are non-interest bearing and will be reimbursed once the Company starts generating cash flows. F-13   CHINA HOLDINGS, INC. (A Development Stage Company) NOTES TO FINANCIAL STATEMENTS FOR THE PERIODS ENDING DECEMBER 31, 2009 AND 2008  NOTE F - SUBSEQUENT EVENTS In February, 2010, the Company issued a note payable of $6,000 to Dempsey Mork. The note will be matured by December 31, 2010. There is no payment term during the year. Principal and interest of 6% will be due when the loan is matured.   F-14   Item 9.   Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.  On January 6, 2010, Board of Directors of the Registrant dismissed The Blackwing Group, LLC, its independent registered public account firm. The PCAOB revoked the registration of Blackwing on December 22, 2009 because of violations of PCAOB rules and auditing standards in auditing the financial statements of two issuers, PCAOB rules and quality controls standards and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and non cooperation with a Board Investigation. The Board of Directors of the Registrant and the Registrant's Audit Committee approved of the dismissal of The Blackwing Group, LLC as its independent auditor. None of the reports of The Blackwing Group, LLC on the Company's financial statements for either of the past two years or subsequent interim period contained an adverse opinion or disclaimer of opinion, or was qualified or modified as to uncertainty, audit scope or accounting principles, except that the Registrant's audited financial statements contained in its Form 10K for the period ended 12/31/2008 a going concern qualification in the registrant's audited financial statements. During the registrant's two most recent fiscal years and the subsequent interim periods thereto, there were no disagreements with The Blackwing Group, LLC. whether or not resolved, on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to The Blackwing Group, LLC's satisfaction, would have caused it to make reference to the subject matter of the disagreement in connection with its report on the registrant's financial statements. The registrant has  engaged Sam Kan & Company, CPA’s to act as its independent registered  public accounting firm for all statements going forward and to perform an  required re audits.   Sam Kan & Company, CPA’s have not  performed any services for the registrant previously.   Item 9A.  Controls and Procedures.  This annual report does not include an attestation report of the companys registered public accounting firm regarding internal control over financial reporting.  Managements report was not subject to attestation by the companys registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the company to provide only managements report in this annual report  Evaluation of Disclosure Controls and Procedures  As required by Rule 13a-15 under the Securities Exchange Act of 1934 (the 1934 Act), as of Dec. 31, 2009, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures.  This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer (our principal executive officer) and our Chief Financial Officer (our principal financial officer), who concluded, that because of the material weakness in our internal control over financial reporting (ICFR) described below, our disclosure controls and procedures were not effective as of Dec. 31, 2009.  Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commissions rules and forms.  Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and our principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.  Internal Control Over Financial Reporting  Our management is also responsible for establishing ICFR as defined in Rules 13a-15(f) and 15(d)-15(f) under the 1934 Act.  Our ICFR are intended to be designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. Our ICFR are expected to include those policies and procedures that management believes are necessary that:  (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company;  (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and our directors; and  (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Companys assets that could have a material effect on the financial statements.  Management recognizes that there are inherent limitations in the effectiveness of any system of internal control, and accordingly, even effective internal control can provide only reasonable assurance with respect of financial statement preparation and may not prevent or detect misstatements. In addition, effective internal control at a point in time may become ineffective in future periods because of changes in conditions or due to deterioration in the degree of compliance with our established policies and procedures.  As of Dec. 31, 2009, management assessed the effectiveness of our ICFR based on the criteria for effective ICFR established in Internal Control--Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and SEC guidance on conducting such assessments by smaller reporting companies and non-accelerated filers.  Based on that assessment, management concluded that, during the period covered by this report, such internal controls and procedures were not effective as of Dec. 31, 2009 and that material weaknesses in ICFR existed as more fully described below.  As defined by Auditing Standard No. 5, An Audit of Internal Control Over Financial Reporting that is Integrated with an Audit of Financial Statements and Related Independence Rule and Conforming Amendments, established by the Public Company Accounting Oversight Board ("PCAOB"), a material weakness is a deficiency or combination of deficiencies that results more than a remote likelihood that a material misstatement of annual or interim financial statements will not be prevented or detected. In connection with the assessment described above, management identified the following control deficiencies that represent material weaknesses as of Dec. 31, 2009:  5   (1) Lack of an independent audit committee.  Although we have an audit committee it is not comprised solely of independent directors. We may establish an audit committee comprised solely of independent directors when we have sufficient capital resources and working capital to attract qualified independent directors and to maintain such a committee.  (2) Inadequate staffing and supervision within our bookkeeping operations. The relatively small number of people who are responsible for bookkeeping functions prevents us from segregating duties within our internal control system. The inadequate segregation of duties is a weakness because it could lead to the ultimate identification and resolution of accounting and disclosure matters or could lead to a failure to perform timely and effective reviews which may result in a failure to detect errors in spreadsheets, calculations, or assumptions used to compile the financial statements and related disclosures as filed with the Securities and Exchange Commission.  (3) Insufficient number of independent directors.  At the present time, our Board of Directors does not consist of a majority of independent directors, a factor that is counter to corporate governance practices as set forth by the rules of various stock exchanges.  Our management determined that these deficiencies constituted material weaknesses.  Due to a lack of financial and personnel resources, we are not able to, and do not intend to, immediately take any action to remediate these material weaknesses.  We will not be able to do so until we acquire sufficient financing and staff to do so.  We will implement further controls as circumstances, cash flow, and working capital permit.  Notwithstanding the assessment that our ICFR was not effective and that there were material weaknesses as identified in this report, we believe that our consolidated financial statements contained in our Annual Report on form 10-K for the fiscal year ended Dec. 31, 2009, fairly present our financial position, results of operations and cash flows for the years covered thereby in all material respects.  There were no changes in our internal control over financial reporting during the quarter ended Dec. 31, 2009, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.  Part III  ITEM 10: DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE  Identification of Directors and Executive Officers  Our executive officers and directors and their respective ages, positions and biographical information are set forth below.  NameAgePositions HeldDirector SinceDempsey K. Mork68President, Sec. Treas & DirectorJan.  2004  Background and Business Experience  Mr. Mork is the majority shareholder, Chief Financial Officer/President/Sec./Treas/Director of China Holdings, Inc. He has been an officer/director of the Company since its formation in 1994. For the past six years, he has been officer/director of Magellan Capital Corporation, Animal Cloning Sciences, Knickerbocker Capital, Apex Capital, Asian Financial and North Star Ventures. Mr. Mork has experience in start-up companies, business reorganizations and cross border business trans-actions. He will spend approximately 20 hours per month on Silver Bow business.  Significant Employees  The Company has no employees who are not executive officers, but who are expected to make a significant contribution to the Companys business.  Term of Office  The term of office for the Companys directors is one year, or until a successor is elected and qualified at the Companys annual meeting of shareholders, subject to ratification by the shareholders. The term of office for each officer is one year or until a successor is elected and qualified and is subject to removal by the Board.  Family Relationships  There are no family relationships between any of the officers and directors of the Company.  Code of Ethics  The Company has not adopted a Code of Ethics for our principal executive and financial officers.  6   No Involvement in Certain Legal Proceedings  During the past five years, no director, promoter or control person:  has filed a petition under federal bankruptcy laws or any state insolvency laws, nor had a receiver, fiscal agent or similar officer appointed by a court for the business or property of such person, or any partnership in which he was a general partner at or within two years before the time of such filing, or any corporation or business association of which he was an executive officer at or within two years before the time of such filing;  was convicted in a criminal proceeding or named subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);  was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him or her from or otherwise limiting his/her involvement in any type of business, securities or banking activities; or  was found by a court of competent jurisdiction in a civil action, by the SEC or the Commodity Futures Trading Commission to have violated any federal or state securities law, and the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended, or vacated.  Corporate Governance  Nominating Committee  The Company has not established a Nominating Committee because, due to its lack of operations and the fact that the Company only has three directors and executive officers, it believes that it is able to effectively manage the issues normally considered by a Nominating Committee. Following the entry into any business or the completion of any acquisition, merger or reorganization, a further review of this issue will no doubt be necessitated and undertaken by new management.  If the Company does establish a Nominating Committee, it will disclose this change to its procedures in recommending nominees to its board of directors.  Audit Committee  The Company has not established an Audit Committee because, due to its lack of operations and the fact that the Company only has three directors and executive officers, it believes that it is able to effectively manage the issues normally considered by an Audit Committee. Following the entry into any business or the completion of any acquisition, merger or reorganization, a further review of this issue will no doubt be necessitated and undertaken by new management.  ITEM 11: EXECUTIVE COMPENSATION  All Compensation   SUMMARY COMPENSATION TABLE  Name and Principle PositionYearSalary
($)Bonus
($)Stock Awards
($)Option Awards
($)Non-
Equity
Incentive
Plan
Compen-sation
($)Nonqual-ified Deferred Compen-sation
($)All
Other
Compen-
sation
($)Total
Earnings
($)(a)(b)(c)(d)(e)(f)(g)(h)(i)(j)Dempsey K. Mork12/31/0900000000President,12/31/0800000000Director12/31/070000000012/31/0600000000   7   Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.  The following table sets forth the shareholdings of those persons or entities who own more than 5% of the 3,190,440 Company's common stock outstanding as of the date of these filings, and/or belong to management hereof, to wit; Percentage of Class is calculated on 3,190,400 total shares.  Name and addressNumber of Shares Beneficially OwnedPercentage of Class*Magellan Capital Corporation597,60016.19%Magellan Capital Corporation900,000* Pension Benefit Plan and Trust  Item 13.  Certain Relationships and Related Transactions, and Director Independence.  There were no material transactions, or series of similar transactions, during our Companys last four fiscal years, or any currently proposed transactions, or series of similar transactions, to which our Company or any of our subsidiaries was or is to be a party, in which the amount involved exceeded the lesser of $120,000 or one percent of the average of the small business issuers total assets at year-end for the last three completed fiscal years and in which any director, executive officer or any security holder who is known to us to own of record or beneficially more than five percent of any class of our common stock, or any member of the immediate family of any of the foregoing persons, had an interest.  Resolving Conflicts of Interest  The Companys directors must disclose all conflicts of interest and all corporate opportunities to the entire board of directors. Any transaction involving a conflict of interest will be conducted on terms not less favorable than that which could be obtained from an unrelated third party.  Director Independence  The Company does not have any independent directors serving on its board of directors.  Item 14.   Principal Accounting Fees and Services.  For the last two fiscal years:  Audit Fees$3,000Audit Related Fees$0Tax Fees$0All Other Fees$0  Part IV  Item 15.  Exhibits, Financial Statement Schedules  (b) List of Exhibits  31302 Certification32906 Certification  (B)REPORTS ON FORM 8-KNone   8   SIGNATURES  Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Company has duly caused this Report to be signed on its behalf by the undersigned duly authorized person.  Date:

April 12, 2010  China Holdings, Inc.  /s/ Dempsey MorkBy:Dempsey Mork, President Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.  SignatureCapacityDate/s/ Dempsey MorkPresident/CEO/April 12, 2010Dempsey MorkSecretary/CFO/Director    9