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|UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549
|                                                                      
|FORM 10-KSB                                                           
|                                                                      

|x | Annual report under Section 13 or 15(d) of the Securities Exchange Act of 1934
    For the fiscal year ended November 30, 2005       
|- | -------------------------------------------------------------------------------------------------------------------------------------
|  |                                                                                                                                      
|o | Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934
    For the transition period from ______to ______
|  |                                                                                                                                      

|Commission file number:  000-25591                    
|------------------------------------------------------
|                                                      
|CHINA ELITE INFORMATION CO., LTD.                     
|                                                      
|(Exact name of Registrant as Specified in its Charter)
|                                                      

| | BRITISH VIRGIN ISLANDS                                              |  | 11-3462369                            | 
| | ------------------------------------------------------------------- |  | ------------------------------------- | 
| |                                                                     |  |                                       | 
| | (State or other jurisdiction of
     incorporation or organization) |  | (IRS Employer
    Identification No.) | 
| |                                                                     |  |                                       | 

|c/o DeHeng Chen Chan, LLC, 225 Broadway, Suite 1910, NY, NY |  | 10007     
|----------------------------------------------------------- |  | ----------
|                                                            |  |           
|(Address of Principal Executive Offices)                    |  | (Zip Code)
|                                                            |  |           

|(212) 608-6500                                      
|----------------------------------------------------
|                                                    
|(Registrants telephone number, including area code)
|                                                    

|Securities registered under Section 12(b) of the Exchange Act: None
Securities registered under Section 12(g) of the Exchange Act: Common Stock, $0.01 par value
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of
the Securities Exchange Act during the past 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to such filing requirements for the
past 90 days.   YesxNoo
Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B is not
contained in this form, and no disclosure will be contained, to the best of registrants knowledge,
in definitive proxy or information statements incorporated by reference in Part III of this Form
10-KSB or any amendment to this Form 10-KSB.x
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|
|



|Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange
Act).   YesxNoo
Revenues for the year ended November 30, 2005: $0
As of February 27, 2006, the aggregate market value of the voting and non-voting common equity held
by non-affiliates of the registrant was $0.
As of February 27, 2006, there were 11,200,000 shares of common stock outstanding.
Transitional Small Business Disclosure Format (Check one):   YesoNox
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|
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|CHINA ELITE INFORMATION CO., LTD.FORM 10-KSBFOR THE YEAR ENDED NOVEMBER 30, 2005
INDEX
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|                                                                                      

|           |  |                                                            |  | Page 
    Number | 
|---------- |  | ---------------------------------------------------------- |  | ---------------- | 
|           |  |                                                            |  |                  | 
|PART I     |  |                                                            |  | 1                | 
|Item 1.    |  | Description of Business                                    |  | 1                | 
|Item 2.    |  | Description of Properties                                  |  | 4                | 
|Item 3.    |  | Legal Proceedings                                          |  | 4                | 
|Item 4.    |  | Submission of Matters to a Vote of Security Holders        |  | 4                | 
|PART II    |  |                                                            |  | 5                | 
|Item 5.    |  | Market for Registrants Common Equity and Related          |  |                  | 
|           |  | Stockholder Matters                                        |  | 5                | 
|Item 6.    |  | Managements Discussion and Analysis or Plan of Operation  |  | 6                | 
|Item 7.    |  | Financial Statements                                       |  | 8                | 
|Item 8.    |  | Changes in and Disagreements with Accountants on           |  |                  | 
|           |  | Accounting and Financial Disclosure                        |  | 21               | 
|Item 8A.   |  | Controls and Procedures                                    |  | 21               | 
|Item 8B.   |  | Other Information                                          |  | 21               | 
|PART III   |  |                                                            |  | 21               | 
|Item 9.    |  | Directors, Executive Officers, Promoters and Control       |  |                  | 
|           |  | Persons; Compliance with Section 16(a) of the Exchange Act |  | 21               | 
|Item 10.   |  | Executive Compensation                                     |  | 23               | 
|Item 11.   |  | Security Ownership of Certain Beneficial Owners and        |  |                  | 
|           |  | Management                                                 |  | 24               | 
|Item 12.   |  | Certain Relationships and Related Transactions             |  | 25               | 
|Item 13.   |  | Exhibits                                                   |  | 26               | 
|Item 14.   |  | Principal Accountant Fees and Services                     |  | 27               | 
|SIGNATURES |  | 28                                                         | 

|
|



|PRELIMINARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
The statements contained in this Form 10-KSB that are not purely historical are forward-looking statements.
These include statements about the Companys expectations, beliefs, intentions or strategies
for the future, which are indicated by words or phrases such as anticipate, expect,
intend, plan, will, the Company believes, management
believes and similar words or phrases. The forward-looking statements are based on the Companys
current expectations and are subject to certain risks, uncertainties and assumptions. The Companys
actual results could differ materially from results anticipated in these forward-looking statements.
All forward-looking statements included in this document are based on information available to the
Company on the date hereof, and the Company assumes no obligation to update any such forward-looking
statements. Readers are also urged to carefully review and consider the various disclosures made
by the Company that are to advise interested parties of the factors which affect the Companys
business, in this report, as well as the Companys periodic reports on Forms 10-KSB, 10-QSB
and 8-K filed with the Securities and Exchange Commission.
These risks and uncertainties, many of which are beyond our control, include (i) the sufficiency of
existing capital resources and the Companys ability to raise additional capital to fund cash
requirements for future operations; (ii) uncertainties involved in the acquisition of an operating
business in targeted industry and/or a targeted geographic region; (iii) the Companys
ability to achieve sufficient revenues through an operating business to fund and maintain operations;
(iv) volatility of the stock market; and (v) general economic conditions. Although the Company believes the
expectations reflected in these forward-looking statements are reasonable, such expectations may
prove to be incorrect. Investors should be aware that they could lose all or substantially all of
their investment.
PART I
Item 1.       Description of Business
China Elite Information Co., Ltd., formerly known as Relocate 411.com, Inc., was initially organized
under the laws of the State of Delaware on December 19, 1997 under the name of Stateside Fundings,
Inc.
A Summary of What We Do
The Companys plan of operation for the next twelve months is to identify and acquire a favorable

business opportunity. The Company does not plan to limit its options to any particular industry,

but will evaluate each opportunity on its merits.
At present we have no real property and we maintain an office at the offices at c/o DeHeng Chen Chan,
LLC, 225 Broadway, Suite 1910, New York, New York 10007. Our telephone number is (212) 608-6500.
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|1
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|Our History
On December 19, 1997, we were organized in the State of Delaware under the name of Stateside Fundings,
Inc. We initially adopted a fiscal year ending November 30. On January 26, 2000, the stockholders
of Relocate411.com, Inc., a New York corporation, completed a merger and stock exchange with us.
At the same time as the merger, we issued 5,175,000 shares of our common stock pursuant to a private
placement offering and received net proceeds of $1,354,250. The net proceeds received were after
a payment of $150,000 to redeem 4,100,000 shares of our common stock from our founder. As part of
the merger and stock exchange, we issued 6,600,000 shares of our common stock to the shareholders
of Relocate411.com, Inc, (New York corporation) in exchange for receiving all of the shares (66 shares)
of Relocate411.com, Inc. Relocate411.com, Inc. became our wholly owned subsidiary. On January 27,
2000, we filed a certificate of amendment changing our name to Relocate411.com, Inc.
Relocate411.com, Inc., the New York corporation was a predecessor of our company as that term is defined
by Item 405 of Regulation C. Relocate 411.com, Inc, the New York corporation, which was incorporated
in August 1999, had the same business plan as us in that it was a development stage Internet based
company whose goal is to develop a web site to be utilized in various real estate services such as
relocation, listings of real estate sales or rentals, mortgage information and other real estate
related information or content. The merger and stock exchange between us and Relocate411.com, Inc.,
New York corporation, was completed on January 26, 2000. Prior to such time the business plan of
Stateside Fundings, Inc. was to function as a blank check company as that term is defined
in Rule 419 of Regulation C. None of the promoters of the blank check company, Stateside Fundings,
Inc., were related in any way to the officers, directors, affiliates or associates of our present company.
On May 21, 2004, Jandah Management Limited (Jandah), Glory Way Holdings, Limited (GWH)
and Good Business Technology Limited (GBT), each a corporation organized under the laws
of the British Virgin Islands, enter into privately negotiated transactions with the stockholders
of Relocate411.com, Inc. (the Company) to purchase an aggregate of 10,976,000 shares
of common stock of the Company, representing 98% of the issued and outstanding shares, for an aggregate
purchase price of $350,000.
Jandah acquired 9,276,000 shares of common stock from the three largest shareholders of the Company,
Darrel Lerner, Byron Lerner and James Tubbs, for an aggregate purchase price of $307,500. Darrell
Lerner retained 224,000 shares of common stock. As a condition to closing, the Company and Mr. Darrell
Lerner entered into a six-month consulting agreement pursuant to which Mr. Darrell Lerner assisted
the Company with various transition issues and provide other business consulting services. Under
this consulting agreement, Mr. Darrell Lerner was paid an aggregate consulting fee of $150,000.
GWH acquired 396,000 shares of common stock for an aggregate purchase price of $9,900 from each the
following selling security holders in separate agreements listed in
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|2
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|the amendment number 8 to the Companys registration statement on Form SB-2/A (SEC File Number
333-100803) (the SB-2): Anslow & Jaclin, LLP, Frank Massaro, Michael and Thelma Hartman,
Nicholas A. Waslyn, Eric Tjaden, Margaret Indelicato, Juan C. Morales, Sheldon Shalom, Patricia Faro
and Philip Mazzella.
GWH also acquired an aggregate of 450,000 shares of common stock for an aggregate purchase price of
$11,250 from each of Barry Manko (250,000 shares) and Grushko & Mittman (200,000 shares).
GBT acquired an aggregate of 854,000 shares of common stock for an aggregate purchase price of $21,350
from each the following selling security holders in separate agreements listed in the SB-2: Richard
Zapolski, William Grimm, Richard Volpe, Mark J. Parendo, Mitch Hershkowitz, Kristine Gentile, Robert
M. J.Hartman, Danielle L. Hartman, Martin Miller, Dolores E. Miller, Dolores E. Miller a/c/f Dillon
Engel, Drew Goldberg, Carol Sitte, Karen Pasteressa a/c/f, Samantha Pasteressa, Desert Green, Inc.,
Robert Giambrone, Anthony Giambrone, Melvin D. Bernstein, Linda Bernstein, Beth Sussman, Jeffrey
Wenzel, Tracey Wenzel, Harold Sussman, Amy Sussman and Meg L. Sussman. In connection with, and as
a condition to the closing of these stock purchase transactions, Darrell Lerner resigned as the sole
officer of the Company effective as of May 21, 2004. Pursuant to the Companys Bylaws and applicable
SEC regulations, Mr. Lerner appointed Li Kin Shing, the sole shareholder of Jandah, as the President
of the Company and, effective as of June 4, 2004, as member of the board.
On July 21, 2004, our Board of Directors approved the change of the jurisdiction under which the Company
is incorporated from the State of Delaware to the British Virgin Islands (BVI) and to
reincorporate as a British Virgin Islands International Business Company, pursuant to Section 390
of the Delaware General Corporations Law and the applicable laws of the BVI. In connection with this
reincorporation, we changed our name from Relocate 411.com, Inc. to China Elite
Information Co., Ltd. As a result of the reincorporation, we adopted new corporate governance
documents consisting of a Memorandum of Association, Articles of Incorporation and Articles of Continuation.
Our Business
During the past year, our management has endeavored to identify and pursue profitable business
opportunities through mergers and acquisitions, so as to diversify the business risks and maximize
the returns to stockholders. Although we do not plan to limit our options to any particular industry,
we will initially target the telecom industry in the Peoples Republic of China (PRC),
including the Hong Kong market. Currently, we are exploring a possible transaction with various telecom
operators in the PRC. These telecom providers are principally engaged in selling and distribution
of telecom services and provision of value-added services, including (but not limited to) operating
call centers, providing telemarketing services, customer relationship management services, mobile
applications and calling cards.
Our management believes that, through the prospective mergers and acquisitions in the
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|3
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|PRC, we could accelerate our developing pace and benefit from the vast opportunities brought by the
continual growth in the PRC economy and the PRCs accession to the World Trade Organization.
We have not been involved in any bankruptcy, receivership or similar proceeding. We have not been involved
in any material reclassification, merger, consolidation, or purchase or sale of a significant amount
of assets not in the ordinary course of business.
Our plan of operation for the next twelve months is to identify and acquire a favorable business opportunity.
We do not plan to limit our options to any particular industry, but will evaluate each opportunity
on its merits.
We have not yet entered into any agreement, nor do we have any commitment to enter into or become engaged
in any transaction as of the date of this filing.
We have no current plans to (i) purchase or sell any plant or equipment, (ii) change the number
of employees, or (iii) incur any significant research and development expenses. Our plans may change
if we are able to identify and acquire a suitable business acquisition.
We believe that we are not a blank check company as that term is defined in Rule 419 of Regulation
C under the Rules of the Securities Act of 1933. Except as part of our strategy to expand and grow
our business as described above, we do not have any intention of merging with another company or
allowing ourselves to be acquired by another company, or to act as a blank check company as defined
in Regulation C.
Employees
We will employ people as we continue to implement our plan of operation.
Item 2.       Description of Properties
We currently use office space in a building located at c/o DeHeng Chen Chan, LLC, 225 Broadway, Suite
1910, New York, New York 10007. We do not have a formal lease with DeHeng Chen Chan, LLC.
Item 3.       Legal Proceedings
To the best of our knowledge, there are no known or pending litigation proceedings against us.
Item 4.       Submission of Matters to a Vote of Security Holders
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|4
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|There were no matters submitted to a vote of stockholders during the fourth quarter of the fiscal year
ended November 30, 2005.
PART II
Item 5.       Market for Registrants Common Equity and Related Stockholder Matters
There is no established public trading market for our securities. We intend to seek a market maker
to apply for a listing on the OTC Bulletin Board in the United States. Our shares are not and have
not been listed or quoted on any exchange or quotation system.
Number of Shareholders as of November 30, 2005  13.
Currently, we do not have any outstanding options or warrants to purchase, or securities convertible
into, our shares of common stock.
Rule 144 Shares
As of February 27, 2006, we had a total of 11,200,000 common shares outstanding and as of February 27,
2006, only 1,250,000 common shares are available for resale to the public without compliance of Rule
144 (as explained below). Such shares are comprised of 396,000 shares of our common stock acquired
by GWH from the Prior Selling security holders and 854,000 shares of our common stock acquired by
GBT from the Prior Selling security holders. All such shares may be sold without complying with the
volume and trading limitations of Rule 144 of the Act. The 151,400 shares beneficially held by Darrell Lerner
may be sold under Rule 144(k) of the Act, as more fully described below.
Jandah acquired 9,276,000 shares of common stock from the three largest shareholders of the Company,
Darrel Lerner, Byron Lerner and James Tubbs. These shares were acquired by Jandah from affiliates
of the Company in a private transaction and, therefore, have become eligible for resale under Rule
144 on May 21, 2005.
In general, under Rule 144 as currently in effect, a person who has beneficially owned shares of a
companys common stock for at least one year is entitled to sell within any three month period
a number of shares that does not exceed the greater of:
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

|1. | 1% of the number of shares of the companys common stock then outstanding which, in our case,
  would equal approximately 120,000 shares as of the date of this prospectus; or
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                               
|2. | The average weekly trading volume of the companys common stock during the four calendar weeks
  preceding the filing of a notice on form 144 with respect to the sale.       

|                                                                                                                                                                   
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Sales under Rule 144 are also subject to manner of sale provisions and notice requirements and to the
availability of current public information about the company.

|5
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|Under Rule 144(k), a person who is not one of the companys affiliates at any time during the
three months preceding a sale, and who has beneficially owned the shares proposed to be sold for
at least two years, is entitled to sell shares without complying with the manner of sale, public
information, volume limitation or notice provisions of Rule 144. Rule 144(k) is not available for
shares held by our affiliates, which are subject to the volume limitations and trading limitations
of Rule 144 regardless of how long they have held such shares.
Dividends
To date, we have not declared or paid any dividends on our common shares. We currently do not anticipate
paying any cash dividends in the foreseeable future on our common shares. Although we intend to retain
our earnings, if any, to finance the development and growth of our business, our Board of Directors
will have the discretion to declare and pay dividends in the future. Payment of dividends in the
future will depend upon our earnings, capital requirements, and other factors, which our Board of
Directors may deem relevant.
Item 6.       Managements Discussion
and Analysis or Plan of Operation
The following discussion and analysis provides information which management believes is relevant to
an assessment and understanding of our results of operations and financial condition. The discussion
should be read in conjunction with our financial statements and notes thereto appearing in this Form
10-KSB.
Plan of Operation
The Companys plan of operation for the next twelve months is to identify and acquire a favorable

business opportunity. The Company does not plan to limit its options to any particular industry,

but will evaluate each opportunity on its merits.
The Company has not yet entered into any agreement, nor does it have any commitment to enter into or
become engaged in any transaction as of the date of this filing.
The management of the Company endeavors to identify and pursue profitable business opportunities through
mergers and acquisitions, so as to diversify the business risks and maximize the returns to stockholders.
Although the Company does not plan to limit its options to any particular industry, the
Company will initially target the telecom industry in the Peoples Republic of China (PRC),
including the Hong Kong market. Currently, the Company is exploring a possible transaction with various
telecom operators in the PRC. These telecom providers are principally engaged in selling and distribution
of telecom services and provision of value-added services, including (but not limited to) operating
call centers, providing telemarketing services, customer relationship management services, mobile
applications, and calling cards.
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|6
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|The management believes that, through the prospective mergers and acquisitions in the PRC, the Company
could accelerate its developing pace and benefit from the vast opportunities brought by the continual
growth in the PRC economy and the PRCs accession to the World Trade Organization.
The Company has no current plans to (i) purchase or sell of any plant or equipment, (ii) change the
number of employees, or (iii) incur any significant research and development expenses. The Companys
plans may change if it is able to identify and acquire a suitable business acquisiton.
Capital Resources and Liquidity
The Company does not currently have any cash in its bank account or have any other assets, however
management believes, based on its oral commitment from its President and majority shareholder to
fund the Companys operating activities at its current level of expenditures, it has sufficient
resources to meet the anticipated needs of the Companys operations, such as maintaining its
required continuous disclosure and reporting requirements with the Securities and Exchange Commission,
for the next twelve months, though there can be no assurances to that effect. The Company had no
revenues for the year ended November 30, 2005 and its need for capital may change dramatically
if it acquires a suitable business opportunity during the next twelve months. Therefore, the Company
plans to rely on shareholder loans and the raising of debt or equity capital to continue its operations.
There is no assurance the Company will be successful in raising the needed capital.
Off-Balance Sheet Arrangements
The Company does not have any off-balance sheet arrangements that have or are reasonably likely to
have a current or future effect on the Companys financial condition, changes in financial condition,
revenues or expenses, results of operations, liquidity, capital expenditures or capital resources
that is material to investors.
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|7
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|Item 7.       Financial Statements
INDEX TO FINANCIAL STATEMENTS
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|                                                                

|Report of Independent Registered Public Accounting Firm |  | F-1 | 
|------------------------------------------------------- |  | --- | 
|Balance Sheets                                          |  | F-2 | 
|Statements of Operations                                |  | F-3 | 
|Statements of Changes in Stockholders Deficiency       |  | F-4 | 
|Statements of Cash Flows                                |  | F-6 | 
|Notes to Financial Statements                           |  | F-7 | 

|8
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|REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
          To the Board of Directors and Stockholders ofChina Elite Information Co., Ltd.
          We have audited the accompanying balance sheets of China Elite Information Co., Ltd., a development stage company, (the Company) as of November 30, 2005 and 2004, and the related statements of operations, changes in stockholders deficiency and cash flows for the fiscal years then ended, and for the period from inception (December 19, 1997) to November 30, 2005. 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 did not audit the cumulative data from inception to November 30, 2003 in the statements of stockholders deficiency, operations and cash flows, which were audited by other auditors whose report, dated December 22, 2003, expressed an unqualified opinion, has been furnished to us. Our opinion, insofar as it relates to the amounts
 included for cumulative data from inception to November 30, 2005, is based solely on the report of the other auditors.
          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 audits 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 the Company as of November 30, 2005 and 2004, and the results of its operations and its cash flows for the periods indicated, in conformity with generally accepted accounting principles in the United States of America.
          The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company is a development stage company with no revenues to date and significant recurring net losses resulting in a substantial accumulated deficit, which raises substantial doubt about its ability to continue as a going concern. The Company is devoting substantially all of its present efforts in establishing its business. Managements plans regarding these matters are also described in Note 1. The ability to meet its future financing requirements and the success of future operations cannot be determined at this time. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.
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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|/s/ Clancy and Co., P.L.L.C.Phoenix, Arizona
      January 27, 2006                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

|F-1
|---



|CHINA ELITE INFORMATION CO., LTD.(a development stage company)BALANCE SHEETSAS OF NOVEMBER 30, 2005 AND 2004
|------------------------------------------------------------------------------------------------------------
|                                                                                                            

|(Expressed in U.S. Dollars)                                                                               | 2005 |          | 2004 |  
|--------------------------------------------------------------------------------------------------------- | ---- | -------- | ---- | -
|                                                                                                         
|                                                                                                          |      |          |      |  
|ASSETS                                                                                                    | $    |         |      | $
|                                                                                                          |     
|                                                                                                          |      |          |      |  
|LIABILITIES AND STOCKHOLDERS DEFICIENCY                                                                  |      |          |      |  
|Current Liabilities                                                                                       |      |          |      |  
|Accounts payable and accrued expenses                                                                     | $    | 15,284   |      | $
|Loans from shareholder                                                                                    |      | 266,862  |      |  
|                                                                                                          |     
|Total current liabilities                                                                                 |      | 282,146  |      |  
|                                                                                                          |     
|                                                                                                          |      |          |      |  
|Commitments and Contingencies                                                                             |      |         |      |  
|                                                                                                          |      |          |      |  
|Stockholders Deficiency                                                                                  |      |          |      |  
|Preferred stock: $0.01 par value; 10,000,000 shares authorized; 
         issued and outstanding: none    |      |         |      |  
|Common stock: $0.01 par value; 50,000,000 shares authorized; 
         issued and outstanding: 11,200,000 |      | 112,000  |      |  
|Additional paid in capital                                                                                |      | 154,465  |      |  
|Deficit accumulated during the development stage                                                          |      | (548,611 | )    |  
|                                                                                                          |     
|Total stockholders deficiency                                                                            |      | (282,146 | )    |  
|                                                                                                          |     
|                                                                                                          |      |          |      |  
|Total liabilities and stockholders deficiency                                                            | $    |         |      | $
|                                                                                                          |     

|                                                                          
|--------------------------------------------------------------------------
|The accompanying notes are an integral part of these financial statements.

|F-2
|---



|CHINA ELITE INFORMATION CO., LTD.(a development stage company)STATEMENTS OF OPERATIONSFOR THE YEARS ENDED NOVEMBER 30, 2005 AND 2004, ANDFOR THE PERIOD FROM INCEPTION (DECEMBER 19, 1997) TO NOVEMBER 30, 2005
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                               

|(Expressed in U.S. Dollars)                | Cumulative
      from
      inception |          | 2005 |   | 2004       |  
|------------------------------------------ | ------------------------------------- | -------- | ---- | - | ---------- | -
|                                          
|                                           |                                       |          |      |   |            |  
|Revenues                                   | $                                     |         |      | $ |           |  
|                                           |                                       |          |      |   |            |  
|General and administrative expenses        |                                       |          |      |   |            |  
|Salaries and benefits                      |                                       | 181,888  |      |   |           |  
|General and administrative                 |                                       | 445,855  |      |   | 53,088     |  
|                                           |                                      
|Total general and administrative expenses  |                                       | 627,743  |      |   | 53,088     |  
|                                           |                                      
|                                           |                                       |          |      |   |            |  
|Operating loss                             |                                       | (627,743 | )    |   | (53,088    | )
|                                           |                                       |          |      |   |            |  
|Other income (expense)                     |                                       |          |      |   |            |  
|Loss on disposal of property and equipment |                                       | (1,473   | )    |   |           |  
|Write off liabilities                      |                                       |         |      |   |           |  
|Interest expense                           |                                       | (53,956  | )    |   |           |  
|Interest income                            |                                       | 134,561  |      |   |           |  
|                                           |                                      
|Total other income (expense)               |                                       | 79,132   |      |   |           |  
|                                           |                                      
|                                           |                                       |          |      |   |            |  
|Net loss                                   | $                                     | (548,611 | )    | $ | (53,088    | )
|                                           |                                      
|                                           |                                       |          |      |   |            |  
|Basic and diluted net loss per share       |                                       |          |      | $ |           |  
|                                           |                                       |          |      |  
|                                           |                                       |          |      |   |            |  
|Weighted average shares outstanding        |                                       |          |      |   | 11,200,000 |  
|                                           |                                       |          |      |  

|                                                                          
|--------------------------------------------------------------------------
|The accompanying notes are an integral part of these financial statements.

|F-3
|---



|CHINA ELITE INFORMATION CO., LTD.(a development stage company)STATEMENT OF CHANGES IN STOCKHOLDERS DEFICIENCYFOR THE PERIOD FROM INCEPTION (DECEMBER 19, 1997) TO NOVEMBER 30, 2005
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                    

|(Expressed in U.S. Dollars)                                                                                                                                                                                                                                                                | Common
      Shares |            | Common Stock
      At Par 
      Value |   | Additional
      Paid In
      Capital |   | Deficit
      Accumulated
      During the
      Development
      Stage |            | Total |  
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------- | ---------- | -------------------------------------- | - | -------------------------------------- | - | ------------------------------------------------------------------------ | ---------- | ----- | -
|                                                                                                                                                                                                                                                                                          
|Issuance of common shares on August 24, 1999                                                                                                                                                                                                                                               |                     | 66         |                                        | $ |                                       |   | $                                                                        | 250        |       | $
|                                                                                                                                                                                                                                                                                           |                    
|Balance  November 30, 1999                                                                                                                                                                                                                                                                |                     | 66         |                                        |   |                                       |   |                                                                          | 250        |       |  
|                                                                                                                                                                                                                                                                                           |                    
|                                                                                                                                                                                                                                                                                           |                     |            |                                        |   |                                        |   |                                                                          |            |       |  
|Issuance of shares in private placement and 
      merger on January 26, 2000:                                                                                                                                                                                                             |                     |            |                                        |   |                                        |   |                                                                          |            |       |  
|Private placement in cash ($0.29 per share)                                                                                                                                                                                                                                                |                     | 5,175,000  |                                        |   | 51,750                                 |   |                                                                          | 1,452,500  |       |  
|Deferred offering costs                                                                                                                                                                                                                                                                    |                     |           |                                        |   |                                       |   |                                                                          | (25,927    | )     |  
|Conversion of shares in merger                                                                                                                                                                                                                                                             |                     | 11,599,934 |                                        |   | 116,000                                |   |                                                                          | (114,233   | )     |  
|Redemption of original shares                                                                                                                                                                                                                                                              |                     | (4,100,000 | )                                      |   | (41,000                                | ) |                                                                          | (109,000   | )     |  
|                                                                                                                                                                                                                                                                                           |                     |            |                                        |   |                                        |   |                                                                          |            |       |  
|Net loss                                                                                                                                                                                                                                                                                   |                     |           |                                        |   |                                       |   |                                                                          |           |       |  
|                                                                                                                                                                                                                                                                                           |                    
|Balance  November 30, 2000                                                                                                                                                                                                                                                                |                     | 12,675,000 |                                        |   | 126,750                                |   |                                                                          | 1,203,590  |       |  
|                                                                                                                                                                                                                                                                                           |                    
|                                                                                                                                                                                                                                                                                           |                     |            |                                        |   |                                        |   |                                                                          |            |       |  
|Purchase of treasury stock, (7,065,000 shares)
      during January 2001, from initial investors with 
      cash ($0.16 per share)                                                                                                                                                        |                     |           |                                        |   |                                       |   |                                                                          | (1,151,672 | )     |  
|                                                                                                                                                                                                                                                                                           |                     |            |                                        |   |                                        |   |                                                                          |            |       |  
|Issuance of shares as stock compensation for the 
        shares of NCTN Preferred Stock and all 
        common shares and warrants held in the 
        Company by original investors and in
        consideration of accrued services fees, February 
        7, 2001 ($0.01 per share) |                     | 4,200,000  |                                        |   | 42,000                                 |   |                                                                          |           |       |  
|                                                                                                                                                                                                                                                                                           |                     |            |                                        |   |                                        |   |                                                                          |            |       |  
|Issuance of shares as stock compensation for
      legal fees, February 7, 2001 ($0.01 per share)                                                                                                                                                                                          |                     | 140,000    |                                        |   | 1,400                                  |   |                                                                          |           |       |  
|                                                                                                                                                                                                                                                                                           |                     |            |                                        |   |                                        |   |                                                                          |            |       |  
|Net loss                                                                                                                                                                                                                                                                                   |                     |           |                                        |   |                                       |   |                                                                          |           |       |  
|                                                                                                                                                                                                                                                                                           |                    
|Balance  November 30, 2001                                                                                                                                                                                                                                                                |                     | 17,015,000 |                                        |   | 170,150                                |   |                                                                          | 51,918     |       |  
|                                                                                                                                                                                                                                                                                           |                    

|                                                                          
|--------------------------------------------------------------------------
|The accompanying notes are an integral part of these financial statements.

|F-4
|---



|CHINA ELITE INFORMATION CO., LTD.
      (a development stage company)
      STATEMENT OF CHANGES IN STOCKHOLDERS DEFICIENCY
      FOR THE PERIOD FROM INCEPTION (DECEMBER 19, 1997) TO NOVEMBER 30, 2005 | 
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
|
|
|                                                                                                                                                                                                         
|                                                                                                                                                                                                         
|Issuance of shares in private placement for cash 
      Reg D, Rule 506, September 7, 2002 ($0.025 per share)                                                                                             | 
|                                                                                                                                                                                                          | 
|Issuance of shares as stock compensation for 
      legal fees, September 7, 2002 ($0.02 per share)                                                                                                       | 
|                                                                                                                                                                                                          | 
|Net loss                                                                                                                                                                                                  | 
|                                                                                                                                                                                                          | 
|**Balance  November 30, 2002**                                                                                                                                                                           | 
|                                                                                                                                                                                                          | 
|                                                                                                                                                                                                          | 
|Net loss                                                                                                                                                                                                  | 
|                                                                                                                                                                                                          | 
|**Balance  November 30, 2003**                                                                                                                                                                           | 
|                                                                                                                                                                                                          | 
|                                                                                                                                                                                                          | 
|Cancellation of treasury shares in connection with 
      May 21, 2004 Merger Agreement                                                                                                                   | 
|                                                                                                                                                                                                          | 
|Loans payable converted to additional paid in capital                                                                                                                                                     | 
|                                                                                                                                                                                                          | 
|Net loss                                                                                                                                                                                                  | 
|                                                                                                                                                                                                          | 
|**Balance  November 30, 2004**                                                                                                                                                                           | 
|                                                                                                                                                                                                          | 
|                                                                                                                                                                                                          | 
|Net loss                                                                                                                                                                                                  | 
|                                                                                                                                                                                                          | 
|**Balance  November 30, 2005**                                                                                                                                                                           | 
|                                                                                                                                                                                                          | 

|                                                                          
|--------------------------------------------------------------------------
|The accompanying notes are an integral part of these financial statements.

|F-5
|---



|CHINA ELITE INFORMATION CO., LTD.(a development stage company)STATEMENTS OF CASH FLOWSFOR THE YEARS ENDED NOVEMBER 30, 2005 AND 2004, ANDFOR THE PERIOD FROM INCEPTION (DECEMBER 19, 1997) TO NOVEMBER 30, 2005
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                               

|(Expressed in U.S. Dollars)                                                            | Cumulative from
      inception |            | 2005 |   | 2004    |  
|-------------------------------------------------------------------------------------- | ------------------------------- | ---------- | ---- | - | ------- | -
|                                                                                      
|                                                                                      
|Cash flows from operating activities                                                   |                                 |            |      |   |         |  
|Net loss                                                                               | $                               | (548,611   | )    | $ | (53,088 | )
|                                                                                       |                                
|Adjustments to reconcile net loss to net cash flows used in 
     operating activities |                                 |            |      |   |         |  
|Depreciation and organization costs                                                    |                                 | 11,492     |      |   |        |  
|Loss on disposal of property and equipment                                             |                                 | 1,473      |      |   |        |  
|Common stock issued for services                                                       |                                 | 48,400     |      |   |        |  
|(Increase) decrease in interest receivable                                             |                                 | (1,483     | )    |   |        |  
|Increase (decrease) in accounts payable and accrued expenses                           |                                 | 15,284     |      |   | (9,106  | )
|                                                                                       |                                
|Net cash flows used in operating activities                                            |                                 | (473,445   | )    |   | (62,194 | )
|                                                                                       |                                
|                                                                                      
|Cash flows from investing activities                                                   |                                 |            |      |   |         |  
|Cash paid for note receivable                                                          |                                 | (1,117,602 | )    |   |        |  
|Cash received from note receivable                                                     |                                 | 1,117,602  |      |   |        |  
|Cash paid for equipment                                                                |                                 | (11,465    | )    |   |        |  
|                                                                                       |                                
|Net cash flows used in investing activities                                            |                                 | (11,465    | )    |   |        |  
|                                                                                       |                                
|                                                                                      
|Cash flows from financing activities                                                   |                                 |            |      |   |         |  
|Loans from shareholder                                                                 |                                 | 281,259    |      |   | 62,194  |  
|Proceeds from issuance of stock                                                        |                                 | 1,531,250  |      |   |        |  
|Cash paid for stock redemption                                                         |                                 | (150,000   | )    |   |        |  
|Deferred offering costs against capital                                                |                                 | (25,927    | )    |   |        |  
|Acquisition of treasury stock                                                          |                                 | (1,151,672 | )    |   |        |  
|                                                                                       |                                
|Net cash flows provided by financing activities                                        |                                 | 484,910    |      |   | 62,194  |  
|                                                                                       |                                
|                                                                                      
|Increase (decrease) in cash and cash equivalents                                       |                                 |           |      |   |        |  
|                                                                                      
|Cash and cash equivalents, beginning of period                                         |                                 |           |      |   |        |  
|                                                                                       |                                
|                                                                                      
|Cash and cash equivalents, end of period                                               | $                               |           |      | $ |        |  
|                                                                                       |                                
|                                                                                      
|Cash paid for interest and income taxes                                                |                                 |            |      | $ |        |  
|                                                                                      
|Supplemental noncash investing and financing activities:                               |                                 |            |      |   |         |  
|Common stock issued for services                                                       | $                               | 48,400     |      | $ |        |  
|                                                                                       |                                
|Loans payable converted to additional paid in capital                                  | $                               | 14,397     |      | $ |        |  
|                                                                                       |                                

|                                                                          
|--------------------------------------------------------------------------
|The accompanying notes are an integral part of these financial statements.

|F-6
|---



|CHINA ELITE INFORMATION CO., LTD.                                                                     
|------------------------------------------------------------------------------------------------------
|                                                                                                      
|(A development stage company)Notes to Financial StatementsNovember 30, 2005(Expressed in U.S. Dollars)
|                                                                                                      
|                                                                                                      

|1.  Business Formation and Continuance of Operations
          Business Formation
          China Elite Information Co., Ltd. (formerly known as Relocate411.com, Inc. and Stateside Fundings, Inc.) was originally organized under the laws of the State of Delaware on December 19, 1997.
          On January 26, 2000, the stockholders of Relocate411.com, Inc., a New York corporation incorporated on August 24, 1999 (Relocate), completed a merger and stock exchange with Stateside Fundings, Inc., a Delaware Corporation (Stateside), resulting in a recapitalization of Stateside, the acquirer. Relocate merged into Stateside and Stateside acquired all of the assets and liabilities of Relocate. Under the terms of the Merger Agreement, each share of Relocate common stock converted into one hundred thousand shares of Stateside common stock. Contemporaneously with the merger, Stateside issued 5,175,000 shares of its common stock pursuant to a private placement offering and received net proceeds of $1,354,250. The net proceeds received were after a payment of $150,000 to redeem 4,100,000 shares of common stock from the founder of Stateside. As part of the merger and stock
 exchange, Stateside issued 6,600,000 shares of common stock to the shareholders of Relocate in exchange for receiving all of the shares (66 shares) held by the shareholders of Relocate and Relocate became the Companys wholly-owned subsidiary. For accounting purposes, the financial statements became that of Stateside, the entity that survived the merger. On January 27, 2000, Stateside filed a certificate of amendment changing the Companys name to Relocate411.com, Inc.
          On May 21, 2004, Jandah Management Limited (Jandah),
Glory Way Holdings, Limited (GWH) and Good Business Technology
Limited (GBT), each a corporation organized under the laws of the
British Virgin Islands, entered into privately negotiated transactions with the
stockholders of Relocate to purchase an aggregate of 10,976,000 shares of common
stock of the Company, representing 98% of the issued and outstanding shares, for
an aggregate purchase price of $350,000. In connection with, and as a condition
to the closing of these stock purchase transactions, Darrell Lerner, the
Companys former Director and President, resigned as the sole officer of
the Company effective as of May 21, 2004, and pursuant to the Companys
Bylaws and applicable SEC regulations, Mr. Lerner appointed Li Kin Shing
(Mr. Li), the sole shareholder of Jandah, as the President of the
Company and, effective as of June 4, 2004, as sole director of the
board.
          Jandah acquired 9,276,000 shares of common stock from the three largest shareholders of the Company, Darrell Lerner, Byron Lerner and James Tubbs, for an aggregate purchase price of $307,500. Darrell Lerner retained 224,000 shares of common stock. As a condition to closing, the Company and Mr. Darrell Lerner entered into a six-month consulting agreement pursuant to which Mr. Darrell Lerner assisted the Company with various transition issues and provided other business consulting services. Under the consulting agreement, Mr. Darrell Lerner was paid an aggregate consulting fee of $150,000, payable in equal monthly installments. Mr. Li is considered to be the indirect beneficial owner of the shares held by Jandah Management Limited, since he is the sole shareholder of Jandah Management Limited and as such, possesses sole investment and voting power over the Companys shares held by it. GWH
 acquired 846,000 shares of common stock for an aggregate purchase price of $21,150, and GBT acquired an aggregate of 854,000 shares of common stock for an aggregate purchase price of $21,350 from certain shareholders pursuant to various selling shareholder agreements.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|F-7
|---



|On July 21, 2004, the Companys Board of Directors approved the change of the jurisdiction under which the Company is incorporated from the State of Delaware to the British Virgin Islands (BVI) and to reincorporate as a British Virgin Islands International Business Company, pursuant to Section 390 of the Delaware General Corporations Law and the applicable laws of the BVI. In connection with this reincorporation, the Company changed its name from Relocate 411.com, Inc. to China Elite Information Co., Ltd. As a result of the reincorporation, the Company adopted new corporate governance documents consisting of a Memorandum of Association, Articles of Incorporation and Articles of Continuation. Accordingly, the par value of the Companys preferred stock and common stock increased from $0.0001 to $0.01. All shares and per share information have been
 adjusted retroactively to reflect the change in par value. All shares (i) have one vote each, (ii) are subject to redemption, purchase or acquisition by the Company for fair value, and (iii) carry the right to participate equally in the assets of the Company, including any dividends, and distributions of the Company on a winding up. The rights attached to any class or series of shares may not be varied without the consent in writing of the holders of not less than three-fourths of the issued shares of that class or series and of the holders of not less than three-fourths of the issued shares of any other class or series of shares which may be affected by such variation.
          Going Concern
          These financial statements have been prepared in accordance with generally accepted accounting principles in the United States applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company has not generated any revenue and requires additional funds to maintain its operations. The Companys cash requirements for working capital have been satisfied through loans from its majority shareholder and the Company expects to obtain additional equity through shareholder loans and / or a debt or equity financing to continue its operations. There is no assurance the Company will be successful in raising the needed capital or that such additional funds will be available for the Company on acceptable terms, if at all. The continued existence of the Company is dependent upon its ability to meet its
 financing requirements on a continuing basis and to succeed in its future operations. The Companys President has verbally agreed to fund its operations for the next twelve months, as necessary. However, the Companys need for capital may change dramatically if it acquires a suitable business opportunity during that period.
          Management plans to identify and pursue profitable business opportunities through mergers and acquisitions, so as to diversify the business risks and maximize the returns to stockholders. Although it does not plan to limit its options to any particular industry, management will initially target the telecom industry in the Peoples Republic of China (PRC), including the Hong Kong market, about which Mr. Li possesses extensive experience. Currently, management is exploring a possible transaction with various telecom operators in the PRC. These telecom providers are principally engaged in selling and distribution of telecom services and provision of value-added services, including operating call centers, providing telemarketing services, customer relationship management services, mobile applications, calling cards, etc. The Company has not yet entered into any agreement, nor does it have any commitment to enter into or become engaged in any
 transaction as of the date of issuance of these financial statements. Management believes that actions presently taken to revise the Companys operating and financial requirements provide the opportunity for the Company to continue as a going concern. The Companys ability to achieve these objectives cannot be determined at this time. If the Company is unsuccessful in its endeavors, it may be forced to cease operations. These financial statements do not include any adjustments that might result from this uncertainty.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|F-8
|---



|2.  Significant Accounting Policies
          Development Stage Company
          The Company is considered a development stage company which is defined as such if it is devoting substantially all of its efforts to establishing a new business and its planned principal operations either (i) have not commenced or (ii) have commenced, but have not produced any significant revenues.
          Use of Estimates
          The preparation of financial statements in conformity with generally accepted accounting principles 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 revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions.
          Cash and Cash Equivalents
          The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents.
          Property and Equipment
          Property and equipment is recorded at cost and is depreciated by the straight-line method over the estimated useful lives of the assets. Expenditures for repairs and maintenance are charged to expense as incurred. When property and equipment is sold or otherwise disposed of, the asset account and related accumulated depreciation account are relieved, and any gain or loss is included in operations. Depreciation charged to operations for the years ended November 30, 2005 and 2004, and the period from inception to November 30, 2005, was $0, $1,500 and $11,492, respectively.
          Long-lived Assets Impairment
          Long-lived assets, such as property and equipment, are reviewed at each balance sheet date for impairment based upon the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. When events or circumstances indicate that the carrying amount of an asset may not be recoverable, the asset is written down to its net realizable value, which is included in operations.
          Income Taxes
          The Company accounts for income taxes under the liability method which requires recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Companys management determines if a valuation allowance is necessary to reduce any tax benefits when the available benefits are more likely than not to expire before they can be used.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|F-9
|---



|Loss Per Share
          Basic loss per share is computed as net loss divided by the weighted average number of shares outstanding during the period in accordance with Statement of Financial Accounting Standards (SFAS) No. 128, Earnings Per Share. Diluted EPS includes the effect from potential dilutive securities and is equal to basic loss per share for all periods presented because there are no potential dilutive securities. All per share and per share information is adjusted retroactively to reflect stock splits and changes in par value.
          Fair Value of Financial Instruments
          For certain of the Companys financial instruments, including cash and cash equivalents, amounts due to shareholders, accounts payable and accrued expenses, the carrying amounts approximate fair value due to their short maturities. Fair value of financial instruments is made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair values.
          Stock-based Compensation
          The Company adopted the fair value method of accounting for stock-based compensation recommended by SFAS No. 123, Accounting for Stock-based Compensation and SFAS No. 148, Accounting for Stock-Based Compensation - Transition and Disclosure (an amendment of FASB Statement No. 123). SFAS No. 123 requires that companies either recognize compensation expense for grants of stock, stock options, and other equity instruments based on fair value or provide pro forma disclosure of the effect on net income and earnings per share in the Notes to the Financial Statements.
          Accounting for Derivative Instruments and Hedging Activities
          The Company adopted SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities, which requires companies to recognize all derivatives contracts as either assets or liabilities in the balance sheet and to measure them at fair value. If certain conditions are met, a derivative may be specifically designated as a hedge, the objective of which is to match the timing of gain or loss recognition on the hedging derivative with the recognition of (i) the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk or (ii) the earnings effect of the hedged forecasted transaction. For a derivative not designated as a hedging instrument, the gain or loss is recognized in income in the period of change.
          The Company has not entered into derivative contracts either to hedge existing risks or for speculative purposes.
          Related Party Transactions
          A related party is generally defined as (i) any person that holds 10% or more of the Companys securities and their immediate families, (ii) the Companys management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|F-10
|----



|New Accounting Pronouncements
|-----------------------------

In December 2004, the FASB issued
SFAS 123R, Share-Based Payment (SFAS 123R), which is a revision of SFAS 123 and
supersedes APB 25. Among other items, SFAS 123R eliminates the use of APB 25 and the
intrinsic value method of accounting, and requires companies to recognize the cost of
employee services received in exchange for awards of equity instruments, based on the
grant date fair value of those awards, in the financial statements. The effective date of
SFAS 123R is the first reporting period beginning after June 15, 2005. SFAS 123R permits
companies to adopt its requirements using either a modified prospective method, or a
modified retrospective method. Under the modified prospective method, compensation
cost is recognized in the financial statements beginning with the effective date, based
on the requirements of SFAS 123R for all share-based payments granted after that date,
and based on the requirements of SFAS 123 for all unvested awards granted prior to the
effective date of SFAS 123R. Under the modified retrospective method, the requirements
are the same as under the modified prospective method, but also permits entities to
restate financial statements of previous periods based on proforma disclosures made in
accordance with SFAS 123. We do not believe the adoption of SFAS 123R will have a
material impact on our financial statements. In December 2004, the FASB issued
Statement 153, Exchanges of Nonmonetary Assets, an amendment of APB Opinion No. 29,
Accounting for Nonmonetary Transactions (SFAS 153). SFAS 153 addresses the measurement
of exchanges of nonmonetary assets and redefines the scope of transactions that should be
measured based on the fair value of the assets exchanged. We expect to adopt this new
standard during fiscal 2006. We do not believe adoption of SFAS 153 will have a material
effect on our financial position, results of operations or cash flows. In June 2005, the FASB issued
Statement 154, Accounting Changes and Error Corrections (SFAS 154), a replacement of
APB Opinion 20, Accounting Changes, and Statement 3, Reporting Accounting Changes in
Interim Financial Statements. SFAS 154 changes the requirements for the accounting for
and reporting of a change in accounting principle. Previously, most voluntary changes in
accounting principles were required recognition via a cumulative effect adjustment within
net income of the period of the change. SFAS 154 requires retrospective application to
prior periods financial statements, unless it is impracticable to determine either the
period-specific effects or the cumulative effect of the change. SFAS 154 is effective for
accounting changes made in fiscal years beginning after December 15, 2005; however, the
Statement does not change the transition provisions of any existing accounting
pronouncements. We do not believe adoption of SFAS 154 will have a material effect on our
financial position, results of operations or cash flows.


|F-11
|----



|3.  Note receivable
          On May 25, 2000, the Company loaned $1,117,602 to Teltran International Group, Ltd. (Teltran), a publicly held company presently trading on the NASD OTC Pink Sheets. At that time, Some of Teltrans stockholders and officers owned approximately 42% of the Company. The loan bore interest at 9.5% annually and was secured by a promissory note. Teltran pledged its one share of Teltran Web Factory, Ltd. a wholly-owned foreign subsidiary of Teltran as well as issuing 250,000 warrants exercisable from May 25, 2000 to May 24, 2005 to purchase Teltran common stock at a price of $1.10 per share.
          On March 2, 2001, the Company received preferred shares in NCTN Networks, Inc. in full settlement of the note receivable and the outstanding interest. The Company retained the warrants it received and returned all Teltran share certificates, which were held as security for the note receivable. Simultaneously, these preferred shares were exchanged as consideration for all outstanding shares and warrants in the Company held by the Companys investors.
          4.  Related Party Transactions
          Consulting agreement   The Company and Mr. Darrell Lerner, former director and President, entered into a six-month consulting agreement pursuant to which Mr. Darrell Lerner assisted the Company with various transition issues and provided other business consulting services. Under the consulting agreement, Mr. Darrell Lerner was paid an aggregate consulting fee of $150,000, payable in equal monthly installments. The Consulting Agreement expired on November 21, 2004, and, by its terms, is not renewable.
          Loans form shareholders   Loans from shareholders are unsecured, non-interest bearing and due on demand.
          Control of Company   The Companys President, Chief Executive Officer and majority shareholder owns approximately 83% of the Companys shares of common stock outstanding as of November 30, 2005, and as of the date of issuance of these financial statements.
          5.  Conflicts of Interest, Litigation and Contingencies
          Certain conflicts of interest have existed and will continue to exist between management, their affiliates and the Company. Management has other interests including business interests to which he devotes his primary attention. Management may continue to do so notwithstanding the fact that management time should be devoted to the business of the Company and in addition, management may negotiate an acquisition resulting in a conflict of interest.
          From time to time, in the normal course of business the Company may be involved in litigation. The Companys management is not aware of any asserted or unasserted claims and therefore, feels any such proceedings to have an immaterial effect on the financial statements.
          The Companys management has not bound the Company with any contingencies other than those through the normal course of business.
          During the fiscal years ended November 30, 2005 and 2004,
and to date, the Company uses office space in a building located at 225
Broadway, Suite 1910, New York, New York 10007. The Company does not have a
formal lease and does not pay any rent. The fair market value of the rent has
not been included in the financial statements because the amount is immaterial.
          6.  Income Taxes
          The Company is not obligated for U.S. federal income taxes because it is a British Virgin Islands company, which is not subject to any tax.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|F-12
|----



|Item 8. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|------- | ------------------------------------------------------------------------------------

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|None.
          Item 8A.    Controls and Procedures
          Evaluation of Disclosure Controls and Procedures
          The Companys Chief Executive Officer and Chief Financial Officer (the Certifying Officer) maintains a system of disclosure controls and procedures that is designed to provide reasonable assurance that information, which is required to be disclosed, is accumulated and communicated to management timely. Under the supervision and with the participation of management, at the end of the period covered by this report the Certifying Officer evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) under the Exchange Act). Based upon that evaluation, the Certifying Officer concluded that our disclosure controls and procedures are effective in timely alerting them to material information relative to our company required to be disclosed in our periodic filings with the SEC.
          Changes in Internal Controls
          Our Certifying Officer has indicated that there were no changes in our internal controls or other factors that could significantly affect such controls subsequent to the date of his evaluation, and there were no such control actions with regard to significant deficiencies and material weaknesses.
          Item 8B.    Other Information
          None
          PART III
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

|Item 9. | Directors, Executive Officers, Promoters and Control Persons; 
  Compliance with Section 16(a)
of the Exchange Act
|------- | ------------------------------------------------------------------------------------------------------------------

|                                                                                                                                                                                       
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Set forth below is information regarding directors (excluding those directors that have resigned as
identified above), director appointments and the executive officers of the Company:

|             |  |     |  |                          | 
|------------ |  | --- |  | ------------------------ | 
|Name         |  | Age |  | Position                 | 
|             |  |     |  |                          | 
|Li Kin Shing |  | 47  |  | CEO; President; Director | 

|21
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|Mr. Li is CEO, President and a director of the Company. Mr. Li acts as the Chairman of Directel Limited, a mobile virtual network operator with operations primarily in the Peoples Republic of China, including the Hong Kong market. Mr. Li is also a director of International Elite Limited, one of the largest centralized single-call location outsourcing customer service call centers in Guangzhou province of the PRC. Mr. Li is the Chairman of the Board, Chief Executive Officer and Secretary of Great Wall Acquisition Corp., a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition or other similar business combination with a company having its primary operations in the Peoples Republic of China. Since March 2003, he has been a director and shareholder of PacificNet Communications Limited - Macao Commercial Offshore, a joint venture
 between International Elite and PacificNet Management Limited, a wholly-owned subsidiary of PacificNet Inc., a public Nasdaq listed provider of information technology consulting, system integration and information technology solutions in Asia. From October 1997 to September 1999, Mr. Li served as a member of the board of directors of UTStarcom, Inc., a publicly traded company listed on the Nasdaq National Market (Symbol: UTSI) which designs, manufactures and markets broadband, narrowband and wireless access technology. During that same period, Mr. Li also served as the chief executive officer of on of UTStarcoms subsidiary, UTStarcom Hong Kong Limited.
          Corporate Governance
          The Board
          During our fiscal year ended November 30, 2005, Companys Board consisted of a sole director, Mr. Li. In accordance with the British Virgin Islands Law and the Companys Certificate of Incorporation and Bylaws, the Companys business and affairs are managed under the direction of the Board.
          Meetings of the Board
          The Companys Board consisted of a sole director during the fiscal year ended November 30, 2005 and the calendar year ended December 31, 2005, and therefore, no Board meetings were held and all resolutions were adopted by unanimous written consent.
          Committees of the Board
          Since the Companys Board consists of a sole director, the Board did not establish any committees, including, but not limited to a separately-designated standing audit committee. Currently, the Companys Board of Directors acts as the audit committee
          Policy Regarding Director Attendance At Annual Meetings
          The Company does not have a formal policy regarding the Board attendance at annual meetings but the sole director attended last years annual meeting in his capacity as stockholder and director.
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|22
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|Stockholder Communications With the Board
          The Board currently does not have a formal process for stockholders to send communications to the Board. Nevertheless, the Board desires that the views of stockholders are heard by the Board and that appropriate responses are provided to stockholders on a timely basis. The Board does not recommend that formal communication procedures be adopted at this time because it believes that informal communications are sufficient to communicate questions, comments and observations that could be useful to the Board. However, stockholders wishing to normally communicate with the Board may send communications directly to our sole director, Mr. Li, at c/o DeHeng Chen Chan, LLC 225 Broadway, New York, NY, 10007; Attention: Xiaomin Chen, Esq.
          Section 16(a) Beneficial Ownership Reporting Compliance
          Section 16(a) of the Securities Exchange Act of 1934 requires our directors and executive officers, and persons who own more than 10 percent of our common stock, to file with the SEC initial reports of ownership and reports of changes in ownership, furnishing us with copies of all Section 16(a) forms they file. To the best of our knowledge, based solely on review of the copies of such reports furnished to us, all Section 16(a) filing requirements applicable to our officers and directors were complied with during the year ended November 30, 2005.
          Code of Ethics
          We have not adopted a code of ethics that applies to our principal executive officer, principal financial officer, and principal accounting officer or controller, and/or persons performing similar functions. However, we have adopted a code of ethics that applies to all employees, officers and directors.
          Item 10.    Executive Compensation
          Compensation of Directors and Executive Officers
          Darrell Lerner has been our President, Chief Executive Officer and Treasurer since inception until his resignation, effective May 21, 2004. Upon Mr. Lerners resignation, Mr. Li Kin Shing was appointed as our President, CEO and CFO, and is currently our sole officer. No compensation was paid to any directors or officers in the fiscal years ended November 30, 2003, 2004 and 2005.
          We entered into a Consulting Agreement with Darrell Lerner, our former director, officer and 10% holder, effective May 21, 2004. Under the terms of his agreement, Mr. Lerner will provide us assistance with certain post-transaction and transaction activities and transition matters in connection with the consummation of transactions whereby Jandah, GWH and GBT purchased an aggregate of 98% of our issued and outstanding capital
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|23
|--



|stock as well as other matters. The Consulting Agreement was a condition to closing of the acquisition by Jandah, GWH and GBT. Pursuant to the Consulting Agreement, Mr. Lerners services shall be retained for a period of six months (the agreement is not renewable). Mr. Lerner will be paid an aggregate of $150,000 for services rendered under the Consulting Agreement, payable in equal monthly installments. The Consulting Agreement expired on November 21, 2004 and, by its terms, is not renewable.
          Our stockholders may in the future determine to pay our directors fees and reimburse our directors for expenses related to their activities.
          Stock Options
          We did not grant stock options in the fiscal years ended November 30, 2003, 2004 or 2005 to any director or executive officer. No Executive Officer held options during the fiscal years ended November 30, 2004 and 2005.
          Executive Employment Contracts
          We do not currently have any employment agreements with any of our officers, nor are we planning to execute such agreements in the future.
          Equity Compensation Plan Information
          The Companys has not adopted any equity compensation plans.
          Item 11.    Security Ownership of Certain Beneficial Owners and Management
          Principal Stockholders
          The following table sets forth certain information, as of the Report Date, with respect to persons known to the Company to be the beneficial owners, directly and indirectly, of more than 5% of the Companys Common shares and beneficial ownership of such Common shares by directors and executive officers of the Company.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

|Name of Beneficial Owner                                   | Number of Shares
      of Common shares
      Beneficially Owned |           | Percent of
      Common shares
      Beneficially Owned | 
|---------------------------------------------------------- | ---------------------------------------------------------------- | --------- | ------------------------------------------------------- | 
|                                                           |                                                                  |           |                                                         | 
|Jandah Management Limited                                  |                                                                  | 9,276,000 |                                                         | 
|Glory Ways Holdings Limited                                |                                                                  | 846,000   |                                                         | 
|Good Business Technology Limited                           |                                                                  | 854,000   |                                                         | 
|Li Kin Shing (3)                                           |                                                                  | 9,276,000 |                                                         | 
|All directors and executive officers as a group (1 person) |                                                                  | 9,276,000 |                                                         | 

|24
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|(1) | As required by regulations of the SEC, the number of shares in the table includes shares which can
  be purchased within 60 days, or, shares with respect to which a person may obtain voting power or
  investment power within 60 days. Also required by such regulations, each percentage reported in the
  table for these individuals is calculated as though shares that can be purchased within 60 days have
  been purchased by the respective person or group and are outstanding.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|(2) | Under SEC rules, Mr. Li is considered to be the indirect beneficial owner of the shares held by Jandah
  Management Limited, since he is the sole shareholder of Jandah Management Limited and as such, possesses
  sole investment and voting power over the Companys shares held by it.                                                                                                                                                                                                 

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Item 12.    Certain Relationships and Related Transactions
          As of November 30, 2005, the Company has received unsecured and non-interest bearing loans totaling $266,862 from Jandah Management Limited, which Mr. Li is the sole shareholder. The loans are due on demand.
          We entered into a Consulting Agreement with Darrell Lerner, our former director, officer and 10% holder, effective May 21, 2004. Under the terms of his agreement, Mr. Lerner will provide us assistance with certain post-transaction and transaction activities and transition matters in connection with the consummation of transactions whereby certain third party purchasers are contemplated to purchase an aggregate of 98% of our issued and outstanding capital stock as well as other matters. Pursuant to the Consulting Agreement, Mr. Lerners services shall be retained for a period of six months (the agreement is not renewable). Mr. Lerner will be paid an aggregate of $150,000 for services rendered under the Consulting Agreement, payable in equal monthly installments. The Consulting Agreement expired on November 21, 2004 and, by its terms, is not renewable.
          Although we have no present intention to do so, we may, in the future, enter into other transactions and agreements relating to our business with our directors, officers, principal stockholders and other affiliates. We intend for all such transactions and agreements to be on terms no less favorable to us than those obtainable from unaffiliated third parties on an arms-length basis. In addition, the approval of a majority of our disinterested directors will be required for any such transactions or agreements. As set forth above, we do not anticipate any related party transactions in the next 12 months. Nevertheless, should any related party transactions occur while there are no disinterested board members, Li Kin Shing our sole director and officer, shall continue to have the sole vote and we shall rely on his integrity, good judgment, and fiduciary duties to make a fair and equitable decision on our behalf and one behalf of our stockholders.
          Until May 21, 2004, we used office space in a building located at 142 Mineola Avenue, Roslyn, New York. The primary tenant was Darrell Lerner, our President. The lease for such premises is in the name of International Global Communications, Inc., a company owned by Byron Lerner, one of our shareholders and the father of Darrell Lerner, our

|25
|--



|sole

      officer and director. The lease provides for monthly rental payments of
      $475 and expired February 28, 2003. There was an extension period that
      commenced March 1, 2003 until February 28, 2004 at the rate of $500 per
      month.
      We have
      no plans to issue any additional securities to management, promoters,
      affiliates or associates at the present time. If our Board of Directors
      adopts an employee stock option or pension plan, we may issue additional
      shares according to the terms of this plan. Although we have a very large
      amount of authorized but un-issued common stock, we intend to reserve this
      stock to implement our plan of operations to pursue telecom opportunities
      in the PRC, including Hong Kong. We may attempt to use shares as
      consideration, instead of cash. We may issue shares if we engage in a
      merger or acquisition or we may issued shares as consideration for
      services rendered to us or in other transactions in the normal course of
      business. In such a case, an indeterminate amount of unissued stock may be
      issued by us. We currently have no plans to acquire or merge with another
      company.
      We have
      no present intention of acquiring any assets by any promoter, management
      or their affiliates or associates.
      There
      are no arrangements or agreements between non-management shareholders and
      management under which non-management shareholders may directly or
      indirectly participate in or influence our affairs. In the future, we will
      present all possible transactions between the Company and its officers,
      directors or 5% stockholders, and their affiliates to the Board of
      Directors for its consideration and approval. Any such transaction will
      require approval by a majority of the directors and such transactions will
      be on terms no less favorable than those available to disinterested third
      parties.
      Item 13.    Exhibits
      The
      following documents are filed as part of this report:
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

|Exhibit No. |  | Description                                                                                                                                               
|----------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------
|            |  |                                                                                                                                                           
|3.1         |  | Articles of Continuation of China Elite Information Co.,
        Ltd.*                                                                                    
|            |  |                                                                                                                                                           
|3.2         |  | Memorandum of Association of China Elite Information Co.,
        Ltd.*                                                                                   
|            |  |                                                                                                                                                           
|3.3         |  | Articles of Association of China Elite Information Co., Ltd.*                                                                                             
|            |  |                                                                                                                                                           
|3.4         |  | Certificate of Transfer of Relocate 411.com, Inc.*                                                                                                        
|            |  |                                                                                                                                                           
|10.1        |  | Stock Purchase Agreement, dated as of May 21, 2004, by and among Jandah
        Management Limited, Darrel Lerner, Byron Lerner and James
        Tubbs.**
|            |  |                                                                                                                                                           
|10.2        |  | Form of Common Stock Purchase Agreement with Glory Way Holdings
        Limited.**                                                                        
|            |  |                                                                                                                                                           
|10.3        |  | Form of Common Stock Purchase Agreement with Good Business Technology
        Limited.**                                                                  
|            |  |                                                                                                                                                           
|10.4        |  | Form of Common Stock Purchase Agreement between Glory Way Holdings
        Limited and each of Barry Manko and Grushko &      Mittman.**                  

|26
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|   |  |                                                                                                                                                                                                           
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|14 |  | The Code of Ethics of China Elite Information Co., Ltd.***                                                                                                                                                
|   |  |                                                                                                                                                                                                           
|31 |  | Certification of President, Chief Executive Officer and Chief Financial
        Officer Pursuant to 18 U.S.C. Section 1350, as Adopted pursuant to Section
        302 of the Sarbanes-Oxley Act of 2002.#
|   |  |                                                                                                                                                                                                           
|32 |  | Certification of
President, Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350,
as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.#                

|    |                                                                                                                                                                    
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------
|#   | Filed
    herewith.                                                                                                                                                
|    |                                                                                                                                                                    
|*   | Filed as
      an exhibit to the Current Report on Form 8-K, dated August 12, 2004, filed
      on August 17, 2004 and incorporated herein by reference.           
|    |                                                                                                                                                                    
|**  | Filed as
      an exhibit to the Current Report on Form 8-K, dated May 21, 2004, filed on
      May 25, 2004 and incorporated herein by reference.                 
|    |                                                                                                                                                                    
|*** | Filed as
      an exhibit to the Form 10-KSB for the fiscal year
      ended November 30, 2004, filed on March 15, 2005 and
      incorporated herein by reference.

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Item 14.    Principal Accountant Fees and Services
      Audit
      Fees - The aggregate fees billed for professional services rendered for
      the audit of our annual financial statements and review of our quarterly
      financial statements included in our periodic and other reports filed with
      the SEC were $18,300 and $11,241 for the years ended November 30,
      2005 and 2004, respectively.
      Audit-Related Fees - None
      Tax
      Fees - None.
      All
      Other Fees - None
      Audit Committee Pre-Approval Policies and
      Procedures
      Our
      Board, which consists of one director, does not have an Audit Committee.
      The Companys current policy is that the sole director is to pre-approve
      all audit and non-audit services that are to be performed and fees to be
      charged by our independent auditor to assure that the provision of these
      services does not impair the independence of such auditor. The sole
      director pre-approved of all audit services and fees of our independent
      auditor for the year ended November 30, 2005. Our independent auditors did
      not provide us with any non-audit services during the year ended November
    30, 2005.

|27
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|SIGNATURES
      Pursuant to the requirements of Sections 13 or 15(d) 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.
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                                                                                                                                    

|                         | CHINA ELITE INFORMATION CO., LTD.
|------------------------ | ---------------------------------
|                         |                                  
|                         |                                  
|Date:  February 27, 2006 | By :                             
|                         |                                  
|                         |                                  

|                                                                                                                                                                                                                            
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Pursuant to the requirements of the Securities Exchange Act of
      1934, this report has been signed below by the following persons
      on behalf of the registrant and in the capacities and on the date
    indicated.
|                                                                                                                                                                                                                            

|Signature        |  | Title                                                                                                                             |  | Date                   
|---------------- |  | --------------------------------------------------------------------------------------------------------------------------------- |  | -----------------------
|                 |  |                                                                                                                                   |  |                        
|                 |  |                                                                                                                                   |  |                        
|                 |  |                                                                                                                                   |  |                        
|/s/ Li Kin Shing |  | President,
      CEO and Director(Principal Executive Officer and 
      Principal Financial and 
      Accounting
      Officer) |  | February 27,
      2006
|Li Kin
    Shing |  |                                                                                                                                   | 
|                 |  |                                                                                                                                   | 

|28
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