UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                  Form 10-KSB/A
                                (Amendment No.1)
         --------------------------------------------------------------
                                   (Mark one)

[X]  Annual Report Under Section 13 or 15(d) of The  Securities  Exchange Act of
     1934 For the fiscal year ended December 31, 2007

[ ]  Transition Report Under Section 13 or 15(d) of The Securities  Exchange Act
     of 1934
     For the transition period from ______________ to _____________

         --------------------------------------------------------------

                        Commission file number: 000-29523


                           China Pharma Holdings, Inc.
--------------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)


               Delaware                                   73-1564807
--------------------------------------            ----------------------------
     (State or other jurisdiction                  (I.R.S. Employer I.D. No.)
     incorporation or organization)


          2nd Floor, No. 17, Jinpan Road,
            Haikou, Hainan Province,
                  China                                            570216
----------------------------------------------------            --------------
      (Address of principal executive offices)                    (Zip Code)


              Issuer's telephone number        0086-898-66811730 (China)
                                               -------------------------


       Securities registered under Section 12(b) of the Exchange Act: None

         Securities registered under Section 12(g) of the Exchange Act:
                         Common stock, $0.001 par value
         --------------------------------------------------------------

Check  whether  the issuer  has (1) filed all  reports  required  to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 12 months (or for such
shorter period the Company was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days. Yes [X] No [ ]


<PAGE>

Check if there is no disclosure of delinquent  filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure  will be contained,  to
the best of Company'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]

The  issuer's   revenue  for  the  fiscal  year  ended  December  31,  2007  was
$33,186,324.

14,187,472  shares  held by  non-affiliates  had an  aggregate  market  value of
$31,212,438.4 as of March 26, 2008. Shares of common stock held by any executive
officer or  director  of the issuer and any person who  beneficially  owns 5% or
more of the  outstanding  common stock have been excluded from this  computation
because  such  persons may be deemed to be  affiliates.  This  determination  of
affiliate status is not a conclusive determination for other purpose.

As of March 26, 2008,  there were  37,278,938  shares of Common Stock issued and
outstanding.

                       DOCUMENT INCORPORATED BY REFERENCE

EXHIBITS incorporated by reference certain information which has been filed with
the Securities and Exchange Commission.

Transitional Small Business Disclosure Format: Yes [  ]     No [X]

<PAGE>
EXPLANATORY NOTE

     The  registrant  filed a Form 10-KSB on March 31, 2008.  The  registrant is
filing this  Amendment No. 1 to Form 10-KSB with the SEC: 1) to amend the second
paragraph of Item 8A-Controls and Procedures to disclose a definitive conclusion
of the management about the  effectiveness  of internal  controls over financial
reporting ; 2) to explain the  preparation  of our code of ethics as of December
31, 2007; 3) to file a lease agreement and a Housing Rent  Adjustment  Notice as
an  exhibit;  and  4)  to  revise  the  signatures  as  required  under  General
Instruction C(2) to Form 10-KSB.

      In addition,  we are also including a  currently-dated  Sarbanes Oxley Act
Section 302 and Section 906  certifications  of the Chief Executive  Officer and
Chief  Financial  Officer that are attached to this  Amendment as Exhibits 31.1,
31.2, 32.1and 32.2.

      Except as set forth below,  this Form 10-KSB/A  does not modify,  amend or
update in any way any other items or  disclosure  in the Form 10-KSB.  This Form
10-KSB/A continues to speak as of the date of the original Form 10-KSB and other
than as  specifically  reflected in the Form  10-KSB/A  does not reflect  events
occurring after the filing of the original Form 10-KSB.

Part II

Item 8A - Controls and Procedures

As required by Rule 13a-15 under the Securities Exchange Act, our management has
carried out an evaluation,  with the  participation and under the supervision of
our chief executive officer and chief financial officer, of the effectiveness of
the design  and  operation  of our  disclosure  controls  and  procedures  as of
December 31, 2007.  Disclosure  controls  and  procedures  refer to controls and
other procedures designed to ensure that information required to be disclosed in
the reports we file or submit  under the  Securities  Exchange  Act is recorded,
processed,  summarized  and reported  within the time  periods  specified in the
rules  and  forms  of the SEC and  that  such  information  is  accumulated  and
communicated to our management,  including our chief executive officer and chief
financial officer, as appropriate,  to allow timely decisions regarding required
disclosure.  In designing and evaluating our disclosure controls and procedures,
management  recognizes  that any  controls  and  procedures,  no matter how well
designed and operated,  can provide only  reasonable  assurance of achieving the
desired control objectives,  and management is required to apply its judgment in
evaluating and implementing possible controls and procedures.

Management  conducted its evaluation of internal  controls and procedures  under
the supervision of our chief executive officer and our chief financial  officer.
As of the date of this  evaluation  and based upon the  evaluation  of our chief
executive officer and chief financial officer, the management concluded that the
internal  controls over financial  reporting and procedures  were not effective,
due to the existence of  significant  internal  control  deficiencies  discussed
below under "Management's Report on Internal Control over Financial Reporting".

Part III

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


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<PAGE>

Code of Ethics

As of December 31, 2007, our code of ethics is  communicated  orally in training
and in the course of normal business operations. We are currently in the process
of  documenting  our code of  ethics  and  intend to file an S-1 in the next 3-4
months when we have translated it to English.  Once we have formalized a Code of
Ethics,  a copy may be  obtained by sending a written  request to our  corporate
Secretary.

Item 13 - Exhibits

(2) EXHIBITS

--------------------------------------------------------------------------------
Exhibit No.        Description
--------------------------------------------------------------------------------

2.1      Securities  Exchange  Agreement  by and among Onny  Investment  Limited
         dated October 19, 2005. (3)

3.1      Memorandum and Articles of Association. (4)

3.2      Articles of Association of Helpson Medical Bio-Technology Co. (3)

10.1     Stock Purchase Agreement by and among Halter Financial Group Inc. dated
         May 11, 2005 filed on May 11, 2005. (1)

10.2     Subscription   Agreement   by  and  among   Onny   Investment   Limited
         stockholders. (3)

10.3     Employment  Contract  between Helpson and Zhilin Li dated July 1, 2005.
         (5)

10.4     Employment  Contract  between Helpson and Xinhua Wu dated July 1, 2005.
         (5)

10.5     Employment  Contract  between  Helpson and Jian Yang dated July 1, 2005
         (5)

10.6     Subscription  and  Registration  Rights  Agreement  among China  Pharma
         Holdings, Inc. and 17 investors (6)

10.7     Form of Warrant (6)

10.8     Supply  Contract  entered  into  between  Hainan  Helpson  Medicine and
         Bio-Technology Co. Ltd. and Sichuan Chengxin Pharmaceutical Company (7)

10.9     Supply  Contract  entered  into  between  Hainan  Helpson  Medicine and
         Bio-Technology Co. Ltd. and Anhui Fuyang Xinte  Pharmaceutical  Company
         (7)

10.10    Sales  Contract  entered  into  between  Hainan  Helpson  Medicine  and
         Bio-Technology Co. Ltd. and Anhui Fuyang Xinte  Pharmaceutical  Company
         (7)

10.11    Sales  Contract  entered  into  between  Hainan  Helpson  Medicine  and
         Bio-Technology Co. Ltd. and Hainan Xinglin Medicine Company (7)

10.12*   Lease  Agreement  entered  into  between  Hainan  Helpson  Medicine and
         Bio-Technology  Co.  Ltd.  and Hainan  Zhongfu  Going-abroad  Personnel
         Service Center, and Housing Rent Adjustment Notice

16.1     Letter  regarding  Change in the Certified  Accountant dated August 15,
         2005. (2)

21       Subsidiaries of China Pharma Holdings,  Inc. filed on October 20, 2005.
         (4)


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<PAGE>


31.1*    Certification of Chief Executive Officer pursuant to Section 302 of the
         Sarbanes-Oxley Act of 2002

31.2*    Certification of Chief Financial Officer pursuant to Section 302 of the
         Sarbanes-Oxley Act of 2002

32.1*    Certification  of the Chief  Executive  Officer  pursuant  to 18 U.S.C.
         Section 1350, as adopted pursuant to Section 906 of the  Sarbanes-Oxley
         Act of 2002.

32.2*    Certification  of the 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 herewithin

(1)  Previously  filed as an exhibit to our report on Form 8-K (Commission  File
     Number: 000-29523) filed with the Commission on May 11, 2005.
(2)  Previously  filed as an exhibit to our report on Form 8-K (Commission  File
     Number: 000-29523) filed with the Commission on August 18, 2005.
(3)  Previously  filed as an exhibit to our report on Form SB-2 (Commission File
     Number: 333-129161) filed with the Commission on October 20, 2005.
(4)  Previously  filed as an exhibit to our report on Form SB-2 (Commission File
     Number: 333-129161) filed with the Commission on December 23, 2005.
(5)  Previously  filed as an exhibit to our  report on Form  10-QSB  (Commission
     File Number: 000-29523) filed with the Commission on November 16, 2006.
(6)  Previously  filed as an exhibit to our report on Form 8-K (Commission  File
     Number: 000-29523) filed with the Commission on February 6, 2007.
(7)  Previously filed as exhibits to our report on Form 10-KSB  (Commission File
     Number: 000-29523) filed with the Commission on March 31, 2009.






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<PAGE>



                                   SIGNATURES

In  accordance  with  Section  13 or 15(d)  of the  Securities  Act of 1933,  as
amended,  the  registrant has duly caused this report to be signed on its behalf
by the undersigned, thereto duly authorized.

                        China Pharma Holdings, Inc.

Dated: March 11, 2009           By: /s/ Zhilin Li
       --------------           -------------------------------
                                Zhilin Li,
                                Director, Chief Executive Officer, and President


In accordance with the Securities Exchange Act of 1934, as amended,  this report
has been signed below by the following  persons on behalf of  registrant  and in
the capacities and on the date as indicated.

Dated: March 11, 2009           By: /s/ Zhilin Li
       --------------           -------------------------------
                                Zhilin Li,
                                Director, Chief Executive Officer, and President

Dated: March 11, 2009           By: /s/ Xinhua Wu
       --------------           -------------------------------
                                Xinhua Wu
                                Director and Chief Financial Officer,
                                Principal Accounting officer

Dated: March 11, 2009           By: /s/ Gene Michael Bennett
       --------------           -------------------------------
                                Gene Michael Bennett,
                                Director

Dated: March 11, 2009           By: /s/ Yingwen Zhang
      ---------------           -------------------------------
                                Yingwen Zhang,
                                Director

Dated: March 11, 2009           By: /s/ Baowen Dong
      ---------------           -------------------------------
                                Baowen Dong,
                                Director





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