**UNITED STATES        SECURITIES AND EXCHANGE COMMISSION        Washington, DC 20549**

**Form 10-K****/A**

**(Amendment No.2****)**

x**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the fiscal year ended: December 31, 2007

o **TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

For the transition period from ______________ to _____________

Commission file number: 000-29523

| **China Pharma Holdings, Inc.**                        |
|--------------------------------------------------------|
| (Exact name of registrant 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, including Zip Code)                    |

| **0086-898-66811730 (China)**         |
|---------------------------------------|
| (Registrant’s telephone number) |

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**

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Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x                 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  x No o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this        Form 10-K.  x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one):  

| Large accelerated filer o | Accelerated filer o              |
|---------------------------|----------------------------------|
| Non-accelerated filer o   | Smaller Reporting Company x |

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o  No x

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

The number of shares and aggregate market value of common stock held by non-affiliates as of the last business day of the registrant’s most recently completed second fiscal quarter was 16,524,921 and $33,380,340.42, respectively. 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****:** None.

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**EXPLANATORY NOTE**

The registrant is filing this Amendment No. 2 on Form 10-K/A (the “Amendment No.2”) to amend the annual report on Form 10-KSB for the fiscal year ended December 31, 2007, as amended by Amendment No.1 on Form 10-KSB/A filed with the SEC on March 12, 2009 (the “Amendment No. 1”),        to amend Item 8A of Form 10-KSB (Item 9A of this Amendment No. 2) “Controls and Procedures” as it relates to disclosure controls and procedures.

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 No.2 as Exhibits 31.1, 31.2, 32.1and 32.2.

Except as set forth below, this Amendment No. 2 does not modify, amend or update in any way any other items or disclosure in the Form 10-KSB and Amendment No. 1. This Amendment No. 2 continues to speak as of the date of the original Form 10-KSB and other than as specifically reflected in this        Amendment No. 2 does not reflect events occurring after the filing of the original Form 10-KSB and the Amendment No. 1.

**Part II**

**Item****9****A - Controls and Procedures**

**Disclosure Control and Procedures** 

We maintain disclosure controls and procedures designed to ensure that information required to be disclosed in our filings under the Securities Exchange Act of 1934 is (1) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and (2) accumulated        and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.                 As required by Rule 13a-15 under the Exchange Act, as of the end of the fiscal year covered by this Annual Report on Form 10-K, we have carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures. This evaluation was carried out under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief        Financial Officer concluded that our disclosure controls and procedures were effective at December 31, 2007.                 There have been no changes in our internal controls over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the fourth quarter of fiscal 2007 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. 

**Management's Report on Internal Control over Financial Reporting**

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act.

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Our management under the supervision of the Chief Executive Officer and the Chief Financial Officer has conducted an evaluation of our internal control over financial reporting as of December 31, 2007. In making its assessment, management used the criteria described in Internal Control Integrated Framework, issued by the Committee of Sponsoring        Organizations of the Treadway Commission, or COSO. Based on our evaluation under the framework in Internal Control Integrated Framework, management concluded that our internal control over financial reporting was not effective as of December 31, 2007.                 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

A significant deficiency is a deficiency,  or a combination of deficiencies,  in internal  control over  financial  reporting that is less severe than a material weakness,  yet  important  enough to merit  attention by those  responsible  for        oversight  of the  company's  financial  reporting.  The  following  significant deficiencies have been identified and included in our management's assessment as of December 31, 2007:                       1)   We did not engage an Audit Committee to oversee the  effectiveness  of  the system of internal control in every process. An effective Board of  Directors and Audit Committee and other corporate governance functions  will  play an  extremely  important  oversight  role  in the  internal  control system.  If there is no Audit Committee or the Audit        Committee  does not  function  comprehensively  and  proactively,  there might be  reasonable   possibility   that  the  significant   internal   control   deficiencies cannot be detected or prevented.                       2)   We did not maintain  effective controls internal audit function due to the lack of qualified internal auditors who are familiar with internal audit  and US  GAAP,  and we did not  implement  adequate  and  proper  supervisory  review to ensure that the  significant  internal  control  deficiencies can be detected or prevented.                       3)   We did not maintain  effective  controls over the financial  reporting processes due to an insufficient complement of internal personnel with a level  of  accounting  knowledge,  experience  and  training  in the application of U.S. GAAP commensurate with our financial requirements.   For example,  we did not maintain  effective  controls over        accounting  for deferred taxes under U.S. GAAP.                  Our management  believes that these internal  control  deficiencies  result in a material  weakness.  This  material  weakness  had not been  fully  remedied  by December 31, 2007. Never the less, based upon a number of factors, including our plan for  remediation  (as  described  below) and other  procedures  designed to assist  us  in  ensuring  the  reliability         of  our  financial  statements,  our management believes that the consolidated  financial  statements included in the Annual  Report on Form  10-KSB  fairly  state,  in all  material  respects,  our financial  condition, results  of  operations  and cash  flows  for the  periods presented in conformity  with generally  accepted  accounting  principles in the        United States of America.

To remediate the significant  internal control  deficiencies  described above in "Management's  Report on Internal  Control over  Financial  Reporting",  we have implemented or plan to implement the measures described below, and will continue to evaluate and may in the future implement additional        measures.                 We have planned  remediation  measures of hiring and training of personnel which are intended to generally  address these  significant  deficiencies  by ensuring that we will have sufficient  personnel with knowledge,  experience and training in the  application  of U.S.  GAAP  commensurate  with our  financial  reporting requirements. These measures include the following:                      1)   We  appointed  3  independent  directors,  on  February  1,  2008,  to establish an effective Audit  Committee,  together with setting up the relevant procedures and working plans;                      2)   We will continue to hire external U.S.  accountant at the beginning of 2008 with relevant accounting experience,  skills and knowledge in the preparation of financial  statements  under the  requirements  of U.S. GAAP and financial  reporting  disclosure under the requirement of SEC rules; We also plan to train up our staff internally;                      3)   We plan to hire an internal  auditor to implement  the internal  audit function,   and  plan  to  train  our  accounting   personnel  in  the application  of U.S. GAAP  commensurate  with our financial  reporting requirements;                      4)   We plan to improve our written  policies  and  procedures,  as well as amend and  supplement  the  existing  code of  conduct  to ensure  the compliance with Section 406 of Sarbanes-Oxley Act; and  

     5)   We retained  and intend to continue to retain the  services of outside counselors to advise us on the SEC disclosure requirements.

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        We  believe  that we are  taking  the steps  necessary  for  remediation  of the significant  deficiencies  identified above, and we will continue to monitor the effectiveness  of these steps and to make any changes that our management  deems appropriate. 

The management’s assessment of internal controls over financial reporting was not subject to auditor attestation as of December, 31 2007 pursuant to temporary rules of the Securities and Exchange Commission. Accordingly, this Annual Report does not include an attestation report by our independent registered public accounting firm regarding        internal control over financial reporting. 

**Changes in Internal Controls over Financial Reporting**

There were no changes in our internal controls over financial reporting during the fourth quarter of fiscal 2007 that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting.

**art IV**

**Item 1****5****-****Exhibits****and Financial Statement Schedules**

| 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 & Biotechnology Co., Ltd. (3)                                    |
| 3.3         | Amended and Restated Bylaws (incorporated by reference toour report on Form PRE 14C filled on June 27, 2008)    |
| 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 Contractbetween Helpson andZhilin Lidated July 1, 2005. (5)                                          |
| 10.4        | Employment Contractbetween Helpson andXinhua Wudated July 1, 2005. (5)                                          |
| 10.5        | Employment Contractbetween Helpson andJian Yangdated 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)                                                                                             |

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| 10.8  | Supply Contract entered into betweenHainanHelpson Medicine and Biotechnology Co. Ltd.andSichuan                    Chengxin Pharmaceutical Company (7)                                                    |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.9  | Supply Contract entered into betweenHainanHelpson Medicine and Biotechnology Co. Ltd.andAnhui Fuyang                    XintePharmaceutical Company (7)                                                        |
| 10.10 | Supply Contract entered into betweenHainanHelpson Medicine and Biotechnology Co. Ltd.andAnhui Fuyang                    XintePharmaceutical Company (7)                                                        |
| 10.11 | Sales Contract entered into between Hainan Helpson Medicine and Biotechnology Co. Ltd.andHainanXinglin                    MedicineCompany (7)                                                             |
| 10.12 | Lease Agreement entered intobetween Hainan Helpson Medical and Biotechnology Co., Ltd.and Hainan Zhongfu Going-abroad Personnel Service Center, and Housing                    Rent Adjustment Notice (8) |
| 16.1  | Letter regarding Change intheCertifiedAccountant dated August 15, 2005. (2)                                                                                                                                    |
| 21    | Subsidiaries ofChina Pharma Holdings, Inc. filed on October 20, 2005. (4)                                                                                                                                      |
| 31.1* | Certification of Chief Executive Officer pursuant to Rule 13a-14 and Rule 15d-14(a) of the Exchange Act.                                                                                                       |
| 31.2* | Certification of Chief Financial Officer pursuant to Rule 13a-14 and Rule 15d-14(a) of the Exchange Act.                                                                                                       |
| 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 exhibitsto our report on Form 10-KSB(Commission File Number: 000-29523) filed with the Commission on March 31, 2009. |
|--|-----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------|

|  | (8)      | Previously filed as an exhibit to our report on Form 10-KSB/A(Commission File Number: 000-29523 ) filed with the Commission on March 12, 2009. |
|--|-----------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------|

 

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**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: June 24, 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: June 24, 2009                                                                                                                                                                                               |   |   | By: /s/ Zhilin Li                                |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------------------------------------------------|--------|--------|
|                                                                                                                                                                                                                    |   |   | Zhilin Li,                                       |   |   |
|                                     |   |   | Director, Chief Executive Officer, and President |        |
|                                                                                                                                                                                                               |        |        |                                                  |        |        |
| Dated: June 24, 2009                                                                                                                                                                                               |   |   | By: /s/ Frank Waung                              |   |   |
|                                                                                                                                                                                                                    |   |   | Frank Waung                                      |   |   |
|                                                                                                                                                                                                                    |   |   | Chief Financial Officer                     |   |
|                                                                                                                                                                                                               |        |        |                                                  |        |        |
| Dated: June 24, 2009                                                                                                                                                                                               |   |   | By: /s/ Gene Michael Bennett                     |   |   |
|                                                                                                                                                                                                                    |   |   | Gene Michael Bennett,                            |   |   |
|                                                                                                                                                                                                                    |   |   | Director                                         |   |   |
|                                                                                                                                                                                                               |        |        |                                                  |        |        |
| Dated: June 24, 2009                                                                                                                                                                                               |   |   | By: /s/ Yingwen Zhang                            |   |   |
|                                                                                                                                                                                                                    |   |   | Yingwen Zhang,                                   |   |   |
|                                                                                                                                                                                                                    |   |   | Director                                         |   |   |
|                                                                                                                                                                                                               |        |        |                                                  |        |        |
| Dated: June 24, 2009                                                                                                                                                                                               |   |   | By: /s/ Baowen Dong                              |   |   |
|                                                                                                                                                                                                                    |   |   | Baowen Dong,                                     |   |   |
|                                                                                                                                                                                                                    |   |   | Director                                         |   |   |

 

          

 

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