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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C.20549

FORM 10-QSB

(Mark One)

x Quarterly report pursuant
  to section 13 or 15(d) of the Securities
  Exchange Act of 1934 For the quarterly period ended March 31, 2003

 ̈ 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 000-27543

TEDA TECHNOLOGIES INTERNATIONAL INC.
  (Exact name of small business issuer in its charter)

|Nevada                                                               | 98-0204680                             
|-------------------------------------------------------------------- | ---------------------------------------
|(State or other jurisdiction of
      Incorporation or organization) | (IRS Employer
      Identification No.)

1635 Bluejay Place, Coquitlam, BC Canada V3E 3E2
  (Address of principal executive offices)

(604) 375-1658
  (Issuer's telephone number)

Check whether the issuer (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 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  ̈

Number of shares outstanding of the issuer's classes of common
  equity, as of March 31, 2003: 
  16,697,000 Shares of Common Stock (One Class)

Transitional Small Business Disclosure Format: Yes  ̈  No
  x

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Table of Contents

|                                                                     | Page #
|-------------------------------------------------------------------- | ------
|                                                                     |       
|PART I                                                               | 1     
|                                                                     |       
|Item 1. Financial Statements                                         | 1     
|                                                                     |       
|Item 2. Managements Discussion and Analysis or Plan of Operations.. | 1     
|                                                                     |       
|PART II                                                              | 7     
|                                                                     |       
|Item 1. Legal Proceedings                                            | 7     
|                                                                     |       
|Item 2. Changes in Securities                                        | 7     
|                                                                     |       
|Item 6. Exhibits and Reports on Form 8-K                             | 7     
|                                                                     |       
|Signatures                                                           | 8     
|                                                                     |       
|Financial Statements for the period ended March 31, 2003             | 9     

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

The unaudited financial statements of the Company for the
  three and nine-month periods ended March 31, 2003 and March 31, 2002 are appended
  at the end of this filing. The financial statements reflect all adjustments
  which are, in the opinion of management, necessary so as to ensure a fair statement
  of the results for the interim periods presented.

ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

Plan of Operations

Since incorporation and prior to October 1, 2001, the Company
  was a blank check company engaged solely in the activity of seeking
  a merger candidate.

On September 1, 2001, the Company entered into a Share Exchange
  Agreement with the

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shareholders of a private Canadian company, Teda Technologies
  Inc. (Teda Canada), whereby the Company acquired 100% of Teda Canada
  in exchange for 15,697,000 new treasury shares of the Company. A Form 8K was
  filed on September 14, 2001 which outlined the transaction structure and included
  a copy of the Share Exchange Agreement. The key asset of Teda Canada was a Profit
  Sharing Agreement that it had entered into on June 1, 2001 with a Chinese domestic
  joint venture enterprise engaged in the value added telecommunications industry.

At a meeting of the Company's Board of Directors held on November
  13, 2001, it was unanimously agreed to amend the effective date of the Share
  Exchange Agreement from September 1, 2001 to October 1, 2001. This amendment
  was decided upon as a result of material amendments to the Profit Sharing Agreement
  which was the primary asset of Teda Canada, and as a result of Teda Canada's
  intent to acquire an equity interest in the Chinese domestic joint venture enterprise
  known as Teda Pioneer Technologies Co. Ltd. (Teda Pioneer).

Teda Canadas wholly owned Chinese subsidiary, Wan Fang
  Teda (Tianjin) Technologies Development Co. Ltd. on October 1, 2001 acquired
  90% of the equity of a Chinese venture, Tianjin Wan Fang TEDA Science and Technology
  Co. Ltd. (Wan Fang). The other 10% equity portion in Wan Fang is
  owned by a state owned enterprise, the Teda Administration Commission, which
  manages the Tianjin Economic Technological Development Area, an economic development
  zone established in 1984 by the State Council of China. Wan Fang owns 48% of
  the equity in Teda Pioneer.

The original Profit Sharing Agreement dated June 1, 2001,
  between Teda Canada and Teda Pioneer, was terminated as a result of Teda Canadas
  acquired equity ownership in Teda Pioneer through its subsidiary and Wang Fang.

The Business

Teda Pioneer has acquired all of the value added telecommunication
  products and services business previously conducted by Yu Xun Chuang Xian Information
  Development Co. Ltd. (Chuang Xian), a division of the Data Bureau
  department of China Telecom-Tianjin, (now known as China Netcom).

The business is the dominant value added telecommunication
  products provider in Tianjin with specialization in areas of Internet and networking.
  Teda Pioneer's business license allows for retail and wholesale commerce in
  areas of:

- Electronic technologies
- Research and development
- Related technology transfer and consulting services
- Computer stationary products
- Computer hardware
- Communications equipment
- Electronic equipment
- Instruments

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Teda Pioneer is establishing a significant market position for its value added
  IT products and services throughout the Tianjin China and Teda Government region
   an area with a population of over 11 million people. The Teda Government
  region alone contains over 3,200 major foreign production plants  each
  with significant telecommunications equipment and service needs.

Teda Pioneer has focused on provision of digital data network
  (DDN) and commercial broadband Internet services (ADSL), particularly with respect
  to large commercial buildings that have traditionally been under-serviced in
  Tianjin. Approximately 70% of Teda Pioneers business revenue is the sale
  and installation of ADSL internet access systems to businesses and individuals
  in Tianjin. China Netcom and Teda Pioneer are the exclusive marketing entities
  of ADSL services in Tianjin. Teda Pioneer provides all ADSL installation services
  in the area, including all sales generated by China Netcom. China Netcom estimates
  that there are approximately 11,000 such structures in the Tianjin area that
  could be connected with such technologies. Teda Pioneer also provides web hosting
  services to approximately 400 customers as well as server parking facilities
  to an additional 100 clients. Sale of internet access cards (prepaid telecommunications
  smart cards) accounts for approximately 17% of revenues.

The Market

Chinas telecommunications system and structure has undergone
  tremendous growth over the past 10 years. Users are demanding more services,
  faster Internet access speeds and higher levels of product quality. Chinas
  economic growth is currently averaging 8% annually and is forecast to maintain
  a minimum 6% annual growth rate for at least the next 20 years. Communications
  and related infrastructures are key ingredients in achieving this level of growth
  and for continuing this trend.

China Netcom in Northern China and its original parent, China
  Telecom, dominate the Northern China public telecommunications market, and through
  high wholesale tariffs, the Internet service provider market. China Netcom is
  a primary provider of fixed line telephone and mobile phone communications products
  while value added companies provide a range of services and products including
  derivatives of the Internet such as Internet data centers, web hosting and IP
  phones. Teda Pioneer is one such enterprise.

Strategic Relationships

Tianjin Economic Technological Development Area (Teda Government)

Teda Government oversees one of the first economic development
  areas established in China in December 1984. Teda Governments special
  economic zone is a bridge for foreign enterprises seeking to break into Chinas
  emerging consumers markets. To date, over 3,200 foreign companies have located
  at the Teda Government area including

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Motorola, Nestle and Samsung. Total foreign investment to
  date exceeds $12.5 billion US.

Within a radius of 500 kilometers of the Teda Government economic
  zone are 11 Chinese cities with a population over 1 million. This radius area
  encompasses a population of over 200 million or 1/6th of Chinas total
  population.

China Netcom  Tianjin

Wan Fangs 52% partner in Teda Pioneer is a division
  of China Netcom Group  Tianjin. China Netcom, with operations in 10 northern
  provinces, emerged from a break-up of China Telecom earlier in 2002 and became
  part of a restructured industry that has four major groups, including China
  Mobile Communications and China United Telecommunications. China Telecom Group
  has been split into companies licensed to offer services to the various provinces
  in the northern and southern regions; about 30 provincial companies have also
  been created equivalent to the Baby Bells in the United States; and a combination
  of long-distance, local-service, wireless, data, and broadband licenses have
  been meted out to each of the new companies. As part of the restructuring, China
  Telecoms parent, China Telecom Group, and China Netcom Group have signed
  agreements on network-resource sharing, maintenance, access-code management
  and arrangements for customers needing nationwide services.

China Netcom Group is one of Chinas telecommunication
  monopolies and is a dominant Internet backbone in Northern China. China Netcom
  Group is organized into two macro groups, one which owns and controls the main
  infrastructure and the other which provides the actual services to customers/users.
  The latter group is open for third parties to collaborate with and compete.
  Teda Pioneer is one such entity.

Eighty percent of the Tianjin IT market has traditionally
  been controlled by Chuang Xian and Teda Pioneer is aggressively marketing its
  product line emphasizing Chuang Xians rich experience, particularly in
  areas of broadband and high speed connect, to commercial customers in the Tianjin
  and Teda Government industrial park areas.

The alliance between the partners in Teda Pioneer combines
  China Netcoms assets and experience in the Tianjin telecom industry, Teda
  Governments strategic affiliations and large industrial base and the Companys
  international management skills and access to capital.

Results of operations  comparison of the three and nine-month
  periods ended March 31, 2003 and March 31, 2002.

The following discussion should be read in conjunction with
  the accompanying financial statements for the comparable three and nine-month
  periods ended March 31, 2003 and March 31, 2002 and the Annual Report for the
  fiscal year ended June 30, 2002 which was filed on Form 10KSB by the Company
  on November 15, 2002.

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Certain statements in this report and elsewhere (such as in
  other filings by the Company with the Securities and Exchange Commission, press
  releases, presentations by the Company or its management and oral statements)
  may constitute forward- looking statements within the meaning of
  the Private Securities Litigation Reform Act of 1995. Words such as experts,
  anticipates, intends, plans, believes,
  seeks, estimates, and should and variations
  of these words and similar expressions, are intended to identify these forward-
  looking statements. The Company undertakes no obligation to publicly release
  the result of any revisions to these forward- looking statements, which may
  be made to reflect events or circumstances after the date hereof or to reflect
  the occurrence of unanticipated events.

The Company is a development stage company and through its
  wholly owned Canadian subsidiary, Teda Canada, and its wholly owned China subsidiary,
  Wan Fang Teda (Tianjin) Technologies Development Co. Ltd., owns 90% of the equity
  of another Chinese company, Wan Fang. Wan Fang owns a 48% interest in Teda Pioneer.

Gross revenue for the quarter was $11,765.

Net loss for the quarter was $(16,550) after taking into consideration
  the 10% minority interest of Teda Government in Wan Fang.

General and Administrative Expenses

General and administration expenses were $28,526 for the three-month
  period ended March 31, 2003 versus $47,468 for the corresponding period in 2002.
  The decrease was primarily related to a decrease in: travel costs of $12,530,
  transfer agent fees of $6,949, and office costs of 5,373. Professional fees
  for the quarter increased to $15,227 as compared to $9,206 for the corresponding
  period in 2002.

Liquidity and Capital Resources

Cash and cash equivalents balance at the end of the period
  was $331,955 compared to $447,707 at March 31, 2002. For the period ended March
  31, 2003, the Companys operating activities used net cash of $75,696 compared
  to an additional of $2,767 in net cash in the comparable period for 2002.

Current assets totaled $358,259 which included $331,955 in cash and cash equivalents, $7,732 in prepaid expenses and $18,572 in accounts receivable. The March 31, 2002 current asset listing totaled $459,835.

Longer-term assets included $373,190 in investment in Teda Pioneer and $1,032
  in deferred costs. The March 31, 2002 long term asset listing included $350,038
  investment in Teda Pioneer and $1,352 in deferred costs.

-5-

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Current liabilities totaled $175,984 comprised of $15,165
  in accounts payable and $160,819 due to related parties. $58,496 was due to
  minority interest equity holders. The March 31, 2002 liability listing included
  $1,514 in accounts payable.

Shareholders equity as at March 31, 2003 totaled $350,693
  which included capital stock of $1,670 at par value, $490,025 as additional
  paid in capital, and $(141,002) as a deficit in retained earnings to date. The
  March 31, 2002 figures reflected $1,670 in par value capital stock, $490,025
  as additional paid in capital and a deficit of $(98,920) to date.

During the quarter, a net total of $(75,696) in cash or cash
  equivalents was utilized including amounts paid to related parties for the period
  of $65,527.

Gross revenue for the nine month period was $69,412.

Net loss for the nine month period was $9,085 after taking
  into consideration the 10% minority interest of Teda Government in Wan Fang.

General and Administrative Expenses

General and administration expenses were $71,923 for the nine-month
  period ended March 31, 2003 versus $92,305 for the corresponding period in 2002.
  The decrease was primarily related to decreased costs for professional fees,
  travel and promotion and transfer agent fees.

Costs included office costs of $46,019 and travel/promotion
  costs of $5,809. Professional fees for the nine month period were $19,076 as
  compared to $37,732 for the corresponding period in 2002.

Liquidity and Capital Resources

For the nine month period ended March 31, 2003, the Companys
  operating activities used net cash of $96,027 compared to an addition of $447,707
  in the comparable period for 2002.

Financing activities during the nine month period included
  an amount of $75,406 applied to Due to Related Parties.

Investment activities during the nine month period were nil.

The Company has historically relied upon sales of its common
  stock, and loans from related parties to finance its operations. Additional
  financing may be required to meet its obligations in Wan Fang and for current
  and long-term development, marketing, and working capital. The Company continues
  to pursue opportunities to undertake private equity financings. There can be
  no assurances that such financings will take place or, if so, that it will be
  on acceptable terms. To the extent of any shortfall in financing, the

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Companys operations will be delayed, curtailed or prevented,
  and the Company may be required to substantially modify its operations.

PART II  OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The Company is not a party to any pending or to the best of
  its knowledge, any threatened legal proceedings. No director, officer or affiliate
  of the Company, or owner of record or of more than five percent (5%) of the
  securities of the Company, or any associate of any such director, officer or
  security holder is a party adverse to the Company or has a material interest
  adverse to the Company in reference to pending litigation.

ITEM 2. CHANGES IN SECURITIES

Nil

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

| | (a) | The following is a list of exhibits filed
        as part of this quarterly filing on Form 10QSB.
| | --- | -------------------------------------------------------------------------------------------------
| |     |                                                                                                  
| |     |                                                                                                  
| |     | 32.1                                                                                             
| |     | 32.2                                                                                             
| |     |                                                                                                  
| | (b) | Filings on Form 8-K during the quarter.
      - none -                                           

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SIGNATURES

In accordance with the requirements of the Exchange Act, the
  registrant caused this report to be signed on its behalf by the undersigned,
  thereunto duly authorized.

TEDA TECHNOLOGIES INTERNATIONAL INC.

Date: August 1, 2003



By:/s/ Jun Zhou Jun Zhou, President By:/s/ Peng Chen
    Peng Chen, Secretary


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MOEN AND COMPANY CHARTERED ACCOUNTANTS

|PO Box 10129            |            |               
|----------------------- | ---------- | --------------
|1400 IBM Tower          | Telephone: | (604) 662-8899
|701 West Georgia Street | Fax:       | (604) 662-8809
|Vancouver, BC V7Y 1C6   |            |               
|                        |            |               



INDEPENDENT ACCOUNTANTS REVIEW REPORT

Board of Directors and Stockholders
  Teda Technologies International, Inc.
  (A Nevada Corporation)

We have reviewed the accompanying Consolidated Balance Sheet
  of Teda Technologies International, Inc. (A Nevada Corporation) as of March
  31, 2003, and the Consolidated Statements of Operations, Cash Flows, and Changes
  in Stockholders Equity for the nine month period then ended in accordance
  with Statements on Standards for Accounting and Review Services issued by the
  American Institute of Public Accountants. All information included in these
  financial statements is the representation of the management of Teda Technologies
  International, Inc.

A review consists principally of applying analytical procedures
  to financial data and making inquiries of persons responsible for financial
  and accounting matters. It is substantially less in scope than an audit conducted
  in accordance with generally accepted auditing standards, the objective of which
  is the expression of an opinion regarding the financial statements taken as
  a whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications
  that should be made to the accompanying financial statements in order for them
  to be in conformity with United States generally accepted accounting principles
  (GAAP).

Moen and Company

Chartered Accountants

Vancouver, British Columbia, Canada
  June 18, 2003

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TEDA TECHNOLOGIES INTERNATIONAL, INC. (A Nevada Corporation)
  Consolidated Balance Sheet
  March 31, 2003
  (Expressed in US Dollars)
  (Unaudited) (With Comparative Figures at March 31, 2002)

|                                                                           |   | 2003     |   |   | 2002    |  
|-------------------------------------------------------------------------- | - | -------- | - | - | ------- | -
|                                                                           |   |          |   |   |         |  
|Assets                                                                     |  
|Current Assets                                                             |   |          |   |   |         |  
|Cash and cash equivalents (Note
      3)                                   | $ | 331,955  |   | $ | 447,707 |  
|Accounts receivable                                                        |   | 18,572   |   |   | 4,396   |  
|Prepaid expenses                                                           |   | 7,732    |   |   | 7,732   |  
|                                                                           |   |          |   |   |         |  
|                                                                           |   | 358,259  |   |   | 459,835 |  
|Investment in Teda Pioneer Technologies Co. Ltd. at equity
      (Notes 5) |   | 373,190  |   |   | 350,038 |  
|Deferred costs                                                             |   | 1,032    |   |   | 1,352   |  
|                                                                           |   |          |   |   |         |  
|                                                                           | $ | 732,481  |   | $ | 811,225 |  
|                                                                           |   |          |   |   |         |  
|Liabilities and Shareholders' Equity                                       |  
|Current Liabilities                                                        |   |          |   |   |         |  
|Accounts payable                                                           | $ | 15,165   |   | $ | 1,514   |  
|Due to related parties (Note
      4)                                      |   | 160,819  |   |   | 239,225 |  
|                                                                           |   |          |   |   |         |  
|                                                                           |   | 175,984  |   |   | 240,739 |  
|Minority interest (Note 6)                                                 |   | 58,496   |   |   | 53,555  |  
|Deferred Liability (Note 5)                                                |   |          |   |   |         |  
|Deferred income                                                            |   | 147,308  |   |   | 124,156 |  
|                                                                           |   |          |   |   |         |  
|                                                                           |   | 381,788  |   |   | 418,450 |  
|                                                                           |   |          |   |   |         |  
|Shareholders' Equity                                                       |   |          |   |   |         |  
|Capital stock                                                              |   |          |   |   |         |  
|par
      value                                                            |   | 1,670    |   |   | 1,670   |  
|additional
      paid in capital                                           |   | 490,025  |   |   | 490,025 |  
|Retained earnings (deficit)                                                |   | (141,002 | ) |   | (98,920 | )
|                                                                           |   |          |   |   |         |  
|                                                                           |   | 350,693  |   |   | 392,775 |  
|                                                                           |   |          |   |   |         |  
|                                                                           | $ | 732,481  |   | $ | 811,225 |  
|                                                                           |   |          |   |   |         |  

Approved on behalf of the board:

"Jun Zhou", Director

"Peng Chen", Director

"Steve Dadson", Director

"Richard Wang", Director

See Accompanying Notes and Independent Accountants'
  Review Report

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TEDA TECHNOLOGIES INTERNATIONAL, INC. (A Nevada Corporation)
  Consolidated Statement of Operations
  (Expressed in US Dollars)
  (Unaudited)

|                                  |   | Cumulative From  |   |   |               |   |   |            |   |   |             |   |   |            |  
|--------------------------------- | - | ---------------- | - | - | ------------- | - | - | ---------- | - | - | ----------- | - | - | ---------- | -
|                                  |   | Inception Date   |   |   |               |   |   |            |   |   | Nine Months |  
|                                  |   | of July 19, 2000 |   |   | Quarter Ended |   |   | Ended      |  
|                                  |   |                  |   |   |               |   |   |            |  
|                                  |   | to March 31,     |   |   | March 31,     |   |   | March 31,  |  
|                                  |   | 2003             |   |   | 2003          |   |   | 2002       |   |   | 2003        |   |   | 2002       |  
|                                  |   |                  |   |   |               |   |   |            |   |   |             |   |   |            |  
|Revenue                           |   |                  |   |   |               |   |   |            |   |   |             |   |   |            |  
|Interest income                   | $ | 72,234           |   | $ | 11,765        |   | $ | --         |   | $ | 69,412      |   | $ | --         |  
|                                  |   |                  |   |   |               |   |   |            |   |   |             |   |   |            |  
|                                  |   |                  |   |   |               |   |   |            |   |   |             |   |   |            |  
|General and Administration Costs  |   |                  |   |   |               |   |   |            |   |   |             |   |   |            |  
|Bank charges and interest         |   | 409              |   |   | 37            |   |   | 66         |   |   | 63          |   |   | 245        |  
|Amortization of deferred costs    |   | 88               |   |   | 18            |   |   | 19         |   |   | 50          |   |   | 19         |  
|Investor relations and            |   |                  |   |   |               |   |   |            |   |   |             |   |   |            |  
|investor communications           |   | 7,500            |   |   | --            |   |   | --         |   |   | --          |   |   | 7,500      |  
|Licences, dues                    |   | 684              |   |   | --            |   |   | 81         |   |   | --          |   |   | 81         |  
|Office costs                      |   | 84,175           |   |   | 12,984        |   |   | 18,357     |   |   | 46,019      |   |   | 23,729     |  
|Professional fees                 |   | 77,584           |   |   | 15,227        |   |   | 9,206      |   |   | 19,076      |   |   | 37,732     |  
|Transfer agent and filing fees    |   | 11,060           |   |   | 260           |   |   | 7,209      |   |   | 905         |   |   | 8,579      |  
|Travel and promotion              |   | 28,364           |   |   | --            |   |   | 12,530     |   |   | 5,809       |   |   | 14,420     |  
|                                  |   |                  |   |   |               |   |   |            |   |   |             |   |   |            |  
|                                  |   | 209,864          |   |   | 28,526        |   |   | 47,468     |   |   | 71,923      |   |   | 92,305     |  
|                                  |   |                  |   |   |               |   |   |            |   |   |             |   |   |            |  
|Net profit (loss) from operations |   | (137,630         | ) |   | (16,761       | ) |   | (47,468    | ) |   | (2,511      | ) |   | (92,305    | )
|Minority interest                 |   | (3,372           | ) |   | 211           |   |   | 1,569      |   |   | (6,574      | ) |   | 1,569      |  
|                                  |   |                  |   |   |               |   |   |            |   |   |             |   |   |            |  
|Net profit (loss) for the period  | $ | (141,002         | ) | $ | (16,550       | ) | $ | (45,899    | ) | $ | (9,085      | ) | $ | (90,736    | )
|                                  |   |                  |   |   |               |   |   |            |   |   |             |   |   |            |  
|                                  |   |                  |   |   |               |   |   |            |   |   |             |   |   |            |  
|Basic and diluted earnings (loss) |   |                  |   |   |               |   |   |            |   |   |             |   |   |            |  
|per common share                  | $ | (0.01            | ) | $ | (0.00         | ) | $ | (0.00      | ) | $ | (0.00       | ) | $ | (0.01      | )
|                                  |   |                  |   |   |               |   |   |            |   |   |             |   |   |            |  
|Weighted average number of        |   |                  |   |   |               |   |   |            |   |   |             |   |   |            |  
|shares outstanding                |   | 16,697,000       |   |   | 16,697,000    |   |   | 16,697,000 |   |   | 16,697,000  |   |   | 16,697,000 |  
|                                  |   |                  |   |   |               |   |   |            |   |   |             |   |   |            |  

TEDA TECHNOLOGIES INTERNATIONAL, INC. (A Nevada Corporation)
  Statements of Retained Earnings
  (Expressed in US Dollars)
  (Unaudited)

|                                 |   | Cumulative From  |   |   |               |   |   |           |   |   |             |   |   |         |  
|-------------------------------- | - | ---------------- | - | - | ------------- | - | - | --------- | - | - | ----------- | - | - | ------- | -
|                                 |   | Inception Date   |   |   |               |   |   |           |   |   | Nine Months |  
|                                 |   | of July 19, 2000 |   |   | Quarter Ended |   |   | Ended     |  
|                                 |   | to March 31,     |   |   | March 31,     |   |   | March 31, |  
|                                 |   |                  |   |   |               |   |   |           |  
|                                 |   | 2003             |   |   | 2003          |   |   | 2002      |   |   | 2003        |   |   | 2002    |  
|                                 |   |                  |   |   |               |   |   |           |   |   |             |   |   |         |  
|                                 |   |                  |   |   |               |   |   |           |   |   |             |   |   |         |  
|Profit (loss) for the period     | $ | (141,002         | ) | $ | (16,550       | ) | $ | (45,899   | ) | $ | (9,085      | ) | $ | (90,736 | )
|Retained earnings (deficit),     |   |                  |   |   |               |   |   |           |   |   |             |   |   |         |  
|beginning of period              |   | --               |   |   | (124,452      | ) |   | (53,021   | ) |   | (131,917    | ) |   | (8,184  | )
|                                 |   |                  |   |   |               |   |   |           |   |   |             |   |   |         |  
|Retained earnings (deficit), See |   |                  |   |   |               |   |   |           |   |   |             |   |   |         |  
|end of period                    | $ | (141,002         | ) | $ | (141,002      | ) | $ | (98,920   | ) | $ | (141,002    | ) | $ | (98,920 | )
|                                 |   |                  |   |   |               |   |   |           |   |   |             |   |   |         |  

See Accompanying Notes and Independent Accountants'
  Review Report

---

TEDA TECHNOLOGIES INTERNATIONAL, INC. (A Nevada Corporation)
  Statement of Cash Flows
  (Expressed in US Dollars)
  (Unaudited)

|                                          |   | Cumulative From  |   |   |               |   |   |           |   |    |             |   |   |          |  
|----------------------------------------- | - | ---------------- | - | - | ------------- | - | - | --------- | - | -- | ----------- | - | - | -------- | -
|                                          |   | Inception Date   |   |   |               |   |   |           |   |    | Nine Months |  
|                                          |   | of July 19, 2000 |   |   | Quarter Ended |   |   | Ended     |  
|                                          |   | to March 31,     |   |   | March 31,     |   |   | March 31, |  
|                                          |   |                  |   |   |               |   |   |           |  
|                                          |   | 2003             |   |   | 2003          |   |   | 2002      |   |    | 2003        |   |   | 2002     |  
|                                          |   |                  |   |   |               |   |   |           |   |    |             |   |   |          |  
|                                          |   |                  |   |   |               |   |   |           |   |    |             |   |   |          |  
|Cash derived from (applied to)            |   |                  |   |   |               |   |   |           |   |    |             |   |   |          |  
|Operating activities                      |   |                  |   |   |               |   |   |           |   |    |             |   |   |          |  
|Net
      profit (loss) for the period    | $ | (141,002         | ) | $ | (16,550       | ) | $ | (45,899   | ) | $  | (9,085      | ) | $ | (90,736  | )
|Amortization
      of deferred costs      |   | 88               |   |   | 18            |   |   | 19        |   |    | 50          |   |   | 19       |  
|Changes in non-cash working capital items |   |                  |   |   |               |   |   |           |   |    |             |   |   |          |  
|Accounts
      receivable                 |   | (18,572          | ) |   | 5,308         |   |   | (4,396    | ) |    | (14,176     | ) |   | (4,396   | )
|Prepaid
      expenses                    |   | (7,732           | ) |   | --            |   |   | --        |   |    | --          |   |   | (2,732   | )
|Accounts
      payable increase           |   | 15,165           |   |   | 1,266         |   |   | (8,911    | ) |    | (4,152      | ) |   | (6,353   | )
|                                          |   |                  |   |   |               |   |   |           |   |    |             |   |   |          |  
|                                          |   | (152,053         | ) |   | (9,958        | ) |   | (59,187   | ) |    | (27,363     | ) |   | (104,198 | )
|                                          |   |                  |   |   |               |   |   |           |   |    |             |   |   |          |  
|Financing activities                      |   |                  |   |   |               |   |   |           |   |    |             |   |   |          |  
|Capital
      stock                       |   | 491,695          |   |   | --            |   |   | --        |   |    | --          |   |   | 506,335  |  
|Minority
      interest in                |   |                  |   |   |               |   |   |           |   |    |             |   |   |          |  
|consolidated
      net assets             |   | 58,496           |   |   | (211          | ) |   | (1,569    | ) |    | 6,574       |   |   | 53,555   |  
|Due
      to related parties              |   | 160,819          |   |   | (65,527       | ) |   | 63,355    |   |    | (75,406     | ) |   | 219,268  |  
|                                          |   |                  |   |   |               |   |   |           |   |    |             |   |   |          |  
|                                          |   | 711,010          |   |   | (65,738       | ) |   | 61,786    |   |    | (68,832     | ) |   | 779,158  |  
|                                          |   |                  |   |   |               |   |   |           |   |    |             |   |   |          |  
|Investing activities                      |   |                  |   |   |               |   |   |           |   |    |             |   |   |          |  
|Investment
      in Teda Pioneer          |   |                  |   |   |               |   |   |           |   |    |             |   |   |          |  
|Technologies
      Co., Ltd.              |   | (225,882         | ) |   | --            |   |   | --        |   | -- |             |   |   | (225,882 | )
|Deferred
      costs                      |   | (1,120           | ) |   | --            |   |   | 168       |   |    | 168         |   |   | (1,371   | )
|                                          |   |                  |   |   |               |   |   |           |   |    |             |   |   |          |  
|                                          |   | (227,002         | ) |   | --            |   |   | 168       |   |    | 168         |   |   | (227,253 | )
|                                          |   |                  |   |   |               |   |   |           |   |    |             |   |   |          |  
|Cash and cash equivalents,                |   |                  |   |   |               |   |   |           |   |    |             |   |   |          |  
|increase (decrease) during the period     |   | 331,955          |   |   | (75,696       | ) |   | 2,767     |   |    | (96,027     | ) |   | 447,707  |  
|Cash and cash equivalents,                |   |                  |   |   |               |   |   |           |   |    |             |   |   |          |  
|beginning of period                       |   | --               |   |   | 407,651       |   |   | 444,940   |   |    | 427,982     |   |   | --       |  
|                                          |   |                  |   |   |               |   |   |           |   |    |             |   |   |          |  
|Cash and cash equivalents,                |   |                  |   |   |               |   |   |           |   |    |             |   |   |          |  
|end of period                             | $ | 331,955          |   | $ | 331,955       |   | $ | 447,707   |   | $  | 331,955     |   | $ | 447,707  |  
|                                          |   |                  |   |   |               |   |   |           |   |    |             |   |   |          |  

See Accompanying Notes and Independent Accountants'
  Review Report

---

TEDA TECHNOLOGIES INTERNATIONAL, INC. (A Nevada Corporation)
  Statement of Stockholders' Equity
  March 31, 2003
  (Expressed in US Dollars)
  (Unaudited)

|                                      |  |           |  |  |            |  |   |       |  |   | Additional |  |   | Retained  |   |   |         |  
|------------------------------------- |  | --------- |  |  | ---------- |  | - | ----- |  | - | ---------- |  | - | --------- | - | - | ------- | -
|                                      |  | Issued    |  |  | Number of  |  |   | Par   |  |   | Paid-in    |  |   | Earnings  |   |   |         |  
|                                      |  | Date      |  |  | Shares     |  |   | Value |  |   | Capital    |  |   | (Deficit) |   |   | Total   |  
|                                      |  |           |  |  |            |  |   |       |  |   |            |  |   |           |   |   |         |  
|Private placement                     |  | 1/7/99    |  |  | 1,000,000  |  | $ | 100   |  | $ | 200        |  | $ | --        |   | $ | 300     |  
|Balance July, 1999                    |  |           |  |  | --         |  |   | --    |  |   | --         |  |   | (1,923    | ) |   | (1,923  | )
|Net loss for year ended June 30, 2000 |  |           |  |  |            |  |   |       |  |   |            |  |   | (31,139   | ) |   | (31,139 | )
|Net loss for year ended June 30, 2001 |  |           |  |  |            |  |   |       |  |   |            |  |   | (27,434   | ) |   | (27,434 | )
|Expenses paid by related parties      |  |           |  |  |            |  |   |       |  |   |            |  |   |           |   |   |         |  
|on behalf of the Company              |  |           |  |  |            |  |   |       |  |   |            |  |   |           |   |   |         |  
|Year ended
      June 30, 2000        |  |           |  |  |            |  |   |       |  |   | 23,197     |  |   | --        |   |   | 23,197  |  
|Year ended
      June 30, 2001        |  |           |  |  |            |  |   |       |  |   | 14,175     |  |   | --        |   |   | 14,175  |  
|                                      |  |           |  |  |            |  |   |       |  |   |            |  |   |           |   |   |         |  
|Balance                               |  | 6/30/2001 |  |  | 1,000,000  |  |   | 100   |  |   | 37,572     |  |   | (60,496   | ) |   | (22,824 | )
|Share exchange                        |  | 10/1/2001 |  |  | 15,697,000 |  |   | 1,570 |  |   | 452,453    |  |   | --        |   |   | 454,023 |  
|                                      |  |           |  |  |            |  |   |       |  |   |            |  |   |           |   |   |         |  
|                                      |  |           |  |  | 16,697,000 |  |   | 1,670 |  |   | 490,025    |  |   | (60,496   | ) |   | 431,199 |  
|Net loss for year ended June 30, 2002 |  |           |  |  |            |  |   |       |  |   |            |  |   | (71,421   | ) |   | (71,421 | )
|                                      |  |           |  |  |            |  |   |       |  |   |            |  |   |           |   |   |         |  
|                                      |  |           |  |  | 16,697,000 |  |   | 1,670 |  |   | 490,025    |  |   | (131,917  | ) |   | 359,778 |  
|Net loss for nine months period ended |  |           |  |  |            |  |   |       |  |   |            |  |   |           |   |   |         |  
|March 31, 2003                        |  |           |  |  |            |  |   |       |  |   |            |  |   | (9,085    | ) |   | (9,085  | )
|                                      |  |           |  |  |            |  |   |       |  |   |            |  |   |           |   |   |         |  
|Balance March 31, 2003                |  |           |  |  | 16,697,000 |  | $ | 1,670 |  | $ | 490,025    |  | $ | (141,002  | ) | $ | 350,693 |  
|                                      |  |           |  |  |            |  |   |       |  |   |            |  |   |           |   |   |         |  

See Accompanying Notes and Independent Accountants'
  Review Report

---

TEDA TECHNOLOGIES INTERNATIONAL, INC. Notes to Consolidated Financial Statements
  March 31, 2003
  (Unaudited)

|Note 1. | ORGANIZATION AND NATURE OF BUSINESS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|        | The Company was incorporated under the
        laws of the State of Nevada on July 25, 1997, as Express Investments Associates,
        Inc., with an inception date of July 19, 2000, and on November 21, 2000,
        changed its name to Teda Technologies International, Inc.
      Pursuant to the terms of the share exchange which was
        effective as of October 1, 2001, the Company acquired all of the issued
        and outstanding stock of the Teda Technologies Inc. (TTC)
        in exchange for the issuance of 15,697,000 shares of its authorized but
        previously unissued shares of common stock, and Teda Technologies Inc.,
        thereby became a wholly owned subsidiary of Teda Technologies International,
        Inc. TTC is a Canadian company incorporated in the Province of British
        Columbia, Canada, which owns 90% of the issued and outstanding shares
        of TianJin Wang Fang Teda Science and Technology Co. Ltd., the latter
        of which is incorporated in TianJin, China.                                                                                                                                                
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Note 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|        | Principles of consolidation
      The accompanying consolidated financial statements include
        the accounts of the Company and its wholly-owned subsidiary, Teda Technologies
        Inc. All intercompany transactions and intercompany balances have been
        eliminated.
      Basis of presentation
      These financial statements have been prepared in accordance
        with Accounting Principles Generally Accepted in the United States (USGAAP).
      Use of estimates
      The preparation of financial statements in conformity
        with USGAAP requires management to make estimates and assumptions that
        affect the reported amounts of assets and liabilities and disclosure of
        contingent assets and liabilities at the dates of the financial statements
        and the reported amounts of revenues and expenses during the reporting
        periods. Actual results could differ from those estimates.
      Cash and cash equivalents
      Cash and cash equivalents consist of cash on deposit
        and highly liquid short-term interest bearing securities with a maturity
        at the date of purchase of three months or less.

---

TEDA TECHNOLOGIES INTERNATIONAL, INC. Notes to Consolidated Financial Statements
  March 31, 2003
  (Unaudited)

|Note 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
      (contd)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|        | Income Taxes
      Provisions for income taxes are based on taxes payable
        or refundable for the current year and deferred taxes on temporary differences
        between the amount of taxable income and pretax financial income and between
        the tax bases of assets and liabilities and their reported amounts in
        the financial statements. Deferred tax assets and liabilities are included
        in the financial statement at currently enacted income tax rates applicable
        to the period in which the deferred tax assets and liabilities are expected
        to be realized or settled as prescribed in FASB Statement No. 109, Accounting
        for Income Taxes. Deferred tax assets are reduced by a valuation reserve
        to nil due to uncertainty of applying tax losses brought forward. As changes
        in tax laws or rate are enacted, deferred tax assets and liabilities are
        adjusted through the provision for income taxes.
      Compensated absences
      Employees of the corporation are entitled to paid vacations,
        sick days and other time off depending on job classification, length of
        service and other factors. It is impractical to estimate the amount of
        compensation for future absences, and accordingly, no liability has been
        recorded in the accompanying financial statements. The corporations
        policy is to recognize the costs of compensated absences when paid to
        employees.
      Net profit per share
      The Company adopted Statement of Financial Accounting
        Standards No. 128 that requires the reporting of both basic and diluted
        earnings per share. Basic earnings per share is computed by dividing net
        income available to common shareowners by the weighted average number
        of common shares outstanding for the period. Diluted earnings per share
        reflects the potential dilution that could occur if securities or other
        contracts to issue common stock were exercised or converted into common
        stock. In accordance with FASB 128, any anti-dilution effects on net loss
        per share are excluded.
      Disclosure about fair value of financial instruments
      The Company has financial instruments, none of which
        are held for trading purposes. The Company estimates that the fair value
        of all financial instruments at March 31, 2003 as defined in FASB 107,
        does not differ materially from the aggregate carrying values of its financial
        instruments recorded in the accompanying balance sheet. The estimated
        fair values of amounts have been determined by the Company using available
        market information and appropriate valuation methodologies. Considerable
        judgment is required in interpreting market data to develop the estimates
        of fair value, and accordingly, the estimates are not necessarily indicative
        of the amounts that the Company could realize in a current market exchange.

---

TEDA TECHNOLOGIES INTERNATIONAL, INC. Notes to Consolidated Financial Statements
  March 31, 2003
  (Unaudited)

|Note 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
      (contd)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|        | Concentration of credit risk
      Financial instruments that potentially subject the Company
        to a significant concentration of credit risk consist primarily of cash
        and cash equivalents which are not collateralized. The Company limits
        its exposure to credit loss by placing its cash and cash equivalents with
        high credit quality financial institutions.
      Foreign currency translation
      The functional currency of the Company is the United
        States Dollar.
      The assets, liabilities, and operations of the Company
        are expressed in the functional currency of the Company in United States
        Dollars.
      Monetary assets and liabilities are translated at the
        current rate of exchange.
      The weighted average exchange rate for the period is
        used to translate revenue, expenses, and gains or losses from the functional
        currency to the reporting currency.
      The gain or loss on translation is reported as a separate
        component of stockholders equity and not recognized in net income.
        Gains or losses on remeasurement are recognized in current net income.
      Gains or losses from foreign currency transactions are
        recognized in current net income.
      Fixed assets are measured at historical exchange rates
        that existed at the time of the transaction.
      Depreciation is recorded at historical exchange rates
        that existed at the time the underlying related asset was acquired.
      The effect of exchange rate changes on cash balances
        forms part of the reconciliation of change in cash and cash equivalents
        during the period.
      Revenue Recognition
      The Securities and Exchange Commission (SEC) issued
        Staff Accounting Bulletin (SAB) 101, Revenue Recognition in Financial
        Statements, in December 1999. The SAB summarizes certain of the SEC staffs
        views in applying generally accepted accounting principles to revenue
        recognition in financial statements. During the current year, the Company
        performed a review of its revenue recognition policies and determined
        that it is in compliance with SAB 101.

---

TEDA TECHNOLOGIES INTERNATIONAL, INC. Notes to Consolidated Financial Statements
  March 31, 2003
  (Unaudited)

|Note 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
      (contd)                                                       
|------- | ----------------------------------------------------------------------------------------------------------------
|        |                                                                                                                 
|        | Segmented Information
      The Companys identifiable assets as are located in the following
        countries:

| |        |   | March 31 |  |  
| | ------ | - | -------- |  | -
| |        |   |          |  |  
| |        |   | 2003     |  |  
| |        |   |          |  |  
| | Canada | $ | 14,534   |  | $
| | China  |   | 717,947  |  |  
| |        |   |          |  |  
| |        | $ | 732,481  |  | $
| |        |   |          |  |  

|Note 3. | RELATED PARTY TRANSACTIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|        | The total amount due to related parties
        as at March 31, 2003 is $160,819. This amounts is unsecured, non interest
        bearing, with no specific terms of repayment.                                                                                                                                                                                                                                                                                                                       
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Note 4. | INVESTMENT IN TEDA PIONEER TECHNOLOGIES CO., LTD.                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|        | As at May 31, 2001, the Company set
        up a joint venture company named Teda Pioneer Technologies Co. Ltd. in
        Tianjin China, of which, Tianjin Wan Fang Teda Science and Technology
        Co Ltd. invested $225,882 (Chinese Yuan 1,920,000) for a 48% unencumbered
        interest in the joint venture company. Carrying amount for the Investment
        in Teda Pioneer Technologies Co. Ltd. is in accordance with the equity
        method, and is comprised of the following:

| | Cost                                         | $ | 225,882 |   | 
| | -------------------------------------------- | - | ------- | - | 
| |                                              |   |         |   | 
| | Share of profit (loss)                       |   |         |   | 
| | Share
      of profit                        |   |         |   | 
| | To
      December 31, 2001 48% of $190,187  |   | 91,290  |   | 
| | January
      1, 2002 to March 31, 2002      |   |         |   | 
| | 
      48% of $68,471                       |   | 32,866  |   | 
| |                                              |   |         |   | 
| | Deferred
      income to March 31, 2002      |   | 124,156 |   | 
| | April
      1, 2002 to June 30, 2002         |   |         |   | 
| | 
      48% of $58,878                       |   | 28,262  |   | 
| | June
      1, 2002 to September 30, 2002     |   |         |   | 
| | 
      48% of $64,615                       |   | 31,015  |   | 
| |                                              |   |         |   | 
| |                                              |   | 183,433 |   | 
| | Share
      of loss                          |   |         |   | 
| | 
      October 1, 2002 to December 31, 2002 |   |         |   | 
| | 
      48% of $76,938                       |   | (36,929 | ) | 
| | Share
      of profit                        |   |         |   | 
| | 
      December 31, 2002 to March 31, 2003  |   |         |   | 
| | 
      48% of $1,675                        |   | 804     |   | 
| |                                              |   |         |   | 
| | Deferred
      income  March 31, 2003       |   | 147,308 |   | 
| |                                              |   |         |   | 
| | Equity balance, as at March 31, 2003         | $ | 373,190 |   | 
| |                                              |   |         |   | 

---

TEDA TECHNOLOGIES INTERNATIONAL, INC. Notes to Consolidated Financial Statements
  March 31, 2003
  (Unaudited)

|Note 4. | INVESTMENT IN TEDA PIONEER TECHNOLOGIES CO., LTD.                                                                                                                                                                                                                                                                                                         
|------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                           
|        | Yu Xun Chuang Xian Information Development
        Co. Ltd. owns 52% of the joint venture company by investing $244,706 (Chinese
        Yuan 2,080,000). The financial statements of Teda Pioneer Technologies
        Co. Ltd. are not consolidated in these financial statements; see summarized
        financial data below, for the current quarter.

TEDA PIONEER TECHNOLOGIES CO., LTD. Balance Sheet
  March 31, 2003
  (Unaudited)

| |                                            |   | In Chinese |   |   | In US   |   | 
| | ------------------------------------------ | - | ---------- | - | - | ------- | - | 
| |                                            |   | RMB        |   |   | Dollars |   | 
| |                                            |   |            |   |   |         |   | 
| |                                            |   |            |   |   | @=1:8.5 |   | 
| | Assets                                     |   |           
| | Current Assets                             |   |            |   |   |         |   | 
| | Cash and cash equivalents                  | $ | 620,718    |   | $ | 73,026  |   | 
| | Accounts receivable, trade                 |   | 2,099,617  |   |   | 247,014 |   | 
| | Inventories                                |   | 70,717     |   |   | 8,320   |   | 
| | Prepaid expenses                           |   | 1,428,313  |   |   | 168,036 |   | 
| |                                            |   |            |   |   |         |   | 
| |                                            |   | 4,219,365  |   |   | 496,396 |   | 
| |                                            |   |            |   |   |         |   | 
| | Fixed assets, at cost                      |   | 2,774,053  |   |   | 326,359 |   | 
| | Less: accumulated depreciation             |   | (192,725   | ) |   | (22,674 | ) | 
| |                                            |   |            |   |   |         |   | 
| |                                            |   | 2,581,329  |   |   | 303,685 |   | 
| |                                            |   |            |   |   |         |   | 
| |                                            | $ | 6,800,694  |   | $ | 800,081 |   | 
| |                                            |   |            |   |   |         |   | 
| |                                            |   |            |   |   |         |   | 
| | Liabilities and Shareholders'
      Equity |   |           
| | Current Liabilities                        |   |            |   |   |         |   | 
| | Accounts payable                           | $ | 192,130    |   | $ | 22,604  |   | 
| |                                            |   |            |   |   |         |   | 
| | Shareholders' Equity                       |   |            |   |   |         |   | 
| | Capital stock                              |   | 4,000,000  |   |   | 470,588 |   | 
| | Retained earnings                          |   | 2,608,564  |   |   | 306,889 |   | 
| |                                            |   |            |   |   |         |   | 
| |                                            |   | 6,608,564  |   |   | 777,477 |   | 
| |                                            |   |            |   |   |         |   | 
| |                                            | $ | 6,800,694  |   | $ | 800,081 |   | 
| |                                            |   |            |   |   |         |   | 

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TEDA TECHNOLOGIES INTERNATIONAL, INC. Notes to Consolidated Financial Statements
  March 31, 2003
  (Unaudited)

|Note 4. | INVESTMENT IN TEDA PIONEER TECHNOLOGIES CO., LTD.
|------- | -------------------------------------------------

TEDA PIONEER TECHNOLOGIES CO., INC.Statement of IncomeThree Months ended March 31, 2003
  (Unaudited)

| |                                  |   | In Chinese |  |   | In US   | 
| | -------------------------------- | - | ---------- |  | - | ------- | 
| |                                  |   | RMB        |  |   | Dollars | 
| |                                  |   |            |  |   |         | 
| |                                  |   |            |  |   |         | 
| | Revenue                          | $ | 1,298,003  |  | $ | 152,706 | 
| | Direct Costs                     |   | 867,346    |  |   | 102,041 | 
| |                                  |   |            |  |   |         | 
| | Gross Profit                     |   | 430,657    |  |   | 50,665  | 
| |                                  |   |            |  |   |         | 
| |                                  |   |            |  |   |         | 
| |                                  |   |            |  |   |         | 
| | General and Administration Costs |   |            |  |   |         | 
| | Amortization - Fixed assets      |   | 32,981     |  |   | 3,880   | 
| | Amortization - Deferred costs    |   | 6,252      |  |   | 736     | 
| | Office costs                     |   | 40,830     |  |   | 4,804   | 
| | Travel and promotion             |   | 31,151     |  |   | 3,664   | 
| | Wages and benefits               |   | 305,203    |  |   | 35,906  | 
| |                                  |   |            |  |   |         | 
| |                                  |   |            |  |   |         | 
| |                                  |   |            |  |   |         | 
| |                                  |   | 416,417    |  |   | 48,990  | 
| |                                  |   |            |  |   |         | 
| | Net profit for the period        | $ | 14,240     |  | $ | 1,675   | 
| |                                  |   |            |  |   |         | 
| |                                  |   |            |  |   |         | 

TEDA PIONEER TECHNOLOGIES CO., INC. Statements of Retained Earnings
  Three Months ended March 31, 2003
  (Unaudited)

| |                                        |   |            |  |   |         | 
| | -------------------------------------- | - | ---------- |  | - | ------- | 
| |                                        |   | In Chinese |  |   | In US   | 
| |                                        |   | RMB        |  |   | Dollars | 
| |                                        |   |            |  |   |         | 
| | Net Profit for the period              | $ | 14,241     |  | $ | 1,675   | 
| | Retained earnings, beginning of period |   | 2,594,323  |  |   | 305,214 | 
| |                                        |   |            |  |   |         | 
| | Retained earnings, end of period       | $ | 2,608,564  |  | $ | 306,889 | 
| |                                        |   |            |  |   |         | 

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TEDA TECHNOLOGIES INTERNATIONAL, INC. Notes to Consolidated Financial Statements
  March 31, 2003
  (Unaudited)

|Note 5. | CONSOLIDATION AND MINORITY INTEREST                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|        | At March 31, 2003, the consolidated
        financial statements of Teda Technologies International Inc. consist of
        Teda Technologies Inc. and its 90% owned subsidiary, Tianjin Wan Fang
        Teda Science and Technology Co. Ltd. and disclose an adjusted Minority
        Interest of $58,496.                                                                                                                                                                                            
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|Note 6. | FINANCIAL INSTRUMENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|        | The Companys financial instruments
        consist of cash and cash equivalents, accounts receivable, prepaid expenses,
        investment in Teda Pioneer Technologies Co., Ltd., Accounts payable, and
        due to related parties. It is managements opinion that the Company
        is not exposed to significant interest, currency or credit risks arising
        from these financial instruments. The fair value of these financial statements
        approximates their carrying values.
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|Note 7. | PENSION AND EMPLOYMENT LIABILITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|        | The Company does not have liabilities
        as at March 31, 2003, for pension, post-employment benefits or post-retirement
        benefits. The Company does not have a pension plan.                                                                                                                                                                                                                                                                                                                 
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|Note 8. | OPTION AGREEMENT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|        | As at October 1, 2001, Teda Technologies
        Inc. signed an option agreement with Teda Pioneer Technologies Co. Ltd.
        (Pioneer). Terms and conditions are as follows:                                                                                                                                                                                                                                                                                                                       
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

| |  | 1.      Option
        to have General Appointment
      Pioneer hereby grants Teda Technologies Inc. (TTC)
        an option (Option) to be Pioneers manager to manage the affairs
        of Pioneers Business in accordance with the terms of an agreement
        (PSA) which automatically takes full force and effect upon TTC investing
        $500,000 US (Investment) at any time on or before the expiry date 12 months
        from the date of this agreement.
      2.      The PSA entitles
        TTC to earn a 27% of the net profit (Net Profit) of the Business by reason
        of its management contribution set forth in the PSA and its Investment
        which Net Profit it is agreed may, at TTCs option be converted in
        whole or in part to equity in Pioneer provided the rules and regulations
        in China permit such ownership
      3.      Termination
      This Agreement shall terminate and be of no further
        force or effect if TTC fails to make the Investment by the Expiry Date
        unless such date is extended by mutual agreement and in the event TTC
        does not exercise Option TTC will have no further rights to manage the
        affairs of Pioneer nor be entitled to any share of its Net Profits save
        through its ownership in Wang Fang Teda (Tianjin) Technologies Development
        Co. Ltd., a company subsequently incorporated on October 29, 2001.
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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TEDA TECHNOLOGIES INTERNATIONAL, INC. Notes to Consolidated Financial Statements
  March 31, 2003
  (Unaudited)

|**Note 8.** | OPTION AGREEMENT (contd)
|----------- | -------------------------
|            |                          
|            |                          

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TEDA TECHNOLOGIES INTERNATIONAL, INC. Notes to Consolidated Financial Statements
  March 31, 2003
  (Unaudited)

|**Note 8.** | OPTION AGREEMENT (contd)
|----------- | -------------------------
|            |                          
|            |                          

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