~~SHENYANG~~UNITED ~~ENSHI~~STATES ~~PHARMACEUTICAL~~SECURITIES ~~CO., LTD. BALANCE SHEETS AS OF DECEMBER 31, 2005~~ AND ~~2004 ASSETS ------ 2005 2004 ------------ ------------ CURRENT ASSETS: Cash $ 566~~EXCHANGE COMMISSION Washington,~~941~~ $D.C. 686,281 Accounts receivable, trade, net of allowance for doubtful accounts of $136,928 and $157,580 as of 2005 and 2004, respectively 2,806,496 1,884,717 Accounts receivable - related parties 23,800 17,430 Notes receivable 96,389 -- Other receivables 106,514 211,094 Advances to suppliers-short term 1,046,095 232,859 Prepaid expenses 22,263 44,083 Inventories 1,124,899 726,313 ------------ ------------ Total current assets 5,793,397 3,802,777 ------------ ------------ PLANT AND EQUIPMENT, net 6,297,631 5,519,699 ------------ ------------ OTHER ASSETS: Land use right, net 1,689,707 1,687,547 Other intangibles, net 857,546 738,158 Advances to suppliers-long term 434,000 423,500 ------------ ------------ Total other assets 2,981,253 2,849,205 ------------ ------------ Total assets $ 15,072,281 $ 12,171,681 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY ------------------------------------ CURRENT LIABILITIES: Accounts payable $ 1,184,788 $ 468,725 Short-term loans 2,480,000 1,815,000 Other payables 61,988 92,093 Taxes payable 151,450 (13,824) Accrued liabilities 48,480 14,259 Dividends payable 831,036 2,096,097 ------------ ------------ Total current liabilities 4,757,742 4,472,350 ------------ ------------ SHAREHOLDERS' EQUITY: Paid-in capital 3,630,000 3,630,000 Statutory reserves 1,842,414 1,074,251 Capital reserves 4,356 4,356 Retained earnings 4,639,553 2,990,724 Accumulated other comprehensive income 198,216 -- ------------ ------------ Total shareholders' equity 10,314,539 7,699,331 ------------ ------------ Total liabilities and shareholders' equity $ 15,072,281 $ 12,171,681 ============ ============20549

~~SHENYANG~~FORM ~~ENSHI PHARMACEUTICAL CO., LTD. STATEMENTS OF SHAREHOLDERS' EQUITY FOR THE YEARS ENDED DECEMBER 31, 2005 AND 2004 Accumulated Unappropriated other Paid~~8-in Statutory Capital Retained comprehensive Capital Reserves Reserves Earnings income (loss) Totals ------------ ------------ ------------ ------------ ------------ ------------ BALANCE, December 31, 2003 $ 3,630,000 $ 473,134 $ 4,356 $ 2,206,352 $ -- $ 6,313,842 Net income -- -- -- 4,066,579 -- 4,066,579 Statutory reserves -- 601,117 -- (601,117) -- -- Distributions -- -- -- (2,681,090) -- (2,681,090) Foreign currency translation adjustments -- -- -- -- -- -- ------------ ------------ ------------ ------------ ------------ ------------ BALANCE, December 31, 2004 3,630,000 1,074,251 4,356 2,990,724 -- 7,699,331 Net income -- -- -- 5,142,056 -- 5,142,056 Statutory reserves -- 768,163 -- (768,163) -- -- Distributions -- -- -- (2,725,064) -- (2,725,064) Foreign currency translation adjustments -- -- -- -- 198,216 198,216 ------------ ------------ ------------ ------------ ------------ ------------ BALANCE, December 31, 2005 $ 3,630,000 $ 1,842,414 $ 4,356 $ 4,639,553 $ 198,216 $ 10,314,539 ============ ============ ============ ============ ============ ============K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 15, 2009


CHINA BIOPHARMACEUTICALS HOLDINGS, INC.
(Exact name of registrant as specified in charter)

Delaware	814-00063	13-2949462
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


No. 859, Pan Xu Road Suzhou, Jiangsu Province, China, 215000
(Address of principal executive offices) (Zip Code

Registrant’s telephone number, including area code (86) 512 6855 0568

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01. Other Events

On July 15, 2009, Neostem, Inc., a Delaware corporation ( “NeoStem”), filed a Form S-4 in connection with the merger (the “Merger”) of China Biopharmaceuticals Holdings, Inc. ( “CBH”), with and into CBH Acquisition LLC, a wholly-owned subsidiary of NeoStem (“Subco”), pursuant to the Agreement and Plan of Merger, dated November 2, 2008, as such agreement may be amended from time to time (the “Agreement and Plan of Merger”), among NeoStem, CBH, Subco and China Biopharmaceuticals Corp., a British Virgin Islands company and wholly-owned subsidiary of CBH (“CBC”).

For detailed information regarding the Form S-4, please visit http://www.sec.gov/Archives/edgar/data/320017/000114420409037330/v153023_s4.htm.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, CBH has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.


	China Biopharmaceuticals Holdings, Inc. /s/ Jian Zhang Name: Jian Zhang Title: Chief Financial Officer

Date: July 21, 2009

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