UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

~~FORM~~_______________ ~~8-K~~

Form 8-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):

~~December~~February 20, ~~2006~~2007

~~CHARDAN~~Chardan ~~NORTH~~ North ~~CHINA~~China ~~ACQUISITION~~Acquisition ~~CORPORATION~~Corporation

(Exact name of registrant as specified in its charter)


Delaware	000-51431	20-2479743
(State or other jurisdiction of incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)

625 Broadway

Suite 1111

San Diego, California 92101

(Address of principal executive offices)

Registrant’s telephone number, including area code:

(619) 795-4627

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:

x 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 17.01 ~~Entry~~Regulation ~~into~~FD ~~a Material Definitive Agreement~~Disclosure.

OnAttached ~~December~~hereto 20as Exhibit 99.1, ~~2006~~which ~~Chardan~~is ~~North~~incorporated ~~China~~herein ~~Acquisition~~by ~~Corporation~~reference, ~~(“CNCAC”)~~is ~~entered~~a copy ~~into~~of certain anslides ~~amendment~~to be used in making a presentation to ~~the~~analysts ~~Stock~~and ~~Purchase~~potential investors ~~Agreement~~and ~~dated~~that asmay ofbe ~~February~~used 2in subsequent presentations to interested parties, ~~2006~~including analysts, potential investors and shareholders. This ~~(the~~information ~~"Agreement")~~is ~~with~~not “filed” pursuant to the ~~HollySys~~Securities ~~Stockholders~~Exchange Act and ~~with~~is ~~the~~not incorporated ~~parties~~by ~~who~~reference ~~have~~into any Securities Act registration statements. ~~acquired~~Additionally, ~~shares~~the submission of ~~preferred~~this ~~stock~~report ofon ~~Gifted~~Form ~~Time~~8-K ~~Holdings~~is ~~Limited~~not ~~("GTH"),~~an admission ~~the~~as ~~British~~to ~~Virgin~~the ~~Islands~~materiality ~~holding~~of ~~company~~any information in this report that ~~holds~~is ~~ownership~~required ~~interests~~to inbe ~~HollySys.~~disclosed ~~The~~solely ~~holders~~by ofRegulation ~~preferred~~FD. ~~stock~~Any ofinformation ~~GTH~~in ~~acquired~~this ~~those~~report ~~shares as part~~supersedes ~~of a~~inconsistent ~~loan~~or ~~financing~~outdated ~~transaction~~information ~~for~~contained ~~GTH~~in earlier Regulation FD disclosures.

The amendment effected the following changes to the Agreement:

· applied the current after-tax profit targets that would trigger earn-out payments to periods deferred by up to six months, in the event that the combined companies adopt a December 31 fiscal year, and increased the number of shares issuable if the target for 2010 is met from 2 million shares to 3 million shares.

· re-allocated among the shareholders of GTH the total consideration to be paid for the acquisition of GTH (which consideration did not change, except for the 1 million additional shares issuable upon reaching the earn-out target in 2010);

· provided for representations and warranties from the holders of preferred stock of GTH; and

· extended the expiration date of the Agreement to August 10, 2007 (or such later date as established by stockholders of CNCAC as the deadline by which CNCAC must complete a transaction or commence dissolution).

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:.

99.1 (filed herewith) Press release dated December 26, 2006

Exhibit No.	Description
99.1	Slides used in presentation

SIGNATURES

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

Date: December 26, 2006


	CHARDAN NORTH CHINA ACQUISITION CORPORATION

Date: February 20, 2007	By:	/s/ Richard D. Propper
		Richard D. Propper, M. D.
		Chairman

CHARDAN NORTH CHINA ACQUISITION CORPORATION

Kerry S. Propper

Chief Financial Officer

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