FORM 10-Q

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~June~~September 30, 2010

¨ 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 000-53753

Asia Select Acquisition III Corp.

(Exact name of registrant as specified in its charter)

Delaware		98-0594314
(State or other jurisdiction		(I.R.S. Employer Identification Number)
of incorporation or organization)

300-1055 West Hastings Street, Vancouver, Canada, V6E 2E9

(Address of principal executive offices)

(604) 689-0618

(Registrant’s telephone number, including area code)

No change

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files. Yes ¨ No ¨

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

Large accelerated filer ¨ Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company x. (Do not check if a smaller reporting company)

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

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING

THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ¨o No ¨o.

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 5,000,000 shares of common stock, par value $.0001 per share, outstanding as of ~~August~~November 1612, 2010.

ASIA SELECT ACQUISITION III CORP.

- INDEX -

			~~Page~~	Page
PART I – FINANCIAL INFORMATION:
Item 1.	~~Financial Statements:~~	Financial Statements:			1
	Balance Sheets as of June 30, 2010 (Unaudited) and March 31, 2010		2
		Balance Sheets as of September 30, 2010 (Unaudited) and March 31, 2010			2
	Statements of Operations (Unaudited) for the Three Months ended
		Statements of Operations (Unaudited) for the Three and Six Months Ended September 30, 2010, the Three and Six Months Ended September 30, 2009 and the Cumulative Period from August 29, 2008 (Inception) to September 30, 2010			3
	June 30, 2010, the Three Months ended June 30, 2009 and the Cumulative
		Statements of Cash Flows (Unaudited) for the Six Months Ended September 30, 2010, the Six Months ended September 30, 2009 and the Cumulative Period from August 29, 2008 (Inception) to September 30, 2010			4
	period from August 29, 2008 (Inception) to June 30, 2010		3
		Notes to Financial Statements			5
	Statements of Cash Flows (Unaudited) for the Three Months ended June 30, 2010,
Item 2.		Management’s Discussion and Analysis of Financial Condition and Results of Operations			7
	the Three Months ended June 30, 2009 and the Cumulative period from August 29,
Item 3.		Quantitative and Qualitative Disclosures About Market Risk			10
	2008 (Inception) to June 30, 2010		4
Item 4.		Controls and Procedures			10
	Notes to Financial Statements		5
PART II – OTHER INFORMATION:
Item 2.	Management’s Discussion and Analysis of Financial Condition and
Item 1.		Legal Proceedings			10
	Results of Operations		7
Item 1A.		Risk Factors			10
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		9
Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds			10
Item 4.	Controls and Procedures		10
Item 3.		Defaults Upon Senior Securities			11
PART II – OTHER INFORMATION:
Item 4.		Removed and Reserved			11
Item 1.	Legal Proceedings		10
Item 5.		Other Information			11
Item 1A.	Risk Factors		10
Item 6.		Exhibits			11
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		10
Signatures					13
Item 3.	Defaults Upon Senior Securities		10
Item 4.	Removed and Reserved		10
Item 5.	Other Information		11
Item 6.	Exhibits		11
Signatures			12

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements.

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions for Form 10-Q. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

In the opinion of management, the financial statements contain all material adjustments, consisting only of normal recurring adjustments necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented.

The results for the period ended ~~June~~September 30, 2010 are not necessarily indicative of the results of operations for the full year. These financial statements and ~~related~~ related footnotes should be read in conjunction with the financial statements ~~and~~ and footnotes thereto included in the Company’s Form 10-K filed with the ~~Securities~~ Securities and Exchange Commission on June 29, 2010.

Asia Select Acquisition III Corp.

(A Development Stage Company)

Balance Sheets

	June 30, 2010 $			March 31, 2010 $
	(unaudited)
ASSETS
Current Assets
Cash		31,978			8,122
Total Assets		31,978			8,122
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities
Accounts payable		4,028			10,260
Due to related parties (Note 4)		93,086			60,000
Total Liabilities		97,114			70,260
Stockholders’ Deficit
Preferred Stock, 1,000,000 shares authorized, $0.0001 par value, none issued		–			–
Common stock, 100,000,000 shares authorized, $0.0001 par value 5,000,000 shares issued and outstanding		500			500
Additional paid-in capital		9,500			9,500
Deficit accumulated during the development stage		(75,136	)		(72,138	)
Total Stockholders’ Deficit		(65,136	)		(62,138	)
Total Liabilities and Stockholders’ Deficit		31,978			8,122

(Expressed in US dollars)

	September 30, 2010 $			March 31, 2010 $
	(unaudited)

ASSETS

Current Assets

Cash		12,294			8,122

Total Assets		12,294			8,122

LIABILITIES AND STOCKHOLDERS’ DEFICIT

Current Liabilities

Accounts payable		5,469			10,260
Due to related parties (Note 4)		83,086			60,000

Total Liabilities		88,555			70,260

Going Concern (Note 2)

Stockholders’ Deficit

Preferred Stock, 1,000,000 shares authorized, $0.0001 par value, none issued		–			–

Common stock, 100,000,000 shares authorized, $0.0001 par value 5,000,000 shares issued and outstanding		500			500

Additional paid-in capital		9,500			9,500

Deficit accumulated during the development stage		(86,261	)		(72,138	)

Total Stockholders’ Deficit		(76,261	)		(62,138	)

Total Liabilities and Stockholders’ Deficit		12,294			8,122

(The accompanying notes are an integral part of these financial statements)

Asia Select Acquisition III Corp.

(A Development Stage Company)

Statements of Operations

(Expressed in US dollars)

(unaudited)

Three months ended

~~Accumulated~~Six ~~from~~months ~~August 29, 2008 (date of inception)~~ended

Six months ended

Accumulated from August 29, 2008 (date of inception)

June 30,

June 30

to June 30,

September 30,

September 30

September 30,

September 30

to September 30,

2010

2009

2010

2009

2010

Revenue

–

Expenses

General and administrative (Note 4)

211,~~998~~125

914,~~267~~448

7514,~~136~~123

23,715

86,261

Total Expenses

211,~~998~~125

914,~~267~~448

7514,~~136~~123

23,715

86,261

Net Loss

(211,~~998~~125

)

(914,~~267~~448

)

(7514,~~136~~123

)

(23,715

)

(86,261

)

Net Loss Per Common Share, Basic and Diluted

–

Weighted Average Number of Common Shares Outstanding

5,000,000

(The accompanying notes are an integral part of these financial statements)

Asia Select Acquisition III Corp.

(A Development Stage Company)

Statements of Cash Flows

(Expressed in US dollars)

(unaudited)

	Three months ended June 30, 2010			Three months Ended June 30, 2009			Accumulated from August 29, 2008 (date of inception) to June 30, 2010
	Six months ended September 30, 2010			Six months ended September 30, 2009			Accumulated from August 29, 2008 (date of inception) to September 30, 2010
	$			$			$
Operating Activities
Net loss		(214,~~998~~123	)		(923,~~267~~715	)		(7586,~~136~~261	)
Changes in operating assets and liabilities:
Accounts payable		(64,~~232~~791	)		–4			45,~~028~~469
Net Cash Used in Operating Activities		(918,~~230~~914	)		(923,~~267~~711	)		(7180,~~108~~792	)
Financing Activities
Advances from related parties		33,086			–			93,086
Proceeds from the issuance of common stock		–			–			10,000
Repayment of advances from related parties		(10,000	)					(10,000	)
Net Cash Provided by Financing Activities		33,086			–			103,086
Proceeds from the issuance of common stock		3,086			–			13,086
Increase (Decrease) in Cash		23,856			(9,267	)		31,978
Common stock repurchased		(3,086	)					(3,086	)
Net Cash Provided by Financing Activities		23,086			–			93,086
Increase (Decrease) in Cash		4,172			(23,711	)		12,294
Cash, Beginning of Period		8,122			50,988			–
Cash, End of Period		3112,~~978~~294			4127,~~721~~277			3112,~~978~~294
Supplemental Disclosures:
Interest paid		–			–			–
Income tax paid		–			–			–

(The accompanying notes are an integral part of these financial statements)

Asia Select Acquisition III Corp.

(A Development Stage Company)

Notes to the Financial Statements

~~June~~ September 30, 2010

(Expressed in US dollars)

(unaudited)

1.	Basis of Presentation

The accompanying financial statements of Asia Select Acquisition III Corp. (the “Company”) should be read in conjunction with the financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2010. In the opinion of management, the accompanying financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Company’s financial position and the results of its operations and its cash flows for the periods shown.

The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. The results of operations and cash flows for the periods shown are not necessarily indicative of the results to be expected for the full year.

2.	Going Concern

These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its obligations in the normal course of business. As of June 30, 2010, the Company has not generated any revenues, has a working capital deficit of $6576,~~136~~261, and has accumulated losses since inception. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, the acquisition of a business and attainment of profitable operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

3.	Recent Accounting Pronouncements

In ~~October~~January ~~2009~~2010, the ~~Financial Accounting Standards Board (“~~FASB”) issued an amendment to ~~the~~ASC ~~accounting~~820, ~~standards~~“Fair ~~related~~Value toMeasurements and ~~the~~Disclosures”, ~~accounting~~to ~~for~~require ~~revenue~~reporting ~~in arrangements~~entities ~~with~~to ~~multiple~~separately ~~deliverables~~disclose ~~including~~the amounts ~~how~~and ~~the~~business ~~arrangement consideration~~rationale isfor ~~allocated~~significant ~~among~~transfers ~~delivered~~in and ~~undelivered~~out ~~items~~ of ~~the~~Level 1 ~~arrangement.~~and ~~Among~~Level ~~the~~2 ~~amendments,~~fair ~~this~~value ~~standard~~measurements ~~eliminated~~and ~~the~~separately ~~use~~present ofinformation ~~the~~regarding ~~residual~~purchase, ~~method~~sale, ~~for~~issuance, ~~allocating arrangement considerations~~ and ~~requires~~settlement anof ~~entity to~~Level ~~allocate~~3 ~~the~~fair ~~overall~~value ~~consideration~~measures ~~to each deliverable based~~ on ~~an estimated~~a ~~selling~~gross ~~price~~basis. ofThe ~~each~~adoption ~~individual~~of ~~deliverable~~this instandard with the ~~arrangement~~exception inof ~~the absence~~disclosures ofregarding ~~having~~the ~~vendor-specific~~purchase, ~~objective~~sale, ~~evidence~~issuance, orand ~~other~~settlement ~~third~~of ~~party~~Level ~~evidence~~3 of fair value ~~of the undelivered items. This standard also provides further~~ ~~guidance~~measures onwhich ~~how~~are toeffective ~~determine~~for afiscal ~~separate~~years ~~unit~~beginning ofafter ~~accounting~~December in15, a2010, ~~multiple-deliverable~~did ~~revenue~~not ~~arrangement~~have ~~and~~a ~~expands~~material ~~the~~effect ~~disclosure~~on ~~requirements about~~ the ~~judgments~~financial ~~made~~statements. inThe ~~applying~~adoption ~~the~~of ~~estimated selling price method and how~~the ~~those~~remainder ~~judgments~~of ~~affect~~ the ~~timing or amount of revenue recognition. This~~ standard ~~will be adopted on April 1 2011 but~~ is not expected to have a material effect on the Company’s financial statements.

InThe ~~October~~Company ~~2009,~~has ~~the~~implemented ~~FASB~~all ~~issued~~new ~~an amendment to the~~ accounting ~~standards~~pronouncements ~~related to certain revenue arrangements~~ that ~~include~~are ~~software~~in ~~elements.~~effect ~~This standard~~and ~~clarifies the existing accounting guidance such~~ that ~~tangible~~may ~~products~~impact ~~that contain~~its ~~both~~financial ~~software~~statements and ~~non-software~~does ~~components~~not believe that ~~function~~there ~~together~~are toany ~~deliver~~other ~~the~~new ~~product’s~~accounting ~~essential~~pronouncements ~~functionality,~~that ~~shall~~have bebeen ~~excluded~~issued ~~from~~that ~~the~~might ~~scope of~~have ~~the software revenue recognition accounting standards. Accordingly, sales of~~a ~~these~~material ~~products~~impact ~~may~~on ~~fall~~its ~~within~~financial ~~the~~position ~~scope of other revenue recognition standards~~ or ~~may~~results ~~now be within the scope~~ of ~~this standard and may require an allocation of the arrangement consideration for each element of the arrangement~~operations. ~~This standard will be adopted on April 1 2011 but is not expected to have a material effect on the Company’s financial statements.~~

In January 2010, the FASB issued an amendment to ASC 820, Fair Value Measurements and Disclosure, to require reporting entities to separately disclose the amounts and business rationale for significant transfers in and out of Level 1 and Level 2 fair value measurements and separately present information regarding purchase, sale, issuance, and settlement of Level 3 fair value measures on a gross basis. The adoption of this standard with the exception of disclosures regarding the purchase, sale, issuance, and settlement of Level 3 fair value measures which are effective for fiscal years beginning after December 15, 2010, did not have a material effect on the financial statements. The adoption of the remainder of the standard is not expected to have a material effect on the Company’s financial statements.

In February 2010, the FASB Accounting Standards Update 2010-10 (“ASU 2010-10”), “Consolidation (Topic 810): Amendments for Certain Investment Funds”. The amendments in this update are effective as of the beginning of a reporting entity’s first annual period that begins after November 15, 2009 and for interim periods within that first reporting period. Early application is not permitted. The Company’s adoption of provisions of ASU 2010-10 did not have a material effect on the Company’s financial statements.

Asia Select Acquisition III Corp.

(A Development Stage Company)

Notes to the Financial Statements

~~June~~ September 30, 2010

(Expressed in US dollars)

(unaudited)

3. Recent Accounting Pronouncements (continued)

In March 2010, the FASB issued Accounting Standards Update 2010-11 (ASU 2010-11), “Derivatives and Hedging (Topic 815): Scope Exception Related to Embedded Credit Derivatives”. The amendments in this update are effective for each reporting entity at the beginning of its first fiscal quarter beginning after June 15, 2010. Early adoption is permitted at the beginning of each entity’s first fiscal quarter beginning after issuance of this update. The Company does not expect the provisions of ASU 2010-11 to have a material effect on the Company’s financial statements.

4.	Related Party Transactions

(a) During the ~~three~~six months ended ~~June~~September 30, 2010, the Company paid $13,~~500~~000 (2009 - $13,~~500~~000) in office and administrative fees to a company controlled by the President of the Company.

(b) On June 11, 2010, the Company issued a promissory note for $33,086 for proceeds received from a company controlled by the President of the Company. The loan payable is non-interest bearing, unsecured, and due on demand. The Company repaid $10,000 during the quarter ended September 30, 2010.

5.	Common Stock

On July 29, 2010, the Company repurchased 1,542,858 shares of common stock for $3,086. On the same date, the Company issued 1,542,858 shares of common stock for proceeds of $3,086.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward Looking Statement Notice

Certain statements made in this Quarterly Report on Form 10-Q are “forward-looking statements” (within the meaning of the Private Securities Litigation Reform Act of 1995) regarding the plans and objectives of management for future operations. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Asia Select Acquisition III Corp. (“we”, “us”, “our” or the “Company”) to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. The Company's plans and objectives are based, in part, on assumptions involving the continued expansion of business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Although the Company believes its assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance the forward-looking statements included in this Quarterly Report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.

Description of Business

The Company was incorporated in the State of Delaware on August 29, 2008 (Inception). The Company maintains its principal executive office at 300-155 West Hastings Street, Vancouver, Canada V6E 2E9. Since inception, the Company has been engaged in organizational efforts and obtaining initial financing. The Company was formed as a vehicle to pursue a business combination through the acquisition of, or merger with, an operating business. The Company filed a ~~registration~~ registration statement on Form 10 with the U.S. Securities and Exchange Commission (the “SEC”) on August 6, 2009, and since its effectiveness, the Company has focused its efforts to identify a possible business combination

The Company is currently considered to be a “blank check” company. The SEC defines those companies as "any development stage company that is issuing a penny stock, within the meaning of Section 3(a)(51) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and that has no specific business plan or purpose, or has indicated that its business plan is to merge with an unidentified company or companies." Many states have enacted statutes, rules and regulations limiting the sale of securities of "blank check" companies in their respective jurisdictions. The Company is also a “shell company,” defined in Rule 12b-2 under the Exchange Act as a company with no or nominal assets (other than cash) and no or nominal operations. Management does not intend to undertake any efforts to cause a market to develop in our securities, either debt or equity, until we have successfully concluded a business combination. The Company intends to comply with the periodic reporting requirements of the Exchange Act for so long as we are subject to those requirements.

The Company was organized as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly held corporation. The Company’s principal business objective for the next 12 months and beyond such time will be to achieve long-term growth potential through a combination with an operating business. The Company will not restrict its potential candidate target companies to any specific business, industry or geographical location and, thus, may acquire any type of business.

The Company currently does not engage in any business activities that provide cash flow. During the next twelve months we anticipate incurring costs related to:

(i)

filing Exchange Act reports, and

(ii)

investigating, analyzing and consummating an acquisition.

We believe we will be able to meet these costs through use of funds in our treasury, through deferral of fees by certain service providers and additional amounts, as necessary, to be loaned to or invested in us by our stockholders, management or other investors. As of the date of the period covered by this report, the Company has $12,294 in its treasury. There are no assurances that the Company will be able to secure any additional funding as needed. Currently, however, our ability to continue as a going concern is dependent upon our ability to generate future profitable operations and/or to obtain the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. Our ability to continue as a going concern is also dependent on our ability to find a suitable target Company and enter into a possible reverse merger with such Company. Management’s plan includes obtaining additional funds by equity financing through a reverse merger transaction and/or related party advances, however there is no assurance of additional funding being available.

The Company may consider acquiring a business which has recently commenced operations, is a developing company in need of additional funds for expansion into new products or markets, is seeking to develop a new product or service, or is an established business which may be experiencing financial or operating difficulties and is in need of additional capital. In the alternative, a business combination may involve the acquisition of, or merger with, a company which does not need substantial additional capital but which desires to establish a public trading market for its shares while avoiding, among other things, the time delays, significant expense, and loss of voting control which may occur in a public offering.

Since our Registration Statement on Form 10 went effective, our management has had contact and discussions with representatives of other entities regarding a business combination with us. Any target business that is selected may be a financially unstable company or an entity in its early stages of development or growth, including entities without established records of sales or earnings. In that event, we will be subject to numerous risks inherent in the business and operations of financially unstable and early stage or potential emerging growth companies. In addition, we may effect a business combination with an entity in an industry characterized by a high level of risk, and, although our management will endeavor to evaluate the risks inherent in a particular target business, there can be no assurance that we will properly ascertain or assess all significant risks.

The Company anticipates that the selection of a business combination will be complex and extremely risky. Because of general economic conditions, rapid technological advances being made in some industries and shortages of available capital, our management believes that there are numerous firms seeking even the limited additional capital which we will have and/or the perceived benefits of becoming a publicly traded corporation. Such perceived benefits of becoming a publicly traded corporation include, among other things, facilitating or improving the terms on which additional equity financing may be obtained, providing liquidity for the principals of and investors in a business, creating a means for providing incentive stock options or similar benefits to key employees, and offering greater flexibility in structuring acquisitions, joint ventures and the like through the issuance of stock. Potentially available business combinations may occur in many different industries and at various stages of development, all of which will make the task of comparative investigation and analysis of such business opportunities extremely difficult and complex.

Liquidity and Capital Resources

As of ~~June~~September 30, 2010, the Company ~~had~~ had assets equal to $3112,~~978~~294 comprised exclusively of cash. This compares with ~~assets~~ assets of $8,122, comprised exclusively of cash as of March 31, 2010. The Company’s current liabilities as of ~~June~~September 30, 2010 totaled $9788,~~114~~555 comprised exclusively of accounts payable and notes payable to related parties. This compares to the Company’s current liabilities as of March 31, 2010 of $70,260. The Company can provide no assurance that it can continue to satisfy its cash requirements for at least the next twelve months.

The following is a summary of the Company's cash flows provided by (used in) operating, investing, and financing activities for the ~~three~~six months ended ~~June~~September 30, 2010 and ~~June~~September 30, 2009 and the period from August 29, 2008 (Inception) to ~~June~~September 30, 2010:

	For the Three Months Ended June 30, 2010			For the Three Months ended June 30, 2009			For the Cumulative Period from August 29, 2008 (Inception) to June 30, 2010
	For the Six Months Ended September 30, 2010			For the Six Months ended September 30, 2009			For the Cumulative Period from August 29, 2008 (Inception) to September 30, 2010
Net Cash (Used in) Operating Activities	$	(918,~~230~~914	)	$	(923,~~267~~711	)	$	(7180,~~108~~792	)
Net Cash (Used in) Investing Activities	$	-		$	-		$	-
Net Cash Provided by Financing Activities	$	3323,086		$	-		$	~~103~~93,086
Net Increase (decrease) in Cash	$	234,~~856~~172		$	(923,~~267~~711	)	$	3112,~~978~~294

The Company has only cash assets and has generated no revenues since inception. The Company is also dependent upon the receipt of capital investment or other financing to fund its ongoing operations and to execute its business plan of seeking a combination with a private operating company. In addition, the Company is dependent upon certain related parties to provide continued funding and capital resources. If continued funding and capital resources are unavailable at reasonable terms, the Company may not be able to implement its plan of operations.

Results of Operations

The Company has not conducted any active operations since inception, except for its efforts to locate suitable acquisition candidates. No revenue has been generated by the Company from August 29, 2008 (Inception) to ~~June~~September 30, 2010. It is unlikely the Company will have any revenues unless it is able to effect an acquisition or merger with an operating company, of which there can be no assurance. It is management's assertion that these circumstances may hinder the Company's ability to continue as a going concern. The Company’s plan of operation for the next twelve months shall be to continue its efforts to locate suitable acquisition candidates.

For the three and six months ended ~~June~~September 30, 2010, the Company had a net loss of $11,125 and $214,~~998~~123 respectively, comprised of legal, accounting, audit and other professional service fees incurred in relation to the preparation and the filing of the Company’s periodic reports ~~in connections~~on ~~with~~Form ~~the~~10-Q ~~Company’s~~and ~~Securities Exchange Act filings~~Form 10-K.

For the three and six months ended ~~June~~September 30, 2009, the Company had a net loss of $14,448 and $923,~~267~~715, comprised of legal, accounting, audit and other professional service fees incurred in relation to the preparation and filing of the Company’s Form 10 in August of 2009.

For the cumulative period from August 29, 2008 (Inception) to ~~June~~September 30, 2010, the ~~Company~~ Company had a net loss of $7586,~~136~~261 comprised exclusively of legal, accounting, audit and other professional service fees incurred in relation to the formation of the Company, the filing of the Company’s Registration Statement on Form 10 in ~~August~~ August of 2009, and the filing of the Company’s periodic reports inon ~~connections~~Form ~~with the~~10-Q ~~Company’s~~and ~~Securities~~Form ~~Exchange Act filings~~10-K.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Contractual Obligations

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide this information.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed pursuant to the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules, regulations and related forms, and that such information is accumulated and communicated to our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

As of ~~June~~September 30, 2010, we carried out an evaluation, under the supervision and with ~~the~~ the participation of our principal executive officer and our principal financial officer of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report.

Changes in Internal Controls

There have been no changes in our internal controls over financial reporting during the quarter ended ~~June~~ September 30, 2010 that have materially affected or are reasonably likely to materially ~~affect~~ affect our internal controls.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings.

ToThere ~~the~~are presently ~~best~~no ~~knowledge~~material ofpending legal proceedings to which the ~~officers~~Company, any of its ~~and~~subsidiaries, ~~directors~~any executive officer, ~~the~~any ~~Company~~owner isof ~~not~~record or beneficially of more than five percent of any class of voting securities is a party or as to which any ~~legal~~of ~~proceeding~~its orproperty is subject, and no such proceedings are known to the ~~litigation~~Registrant to be threatened or contemplated against it.

Item 1A. Risk Factors.

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

~~On July~~Unregistered 29, 2010, the Company sold 1,542,858 shares of Common Stock to Orient Venture Management Limited, a Hong Kong company (“Orient”). The Company sold such shares of Common Stock to Orient for an aggregate purchase price equal to $3,086.00 (the “Sale of Stock”) and pursuant to the terms and conditions contained in that certain common stock purchase agreement (the “Purchase Agreement”). The Company consummated the Sale of Stock under the exemption from registration provided by Section 4(2) of the Securities Act of 1933, as amended (the “Securities Act”).Sales

On July 29, 2010, the Company sold 1,542,858 shares of common stock, par value $.0001 (the “Common Stock”) to Orient Venture Management Limited, a Hong Kong company (“Orient”). The Company sold such shares of Common Stock to Orient for an aggregate purchase price equal to $3,086.00 (the “Sale of Stock”) and pursuant to the terms and conditions contained in that certain common stock purchase agreement (the “Purchase Agreement”). The Company consummated the Sale of Stock under the exemption from registration provided by Section 4(2) of the Securities Act of 1933, as amended (the “Securities Act”). The description of the Purchase Agreement included herein is intended to be a summary only and is qualified in its entirety by the terms of the Purchase Agreement filed as Exhibit 10.4 to the Company’s Form 8-K filed on August 3, 2010.

Issuer Purchases of Equity Securities

Period

(a) Total Number of

Shares (or Units)

Purchased

(b) Average Price

Paid per Share (or

Unit)

Shares (or

Units)

Purchased as

Part of Publicly

Announced

Plans or

Programs

(d) Maximum

Number (or

Approximate Dollar

Value) of Shares (or

Units) that May Yet

Be Purchased

Under the Plans or

Programs

July 1 through

July 31 (1)

1,542,858

0.002

–

August 1 through

August 31

–

September 1 through

September 30

–

(1)

On July 29, 2010, the Company repurchased an aggregate of 1,542,858 shares (the “Shares”) of its Common Stock from certain of its shareholders for an aggregate purchase price equal to $3,086.00 (the “Repurchase”) pursuant to the terms and conditions contained in those certain separate repurchase agreements (the “Repurchase Agreement”). The description of the Repurchase Agreement included herein is intended to be a summary only and is qualified in its entirety by the terms of the Repurchase Agreement filed as Exhibit 10.1, 10.2, and 10.3 to the Company’s Form 8-K filed on August 3, 2010.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Removed and Reserved.

Item 5. Other Information.

~~On July 29, 2010, Asia Select Acquisition III Corp~~None. (“we”, “us”, “our” or the “Company”) repurchased an aggregate of 1,542,858 shares (the “Shares”) of its common stock, par value $0.0001 per share (the “Common Stock”) from certain of its Shareholders for an aggregate purchase price equal to $3,086.00 (the “Repurchase”) pursuant to the terms and conditions contained in those certain separate repurchase agreements (the “Repurchase Agreement”).

On August 16, 2010, Leanna Doane, resigned as a director of the Company pursuant to the letter of resignation in the form attached hereto as Exhibit 17.1.

Item 6. Exhibits.

(a) Exhibits required by Item 601 of Regulation S-K.

Exhibit No.		Description
*3.1		Certificate of Incorporation, as filed with the Delaware Secretary of State on August 29, 2008.
*3.2		By-laws.
17.1		Resignation Letter, dated August 16, 2010 from Leanna Doane to the Company’s Board of Directors.
31.1		Certification of the Company’s Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2010.
31.1		Certification of the Company’s Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2010.
31.2		Certification of the Company’s Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2010.
31.2		Certification of the Company’s Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2010.
32.1		Certification of the Company’s Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2		Certification of the Company’s Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

* Filed as an exhibit to the Company's Registration Statement on Form 10, as filed with the SEC on August 6, 2009, and incorporated herein by this reference.

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

32.2		Certification of the Company’s Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

*	Filed as an exhibit to the Company's Registration Statement on Form 10, as filed with the SEC on August 6, 2009, and incorporated herein by this reference.

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 thereunto duly authorized.

	ASIA SELECT ACQUSITION III CORP.
Dated: August 16, 2010	By:	/s/ Min Kuang
Dated: November 12, 2010	By:	/s/ Min Kuang
		Min Kuang
		President, Secretary and Director
		Principal Executive Officer
		Principal Financial Officer

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