UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

[ X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2009~~2010

[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 0-14306

CHINA CRESCENT ENTERPRISES, INC.

(Exact Name of Registrant as Specified in Its Charter)

Nevada	84-0928627
(State or other jurisdiction of	(I.R.S. employer
incorporation or organization)	identification number)

14860 Montfort Drive, Suite 210, Dallas, TX 75254

(Address of principal executive offices)

(214) 722-3040

Issuer’s telephone number, including area code

~~NEWMARKET~~Indicate ~~CHINA, INC~~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 (the “Exchange Act”) 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 þ No o

~~(Former name,~~Indicate ~~former~~by ~~address~~check mark whether the registrant has submitted electronically and ~~former~~posted ~~fiscal~~on ~~year~~its corporate Web site, if ~~changed~~any, ~~since~~every ~~last report~~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 ¨ (not required)

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 (the “Exchange Act”) 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 þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

	Large Accelerated Filer [ ]	Accelerated Filer [ ]
	Non-Accelerated Filer [ü]	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 o No þ

The Registrant had ~~124~~480,~~749~~598,~~303~~231 shares of Common Stock outstanding as of ~~November~~May 1624, ~~2009~~ 2010.

PART I – FINANCIAL INFORMATION			Page No.
Item 1. Unaudited Financial Statements
Item 1.	Financial Statements
	Consolidated Balance Sheets –
	Consolidated Balance Sheets – March 31, 2010 and
		September 30, 2009 and December 31, 2008	1
	December 31, 2009		1
	Consolidated Statements of Operations –
	Consolidated Statements of Operations -
		Three and Nine Months Ended September 30, 2009 and 2008	2
	Three Months Ended March 31, 2010 and 2009		2
	Consolidated Statement of Changes in Equity –
		December 31, 2008 through September 30, 2009	3
	December 31, 2009 through March 31, 2010		3
	Consolidated Statements of Cash Flows –
		Nine Months Ended September 30, 2009 and 2008	4
	Three Months Ended March 31, 2010 and 2009		4
	Notes to Condensed Consolidated Financial Statements		5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			11
Item 2.	Management’s Discussion and Analysis of Financial Condition
Item 3. Quantitative and Qualitative Disclosures About Market Risk			13
	and Results of Operations		11
Item 4. Controls and Procedures			13
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		13
Item 4.	Controls and Procedures		13
PART II – OTHER INFORMATION
Item 1. Legal Proceedings – Not Applicable			14
Item 1.	Legal Proceedings – Not Applicable		13
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			14
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		13
Item 3. Defaults Upon Senior Securities – Not Applicable			14
Item 3.	Defaults Upon Senior Securities – Not Applicable		13
Item 4. Submission of Matters to a Vote of Security Holders			14
Item 4.	Submission of Matters to a Vote of Security Holders		13
Item 5. Other Information – Not Applicable			14
Item 5.	Other Information – Not Applicable		13
Item 6. Exhibits			14
Item 6.	Exhibits		14
SIGNATURES			1514

Item 1. ~~Unaudited~~ Financial Statements

China Crescent Enterprises, Inc.
Consolidated Balance Sheet
ASSETS	~~September 30, 2009~~3/31/2010		December 31, ~~2008~~2009
	(Unaudited)
CURRENT ASSETS
Cash and cash equivalents	$	23,~~347~~419,~~018~~609	$	23,~~600~~977,~~498~~382
Accounts receivable		68,~~768~~381,~~180~~248		46,~~238~~950,~~294~~902
Inventory		2,~~398~~967,~~446~~689		12,~~858~~751,~~233~~131
Supplier advances		1,779,766		787,149
Supplier advances and prepaid expenses		2,594,961		1,804,015
Advances to affiliate		12,~~000~~500,000		~~687~~2,~~567~~000,000
Assets of discontinued operations		9,~~337~~377		9,377
Other current assets		155,731		68147,~~840~~613
Total current assets		1420,~~302~~028,~~747~~615		1017,~~249~~640,~~958~~420
PROPERTY AND EQUIPMENT, NET		78152,~~565~~864		93160,~~185~~907
INTANGIBLE ASSETS		2,~~993~~597		2,~~993~~597
Total assets	$	1420,~~384~~184,~~305~~076	$	1017,~~346~~803,~~136~~924
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable	$	1,~~323~~680,~~081~~865	$	1,~~573~~204,~~643~~616
Short-term debt		672,142		1,798,542
Short-term borrowing		1,356,490		1,897,069
Accrued expenses and other liabilities		~~709~~1,~~953~~028,831		~~445~~563,~~258~~661
Income taxes payable		186,123		-
Liabilities of discontinued operations		308,683		308,683
Total current liabilities		34,~~013~~560,~~859~~992		43,~~126~~974,~~126~~029
Long-term debt		~~720~~500,~~555~~000		~~151~~500,~~041~~000
Total liabilities		35,~~734~~060,~~414~~992		4,~~277~~474,~~167~~029
EQUITY
China Crescent Enterprises, Inc. shareholders' equity:
Common stock; $.001 par value; 1,000,000,000 shares authorized;
81,638,107 and 1,070,186 shares issued and outstanding
375,755,144 and 234,370,600 shares issued and outstanding
at September 30, 2009 and December 31, 2008, respectively		81,638		1,070
at March 31, 2010 and December 31, 2009, respectively		375,756		234,371
Preferred stock; $.001 par value; 20,000,000 shares authorized;
Series A 250,000 and 250,000; Series B 750 and 0 shares issued
Series C 10,000 and 10,000; Series D 5,000 and 5,000 shares
and outstanding at September 30, 2009 and December 31, 2008, respectively		251		250
issued and outstanding at March 31, 2010 and
Additional paid-in capital		5,302,592		2,241,694
December 31, 2009, respectively		15		15
Accumulated comprehensive income		505,153		820,699
Additional paid-in capital		6,649,865		5,950,581
Retained earnings		3,451,802		1,392,493
Accumulated comprehensive income		971,552		739,511
Total China Crescent Enterprises, Inc. stockholders' equity		9,341,436		4,456,206
Retained earnings		4,412,451		3,755,468
Noncontrolling interest		1,308,455		1,612,763
Total China Crescent Enterprises, Inc. stockholders' equity		12,409,639		10,679,946
Total equity		10,649,891		6,068,969
Noncontrolling interest		2,713,445		2,649,949
Total liabilities and equity	$	14,384,305	$	10,346,136
Total equity		15,123,084		13,329,895
Total liabilities and equity	$	20,184,076	$	17,803,924
See accompanying notes to consolidated financial statements.

China Crescent Enterprises, Inc.
Consolidated Statement of Operations
(Unaudited)
	Three Months Ended						Nine Months Ended
	Three Months Ended March 31,
	September 30,						September 30,
	2010			2009			2008
	2009			2008			2009			2008
REVENUE		14,987,219			7,429,308		$	8,515,884
REVENUE	$	13,344,273		$	11,144,564		$	30,330,147		$	30,335,303
COST OF SALES		13,885,066			6,990,855			8,072,658
COST OF SALES		12,072,141			10,511,971			27,005,003			28,465,539
Gross Margin		1,102,153			438,453			443,226
Gross Margin		1,272,132			632,593			3,325,144			1,869,764
OPERATING EXPENSES
OPERATING EXPENSES
Selling, general and administrative expenses		337,909			214,010			277,273
Selling, general and administrative expenses		285,020			267,216			814,344			816,219
Depreciation and amortization		12,565			1,150			4,446
Depreciation and amortization		5,270			5,183			11,662			10,986
Total expenses		350,474			215,160			281,719
Total expenses		290,290			272,399			826,006			827,205
Income (loss) from operations		751,679			223,293			161,507
Income (loss) from operations		981,842			360,194			2,499,138			1,042,559
OTHER INCOME (EXPENSE)
OTHER INCOME (EXPENSE)
Interest income		-			981			-
Interest income		-			11			902			479
Interest expense		(30,323	)		(47,229	)		(8,235	)
Interest expense		(38,401	)		(77,645	)		(140,341	)		(133,174	)
Other income		85,194			43,958			43,987
Other income		73,525			31,542			163,107			133,076
Other expense		(1,180	)		(1,724	)		(1,051	)
Other expense		(1,424	)		(1,501	)		(4,775	)		(4,211	)
Total other income (expense)		53,691			(4,014	)		34,701
Total other income (expense)		33,700			(47,593	)		18,893			(3,830	)
Net income before income tax and non-controlling interest		805,370			219,279			196,208
Net income before income tax (credit) and
Foreign income tax		84,891			-			5,573
noncontrolling interest		1,015,542			312,601			2,518,031			1,038,729
Non-controlling interest in consolidated subsidiary		63,496			107,447			93,411
Foreign income tax		(13,060	)		(8,917	)		(13,060	)		(25,005	)
Net income		656,983			111,832			97,224
Noncontrolling interest in consolidated subsidiary		(258,600	)		(148,805	)		(626,017	)		(496,725	)
Other comprehensive income (loss):
Net income		743,882			154,879			1,878,954			516,999
Unrealized gain (loss) on available-for-sale securities		-			(813	)		233
Other comprehensive income (loss)
Gain on foreign currency translation		232,041			211,601			324,026
Gain (loss) on investment security		(139	)		(2,348	)		(1,162	)		(3,742	)
Total other comprehensive income		232,041			210,788			324,259
Foreign currency translation gain (loss)		148,213			42,333			(314,384	)		400,412
Comprehensive income	$	889,024		$	322,620		$	421,483
Comprehensive income		891,956			194,864			1,563,408			913,669
Earnings per share-basic and diluted:
Income per weighted-average common share-basic	$	0.01		$	0.10		$	0.09		$	0.39
Net income per weighted-average share-basic	$	0.00		$	0.03		$	0.08
Income per weighted-average common share-diluted	$	0.01		$	0.04		$	0.04		$	0.15
Net income per weighted-average share-diluted	$	0.00		$	0.01		$	0.03
Number of weighted average common shares o/s-basic		49283,~~607~~287,~~610~~693			13,~~536~~811,~~351~~859			211,~~200~~163,~~439~~031			~~1,337,414~~
Number of weighted average common shares o/s-diluted		~~124~~308,~~019~~287,~~025~~693			38,~~840~~000,~~878~~000			532,~~001~~907,~~098~~577			~~3,343,536~~
See accompanying notes to consolidated financial statements.

China Crescent Enterprises, Inc.
Consolidated Statement of Stockholder's Equity
Consolidated Statement of Changes in Equity
(Unaudited)
December 31, 2009 Through March 31, 2010
														Additional				Accumulated
(Unaudited)
	Number of Shares							Par Value of Stock						Paid-In				Comprehensive			Retained		Total
													Accumulated
	Preferred			Common				Preferred			Common			Capital				Income/(Loss)			Earnings		Equity
	Number of Shares					Par Value of Shares					Additional		Comprehensive			Retained			Stockholders'
BEGINNING BALANCE, January 1, 2009		250,000			2,786,186			$	250		$	2,786		$	2,239,978			$	820,699		$	1,392,493	$	4,456,206
	Preferred		Common			Preferred			Common		Paid-In Capital		Income			Earnings			Equity
Issuance of shares for exchange of debt					78,851,921							78,852			2,312,615									2,391,467
STARTING BALANCE, 12/31/09		250,000		234,370,600		$	15		$	234,371	$	5,950,581	$	739,511		$	3,755,468		$	10,679,946
Issuance of preferred shares for purchase of
Common stock issued to settle debt				26,266,907						26,267		143,509								169,776
additional interest in subsidiary		750							1						749,999							180,355		930,355
Common stock issued for conversion
Other comprehensive income																			(315,546	)				(315,546	)
of note payable				97,609,920						97,610		478,450								576,060
Net income																						1,878,954		1,878,954
Common stock issued for trade payables				17,507,717						17,508		77,325								94,833
ENDING BALANCE, September 30, 2009		250,750			81,638,107			$	251		$	81,638		$	5,302,592			$	505,153		$	3,451,802	$	9,341,436
Other comprehensive income														232,041						232,041
See accompanying notes to consolidated financial statements.
Net income																	656,983			656,983
ENDING BALANCE, 3/31/10		250,000		375,755,144			15		$	375,756	$	6,649,865	$	971,552		$	4,412,451		$	12,409,639
See accompanying notes to consolidated financial statements.

China Crescent Enterprises, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
	Nine Months Ended
	Three Months Ended March 31,
	September 30,
	2010			2009			2008
	2009			2008
CASH FLOWS FROM OPERATING ACTIVITIES:
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	656,983		$	111,832		$	97,224
Net Income	$	1,878,954		$	516,999
Adjustments to reconcile net earnings to net cash
Adjustments to reconcile net earnings to net cash
provided (used) by operating activities:
provided (used) by operating activities:
Noncontrolling interest in consolidated subsidiary		63,496			107,447			93,411
Noncontrolling interest in consolidated subsidiary		626,017			496,725
Depreciation		12,565			1,150			4,446
Depreciation		11,662			10,986
Loss on sale of property, plant & equipment		-			-			-
Changes in operating assets and liabilities:
(Increase) decrease in accounts receivable		(21,~~529~~335,~~886~~513	)		(1425,~~665,245~~076	)		(950,892	)
(Increase) decrease in supplier advances and other assets		(981,122	)		(856,877	)
(Increase) decrease in advances and other assets		(782,828	)		(1,726,214	)		(751,854	)
(Increase) decrease in inventory		(~~538~~216,~~213~~558	)		~~(312~~374,~~478~~634	)		(57,050	)
Increase (decrease) in accounts payable		~~(243~~476,~~675~~249	)		(~~302~~523,~~049~~608	)		(599,409	)
Increase (decrease) in accrued expenses and other payables		~~271~~651,~~184~~293			~~540~~100,~~486~~758			181,583
Net cash used by operating activities		(1,505,079	)		(1,571,453	)
Net cash used in operating activities		(474,313	)		(1,128,925	)		(1,982,541	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Sale of property and equipment		10,116			-
Advances to affiliates		(500,000	)		(150,000	)
Net cash provided by investing activities		10,116			-
Purchase of property and equipment		(4,528	)		-			-
CASH FLOWS FROM FINANCING ACTIVITIES:
Net cash used in investing activities		(504,528	)		(150,000	)		-
Proceeds from short-term debt		262,897			688,176
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from long-term debt		585,122			148,101
Proceeds from short-term borrowings		205,256			282,391			670,896
Advances to affiliates		(272,433	)		-
Proceeds from long-term debt		-			56,174			279,540
Net cash provided by financing activities		~~575~~205,~~586~~256			~~836~~338,~~277~~565			950,436
Effect of exchange rates on cash		~~665~~215,~~897~~812			~~205~~538,~~837~~274			245,229
Net decrease in cash and equivalents		(~~253~~557,~~480~~773	)		(~~529~~402,~~339~~086	)		(786,876	)
CASH, beginning of period		23,~~600~~977,~~498~~382			12,~~488~~600,~~774~~498			1,488,774
CASH, end of period	$	23,~~347~~419,~~018~~609		$	~~959~~2,~~435~~198,412		$	701,898
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Non-Cash Financing Activities:
Interest paid in cash	$	30,323		$	47,229		$	8,235
Common stock issued to settle debt	$	1,398,328		$	621,500
Non-Cash Financing Activities:
See accompanying notes to consolidated financial statements.
Common stock issued to settle debt	$	745,836		$	364,464		$	288,000
Common stock issued to settle trade payables	$	94,833		$	-		$	-
See accompanying notes to consolidated financial statements.

CHINA CRESCENT ENTERPRISES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

~~September 30~~March 31, ~~2009~~2010

1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES:

Unaudited Interim Financial Statements

The accompanying unaudited interim consolidated financial statements include the accounts of China Crescent Enterprises, Inc. (formerly known as NewMarket China, Inc. or “NewMarket China”) a Nevada corporation (“we”, “our” or the “Company”), ~~These~~ ~~statements have been prepared in accordance with accounting principles generally accepted in the United States~~ and ~~applicable Securities~~our ~~and~~consolidated ~~Exchange Commission (“SEC”) regulations for interim financial information~~subsidiaries. ~~These~~ ~~financial~~To ~~statements are unaudited and~~date, in the ~~opinion~~ ofmajority ~~management, include all adjustments necessary to present fairly the balance sheets, statements~~ of ~~operations~~our ~~and~~sales statements of cash flows for the periods presented in accordance with accounting principles generally accepted in the United States. Certain information and footnote disclosures normally found in financial statements prepared in accordance with accounting principles generally accepted in the United States have been ~~condensed or omitted pursuant to SEC rules and regulations. It is presumed that users of this interim financial~~ information ~~have~~technology ~~read~~products ~~or have access to the audited financial statements~~ and ~~footnote~~services ~~disclosure~~sold ~~for~~within ~~the~~mainland ~~preceding~~China ~~year contained~~through in our ~~Annual Report on Form 10~~wholly-~~K. Operating~~owned ~~results~~and ~~for interim~~majority ~~periods~~owned ~~presented~~foreign ~~are~~subsidiaries. ~~not~~The ~~necessarily~~Company’s ~~indicative~~headquarters oris ~~the~~located ~~results~~in ~~that may be expected for the year ending December 31~~Dallas, ~~2009~~Texas.

The Company is a majority-owned subsidiary of NewMarket Technology, Inc. (“NewMarket”), a Dallas, Texas based systems integration company.

In October 2004, we discontinued the operations of Brunetti and implemented steps to liquidate the assets of Brunetti. On March 1, 2005, Brunetti filed a voluntary petition for relief in the United States Bankruptcy Court, District of Colorado under Chapter 7 of Title 7 of the U.S. Bankruptcy Code (Note 3).

OnIn ~~March~~April 162009, ~~2005,~~we ~~the~~filed ~~Company~~a ~~(the Debtors)~~certificate ~~filed~~of aamendment ~~voluntary~~of ~~petition~~our ~~for~~Certificate ~~relief~~of inIncorporation ~~the~~to ~~United~~(1) ~~States~~increase ~~Bankruptcy Court,~~the ~~District~~number of ~~Colorado~~authorized ~~under~~common ~~Chapter~~shares 11from oftwo ~~Title~~hundred 11million of(200,000,000) ~~the~~to ~~U.S.~~one ~~Bankruptcy Code.~~billion (1,000,000,000); and ~~Under~~(2) ~~Chapter~~effect ~~11,~~a ~~certain~~reverse ~~claims~~split ~~against~~of the ~~Debtor~~common ~~in existence~~stock ~~prior~~issued toand ~~the~~outstanding ~~filing~~on ofa ~~the~~one ~~petitions~~new share for ~~relief~~twenty-five ~~under~~old ~~the~~shares Ubasis.~~S. Bankruptcy~~ ~~Code~~These ~~are~~actions ~~stayed~~were ~~while~~effective on May 12, 2009 and the ~~Debtor~~Consolidated ~~continues~~Balance ~~business~~Sheet, ~~operations~~the ~~as Debtor-~~Statement of Shareholder’s Equity and information presented in~~-possession. On~~ ~~April~~the 5,Notes ~~2006,~~to the ~~United~~Consolidated ~~States~~Financial ~~Bankruptcy Court,~~Statements ~~District~~have ofbeen ~~Colorado~~adjusted ~~dismissed~~to reflect the ~~Chapter~~effect ~~11 proceedings~~of the reverse stock split.

Basis of Presentation

The ~~Company~~ ~~prepares~~accompanying ~~its~~unaudited ~~financials~~consolidated financial statements ~~using~~have ~~the~~been ~~accrual~~prepared ~~basis~~in of accordance with generally accepted accounting~~. All~~ ~~significant~~principles ~~intercompany~~for ~~accounts~~interim financial information and ~~transactions have~~the ~~been~~instructions ~~eliminated~~to inForm ~~consolidation~~10-Q. ~~Investments~~ ~~in subsidiaries~~Accordingly, ~~are~~they ~~reported~~do ~~using~~not ~~the~~include ~~equity~~all ~~method. The~~information and footnotes required by general accounting principles for complete financial statements. ~~include~~In the ~~accounts~~opinion of management, all adjustments (consisting of normal recurring adjustments) necessary to present fairly the ~~wholly-owned~~ ~~subsidiaries Brunetti~~financial ~~DEC,~~position ~~LLC~~at March 31, ~~(“Brunetti”)~~2010 aand ~~Colorado~~the ~~limited~~results ~~liability~~of ~~company~~operations and ~~Clipper Technology,~~comprehensive ~~Inc.~~income (~~“ClpTec”~~loss), astockholders’ ~~Chinese~~equity ~~wholly~~and cash flows for all periods presented. The consolidated results of operations for the three months ended March 31, 2010 are not necessarily indicative of the results that may be expected for the year ending December 31, 2010. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto of the Company included in our annual report on Form 10-~~owned~~K ~~foreign~~for ~~entity~~the year ended December 31, 2009.

Use of Estimates

The preparation of ~~consolidated~~ financial statements in conformity with ~~accounting principles~~U.S. generally accepted inaccounting ~~the~~principles ~~United States of America~~ 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 date of the ~~consolidated~~ financial statements, and the reported amounts of revenues and expenses during the reporting ~~periods~~period. ~~Actual~~ Certain amounts included in the financial statements are estimated based on currently available information and management's judgment as to the outcome of future conditions and circumstances. Changes in the status of certain facts or circumstances could result in material changes to the estimates used in the preparation of financial statements and actual results could differ from ~~those~~the estimates and assumptions. Management makes estimates and assumptions for, but not limited to, allowance for doubtful accounts, revenue recognition, purchase price allocation, inventory reserves, tax assets and liabilities, depreciation and amortization lives, stock-based compensation, fair value of derivative liabilities, impairment of tangible and intangible assets and other contingencies.

Principles of Consolidation

~~The Company~~Our ~~accounts~~consolidated ~~for~~financial ~~investments~~statements ininclude ~~subsidiaries~~the inaccounts ~~accordance with Statement~~ of ~~Financial~~ ~~Accounting~~China ~~Standard~~Crescent ~~(“SFAS”)~~Enterprises, NoInc. 94, ~~“Consolidation~~and of all ~~Majority~~ our wholly-owned ~~Subsidiaries”,~~ and Accounting Research Bulletin (“ARB”) No. 51, “Consolidated Financial Statements.” The Company uses the consolidation method to report its investment in its subsidiaries and other companies when the Company owns a majority-owned ~~of the voting stock of the subsidiary~~subsidiaries. All ~~inter-company~~significant ~~balances~~intercompany ~~and~~ transactions have been eliminated in consolidation.

Fair Value of Financial Instruments

~~Statement of~~On ~~Financial~~January ~~Accounting~~1, ~~Standards~~2008, ~~(“SFAS”)~~we ~~157,~~adopted ~~“Fair~~the ~~Value~~standard ~~Measurements”,~~ that defines fair value, establishes a framework for measuring fair value in GAAP and expands ~~disclosures~~ ~~for~~disclosure ~~each~~about ~~major~~fair ~~asset~~value ~~and~~measurements. ~~liability~~This ~~category~~standard ~~measured~~defines at fair value on ~~either~~as athe ~~recurring~~amount that would be received upon sale of an asset or ~~nonrecurring~~paid ~~basis. As~~to transfer a ~~basis~~liability in the principal or most advantageous market for ~~considering~~ ~~assumptions,~~the ~~SFAS~~asset ~~157~~or ~~established~~liability in an orderly transaction between market participants on the measurement date. It also establishes a ~~three-tier~~fair value hierarchy which prioritizes the types of inputs ~~used~~to invaluation ~~measuring~~techniques that companies may use to measure fair value. asThe ~~follows:~~fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1). The next highest priority is given to inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly (Level 2). The lowest priority is given to unobservable inputs in which there is little or no market data available and which require the reporting entity to develop its own assumptions (Level 3).

· Level 1 – Quoted prices for identical instruments in active markets

· Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in non-active markets, or model-driven valuations in which all significant inputs are observable in active markets

· Level 3 – Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions

SFAS 157 does not impose fair value measurements on items not already accounted for at fair value; it applies to other accounting pronouncements that either require or permit fair value measurements.

Certain assets and liabilities are measured at fair-value on a non-recurring basis. These assets include goodwill and intangible assets and are the result of acquisitions. Items valued using internally generated valuation techniques are classified according to the lowest level input. Thus an item may be classified as Level 3 and such instruments are not measured at fair value on n ongoing basis but are subject to fair value adjustments in certain circumstances, for example when there is evidence of impairment.

Cash and Cash Equivalents

~~The Company~~We ~~considers~~consider all highly liquid investments with an original maturity of three months or less and money market instruments to be cash equivalents.

Inventory

Inventory, which consists primarily of finished goods, is stated at the lower of cost or market. Cost is determined using the weighted average method.

Property and Equipment

Property and equipment are stated at cost. Depreciation is provided by use of the accelerated method over the estimated useful lives of the related assets, which range from five to seven years.

Revenue Recognition

~~The Company~~We isare engaged in the business of resale of computer hardware and software and IT consulting services in the People’s Republic of China (“China”). Revenue from product sales, which accounts for the substantial majority of revenue, is recognized upon delivery. IT Consulting services are invoiced under a time and materials contract. Revenue is recognized as time is spent on hourly rates, which are negotiated with the customer, plus the cost of any allowable material costs and out-of-pocket expenses.

~~Foreign Currency Transaction and~~ Translation ~~Gains (Losses)~~Adjustment

The ~~Company’s~~ ~~principal~~Chinese Renminbi ("RMB"), the national currency of the China, is the primary currency of the economic environment in which our operations are ~~located~~conducted. inWe ~~China~~use the United States dollar ("U.S. ~~The~~dollars") ~~Company~~for ~~invoices customers~~financial inreporting ~~RMB,~~purposes. Our results of operations and cash flows are translated at the ~~local~~average ~~currency~~exchange rates during the period, assets and ifliabilities are translated at the ~~payment~~exchange ~~received~~rates isat ~~denominated in~~the abalance ~~foreign~~sheet ~~currency~~dates, ~~the~~and ~~payment~~equity is translated ~~and~~at the ~~Company~~historical ~~records~~exchange rates. As a ~~foreign~~ ~~currency~~result, ~~transaction~~amounts ~~gain~~related orto ~~loss~~assets inand ~~accordance~~liabilities ~~with~~reported ~~Statement~~on the consolidated statements of ~~Financial~~ ~~Accounting~~cash ~~Standards~~flows ~~(“SFAS”)~~will ~~52,~~not ~~“Foreign~~necessarily ~~Currency Translation”~~agree with changes in the corresponding balances on the consolidated balance sheets.

Derivative Instruments

~~SFAS~~ASC ~~133~~815-10, ~~“Accounting~~ ~~for~~Derivatives ~~Derivative Instruments~~ and Hedging ~~Activities”~~, ~~as amended,~~ establishes accounting and reporting standards requiring that every derivative instrument be recorded in the balance sheet as either an asset or liability measured at fair value, and that changes in fair value be recognized currently in earnings (loss) unless specific hedge accounting criteria are met.

Stock-Based Compensation

~~The Company~~We ~~has~~have two stock option plans which permit the granting of shares to attract, retain and motivate employees, directors and consultants. ~~Options~~We ~~are~~record ~~generally~~compensation ~~granted~~expense ~~with~~for anshare-based ~~exercise~~awards ~~price equal~~issued to ~~the~~employees ~~market~~and ~~price~~directors ofin ~~the~~exchange ~~common~~for ~~stock~~services provided. The amount of the ~~Company~~compensation expense is based on the ~~date~~estimated fair value of the ~~grant~~ ~~and~~awards ~~with~~on ~~vesting~~their ~~rates,~~grant asdates ~~determined~~and byis recognized over the ~~Board~~requisite ~~of Directors~~service periods. ~~The~~ ~~Company~~Our ~~accounts~~share-based ~~for~~awards include stock~~-based~~ ~~compensation~~options, ~~in accordance~~warrants ~~with~~and ~~SFAS~~restricted ~~123(R),~~stock ~~“Share~~awards. We use the Black-~~Based~~Scholes-Merton ~~Payment”~~option-pricing ~~which~~model ~~requires~~(“Black-Scholes”) ~~measurement~~to ~~of compensation~~measure ~~cost~~fair ~~for~~value ~~all~~of ~~stock~~these share-based awards. atThe ~~fair~~Black-Scholes ~~value~~model onrequires us to make significant judgments regarding the ~~date~~assumptions ~~of grant. Determining~~used within the ~~fair~~model, ~~value~~the ofmost ~~share-based~~significant ~~awards~~of atwhich are the ~~grant date~~expected ~~requires~~stock price volatility, the ~~use~~expected life of ~~estimates. Actual~~the ~~results~~option award, ~~and~~the ~~future changes~~risk-free inrate ~~estimates,~~of ~~may~~return ~~differ~~and ~~from~~dividends during the ~~current~~expected ~~estimates~~term.

There were no options granted during the three months ended ~~June~~ ~~30,~~March ~~2009~~31, ~~and all options granted prior to the adoption of SFAS 123(R) and outstanding during the periods presented were fully vested~~2010.

~~Net Income~~Earnings Per Share

~~The Company~~Earnings ~~has~~per ~~adopted~~share ~~SFAS~~is ~~128~~calculated in accordance with ASC 260-10, “Earnings Per Share”,. Basic ~~specifying~~net ~~the~~income ~~computation, presentation~~(loss) ~~and~~per ~~disclosure~~share ~~requirements~~is ofcomputed ~~earnings~~by ~~per~~dividing ~~share information. Basic~~the ~~earnings~~net ~~per~~income ~~share~~(loss) ~~have~~for ~~been~~the ~~calculated~~period ~~based~~by ~~upon~~ the weighted -average number of common shares outstanding during the period presented. Diluted ~~earnings~~net income (loss) per share ~~reflects~~for the ~~potential~~period ~~dilution~~is ~~that~~computed ~~could~~by ~~occur~~dividing ifnet ~~securities~~income or(loss) ~~other contracts~~for tothe ~~issue~~period ~~common~~by ~~stock~~the ~~were~~weighted ~~exercised~~average ornumber ~~converted~~of ~~into~~ common ~~stock~~shares ~~or resulted~~outstanding induring the ~~issuance~~period, ofincreased by potentially dilutive common ~~stock~~shares (“dilutive securities”) that ~~then~~were ~~shared~~outstanding induring the ~~earnings~~period. Dilutive ofsecurities ~~the entity~~include options granted pursuant to our stock option plan, stock warrants and convertible debt and convertible preferred stock.

Income Taxes

Income taxes are accounted for by the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income (loss) in the period that includes the enactment date. A valuation allowance is established when necessary to reduce deferred tax assets to amounts expected to be realized.

Comprehensive Income

~~SFAS~~Comprehensive ~~130, “Reporting~~income ~~Comprehensive~~(loss) ~~Income”,~~is ~~requires~~defined as the ~~reporting~~change ~~and~~in ~~display~~equity of ~~comprehensive~~ ~~income~~a ~~and~~business ~~its~~enterprise ~~components. SFAS~~during ~~130~~a ~~requires~~period ~~unrealized gains~~from transactions and ~~losses~~other onevents ~~our~~and ~~available~~circumstances ~~for~~from ~~sale~~non-owner ~~securities~~sources. For tothe beCompany, ~~included in~~ comprehensive income as(loss) ~~well~~consists asof ~~gains~~its ornet ~~losses~~income ~~due~~(loss), tothe ~~foreign~~change in the currency translation ~~adjustments~~adjustment.

Recently Issued Accounting Standards

In ~~April~~ October 2009, the FASB issued ~~FSP~~ASU ~~SFAS No. 107~~2009-113, ~~and~~Multiple ~~Accounting~~Deliverable ~~Principles~~Revenue ~~Board~~Arrangements (“~~APB~~ASU 2009-13”) ~~Opinion~~ ~~No.~~which 28established guidance for accounting for multiple-1,deliverable ~~“Interim~~revenue ~~Disclosures~~arrangements. This ~~about~~guidance ~~Fair~~establishes ~~Value~~a ofselling ~~Financial Instruments”~~price ~~(“FSP~~hierarchy ~~SFAS~~for ~~No.~~determining ~~107-1~~the ~~and~~selling ~~APB~~price ~~Opinion~~of ~~No.~~a ~~28-1”). FSP SFAS~~deliverable; ~~No.~~eliminates ~~107-1~~the ~~and~~residual ~~APB~~method ~~Opinion~~of ~~No.~~allocation ~~28-1~~and ~~amends~~requires ~~SFAS~~arrangement ~~No.~~consideration ~~107,~~be ~~“Disclosures~~allocated ~~about Fair~~at ~~Value~~the inception of ~~Financial~~the ~~Instruments”~~arrangement ~~and~~to ~~APB~~all ~~Opinion~~deliverables ~~No.~~using ~~28,~~the ~~“Interim~~relative ~~Financial Reporting,”~~selling price method; and requires a vendor to ~~require~~determine ~~disclosures~~its ~~about~~best ~~fair~~estimate ~~value~~selling price in a manner consistent with that used to determine the selling price of ~~financial~~the ~~instruments~~deliverable ~~for interim~~on ~~reporting~~a ~~periods~~stand-alone basis. ~~The~~This ~~adoption~~guidance ofalso ~~FSP~~expands ~~SFAS~~the ~~No.~~required ~~107-1~~disclosures ~~and~~related ~~APB Opinion~~to ~~No.~~a 28vendor’s multiple-1deliverable ~~for~~revenue ~~the~~arrangements. The ~~period~~guidance ~~ended~~is ~~June~~effective 30beginning July 15, ~~2009 did~~2010 with early adoption permitted. The Company does not believe the adoption of this standard will have a material impact on ~~the~~ ~~Company’s~~its ~~consolidated~~results of operations, financial ~~statements~~ condition, cash flows or disclosures.

In ~~May 2009~~ January 2010, the FASB issued ~~SFAS~~ASU ~~No. 165~~2010-06, ~~“Subsequent~~Improving ~~Events”~~Disclosures about Fair Value Measurements (“~~SFAS~~ASU ~~No. 165~~2010-06”). ~~SFAS~~ ASU ~~No.~~2010-06 ~~165~~amends ~~requires~~FASB anAccounting ~~entity~~Standards Codification Topic 820, Fair Value Measurements and Disclosures (“ASC 820-10”), to ~~disclose~~require ~~the~~additional ~~date~~disclosures ~~through~~regarding ~~which the~~fair ~~entity~~value ~~has~~measurements. The ~~evaluated~~amended ~~subsequent~~guidance ~~events~~requires entities to disclose additional information regarding assets and ~~whether~~liabilities that ~~evaluation~~are ~~date~~transferred ~~is the~~between ~~date~~levels ~~financial~~of ~~statements~~the ~~are~~fair ~~issued~~value hierarchy. This ~~SFAS~~guidance ~~165~~ is effective for ~~interim~~ annual reporting periods beginning after ~~June~~December 15, 2009, except for Level 3 reconciliation disclosures which are effective for annual periods beginning after December 15, 2010. The Company does not expect the adoption of ~~SFAS~~this ~~165~~guidance ~~did~~to ~~not~~ have a material ~~effect~~impact on ~~the~~its ~~Company’s consolidated~~ financial statements.

In June 2009, the FASB issued SFAS No. 166, “Accounting for Transfers of Financial Assets, an Amendment of FASB Statement No. 140” (“SFAS No. 166”). SFAS No. 166 eliminates the concept of a “qualifying special-purpose entity,” changes the requirements for derecognizing financial assets, and requires additional disclosures about transfers of financial assets. SFAS No. 166 is effective for annual reporting periods after November 15 2009. The adoption of the provisions of SFAS No. 166 is not anticipated to have a material impact on the Company’s consolidated financial statements.

In June 2009, the FASB issued SFAS No. 167, “Amendments to FASB Interpretation No. 46(R)” (“SFAS No. 167”). SFAS No. 167, among other things, requires a qualitative rather than a quantitative analysis to determine the primary beneficiary of a variable interest entity (“VIE”), amends FIN 46(R)’s consideration of related party relationships in the determination of the primary beneficiary of a VIE, requires continuous assessment of whether an enterprise is the primary beneficiary of a VIE, and requires enhanced disclosures about an enterprise’s involvement with a VIE. SFAS No. 167 is effective for annual reporting periods after November 15 2009. The adoption of the provisions of SFAS No. 167 is not anticipated to have a material impact on the Company’s consolidated financial statements.

In July 2009, the FASB issued SFAS No. 168, “FASB Accounting Standards Codification” (“SFAS No. 168”), as the single source of authoritative nongovernmental U.S. GAAP. All existing accounting standards are superseded as described in SFAS No. 168. All other accounting literature not included in the codification is non-authoritative. SFAS No. 168 is effective for interim and annual periods ending after September 15, 2009. The adoption of the provisions of SFAS No. 168 is not anticipated to have a material impact on the Company’s consolidated financial statements.

2. DESCRIPTION OF BUSINESS:

NewMarket China was formed in 2006 as a wholly-owned subsidiary of NewMarket Technology, Inc. (“NewMarket ~~Technology~~”), a technology and systems integration company based in Dallas, Texas. ~~The~~Our ~~Company’s~~ headquarters is located in Dallas but the primary operations are currently in the People’s Republic of China (“China”). To date, the majority of ~~the~~our ~~Company’s~~ sales have been information technology products and services sold within China. These services are provided through ~~the~~our ~~Company’s~~ subsidiaries as detailed below:

· Clipper Technology, Ltd. (“~~ClpTec~~CLPTEC”): A Wholly Owned Foreign Entity (“WOFE”) registered in Shanghai, China, which provides consulting, development, implementation, and maintenance of technology systems which include both software and hardware peripherals for computing, communication, and data exchanges related to general business applications as well as the specialty fields of medical, security, military and homeland defense applications. CLPTEC may also engage in the prototype development of security systems as well as OEM sourcing for production of hardware related to the above business activities.

Clipper Huali Co., Ltd. (“Clipper-Huali”). Clipper-Huali was originally formed as a collaborative business enterprise between ClpTec and a consortium of Chinese technology firms called The Huali Group, Ltd. (“Huali”). Clipper-Huali is registered in the City of Ningbo, China. Effective April 1, 2009, Clipper-Huali is owned 76% by ClpTec and 24% by Huali. Clipper-Huali is engaged in the sales, distribution and integration of IT products including notebook and desktop computers, printers, servers, network equipment, and peripheral devices from a number of global brand partners and is also an authorized reseller of operating systems, database, middleware and other software applications.

In· ~~October 2006,~~Dalian ~~Intercell~~Aoyuan ~~International~~Electronic ~~Corporation~~Technology Services Co., Ltd. (“~~Intercell~~DAETS”). ~~executed~~DAETS anis ~~Agreement and~~a ~~Plan~~wholly-owned ofsubsidiary ~~Reorganization~~that ~~(the~~was ~~“Agreement”)~~acquired ~~with~~by ~~NewMarket~~CLPTEC ~~China~~in December 2009 from Aoyuan Electronic Company, ~~Inc. The~~ ~~Agreement~~Ltd., ~~provided~~located ~~for~~in ~~Intercell~~Dalian, toChina, ~~acquire~~which ~~from~~was ~~NewMarket Technology~~established ~~our~~in ~~subsidiary through~~March ~~the~~1995. ~~exchange~~Aoyuan ~~of all~~is one of the ~~issued~~top ~~and~~500 ~~outstanding~~computer ~~stock~~hardware ofsuppliers ~~NewMarket~~in China, ~~Inc.,~~and is listed as one ~~thousand~~of ~~(1,000) shares~~the ~~held~~“Top 100 Northeast Regional Computer Suppliers” by ~~NewMarket~~First ~~Technology~~Chinese ~~for two~~Computer ~~million~~Vendors. (2In 2004,~~000,000) restricted~~ ~~common~~Aoyuan ~~shares~~was awarded “Best IT Distributor of ~~Intercell.~~Northeast AsChina” aand ~~result~~received ofISO9001 certification by SGS in the ~~Agreement~~United Kingdom. Aoyuan’s staff operate several business segments, ~~NewMarket China~~including ~~became~~computer asoftware ~~wholly-owned~~and ~~subsidiary~~hardware ofsales, ~~Intercell~~system integration, IT consulting services, IT product promotion and IT retail sales.

In· ~~a separate~~Shenzhen ~~agreement~~Newbao Technology Co., ~~NewMarket~~Ltd. ~~Technology~~(“Newbao”). ~~agreed~~Newbao tois ~~purchase~~a ~~250,000~~wholly-owned ~~shares~~subsidiary ofthat ~~a Series~~was Aacquired ~~Preferred~~by ~~Stock~~CLPTEC ~~(“Series~~in ADecember ~~Preferred”)~~2009 from ~~Intercell~~China ~~for~~Radio ~~$250~~Technology Co.,~~000~~ Ltd., ~~The shares~~an ~~have~~Original aDesign ~~par~~Manufacturer ~~value~~located ofin ~~$0.001~~Shenzhen, ~~per~~China, ~~share~~that designs and manufactures a ~~purchase~~wide ~~price~~range of $1wireless products specified by customers throughout Asia.00 ~~per share~~The company’s primary product focus involves wireless communication terminals (GSM, GSM/GPRS modules, GPS modules, GPS trackers, and ~~bear~~Personal noNavigation ~~dividend~~Devices). The ~~shares~~core ~~are~~research ~~convertible~~and ~~into~~development ~~60%~~staff averages more than 5 years of ~~our~~ ~~issued~~professional experience, and ~~outstanding~~provides ~~common~~customers ~~stock~~with ~~any~~industrial ~~time~~design ~~after~~(ID), ~~August~~mechanical 31design (MD), ~~2006.~~hardware ~~The shares~~design ~~have~~(HW), asoftware ~~voting~~design ~~right~~(SW), ~~equal~~manufacturing, totest ~~60%~~and ofevaluation ~~our~~(T&E) ~~issued~~, and ~~outstanding~~quality ~~common stock~~assurance (QA) services covering the full range of wireless communication solutions for intelligent terminals.

As a result of this reorganization, stockholders’ equity has been adjusted to reflect the effect of this transaction.

In June 2008, the Company changed its name to China Crescent Enterprises, Inc.

3. DISCONTINUED OPERATIONS:

Brunetti Acquisition

On October 20, 2003, the Company acquired a controlling 60% equity interest in Brunetti in exchange for a $700,000 cash contribution to Brunetti. On January 30, 2004, the Company acquired the remaining 40% equity interest in Brunetti in exchange for a $300,000 cash contribution to Brunetti.

On October 11, 2004, the Company discontinued the operations of Brunetti and implemented steps to liquidate the assets of Brunetti. On March 1, 2005, Brunetti filed a voluntary petition for relief in the United States Bankruptcy Court, District of Colorado under Chapter 7 of Title 7 of the U.S. Bankruptcy Code.

At ~~September~~ 30March 31, ~~2009~~2010, the carrying values of Brunetti’s assets and liabilities (presented as assets and liabilities of discontinued operations) are as follows:

Cash	$	9,377
Total assets (all current)	$	9,377

Accounts payable	$	179,473
Related party payable		25,035
Line of credit		10,735
Accrued payroll		93,440
Total liabilities (all current)	$	308,683

Brunetti reported no revenues or income during the three months ended ~~September~~March 3031, ~~2009~~ 2010. Operations related to Brunetti resulted in a net loss during the year ended December 31, ~~2008~~2009 and ~~2007~~2008 of $0 and $0, respectively. Brunetti did not incur any income taxes during these periods.

4. ~~INVESTMENT~~ STOCKHOLDER’S ~~IN VYTA CORP.~~EQUITY:

At September 30, 2009, the Company owns 23,245 shares of the common stock of Vyta Corp. Beginning October 21, 2003, based on factors which indicated that the Company did not have the ability to exercise significant influence, the Company changed the method of accounting for the Vyta Corp shares (except for those which are subject to underlying warrants, which are carried at cost) to the method of accounting prescribed by SFAS No. 115, “Accounting for Certain Investments in Debt and Equity Securities”. The Company had previosuly classified its investment in these Vyta Corp shares as available-for-sale securities, in which unrealized gains (losses) are computed on the average cost basis, and are recorded in other comprehensive income (loss). On May 15, 2009, the management of Vyta announced that the company had ceased operations. As a result, the remaining value of the investment ($139 as of June 30, 2009) has been written off as of September 30, 2009.

5. STOCKHOLDER’S EQUITY:

Common Stock

The Company has authorized 1,000,000,000 shares of $0.001 par value of common stock. The Company had 81374,~~638~~755,~~107~~144 shares of common stock issued and outstanding at ~~September~~March 3031, ~~2009~~2010.

During the ~~third~~ first quarter of ~~2009~~2010, ~~the~~we ~~Company~~ issued 61141,~~607~~384,~~867~~544 shares of common stock as follows:

· InThe ~~July 2009, the~~ Company issued 1826,~~192~~266,~~312~~907 shares of common stock pursuant to anseveral ~~agreement~~agreements to exchange $~~363~~169,~~847~~776 in short-term debt for equity.

· InThe ~~August 2009, the~~ Company issued 2517,~~716~~507,~~333~~717 shares of common stock pursuant to antwo ~~agreement~~agreements to exchange $~~592~~94,~~000~~833 in ~~short-term~~trade ~~debt~~payables for equity.

· InThe ~~September 2009, the~~ Company issued 1797,~~699~~609,~~222~~920 shares of common stock pursuant to an agreement to ~~exchange~~convert $~~442~~576,~~481~~060 inof ~~short-term~~a ~~debt~~note ~~for~~payable into equity.

On May 12, 2009, the Company announced the effectiveness of a 25-for-1 reverse stock split. The financial statements have been adjusted to reflect this change in stockholder’s equity. Additionally, the Company’s new trading symbol for the common stock on the OTC Bulletin Board is CCTR.

Preferred Stock

The Company has authorized 20,000,000 shares of $0.001 par value preferred stock. The rights and privileges of the preferred stock are determined by ~~the~~our Board of Directors prior to issuance. ~~The Company had 250,000 shares of Series A Preferred and 750 shares of Series B Preferred stock issued and outstanding at September 30, 2009.~~

OnIn ~~April 1,~~November 2009, pursuant to the terms of the Equity Reorganization Agreement between the Company ~~issued~~and ~~750~~NewMarket, NewMarket agreed to tender 250,000 shares of Series BA Preferred Stock to the Company in exchange for the issuance of 10,000 shares of Series C Convertible Preferred Stock and 5, $000 shares of Series D Preferred Stock.~~001~~ The ~~par~~Series ~~value,~~C ~~$1,000~~Convertible ~~per~~Preferred ~~share~~Stock ~~stated~~bears ~~value,~~no individend ~~conjunction~~and ~~with~~is convertible into 25 million shares of common stock of the ~~previously~~ ~~announced~~Company ~~acquisition~~upon bythe ~~ClpTec~~effectiveness of ana ~~additional~~registration ~~25%~~statement ~~interest~~with ~~in Clipper-Huali~~the ~~from~~Securities ~~Huali,~~and ~~bringing~~Exchange ~~its~~Commission. The ~~total~~Series ~~ownership~~D inPreferred ~~Clipper-Huali~~Stock tobears ~~76%~~ no dividend and ~~reducing~~the ~~Huali’s~~holders ~~ownership~~have ~~interest~~voting rights at all times equal to 2451% of the total outstanding shares of our common stock.

65. STOCK OPTIONS AND WARRANTS:

Stock Options

The Company established a Compensatory Stock Option Plan (the “1995 Plan” or the “Option Plan”) and had reserved 10400,000~~,000~~ shares of common stock for issuance under the Option Plan. Incentive stock options were granted under the Option Plan at prices not less than 110% of the fair market value of the stock at the date of grant, and nonqualified options were granted at not less than 50% of the stock’s fair market value at the date of grant or the date the exercise price of any such option is modified. Vesting provisions were determined by the Board of Directors. All stock options expire 10 years from the date of grant.

The following table summarizes information about stock options outstanding as of ~~September~~ 30March 31, ~~2009~~2010:

Options Outstanding			Options Exercisable
Range of Exercise Prices	Number of Options	Remaining Contractual Life	Weighted Average Exercise Price	Number of Options	Exercise Price
$3.50-12.75	190,000	43-54 years	$ 10.7586	190,000	$3.50-12.75

In August 2008, ~~the~~we ~~Company~~ established a Stock Option and Award Plan (the “2008 Plan”) and ~~has~~ reserved 10400,000~~,000~~ shares of common stock for issuance under the 2008 Plan. Under the 2008 Plan, incentive stock options are granted at prices not less than 100% of the fair market value of the stock at the date of grant, and nonqualified options are granted at prices determined by the Board of Directors. Vesting provisions are determined by ~~the~~our Board of Directors. There have been no grants made under the 2008 Plan as of ~~September~~ 30March 31, ~~2009~~2010.

Warrants

At ~~September~~ 30March 31, ~~2009~~2010, there were no warrants to purchase common stock outstanding.

6. SEGMENT INFORMATION:

Operating segments are defined as components of an enterprise about which separate financial information is available, where the chief operating decision-maker evaluates regularly in determining allocation of resources and assessing performance. We have determined that we do not have any separately reportable operating segments and therefore operate and evaluate our business as one reporting unit.

7. SUBSEQUENT EVENTS:

InWe ~~March 2009,~~have ~~NewMarket~~evaluated ~~Technology,~~subsequent ~~the~~events ~~holder~~from of the ~~Company’s~~balance ~~Series~~sheet Adate ~~Preferred, announced~~through ~~their~~the ~~intention~~date tothe ~~exchange~~financial ~~their~~statements ~~shares~~were ~~of Series A Preferred for two new classes of preferred stock~~issued. ~~The~~We ~~proposed~~are ~~Series~~not Caware ~~Preferred Shares~~of ~~will~~any besubsequent aevents ~~non-convertible preferred stock~~ which ~~will~~would ~~represent~~require ~~a controlling~~recognition ~~interest~~or indisclosure the Company. The proposed Series D Preferred Shares will be designated for conversion into common stock to be used as a stock dividend distribution to NewMarket Technology, Inc. shareholders. This share exchange will be completed in the ~~fourth~~financial ~~quarter of 2009~~statements.

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

Safe Harbor for Forward-Looking Statements

The following discussion should be read in conjunction with our condensed consolidated financial statements and the related notes included elsewhere in this report.

Information contained herein contains forward-looking statements, You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Forward-looking statements include information concerning our possible and assumed future results of operations, including descriptions of our business strategy. The statements often include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or other similar expressions. These statements are based on assumptions that we have made in light of our experience and well as perceptions of historical trends, current conditions, expected future developments, and other factors we believe are appropriate under the circumstances. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual financials results or results of operations and could cause actual results to differ materially from those on the forward-looking statements. These factors include, but are not limited to, competition from existing and future competitors, failure to maintain and develop business, failure to increase or maintain the number of customers we have, downturns in the economies and/or industries that we serve, and the failure to attract or keep qualified professionals we employ. These factors and others discussed in detail in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended December 31, ~~2008~~2009 under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” You should keep in mind that any forward-looking statements made by us herein, or elsewhere, speaks only as of the date on which we made it. New risks and uncertainties come up from time to time, and it is impossible for us to predict these events or how they may affect us. We have no obligation to update any forward-looking statements after the date hereof, except as required by federal securities laws.

Links to all of our filings, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, information statements and other material information concerning us are available on the Investor Relations page of our website at www.ChinaCrescent.com .

Critical accounting policies

The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Our management evaluates these estimates on an on-going basis including those related to the collection of accounts receivable, inventory, sales returns, and non-monetary transactions such as stock-based compensation, impairment of intangible assets and derivative liabilities. Actual results may differ from these estimates. A discussion of critical accounting policies and the related judgments and estimates affecting the preparation of the consolidated financial statements is included in our Annual Report on our Form 10-K for the year ended December 31, ~~2008~~2009, as filed with the Securities and Exchange Commission. There have been no material changes to these critical accounting policies as of ~~September~~March 3031, ~~2009~~2010.

Plan of Operations

In February 2010, Paul K. Danner resigned as our Chief Executive Officer and a Director and Dr. James Jiang was appointed President and Chief Executive Officer of the Company.

In March 2010, we executed a non-binding letter of intent (the “Fonix LOI”) under which CLPTEC, our wholly-owned subsidiary based in Shanghai, China, would acquire 100% of Shanghai Gaozhi Software Systems, Ltd. (“Gaozhi”), a telecommunications software developer, from Fonix Corporation (“Fonix”) in exchange for the issuance of a newly authorized series of preferred stock, the terms and conditions of which are subject to negotiation. The transaction is subject to the parties successfully entering into a definitive agreement. It is anticipated that this transaction will close in the third quarter of 2010.

Simultaneous with the execution of the Fonix LOI, we entered into a one-year management agreement with Fonix under which CLPTEC will assist in the management of Gaozhi until the execution of a definitive agreement between the parties for the acquisition of Gaozhi by CLPTEC.

Results of Operations

OnThree ~~March 16,~~months ~~2005,~~ended weMarch ~~filed a voluntary petition for relief in the United States Bankruptcy Court~~31, ~~District~~2010 ofcompared ~~Colorado~~to ~~under~~three ~~Chapter~~months 11ended ofMarch ~~Title 11 of the U.S. Bankruptcy Code. On April 5~~31, ~~2006, the United States Bankruptcy Court, District of Colorado dismissed the Chapter 11 proceedings.~~2009:

OnNet ~~October 20,~~sales ~~2003,~~increased we102% ~~acquired~~from a$7,429,308 ~~controlling~~for ~~60%~~the ~~equity~~quarter ~~interest~~ended inMarch ~~Brunetti~~31, ~~for~~2009 a to $~~700~~14,~~000~~987,219 ~~cash~~for ~~contribution~~the toquarter ~~Brunetti~~ended March 31, 2010. A On13% ~~January~~decrease ~~30,~~in ~~2004,~~sales weof ~~acquired~~products ~~the remaining~~through ~~40%~~our ~~equity~~Clipper-Huali ~~interest~~subsidiary in ~~Brunetti~~the ~~for~~Ningbo region was offset by revenue generated through a ~~$300,000~~new ~~cash~~outsourcing ~~contribution~~services ~~to Brunetti.~~agreement Inexecuted ~~October~~last ~~2004,~~quarter ~~the~~in ~~operations~~Shanghai. Cost of ~~Brunetti~~sales ~~were~~increased 99% ~~ceased~~from ~~and~~$6,990,855 onfor the quarter ended March 1 31, ~~2005~~2009 to $13,885,066 ~~Brunetti~~for ~~filed~~the aquarter ~~voluntary~~ended ~~petition~~March ~~for~~31, ~~relief~~2009. inThis increase was due to of the ~~United~~corresponding ~~States Bankruptcy~~increase ~~Court,~~in ~~District~~sales volume. Cost of ~~Colorado~~sales, ~~under~~as ~~Chapter~~a 7percentage of ~~Title~~revenue 7was ofapproximately 93% and 94% for the ~~U.S. Bankruptcy~~three ~~Code. At~~months ~~such~~ended ~~time~~March 31, we2010 ~~began~~and 2009, respectively. We plan to ~~account~~continue ~~for~~to pursue strategies to reduce the ~~operations~~ overall cost of ~~Brunetti~~sales as ~~discontinued~~a ~~operations~~percentage of sales as the Company grows, such as entering into higher margin outsourcing agreements.

InGeneral ~~October 2006,~~and weadministrative ~~executed~~expenses anduring ~~Agreement~~the ~~and~~three ~~Plan~~months ofended ~~Reorganization~~March ~~(“the~~31, ~~Agreement”)~~2010 ~~with NewMarket~~were ~~China~~$337,909 ~~Inc.~~compared ~~(“NewMarket~~to ~~China”~~$214,010 orfor “the ~~Company”),~~three amonths ~~wholly-owned subsidiary~~ended ofMarch ~~NewMarket~~31, ~~Technology~~2009, ~~Inc.~~an ~~(“NewMarket Technology”)~~increase of 58%. The ~~Agreement,~~increase ~~provided~~is ~~for~~primarily ~~Intercell~~attributable to ~~acquire~~expenses ~~from NewMarket~~associated ~~Technology~~with ~~its~~our ~~subsidiary,~~new ~~NewMarket~~DAETS ~~China~~and ~~through~~Newbao ~~the~~subsidiaries ~~exchange of all~~which ofwere ~~the~~acquired ~~issued~~in ~~and~~the ~~outstanding~~fourth ~~stock~~quarter of ~~NewMarket~~2009. General ~~China,~~and ~~one thousand~~administrative ~~(1,000)~~expenses ~~shares~~as ~~held~~a bypercentage ~~NewMarket~~of ~~Technology~~revenue ~~for two~~were ~~million (~~2~~,000,000)~~% ~~restricted~~and ~~common~~3% ~~shares~~for ofthe ~~Intercell.~~three Asmonths aended ~~result~~March ~~of the Agreement~~31, ~~NewMarket~~ ~~China~~2010 ~~became~~and a2009, ~~wholly-owned subsidiary of Intercell~~respectively.

~~In June~~During ~~2008~~the three months ended March 31, 2010, we ~~changed~~recognized net income of $656,983 after accounting for the ~~Company~~non-controlling ~~name~~interest in our Clipper-Huali consolidated subsidiary, compared to ~~China~~net ~~Crescent~~income ~~Enterprises~~of $111, ~~Inc. In~~832 ~~July~~during ~~2008~~the three months ended March 31, ~~Paul~~2009, Ka 487% increase. The ~~Danner~~increase ~~was~~in ~~appointed~~net ~~President~~income is attributable to an increase in gross margin for the quarter and the ~~Chief Executive~~purchase ~~Officer~~of an additional 25% interest in our Clipper-Huali subsidiary from our minority interest holder in the second quarter of 2009. Comprehensive income for the ~~Company~~three months ended March 31, 2010 was $889,024 compared to $322,620 for three months ended March 31, 2009. Comprehensive income or loss includes gains or losses in foreign currency translation adjustments and unrealized gains or losses (if any) on available-for-sale securities held.

On April 1, 2009, we issued 750 shares of Series B Convertible Preferred Stock, $.001 par value, $1,000 per share stated value, in conjunction with the previously announced acquisition by ClpTec of an additional 25% interest in Clipper-Huali from Huali, bringing our total ownership in Clipper-Huali to 76% and reducing Huali’s ownership interest to 24%.

Three months ended September 30, 2009 compared to three months ended September 30, 2008:

Net sales increased 20% from $11,144,564 for the quarter ended September 30, 2008 to $13,344,273 for the quarter ended September 30, 2009. A 13% decrease in sales of products through our Clipper-Huali subsidiary in the Ningbo region was offset by revenue generated through a new outsourcing services agreement executed last quarter in Shanghai. Cost of sales also increased 15% from $10,511,971 for the quarter ended September 30, 2008 to $12,072,141 for the quarter ended September 30, 2009. This increase was due to of the corresponding increase in sales volume. Cost of sales, as a percentage of revenue was approximately 90% and 94% for the three months ended September 30, 2009 and 2008, respectively. Our management will continue to pursue strategies to reduce the overall cost of sales as a percentage of sales as the company grows. Management will try to leverage the increased purchasing volume to improve purchasing contracts and reduce overall cost of sales.

General and administrative expenses during the three months ended September 30, 2009 were $285,020 compared to $267,216 for the three months ended September 30, 2008, an increase of 7%. The increase is primarily attributable to increased headcount in the Shanghai region to accommodate the new outsourcing arrangement with Beijing Chuangzhitongda. General and administrative expenses as a percentage of revenue were 2% and 2% for the three months ended September 30, 2009 and 2008, respectively.

During the three months ended September 30, 2009, the Company recognized net income of $743,882 after accounting for the noncontrolling interest in our Clipper-Huali consolidated subsidiary, compared to net income of $154,879 during the three months ended September 30, 2008, a 380% increase. The increase in net income is attributable to an increase in gross margin for the quarter and the purchase of an additional 25% interest in the Clipper-Huali subsidiary from our minority interest holder. Comprehensive income for the three months ended September 30, 2009 was $891,956 compared to $194,864 for three months ended September 30, 2008. Comprehensive income or loss includes gains or losses in foreign currency translation adjustments and unrealized gains or losses on investment securities held.

Nine months ended September 30, 2009 compared to nine months ended September 30, 2008:

Net sales decreased slightly from $30,335,303 for the nine months ended September 30, 2008 to $30,330,147 for the nine months ended September 30, 2009. A decrease in sales of products through our Clipper-Huali subsidiary in the Ningbo region was offset by revenue generated through the afore-mentioned outsourcing services agreement executed last quarter in Shanghai. Cost of sales decreased 5% from $28,465,539 for the nine months ended September 30, 2008 to $27,005,003 for the nine months ended September 30, 2009. This decrease was primarily due to the effect of higher gross margin revenue from the Outsourcing Services Agreement. Cost of sales, as a percentage of revenue was approximately 89% and 94% for the nine months ended September 30, 2009 and 2008, respectively. Management will continue to pursue strategies to reduce the overall cost of sales as a percentage of sales as the company grows. Management will try to leverage the increased purchasing volume to improve purchasing contracts and reduce overall cost of sales.

General and administrative expenses during the nine months ended September 30, 2009 were $814,344 compared to $816,219 for the nine months ended September 30, 2008, a decrease of .2%. The decrease is primarily attributable to decreased headcount in the Ningbo region, which was offset by a small increase in headcount in Shanghai during the third quarter. General and administrative expenses as a percentage of revenue were 3% and 3% for the nine months ended September 30, 2009 and 2008, respectively.

During the nine months ended September 30, 2009, the Company recognized net income of $1,878,954 after accounting for the noncontrolling interest in a consolidated subsidiary, compared to net income of $516,999 during the nine months ended September 30, 2008, a 263% increase. The increase in net income is attributable to an increase in gross margin during the third quarter and the purchase of an additional 25% interest in the Clipper-Huali subsidiary from our minority interest holder in the second quarter of 2009. Comprehensive income for the nine months ended September 30, 2009 was $1,563,408 compared to $913,669 for nine months ended September 30, 2008. Comprehensive income or loss includes gains or losses in foreign currency translation adjustments and unrealized gains or losses on investment securities held.

Liquidity and Capital Resources

Our cash balance at ~~September~~March 3031, ~~2009~~2010 decreased $~~253~~557,~~480~~773, from $23,~~600~~977,~~498~~382 as of December 31, ~~2008~~2009, to $23,~~347~~419,~~018~~609. The decrease was the result of cash used in operating activities of $1474,~~505,079,~~313 ~~offset~~and by cash ~~provided~~used byin investing activities of $10504,~~226~~528, offset by cash provided by financing activities of $~~575~~205,~~586~~256 and the effect of exchange rates on cash of $~~665~~215,~~897~~812. Operating activities for the ~~nine~~ three months ended ~~September~~March 3031, ~~2009~~2010, exclusive of changes in operating assets and liabilities, provided $2733,~~516~~044,~~633,~~ as well as an increase in accrued expenses and other payables of $~~271~~651,~~184,~~293 ~~offset~~and by an increase in accounts ~~receivable~~payable ~~and inventory~~ of $3476,~~068~~249,~~099,~~ offset by an increase in ~~supplier advances~~accounts receivable and inventory of $~~981~~1,~~122~~552,071 and aan ~~decrease~~increase in ~~accounts~~supplier ~~payable~~advances of $~~243~~782,~~675~~828.

In recent years, we have funded our working capital requirements principally through borrowings under bank lines of credit, term loans, and issuances of common stock in exchange for debt. To the extent our operations are not sufficient to fund our capital requirements, we may enter into aadditional revolving loan ~~agreement~~agreements with a financial institution, or attempt to raise additional capital through the sale of additional common or preferred stock or through the issuance of additional debt. To the extent that we raise additional capital or settle existing liabilities through the sale or issuance of equity or convertible debt securities, the ownership interest of our existing stockholders will be diluted, and the terms may include liquidation or other preferences that adversely affect the rights of our stockholders. Debt financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring debt, making capital expenditures or declaring dividends. The current financing environment in the United States is exceptionally challenging and we can provide no assurances that we could raise capital either for operations or to finance an acquisition.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition, revenues, results of operations, liquidity or capital expenditures.

Impact of Inflation

We believe that inflation has not had a material impact on our results of operations for the three months ended March 31, 2010 and 2009

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to market risk from changes in foreign currency exchange rates, including fluctuations in the functional currency of foreign operations. The functional currency of operations outside the United States is the respective local currency. Foreign currency translation effects are included in accumulated comprehensive income in shareholder’s equity. We do not utilize derivative financial instruments to manage foreign currency fluctuation risk.

Item 4. Controls and Procedures

~~Evaluation~~Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

As of ~~September~~ ~~30,~~the ~~2009~~end of the period covered by this report, we conducted an evaluation, under the supervision and ~~participation~~ ofwith ~~management,~~the ~~including~~participation of our ~~Chief~~chief ~~Executive~~executive ~~Officer~~officer and ~~Chief Financial~~chief ~~Officer~~financial ~~(the~~officer ~~“Certifying Officers”) to evaluate the effectiveness~~ of our disclosure controls and procedures (as ofdefined ~~the~~in ~~end of the period covered by this report, as required by~~ Rule 13a-15(e) ~~under~~and ~~the~~Rule ~~Securities~~15d-15(e) ~~Exchange Act~~ of ~~1934~~ (the “Exchange Act”). Based onupon ~~that~~this evaluation, ~~the~~our ~~Certifying Officers~~chief ~~have~~executive officer and chief financial officer concluded that our disclosure controls and procedures ~~were~~ are effective ~~at the reasonable assurance level~~ to ~~timely~~ensure ~~alert~~that ~~management of~~ information required to be disclosed by ~~the~~us ~~Company~~ in the reports ~~filed~~that we file or submit under the Exchange Act~~. In~~ ~~designing~~is: (1) accumulated and ~~evaluating~~communicated ~~the~~to ~~disclosure~~our ~~controls~~management, including our chief executive officer and ~~procedures~~ chief financial officer, ~~management~~as ~~recognized~~appropriate ~~that~~to ~~any~~allow ~~controls~~timely ~~system~~decisions ~~cannot~~regarding ~~provide absolute~~required ~~assurance~~disclosure; ~~that~~and ~~the~~(2) ~~objectives~~recorded, ofprocessed, summarized and reported, within the ~~controls~~time ~~system~~periods ~~are~~specified ~~met,~~in the SEC's rules and forms. There was no ~~evaluation~~ ofchange to our internal controls ~~can~~or ~~provide~~in ~~absolute~~other ~~assurance~~factors that ~~all~~could ~~control~~affect ~~issues and~~these ~~instances~~controls ofduring ~~fraud~~our last fiscal quarter that has materially affected, ifor ~~any~~is reasonably likely to materially affect, ~~within~~our ainternal ~~company~~control ~~have~~over ~~been detected~~financial reporting.

Changes in Internal ~~Controls over~~Control Over Financial Reporting

There ~~were~~ was no ~~changes~~change into our internal controls ~~over~~or ~~financial~~in ~~reporting~~other factors that ~~occurred~~could ~~during the~~affect ~~period~~these ~~covered~~controls byduring ~~this~~our ~~report~~last fiscal quarter that ~~have~~has materially affected, or ~~are~~ is reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

~~In the normal course of business, we become involved in various legal proceedings~~None. Although the final outcome of such proceedings cannot be predicted, we are not currently aware of any such legal proceedings or claims that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition, or results of operations.

Item 1A. Risk Factors

As of ~~September~~ 30March 31, ~~2009~~2010, there have been no material changes to the risk factors disclosed in Part I, Item 1 to our annual report on Form 10-K for the year ended December 31, ~~2008~~2009.

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

~~Set forth below is information regarding the issuance and sale of our securities without registration during the three month period ended September 30, 2009:~~None.

· In July 2009, the Company issued 18,192,312 shares of common stock pursuant to an agreement to exchange $363,847 in short-term debt for equity.

· In August 2009, the Company issued 25,716,333 shares of common stock pursuant to an agreement to exchange $592,000 in short-term debt for equity.

· In September 2009, the Company issued 17,699,222 shares of common stock pursuant to an agreement to exchange $442,481 in short-term debt for equity.

Each of the above issuances was deemed to be exempt under rule 506 of Regulation D and/or Section 4(2) of the Securities Act of 1933, as amended. No advertising or general solicitation was employed in offering the securities. The offerings and sales were made to a limited number of persons, all of whom were accredited investors, business associates of our company or executive officers of our company, and transfer was restricted by our company in accordance with the requirements of the Securities Act of 1933. In addition to representations by the above-referenced persons, we have made independent determinations that all of the above-referenced persons were accredited or sophisticated investors, and that they were capable of analyzing the merits and risks of their investment, and that they understood the speculative nature of their investment. Furthermore, all of the above-referenced persons were provided with access to our Securities and Exchange Commission filings.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Submission of Matters to a Vote of Security Holders

None.

Item 5. Other Information

None.

Item 6. Exhibits

(a)	Exhibits. The following is a complete list of exhibits filed as part of this Form 10-Q:
	Exhibit 31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002
	Exhibit 31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002
	Exhibit 32.1	Certification of Chief Executive Officer and Chief Financial Officer, pursuant to 18 U.S.C. Section 1350 as enacted by Section 906 of the Sarbanes-Oxley Act of 2002
(b)	Reports on Form 8-K. During the three-month period ended September 30, 2009, we filed the following Current Reports on Form 8-K:

The following is a complete list of exhibits filed as part of this Form 10-Q:

Current Report on Form 8-K filed on August 19, 2009 which included disclosure under Item 4.01 related to the acceptance by the Audit Committee of the Board of Directors of the Company of the resignation of the Pollard-Kelley Auditing Services, Inc., the Company’s independent auditors and the appointment effective August 3, 2009, of Hamilton, PC as the Company’s new independent registered auditor.

Exhibit 31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002

Exhibit 31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act, as enacted by Section 302 of the Sarbanes-Oxley Act of 2002

Exhibit 32.1	Certification of Chief Executive Officer and Chief Financial Officer, pursuant to 18 U.S.C. Section 1350 as enacted by Section 906 of the Sarbanes-Oxley Act of 2002

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.

	CHINA CRESCENT ENTERPRISES, INC.	~~CHINA CRESCENT ENTERPRISES, INC.~~
	(Registrant)	~~(Registrant)~~
Date:	November 19, 2009	/s/ Paul K. Danner
Date: May 24, 2010	/s/ James Jiang
		Paul K. Danner,
	James Jiang, PhD
	Chief Executive Officer	~~Chief Executive Officer~~
	/s/ Philip J. Rauch	~~/s/ Philip J. Rauch~~
	Philip J. Rauch,	~~Philip J. Rauch,~~
	Chief Financial Officer	~~Chief Financial Officer~~

Filing Compare · China Crescent Enterprises, Inc.