SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    Form 8-K

                                 CURRENT REPORT

                        PURSUANT TO SECTION 13 or 15 (d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported) November 19, 1999
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                               SETO HOLDINGS, INC.
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             (exact name of Registrant as specified in its charter)

           NEVADA                       33-5820-LA           77-00882545
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(State or other jurisdiction of         Commission         (I.R.S. Employer
incorporation or organization)           File No.        identification number)

             554 North State Road, Briarcliff Manor, New York 10510
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                    (Address of principal executive offices)

Registrant's telephone number, including area code: 914-923-5000
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                                       N/A
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           Former name or former address, if changed since last report



ITEM 2. Acquisition or Disposition of Assets

     On  November  19,  1999,  the  Company  acquired  all  of  the  issued  and
outstanding  capital stock of Hong Kong Batteries  Industries  Ltd.  ("HKBI") in
exchange for 1,500,000  shares of the Company's  common stock. In the event that
the  Company  makes  available  to HKBI an  aggregate  of  $700,000  and  HKBI's
operations for the fiscal year ending January 31, 2001 generate net income of at
least $300,000,  then the Company shall issue to the former stockholders of HKBI
an additional 500,000 shares of the Company's common stock.

     After giving effect to the  acquisition of HKBI, the Company's  business is
as follows:

     1.  Semicon  Tools,   Inc.,  a  New  York  diamond  tool  manufacturer  and
distributor of wafer fabrication  supplies to the semiconductor  industry,  with
manufacturing and distribution facilities in Malaysia and the United States.

     2. East Coast  Sales  Co.,  a New York  technical  ceramic  fabricator  and
distributor  to  the  aerospace,   defense,   detection  device  and  electronic
industries.

     3. DTI Technology Sdn. Bhd., a Penang,  Malaysia diamond tool  manufacturer
and distributor to all of Asia, as well as STI, for the  semiconductor,  optical
and machine tool industry.

     4. Fuji  Fabrication Sdn. Bhd., a Penang,  Malaysia  cellular phone battery
manufacturer and distributor to Malaysia, Hong Kong and the Philippines.

     5. Hong Kong  Batteries  Industries,  Ltd.,  a Hong Kong  manufacturer  and
distributor of electronic components and batteries.

ITEM 7. Financial Statements and Exhibits

          (a)  Financial Statements of Businesses to be Acquired.

               It is impracticable for the Company to file herewith the required
               financial  statements.  The


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               Company will file said financial statements within 75 days of the
               event reported in Item 2 hereof.

          (b)  Pro Forma Financial Information.

               It is impracticable for the Company to file herewith the required
               pro forma financial  information.  The Company will file said pro
               forma financial  information within 75 days of the event reported
               in Item 2 hereof.

          (c)  Exhibits.

               1.   Agreement  by and among  the  Company,  Hong Kong  Batteries
                    Industries,  Ltd.,  and Thomas J.T. To,  dated  November 19,
                    1999.



                                   SIGNATURES

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

Dated: December 8, 1999                      SETO HOLDINGS, INC.


                                             By: /s/ Eugene Pian
                                                 -------------------------
                                                 Eugene Pian, President


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