UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
of the
SECURITIES EXCHANGE ACT OF 1934
Date of Report: September 20, 2004
CHINA BIOPHARMACEUTICALS HOLDINGS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 814-00063 34-201989
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
c/o Nanjiang Keyuan
139 Ma Tai Street
Nanjing 210009
China
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(Address of principal executive offices)
86 (25) 360 8605
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(Registrant's telephone number, including area code)
Globus Growth Group, Inc.
44 WEST 24TH STREET, NEW YORK, NY 10010 (former name or
(former name or former address, if changed since last report)
China Biopharmaceuticals Holdings, Inc.
Form 8-K/A
ITEM 4.01 CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
(a) Effective on September 15, 2004, and as a result of the reorganization which
was effective on August 28, 2004, Eisner LLP was dismissed as the independent
accountant engaged to audit the financial statements of the Registrant. Eisner
LLP performed the audit of the Registrant's financial statements for the three
years ended February 29, 2004. During this period and the subsequent interim
period prior to their dismissal, there were no disagreements with Eisner LLP on
any matter of accounting principles or practices, financial statement disclosure
or auditing scope or procedure, which disagreements if not resolved to Eisner
LLP's satisfaction would have caused Eisner LLP to make reference to this
subject matter of the disagreements in connection with Eisner LLP 's report, nor
were there any "reportable events" as such term is defined in Item 304(a)(1)(iv)
of Regulation S-K, promulgated under the Securities Exchange Act of 1934, as
amended ("Regulation S-K"). The decision to dismiss Eisner LLP was approved by
the Registrant's Board of Directors. No audit committee exists other than the
members of the Board of Directors.
The audit reports of Eisner LLP for the Registrant's three years ended
February 29, 2004 did not contain an adverse opinion, or a disclaimer of
opinion, or qualification or modification as to uncertainty, audit scope, or
accounting principles, other than the uncertainty that the Registrant might not
be able to operate as a going concern.
The Registrant has requested Eisner LLP to furnish it with a letter
addressed to the Securities and Exchange Commission stating whether it agrees
with the statements made above by the Registrant. A copy of such letter, dated
September 20, 2004, is filed as Exhibit 16.1 to this Form 8-K.
(b) Effective on September 15, 2004 the Registrant has engaged Weinberg &
Company, P.A. ("Weinberg") with address at Town Executive Center, 6100 Glades
Road, Suite 314 Boca Raton, Florida 33434, as the new principal accountant to
audit its financial statements. Weinberg & Company, P.A. the Registrant's
successor auditors, provides auditing services for the Registrant which is a
United States company according to the United States generally accepted
accounting principles. They are not providing auditing in China according to
China generally accepted accounting principles. There is no license required in
China for Weinberg & Company, P.A. to provide such services to the United States
parent with a subsidiary having its assets and operations in China. In addition,
Weinberg & Company, P.A., through its authorized representative in Hong Kong, KP
Cheng & Co has been licensed and set up an office in Hong Kong to employ audit
staff to perform audits for its clients in Hong Kong and China. The Registrant's
main assets and operations are primarily located in Jiangsu Province of China.
The decision to engage Weinberg was approved by the Registrant's Board of
Directors.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
The following exhibit is hereby filed as part of this Current Report on
Form 8-K:
16.1 A copy of a letter from Eisner LLP to the Securities and Exchange
Commission dated September 20, 2004.
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.
China Biopharmaceuticals Holdings, Inc.
By: /s/ Peng Mao
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Name: Peng Mao
Title: Chairman and
Chief Executive Officer
Dated: December 2, 2004