UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
Commission File Number 000-30173
NOTIFICATION OF LATE FILING
(Check One):
|X| Form 10-K |_| Form 11-K |_| Form 20-F |_| Form 10-Q |_| Form N-SAR
For Period Ended: December 31, 2002
|_| Transition Report on Form 10-K |_| Transition Report on Form 20-F
|_| Transition Report on Form 11-K |_| Transition Report on Form 10-Q
|_| Transition Report on Form N-SAR
For the Transition Period Ended: ____________________
Nothing in this form shall be construed to imply that the Commission
has verified any information contained herein.
If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates: ____________________
PART I
REGISTRANT INFORMATION
HUAYANG INTERNATIONAL HOLDINGS, INC.
------------------------------------
(Full name of registrant)
Power Capital Corp.
-------------------
(Former name if applicable)
386 Qing Nian Avenue
--------------------
(Address of principal executive office (street and number))
Shenyang, China 110004
----------------------
(City, state and zip code)
PART II
RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check appropriate box.)
|X| (a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
|X| (b) The subject annual report, semi-annual report, transition report on
Form 10-K, 20-F, 11-K or N-SAR, or portion thereof, will be filed on or
before the 15th calendar day following the prescribed due date; or the
subject quarterly report or transition report on Form 10-Q, or portion
thereof will be filed on or before the fifth calendar day following the
prescribed due date; and
| | (c) The accountant's statement or other exhibit required by Rule
12b-25(c) has been attached if applicable.
PART III
NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F,
10-Q, N-SAR, or the transition report portion thereof, could not be filed within
the prescribed time period.
The Company changed its independent auditors on March 1, 2003
and the new auditors need more time to complete the audit of the Company's
financial statements. Therefore the Company did not have sufficient time
to file its report for the fiscal year ended December 31, 2002 on or before
the due date.
PART IV
OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Mary Wang 011-8624-23180988
- --------------------------------------------------------------------------------
(Name) (Area Code) (Telephone Number)
2
(2) Have all other periodic reports required under Section 13 or 15(d)
of the Securities Exchange Act of 1934 or Section 30 of the Investment Company
Act of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If answer is no,
identify report(s).
|X| Yes |_| No
(3) Is it anticipated that any significant change in results of
operations for the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included in the subject report or
portion thereof?
|_| Yes |X| No
Huayang International Holdings, Inc.
------------------------------------
(Name of Registrant as specified in charter)
Has caused this notification to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: March 30, 2003 By: /s/ Gao Wanjun
--------------------------------
Name: Gao Wanjun
Title: Chairman, President and CEO