SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Wan Hung

(Last)

(First)

(Middle)

SUITE C, 20/F NEICH TOWER

128 GLOUCESTER ROAD

(Street)

WAN CHAI, HK, SAR OF THE PRC

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
China Precision Steel, Inc. [ CPSL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/15/2007

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	10/15/2007		J		89,465⁽¹⁾⁽²⁾	A	⁽⁵⁾	1,893,822⁽¹⁾	I	By Belmont Capital Group Limited
Common Stock	10/16/2007		S		10,000⁽¹⁾	D	$10.99	1,883,822⁽¹⁾	I	By Belmont Capital Group Limited
Common Stock	10/16/2007		S		10,000⁽¹⁾	D	$11	1,873,822⁽¹⁾	I	By Belmont Capital Group Limited
Common Stock	10/16/2007		S		10,000⁽¹⁾	D	$11.1	1,863,822⁽¹⁾	I	By Belmont Capital Group Limited
Common Stock								1,498,615⁽¹⁾	I	By Advanz Capital, Inc.

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Warrant	$3	10/17/2007⁽⁵⁾		A⁽⁵⁾		0⁽⁵⁾⁽⁵⁾		02/21/2007	02/21/2010	Common Stock	666,667⁽¹⁾	⁽³⁾	666,667⁽¹⁾	I	By Belmont Capital Group Limited
Warrant	$3	10/17/2007⁽⁵⁾		A⁽⁵⁾		0⁽⁵⁾⁽⁵⁾		02/21/2007	02/21/2010	Common Stock	316,696⁽¹⁾	⁽⁴⁾	316,696⁽¹⁾	I	By Belmont Capital Group Limited

Explanation of Responses:

1. The Reporting Person disclaims beneficial ownership of all securities held by Belmont Capital Group Limited and Advanz Capital, Inc., as reported on this form, except to the extent of her pecuniary interest, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

2. On October 15, 2007, the Issuer issued 89,465 shares of its Common Stock to Belmont Capital Group Limited pursuant to Section 5.1(a) of the Stock Purchase Agreement, dated as of February 16, 2007, by and among the Issuer and the Investors named therein.

3. On February 22, 2007, the Issuer issued warrants to purchase up to 666,667 shares of Common Stock to Belmont Capital Group Limited, with respect to which the Reporting Person is the Principal and Managing Director, as partial compensation for services rendered in connection with the Issuer's reverse merger in December 2006 with Partner Success Holdings Limited.

4. On February 22, 2007, the Issuer issued warrants to purchase up to 316,696 shares of its Common Stock to the Belmont Capital Group Limited, with respect to which the Reporting Person is the Principal and Managing Director, as partial compensation for services rendered in connection with the Issuer's private placement of its securities in February 2007.

5. N/A

	/S/ Hung Wan	10/17/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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