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	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	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* Value Holdings Capital S.A. (Last) (First) (Middle) C/O HARNEY'S CORPORATE SERVICES LTD. CRAIGMUIR CHAMBERS, P.O. BOX 71 (Street) ROAD TOWN, TORTOLA D8 VG1110 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol CHINA-BIOTICS, INC [ CHBT ]	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) 05/18/2011
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X 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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/18/2011		P		5,472	A	$11.81	3,124,777	I	See Footnote(1)
Common Stock	05/18/2011		P		928	A	$11.82	3,125,705	I	See Footnote(1)
Common Stock	05/18/2011		P		1,169	A	$11.83	3,126,874	I	See Footnote(1)
Common Stock	05/18/2011		P		800	A	$11.84	3,127,674	I	See Footnote(1)
Common Stock	05/18/2011		P		1,600	A	$11.85	3,129,274	I	See Footnote(1)
Common Stock	05/18/2011		P		1,200	A	$11.86	3,130,474	I	See Footnote(1)
Common Stock	05/18/2011		P		2,100	A	$11.87	3,132,574	I	See Footnote(1)
Common Stock	05/18/2011		P		2,072	A	$11.88	3,134,646	I	See Footnote(1)
Common Stock	05/18/2011		P		500	A	$11.89	3,135,146	I	See Footnote(1)
Common Stock	05/18/2011		P		100	A	$11.895	3,135,246	I	See Footnote(1)
Common Stock	05/18/2011		P		54,503	A	$11.9	3,189,749	I	See Footnote(1)
Common Stock	05/18/2011		P		1,300	A	$11.91	3,191,049	I	See Footnote(1)
Common Stock	05/18/2011		P		2,300	A	$11.92	3,193,349	I	See Footnote(1)
Common Stock	05/18/2011		P		4,175	A	$11.93	3,197,524	I	See Footnote(1)
Common Stock	05/18/2011		P		7,183	A	$11.94	3,204,707	I	See Footnote(1)
Common Stock	05/18/2011		P		1,697	A	$11.95	3,206,404	I	See Footnote(1)
Common Stock	05/18/2011		P		300	A	$11.96	3,206,704	I	See Footnote(1)
Common Stock	05/18/2011		P		3,795	A	$11.97	3,210,499	I	See Footnote(1)
Common Stock	05/18/2011		P		2,205	A	$11.98	3,212,704	I	See Footnote(1)
Common Stock	05/18/2011		P		742	A	$11.99	3,213,446	I	See Footnote(1)
Common Stock	05/18/2011		P		51,400	A	$12	3,264,846	I	See Footnote(1)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* Value Holdings Capital S.A. (Last) (First) (Middle) C/O HARNEY'S CORPORATE SERVICES LTD. CRAIGMUIR CHAMBERS, P.O. BOX 71 (Street) ROAD TOWN, TORTOLA D8 VG1110 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Azar Richard Essa (Last) (First) (Middle) 7-9 ST. CLAIR PLACE, 2ND FLOOR ST. CLAIRE AVENUE (Street) PORT OF SPAIN W5 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* Value Assets International, S.A. (Last) (First) (Middle) C/O HARNEY'S CORPORATE SERVICES LTD. CRAIGMUIR CHAMBERS, P.O. BOX 71 (Street) ROAD TOWN, TORTOLA D8 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. Value Holdings Capital, S.A. has direct ownership of 1,536,336 shares and the balance is owned directly by Value Assets International, S.A. Value Holdings Capital, S.A. and Value Assets International, S.A. are wholly owned and controlled by Richard E. Azar. As such, he may be deemed the indirect beneficial owner of the common shares owned directly by Value Holdings Capital, S.A. and Value Assets International, S.A.

Remarks:

Form 2 of 2.

	/s/ Allan M. Lerner, Attorney-in-fact	05/20/2011
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.