Exhibit 99.1

HAMBRECHT ASIA ACQUISITION CORP.

(a development stage company)

Pro Forma BALANCE SHEET

March 31, 2008

	As of March 12, 2008			Pro Forma Adjustments			Pro Forma Totals
ASSETS
Current assets
Cash	$	259,137		$	(157,515	)	$	101,622
Prepaid expenses					145,833			145,833
Total current assets		259,137			(11,682	)		247,455
Restricted cash equivalents held in the trust account	$	31,680,000		$	1,847,396		$	33,527,396
Total assets	$	31,939,137		$	1,835,714		$	33,774,851
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accrued expenses and offering expenses	$	44,280		$	23,775		$	68,055
Total current liabilities		44,280			23,775			68,055
Long-term liabilities
Deferred underwriting discounts, net of $356,101 subject to forfeiture in the event of possible conversion		784,000			46,903			830,903
Total liabilities	$	828,280		$	70,678		$	898,958
Ordinary shares, subject to possible conversion (1,271,788 shares at conversion value of $7.92 per share)		9,503,992			568,569			10,072,561
Shareholders’ equity:
Ordinary shares—$.001 par value, 50,000,000 shares authorized; 5,299,125 issued and outstanding (which includes 1,271,788 shares subject to possible conversion)	$	5,150		$	149		$	5,299
Additional paid-in capital		21,651,481			1,200,500			22,851,981
Deficit accumulated during the development stage		(49,766	)		(4,182	)		(53,948	)
Total shareholders’ equity	$	21,606,865		$	1,196,467		$	22,803,332
Total liabilities and shareholders’ equity	$	31,939,137		$	1,835,714		$	33,774,851