Edgar Filing: China Precision Steel, Inc.

Ownership Submission

FORM 4

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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Wan Hung

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)

(Last)

(First)

(Middle)

SUITE C, 20/F NEICH TOWER 128 GLOUCESTER, WAN CHAI, HONG KONG SAR OF

3. Date of Earliest Transaction (Month/Day/Year)
10/17/2007

(Street)

THE PEOPLE'S REPUBLIC OF CHINA, K3 00000

4. If Amendment, Date 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

(City)

(State)

(Zip)

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	10/17/2007		S		12,600 ⁽¹⁾	D	$ 10.55	1,851,222 ⁽¹⁾	I	By Belmont Capital Group Limited
Common Stock	10/17/2007		S		1,400 ⁽¹⁾	D	$ 10.56	1,849,822 ⁽¹⁾	I	By Belmont Capital Group Limited
Common Stock	10/17/2007		S		1,000 ⁽¹⁾	D	$ 10.57	1,848,822 ⁽¹⁾	I	By Belmont Capital Group Limited
Common Stock	10/17/2007		S		15,000 ⁽¹⁾	D	$ 10.82	1,833,822 ⁽¹⁾	I	By Belmont Capital Group Limited
Common Stock	10/17/2007		S		10,000 ⁽¹⁾	D	$ 10.9	1,823,822 ⁽¹⁾	I	By Belmont Capital Group Limited
Common Stock	10/18/2007		S		17,204 ⁽¹⁾	D	$ 10	1,806,618 ⁽¹⁾	I	By Belmont Capital Group Limited
Common Stock	10/18/2007		S		9,580 ⁽¹⁾	D	$ 10.01	1,797,038 ⁽¹⁾	I	By Belmont Capital Group Limited
Common Stock	10/18/2007		S		15,750 ⁽¹⁾	D	$ 10.02	1,781,288 ⁽¹⁾	I	By Belmont Capital Group Limited
Common Stock	10/18/2007		S		3,641 ⁽¹⁾	D	$ 10.03	1,777,647 ⁽¹⁾	I	By Belmont Capital Group Limited
Common Stock	10/18/2007		S		1,200 ⁽¹⁾	D	$ 10.04	1,776,447 ⁽¹⁾	I	By Belmont Capital Group Limited
Common Stock	10/18/2007		S		3,600 ⁽¹⁾	D	$ 10.05	1,772,847 ⁽¹⁾	I	By Belmont Capital Group Limited
Common Stock	10/18/2007		S		3,364 ⁽¹⁾	D	$ 10.06	1,769,483 ⁽¹⁾	I	By Belmont Capital Group Limited
Common Stock	10/18/2007		S		361 ⁽¹⁾	D	$ 10.07	1,769,122 ⁽¹⁾	I	By Belmont Capital Group Limited
Common Stock	10/18/2007		S		200 ⁽¹⁾	D	$ 10.1	1,768,922 ⁽¹⁾	I	By Belmont Capital Group Limited
Common Stock	10/18/2007		S		100 ⁽¹⁾	D	$ 10.11	1,768,822 ⁽¹⁾	I	By Belmont Capital Group Limited
Common Stock	10/19/2007		S		1,000 ⁽¹⁾	D	$ 9.7	1,767,822 ⁽¹⁾	I	By Belmont Capital Group Limited
Common Stock								1,498,615 ⁽¹⁾	I	By Advanz Capital, Inc

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 Underlying Securities
(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 of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Warrant

$ 3

02/21/2007

02/21/2010

Common Stock

666,667 ⁽¹⁾ ⁽²⁾

666,667 ⁽¹⁾

By Belmont Capital Group Limited

Warrant

$ 3

02/21/2007

02/21/2010

Common Stock

316,696 ⁽¹⁾ ⁽³⁾

316,696 ⁽¹⁾

By Belmont Capital Group Limited

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Wan Hung SUITE C, 20/F NEICH TOWER 128 GLOUCESTER WAN CHAI, HONG KONG SAR OF THE PEOPLE'S REPUBLIC OF CHINA, K3 00000		X

Signatures

/s/ Hung Wan		10/19/2007
^**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(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 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.
(3)	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.

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