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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13G
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULES 13D-1(B) AND (C) AND AMENDMENTS
THERETO FILED PURSUANT TO RULE 13D-2(B)
(Amendment No. )(1)
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Racing Champions Corporation
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(Name of Issuer)
Common Stock, par value $.01 per share
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(Title of Class of Securities)
750069 10 6
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(CUSIP Number)
(1) The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act, but shall be subject to all other provisions of the Act (however, see
the Notes).
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CUSIP No. 750069 10 6
1) Name of Reporting Person Peter K.K.Chung
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I.R.S. Identification No. of Above Person (Entities Only)
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2) Check the Appropriate Box if a Member of a Group (See
Instructions)
(a) [ ]
(b) [ ]
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3) SEC Use Only
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4) Citizenship or Place of Organization Canada
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Number of Shares 5) Sole Voting Power 1,303,701
Beneficially Owned ---------
By Each Reporting 6) Shared Voting Power 0
Person With ---------
7) Sole Dispositive Power 1,303,701
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8) Shared Dispositive Power 0
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9) Aggregate Amount Beneficially Owned by Each Reporting
Person 1,303,701
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10) Check Box if the Aggregate Amount in Row (9) Excludes Certain
Shares (See Instructions) [ ]
11) Percent of Class Represented by Amount in Row 9 9.8%
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12) Type of Reporting Person (See Instructions) IN
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Item 1(a) Name of Issuer
Racing Champions Corporation
Item 1(b) Address of Issuer's Principal Executive Offices.
Racing Champions Corporation
800 Roosevelt Road
Building C, Suite 320
Glen Ellyn, IL 60137
Item 2(a) Name of Person Filing.
Peter K.K. Chung
Item 2(b) Address of Principal Business Office or, if None, Residence.
Peter K.K. Chung
Units 901-906 Tower I
Enterprise Square
9 Sheung Yet Road
Kowloon Bay, Kowloon, Hong Kong
Item 2(c) Citizenship.
Peter K.K. Chung is a citizen of Canada.
Item 2(d) Title of Class of Securities.
Common Stock, par value $.01 per share
Item 2(e) CUSIP Number.
750069 10 6
Item 3. Filing Status if Filed Pursuant to Rule 13d-1(b) or 13d-2(b).
Not applicable.
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Item 4. Ownership.
(a) Amount Beneficially Owned: 1,303,701 (1)
(b) Percent of Class: 9.8%
(c) Number of Shares as to Which Such Person Has:
(i) Sole Power to Vote or to Direct the Vote: 1,303,701 (1)
(ii) Shared Power to Vote or to Direct the Vote: 0
(iii) Sole Power to Dispose or Direct the
Disposition of: 1,303,701 (1)
(iv) Shared Power to Dispose or Direct the Disposition of: 0
(1) Shares held by Yellow Gold Services Limited, a corporation controlled by
Mr. Chung.
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
Not applicable.
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
February 13, 1998
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Date
/s/ Peter K.K. Chung
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Signature
Peter K.K. Chung
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Name/Title
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