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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)*
U.S.-China Industrial Exchange, Inc.
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(Name of Issuer)
Common Stock, par value $.01 per share
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(Title of Class of Securities)
90329W 10 4
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(CUSIP Number)
Check the following box if a fee is being paid with this statement [_]. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).
*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
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).
SEC 1745 (2-95)
Page 1 of 5 pages
<PAGE>
13G
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CUSIP NO. 90329W 10 4 PAGE 2 OF 5 PAGES
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Roberta Lipson
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_]
(b) [_]
N/A
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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NUMBER OF 5 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,488,000
OWNED BY --------------------------------------------------
EACH 6 SHARED VOTING POWER
REPORTING
PERSON 40,000
WITH --------------------------------------------------
7 SOLE DISPOSITIVE POWER
1,488,000
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8 SHARED DISPOSITIVE POWER
40,000
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,528,000
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES* [_]
N/A
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
29.1%
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12 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
SEC 1745 (2-95)
Page 2 of 5 pages
<PAGE>
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CUSIP NO. 90329W 10 4 PAGE 3 OF 5 PAGES
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AMENDMENT NO. 1
TO
SCHEDULE 13G
ITEM 1(A). NAME OF ISSUER:
U.S.-China Industrial Exchange, Inc.
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
7201 Wisconsin Avenue
Bethesda, Maryland 20814
ITEM 2(A). NAME OF PERSON FILING:
Roberta Lipson
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
c/o U.S.-China Industrial Exchange, Inc.
7201 Wisconsin Avenue
Bethesda, Maryland 20814
ITEM 2(C). CITIZENSHIP:
United States
ITEM 2(D). TITLE OF CLASS OF SECURITIES:
Common Stock, $.01 par value
ITEM 2(E). CUSIP NUMBER:
90329W 10 4
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B),
OR 13D-2(B), CHECK WHETHER THE PERSON FILING IS A:
Not Applicable
SEC 1745 (2-95)
Page 3 of 5 pages
<PAGE>
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CUSIP NO. 90329W 10 4 PAGE 4 OF 5 PAGES
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ITEM 4. OWNERSHIP. As of December 31, 1997:
(a) Amount beneficially owned: 1,528,000 shares of Common
Stock. Includes 1,000,000 shares of Class B Common Stock
held by Ms. Lipson and 40,000 shares of Class B Common
Stock held by Ms. Lipson as a trustee for the Ariel
Benjamin Lee Trust, such Class B Common Stock is
convertible at any time into Common Stock on a share for
share basis. Also includes 162,000 shares of Common Stock
issuable upon exercise of currently exercisable Class A
Common Stock Purchase Warrants, 162,000 shares of Common
Stock issuable upon exercise of Class B Common Stock
Purchase Warrants issuable upon exercise of Class A Common
Stock Purchase Warrants and 162,000 shares of Common Stock
issuable upon exercise of currently exercisable Class B
Common Stock Purchase Warrants. Each share of Class B
Common Stock has six votes per share.
(b) Percent of class: 29.1%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 1,488,000
(ii) Shared power to vote or direct the vote: 40,000
(iii) Sole power to dispose or direct the disposition of:
1,488,000
(iv) Shared power to dispose or direct the disposition of:
40,000
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
SEC 1745 (2-95)
Page 4 of 5 pages
<PAGE>
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CUSIP NO. 90329W 10 4 PAGE 5 OF 5 PAGES
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ITEM 10. CERTIFICATION.
Not Applicable
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.
Dated: February 10, 1998
/s/ Roberta Lipson
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Roberta Lipson
SEC 1745 (2-95)
Page 5 of 5 pages
