Edgar Filing: China Direct, Inc.

Ownership Submission

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF 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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3235-0104

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Â Dragon Fund Management LLC

2. Date of Event Requiring Statement (Month/Day/Year)
12/08/2006

3. Issuer Name and Ticker or Trading Symbol
China Direct, Inc. [CDS]

(Last)

(First)

(Middle)

2101 NW BOCA RATON BLVD,Â SUITE 1

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	__X__ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

5. If Amendment, Date Original Filed(Month/Day/Year)
02/08/2007

(Street)

BOCA RATON,Â FLÂ 33431

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 Beneficially Owned

1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	4,000,000 ⁽¹⁾ ⁽²⁾ ⁽³⁾	D	Â

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Dragon Fund Management LLC 2101 NW BOCA RATON BLVD SUITE 1 BOCA RATON,Â FLÂ 33431	Â	Â X	Â	Â

Signatures

/s/ Yuejian Wang		05/09/2008
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(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 2,100,000 shares listed on the reporting person's Form 3 filed on January 17, 2007 should have been 4,000,000.
(2)	Yuelian (James) Wang, the Chairman of the Board and Chief Executive Officer of China Direct, Inc. (the "Company") owns 1% of the membership interests in Dragon Fund which ownership interest has 50% of the voting control of Dragon Fund. Mr. Wang's spouse, Lei Li: (i) owns 1 % of the membership interests in Dragon Fund Management, LLC ("Dragon Fund") which ownership interest has 50% of the voting control, (ii) owns 3% of the non-voting interests in Dragon Fund; and (iii) is co-trustee of Lotus Capital Trust and Tiger Fund Trust which collectively own 95% of the non-voting membership interests in Dragon Fund. Lotus Capital Trust is an irrevocable trust established by Mr. Wang for the benefit of his spouse. Tiger Fund Trust is an irrevocable trust established by Mr. Wang for the benefit of his daughter. Ms. Li is a co-trustee of the Lotus Capital Trust and Tiger Fund Trust.
(3)	Mr. Wang disclaims beneficial ownership of the Company's securities owned by Dragon Fund except to the extent of his pecuniary interest in Dragon Fund and this filing should not be construed as an admission that Dr. Wang is the beneficial owner of these securities.

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