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<TITLE>Deswell Industries, Inc.</TITLE>
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<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>As Filed with the Securities and Exchange Commission on December&nbsp;3, 2007</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 0pt">Registration No.&nbsp;333-__________
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>Form&nbsp;S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>DESWELL INDUSTRIES, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
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    <TD align="center" valign="top">British Virgin Islands<BR>
(State or other jurisdiction of <BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">None<BR>
(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">17B, Edificio Comercial Rodrigues<BR>
599 Avenida da Praia Grande<BR>
Macao<BR>
(Address of Principal Executive Offices)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">2003 Stock Option Plan<BR>
(Amendment of August&nbsp;17, 2007)<BR>
(Full title of the plan)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Franki Tse<BR>
Chief Executive Officer<BR>
Deswell Industries, Inc.<BR>
17B, Edificio Comercial Rodrigues<BR>
599 Avenida da Praia Grande<BR>
Macao<BR>
(853)&nbsp;322096<BR>
Fax: (853)&nbsp;3232654<BR>
(Name, address and telephone number, including area code of agent for service)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CALCULATION OF REGISTRATION FEE
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="1%">&nbsp;</TD>
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    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 3px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 3px solid #000000">&nbsp;</TD>

    <TD nowrap align="center">Title of each</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD width="1%" style="border-right: 3px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 3px solid #000000">&nbsp;</TD>

    <TD nowrap align="center">class of securities</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount to be</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">offering price</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">aggregate offering</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount of</TD>
    <TD width="1%" style="border-right: 3px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 3px solid #000000">&nbsp;</TD>

    <TD nowrap align="center">to be registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">per share(1)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">price(1)</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">registration fee</TD>
    <TD width="1%" style="border-right: 3px solid #000000">&nbsp;</TD>
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                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">400,000 shares(2)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$6.26</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$2,504,000</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$76.87</TD>
    <TD width="1%" style="border-right: 3px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px solid #000000">&nbsp;</TD>
</TR>

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</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(1)&nbsp;Calculated in accordance with Rule 457(h) based on the average of the high and low prices
per share of registrant as reported on the Nasdaq Global Market on November&nbsp;27, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(2)&nbsp;In accordance with Rule&nbsp;416(a), the registrant is also registering hereunder an indeterminate
number of shares that may be issued and sold as a result of the operation of the anti-dilution
provisions of the options.
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TR><TD colspan="9"><A HREF="#000">PART I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. Incorporation of Documents by Reference.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4. Description of Securities.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5. Interests of Named Experts and Counsel.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6. Indemnification of Directors and Officers.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;7. Exemption From Registration Claimed.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;8. Exhibits.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;9. Undertakings.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="v36020exv5w1.htm">EXHIBIT 5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="v36020exv23w1.htm">EXHIBIT 23.1</A></TD></TR>
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<!-- link1 "PART I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents containing information specified in this Part&nbsp;I are being separately provided to
the Registrant&#146;s employees, officers, directors and consultants as specified by Rule&nbsp;428(b)(1).
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
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<!-- link1 "PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>

<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference." -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents listed in paragraphs (a)&nbsp;through (c)&nbsp;below are hereby incorporated by reference
in this Registration Statement. All documents subsequently filed by the Registrant pursuant to
Sections&nbsp;13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;),
prior to the filing of a post-effective amendment which indicates that all securities offered
herein have been sold or which deregisters all securities then remaining unsold, shall be deemed to
be incorporated by reference in this Registration Statement and to be a part hereto from the date
of filing of such documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Registrant&#146;s Annual Report on Form 20-F filed with the Securities and Exchange Commission
on August&nbsp;1, 2007;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;All other reports filed by the Registrant pursuant to Sections 13(a) or 15(d) of the
Exchange Act since the end of the fiscal year covered by the registrant document referred to in (a)
above; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Registrant&#146;s Form 8-A/A (Amendment No.&nbsp;1) filed with the Securities and Exchange
Commission on August&nbsp;14, 2002.
</DIV>
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<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel." -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>
<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers." -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to its Articles of Association and subject to British Virgin Islands law, the Company
may indemnify a director or officer out of the assets of the Company against all losses or
liabilities which the director or officer may have incurred in or about the execution of the duties
of his office or otherwise in relation thereto. No director or officer is liable for any loss,
damage or misfortune which may have been incurred by the Company in the execution of the duties of
his office, or in relation thereto provided the director or officer acted honestly and in good
faith with a view to the best interests of the Company and except for his own willful misconduct or
negligence.
</DIV>
<!-- link2 "Item&nbsp;7. Exemption From Registration Claimed." -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption From Registration Claimed.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
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<!-- link2 "Item&nbsp;8. Exhibits." -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Item&nbsp;8. Exhibits.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2003 Stock Option Plan of Deswell Industries, Inc., as adopted August
20, 2003 and Amended August&nbsp;1, 2005 and August&nbsp;17, 2007 (incorporated
by reference to Exhibit&nbsp;A to the Company&#146;s Proxy Statement filed with
the Securities and Exchange Commission on Form&nbsp;6-K on September&nbsp;11,
2007).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Stock Option Agreement for 2003 Stock Option Plan of Deswell
Industries, Inc. (incorporated by reference to Exhibit&nbsp;4.2 to the
Company&#146;s Registration Statement on Form&nbsp;S-8 filed with the
Securities and Exchange Commission on November&nbsp;4, 2003).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Harney Westwood &#038; Riegels.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Independent Registered Public Accounting Firm</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Harney Westwood &#038; Riegels (included in Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included following signature page)</TD>
</TR>
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</DIV>

<!-- link2 "Item&nbsp;9. Undertakings." -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement to include any material information with respect to the
plan of distribution not previously disclosed in the Registration Statement or any material change
to such information in the Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial <U>bona fide</U> offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the Registrant&#146;s Annual Report pursuant to Section
13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing
of an employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Securities Exchange
Act of 1934) that is incorporated by reference in the Registration Statement shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification by the Registrant for liabilities arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant
to the provisions referenced in Item&nbsp;6 of this Registration Statement or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In
the event that a claim for indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling person of the
Registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being registered
hereunder, the Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Macao Special Administrative Region, on
this 3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> day of December
2007.
</DIV>

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<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">DESWELL INDUSTRIES, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Franki S. F. Tse
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Franki S. F. Tse&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes
and appoints Frankie Tse and Eliza Y. P. Pang, and each of them, as his or her true and lawful
attorneys-in-fact and agents, with full power of substitution for him in any and all capacities, to
sign any and all amendments (including post-effective amendments) to this Registration Statement,
and to file the same, with all exhibits thereto, and other documents in connection therewith, with
the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each
of them, full power and authority to do and perform each and every act and thing requisite and
necessary to be done in connection therewith, as fully to all intents and purposes as he might or
could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or
any of them, or their or his substitute or substitutes, may lawfully do or cause to be done by
virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities and on the dates indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Position with the Company</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ Richard Lau
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Lau Pui Hon (Richard Lau)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chairman of the Board of Directors<BR>
(Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 3, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ Franki S. F. Tse
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Franki S. F. Tse</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chief Executive Officer<BR>
(Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 3, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ Li Chin Pang (C. P. Li)
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Li Chin Pang (C. P. Li)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Executive Director and General Manager of
Manufacturing and Administration for
Plastic Operations, Secretary and Member of
the Board of Directors
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 3, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ Leung Chi Wai (C. W. Leung)
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Leung Chi Wai (C. W. Leung)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Executive Director of Engineering for
Plastic Operations and Member of the Board
of Directors
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 3, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ Hung-Hum Leung
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Hung-Hum Leung</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Member of the Board of Directors
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 3, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ Allen Yau-Nam Cham
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Allen Yau-Nam Cham</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Member of the Board of Directors
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 3, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ Wing-Ki Hui
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Wing-Ki Hui</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Member of the Board of Directors
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 3, 2007</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/Eliza Y.P. Pang
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Eliza Y.P. Pang</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chief Financial Officer<BR>
(Principal Financial and Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">December 3, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

</BODY>
</HTML>
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Deswell Industries, Inc.
Table of Contents
As Filed with the Securities and Exchange Commission on December 3, 2007
Registration No. 333-__________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
DESWELL INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
British Virgin Islands
(State or other jurisdiction of
incorporation or organization)
None
(I.R.S. Employer
Identification No.)
17B, Edificio Comercial Rodrigues
599 Avenida da Praia Grande
Macao
(Address of Principal Executive Offices)
2003 Stock Option Plan
(Amendment of August 17, 2007)
(Full title of the plan)
Franki Tse
Chief Executive Officer
Deswell Industries, Inc.
17B, Edificio Comercial Rodrigues
599 Avenida da Praia Grande
Macao
(853) 322096
Fax: (853) 3232654
(Name, address and telephone number, including area code of agent for service)
CALCULATION OF REGISTRATION FEE
Title of each
Proposed maximum
Proposed maximum
class of securities
Amount to be
offering price
aggregate offering
Amount of
to be registered
registered
per share(1)
price(1)
registration fee
Common Stock
400,000 shares(2)
$6.26
$2,504,000
$76.87
(1) Calculated in accordance with Rule 457(h) based on the average of the high and low prices
per share of registrant as reported on the Nasdaq Global Market on November 27, 2007.
(2) In accordance with Rule 416(a), the registrant is also registering hereunder an indeterminate
number of shares that may be issued and sold as a result of the operation of the anti-dilution
provisions of the options.
TABLE OF CONTENTS
PART I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
Item 4. Description of Securities.
Item 5. Interests of Named Experts and Counsel.
Item 6. Indemnification of Directors and Officers.
Item 7. Exemption From Registration Claimed.
Item 8. Exhibits.
Item 9. Undertakings.
SIGNATURES
EXHIBIT 5.1
EXHIBIT 23.1
Table of Contents
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The documents containing information specified in this Part I are being separately provided to
the Registrant's employees, officers, directors and consultants as specified by Rule 428(b)(1).
2
Table of Contents
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The documents listed in paragraphs (a) through (c) below are hereby incorporated by reference
in this Registration Statement. All documents subsequently filed by the Registrant pursuant to
Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act"),
prior to the filing of a post-effective amendment which indicates that all securities offered
herein have been sold or which deregisters all securities then remaining unsold, shall be deemed to
be incorporated by reference in this Registration Statement and to be a part hereto from the date
of filing of such documents.
(a) Registrant's Annual Report on Form 20-F filed with the Securities and Exchange Commission
on August 1, 2007;
(b) All other reports filed by the Registrant pursuant to Sections 13(a) or 15(d) of the
Exchange Act since the end of the fiscal year covered by the registrant document referred to in (a)
above; and
(c) Registrant's Form 8-A/A (Amendment No. 1) filed with the Securities and Exchange
Commission on August 14, 2002.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Pursuant to its Articles of Association and subject to British Virgin Islands law, the Company
may indemnify a director or officer out of the assets of the Company against all losses or
liabilities which the director or officer may have incurred in or about the execution of the duties
of his office or otherwise in relation thereto. No director or officer is liable for any loss,
damage or misfortune which may have been incurred by the Company in the execution of the duties of
his office, or in relation thereto provided the director or officer acted honestly and in good
faith with a view to the best interests of the Company and except for his own willful misconduct or
negligence.
Item 7. Exemption From Registration Claimed.
Not applicable.
3
Table of Contents
Item 8. Exhibits.
Exhibit No.
4.1
2003 Stock Option Plan of Deswell Industries, Inc., as adopted August
20, 2003 and Amended August 1, 2005 and August 17, 2007 (incorporated
by reference to Exhibit A to the Company's Proxy Statement filed with
the Securities and Exchange Commission on Form 6-K on September 11,
2007).
4.2
Form of Stock Option Agreement for 2003 Stock Option Plan of Deswell
Industries, Inc. (incorporated by reference to Exhibit 4.2 to the
Company's Registration Statement on Form S-8 filed with the
Securities and Exchange Commission on November 4, 2003).
5.1
Opinion of Harney Westwood & Riegels.
23.1
Consent of Independent Registered Public Accounting Firm
23.2
Consent of Harney Westwood & Riegels (included in Exhibit 5.1).
99.1
Power of Attorney (included following signature page)
Item 9. Undertakings.
The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement to include any material information with respect to the
plan of distribution not previously disclosed in the Registration Statement or any material change
to such information in the Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act of 1933, each
such post-effective amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial
bona fide
offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
The undersigned Registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the Registrant's Annual Report pursuant to Section
13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing
of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange
Act of 1934) that is incorporated by reference in the Registration Statement shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.
Insofar as indemnification by the Registrant for liabilities arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant
to the provisions referenced in Item 6 of this Registration Statement or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In
the event that a claim for indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling person of the
Registrant in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being registered
hereunder, the Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
4
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Macao Special Administrative Region, on
this 3
rd
day of December
2007.
DESWELL INDUSTRIES, INC.
By:
/s/ Franki S. F. Tse
Franki S. F. Tse
Chief Executive Officer
5
Table of Contents
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes
and appoints Frankie Tse and Eliza Y. P. Pang, and each of them, as his or her true and lawful
attorneys-in-fact and agents, with full power of substitution for him in any and all capacities, to
sign any and all amendments (including post-effective amendments) to this Registration Statement,
and to file the same, with all exhibits thereto, and other documents in connection therewith, with
the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each
of them, full power and authority to do and perform each and every act and thing requisite and
necessary to be done in connection therewith, as fully to all intents and purposes as he might or
could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or
any of them, or their or his substitute or substitutes, may lawfully do or cause to be done by
virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities and on the dates indicated.
Name
Position with the Company
Date
/s/ Richard Lau
Lau Pui Hon (Richard Lau)
Chairman of the Board of Directors
(Principal Executive Officer)
December 3, 2007
/s/ Franki S. F. Tse
Franki S. F. Tse
Chief Executive Officer
(Principal Executive Officer)
December 3, 2007
/s/ Li Chin Pang (C. P. Li)
Li Chin Pang (C. P. Li)
Executive Director and General Manager of
Manufacturing and Administration for
Plastic Operations, Secretary and Member of
the Board of Directors
December 3, 2007
/s/ Leung Chi Wai (C. W. Leung)
Leung Chi Wai (C. W. Leung)
Executive Director of Engineering for
Plastic Operations and Member of the Board
of Directors
December 3, 2007
/s/ Hung-Hum Leung
Hung-Hum Leung
Member of the Board of Directors
December 3, 2007
/s/ Allen Yau-Nam Cham
Allen Yau-Nam Cham
Member of the Board of Directors
December 3, 2007
/s/ Wing-Ki Hui
Wing-Ki Hui
Member of the Board of Directors
December 3, 2007
/s/Eliza Y.P. Pang
Eliza Y.P. Pang
Chief Financial Officer
(Principal Financial and Accounting Officer)
December 3, 2007
6