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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 8-K</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CURRENT REPORT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
May 17, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>China 3C Group</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
Charter)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Nevada</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or Other Jurisdiction of Incorporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt; font-weight: bold; text-align: center">000-28767</TD>
    <TD STYLE="width: 50%; font-size: 10pt; font-weight: bold; text-align: center">88-0403070</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="font-size: 10pt; text-align: center">(IRS Employer Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>368 HuShu Nan Road</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 70%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 100%; border-bottom: windowtext 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">HangZhou City, Zhejiang Province, China</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="text-align: center; font-size: 10pt">(Address of Principal Executive Offices) (Zip Code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>086-0571-88381700</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&rsquo;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; width: 100%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt">(Former Name and Former Address, if Changed Since Last Report)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<FONT STYLE="color: black">
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 4.02 NON-RELIANCE ON PREVIOUSLY ISSUED FINANCIAL STATEMENTS
OR A RELATED AUDIT REPORT OR COMPLETED INTERIM REVIEW.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 23, 2012, the Audit Committee of
the Board of Directors of China 3C Group (the &ldquo;Company&rdquo;), after consultation with and upon recommendation from management
of the Company, concluded the Company&rsquo;s previously issued audited financial statements for the year ended December 31, 2010
included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on May 18,
2011 and the unaudited financial statements for the three months ended March 31, 2011, June 30, 2011 and September 30, 2011 included
in its Quarterly Reports on Form 10-Q filed with the SEC on June 22, 2011, August 15, 2011 and November 21, 2011, respectively,
should no longer be relied upon and that disclosure should be made and action should be taken to prevent future reliance. The Company
will restate its financial statements for the year ended December 31, 2010, the three months ended March 31, 2011, the three and
six months ended June 30, 2011 and the three and nine months ended September 30, 2011 due to issues raised by the Staff of the
SEC in a series of comment letters regarding the Company&rsquo;s Annual Report and Quarterly Reports filed during 2011 relating
to the general and administrative expenses in the consolidated statements of operations and comprehensive income (loss) and related
notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The reason for the conclusion regarding
the non-reliance is that the Company should have recorded fees paid to department stores in selling, general and administrative
expenses instead of a contra revenue account. As a result of the error, sales and gross profit were understated. Selling, general
and administration expense was also understated by the same amount. The loss from operations and net loss was unaffected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will correct the error by reclassifying
fees paid to department stores from a contra revenue account to selling, general and administrative expenses.&nbsp;&nbsp;The impact
of the restatement will be limited to the presentation of the consolidated statements of operations and comprehensive income (loss).
The loss from operations and net loss will remain unchanged. The consolidated balance sheets, the consolidated statements of stockholders&rsquo;
equity and the related consolidated statements of cash flows will remain unaffected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s authorized officers
and the Audit Committee, have discussed the foregoing matters with the Company&rsquo;s current independent registered public accounting
firms, Goldman Kurland and Mohidin LLP. The Board of Directors has authorized and directed that the officers of the Company take
the appropriate and necessary actions to restate the Annual Report on Form 10-K for the year ended December 31, 2010 and the Quarterly
Reports on Form 10-Q for the quarters ended March 31, 2011, June 30, 2011 and September 30, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION
OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 17, 2012, the Company entered into
an Employment Agreement with Mr. Zhenggang Wang, its Chief Executive Officer and Chairman, to continue to serve the Company in
such capacity. The term of the Employment Agreement shall continue for a period of 36 months until May 17, 2015 unless earlier
terminated as set forth in the Employment Agreement, and thereafter on a month to month basis unless and until terminated upon
no less than 30 days prior written notice by either the Company or Mr. Wang.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the terms of the Employment
Agreement, the Company will pay Mr. Wang as compensation a base salary in cash of (i) $40,000 per annum for the year beginning
on May 17, 2012 (the &ldquo;Effective Date&rdquo;) and ending on the first anniversary of the Effective Date, (ii) $20,000 per
annum for the year beginning on the first anniversary of the Effective Date and ending on the second anniversary of the Effective
Date and (iii) $20,000 per annum for the year beginning on the second anniversary of the Effective Date and ending on the third
anniversary of the Effective Date. In addition, the Company will grant to Mr. Wang, 17,500,000 restricted shares of the Company&rsquo;s
common stock (the &ldquo;Restricted Shares&rdquo;) pursuant to the Company&rsquo;s 2011 Restricted Stock Plan, as amended. 5,833,333
of the Restricted Shares shall vest on the first anniversary of the Effective Date, 5,833,333 of the Restricted Shares shall vest
on the second anniversary of the Effective Date and 5,833,344 of the Restricted Shares shall vest on the third anniversary of the
Effective Date provided, in each case, that Mr. Wang continues to serve the Company as the Chief Executive Officer on such applicable
vesting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A copy of Mr. Zhenggang Wang&rsquo;s Employment
Agreement is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 17, 2012, the board of directors
of the Company authorized an amendment to the Company&rsquo;s 2011 Restricted Stock Plan (the Plan&rdquo;) to increase the number
of shares of the Company&rsquo;s Common Stock that may be issued pursuant to the Plan from 3,000,000 shares to 20,500,000 shares.
A copy of the Amendment to the Company&rsquo;s 2011 Restricted Stock Plan is attached as Exhibit 10.2 to this Current Report on
Form 8-K and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01. Financial Statements and Exhibits. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD NOWRAP STYLE="width: 12%; border-bottom: windowtext 1pt solid; font-weight: bold">Exhibit No.</TD>
    <TD STYLE="width: 2%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 86%; border-bottom: windowtext 1pt solid; font-weight: bold">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.1</TD>
    <TD>&nbsp;</TD>
    <TD>Employment Agreement dated May 17, 2012 by and between the Company and Zhenggang Wang.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.2</TD>
    <TD>&nbsp;</TD>
    <TD>Amendment to the Company&rsquo;s 2011 Restricted Stock Plan.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 3.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0in; font-weight: bold">CHINA 3C GROUP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-indent: 0in; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-indent: 0in; padding-bottom: 1pt">By: </TD>
    <TD COLSPAN="2" STYLE="text-indent: 0in; border-bottom: Black 1pt solid">/s/ Zhenggang Wang</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP>Name:</TD>
    <TD>Zhenggang Wang</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-indent: 0in">Title:</TD>
    <TD STYLE="text-indent: 0in">Chief Executive Officer</TD></TR>
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: May 23, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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[{"type": "8-K", "sequence": "1", "filename": "v314315_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 20213}]
{"company-data": {"conformed-name": "China 3C Group", "cik": "0001076784", "assigned-sic": "5731", "irs-number": "880403070", "state-of-incorporation": "NV", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-28767", "film-number": "12863580"}, "business-address": {"street1": "368 HUSHU NAN ROAD", "street2": "HANGZHOU CITY", "city": "ZHEJIANG PROVINCE", "state": "F4", "zip": "310014", "phone": "086-0571-88381700"}, "mail-address": {"street1": "368 HUSHU NAN ROAD", "street2": "HANGZHOU CITY", "city": "ZHEJIANG PROVINCE", "state": "F4", "zip": "310014"}, "former-company": [{"former-conformed-name": "SUN OIL & GAS, INC", "date-changed": "20050113"}, {"former-conformed-name": "GAOFENG GOLD CORP", "date-changed": "20040303"}, {"former-conformed-name": "ANZA INNOVATIONS", "date-changed": "20021203"}]}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 17, 2012
China 3C Group
(Exact Name of Registrant as Specified in
Charter)
Nevada
(State or Other Jurisdiction of Incorporation)
000-28767
88-0403070
(Commission File Number)
(IRS Employer Identification No.)
368 HuShu Nan Road
HangZhou City, Zhejiang Province, China
(Address of Principal Executive Offices) (Zip Code)
086-0571-88381700
(Registrant's telephone number, including
area code)
(Former Name and Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 4.02 NON-RELIANCE ON PREVIOUSLY ISSUED FINANCIAL STATEMENTS
OR A RELATED AUDIT REPORT OR COMPLETED INTERIM REVIEW.
On May 23, 2012, the Audit Committee of
the Board of Directors of China 3C Group (the "Company"), after consultation with and upon recommendation from management
of the Company, concluded the Company's previously issued audited financial statements for the year ended December 31, 2010
included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on May 18,
2011 and the unaudited financial statements for the three months ended March 31, 2011, June 30, 2011 and September 30, 2011 included
in its Quarterly Reports on Form 10-Q filed with the SEC on June 22, 2011, August 15, 2011 and November 21, 2011, respectively,
should no longer be relied upon and that disclosure should be made and action should be taken to prevent future reliance. The Company
will restate its financial statements for the year ended December 31, 2010, the three months ended March 31, 2011, the three and
six months ended June 30, 2011 and the three and nine months ended September 30, 2011 due to issues raised by the Staff of the
SEC in a series of comment letters regarding the Company's Annual Report and Quarterly Reports filed during 2011 relating
to the general and administrative expenses in the consolidated statements of operations and comprehensive income (loss) and related
notes.
The reason for the conclusion regarding
the non-reliance is that the Company should have recorded fees paid to department stores in selling, general and administrative
expenses instead of a contra revenue account. As a result of the error, sales and gross profit were understated. Selling, general
and administration expense was also understated by the same amount. The loss from operations and net loss was unaffected.
The Company will correct the error by reclassifying
fees paid to department stores from a contra revenue account to selling, general and administrative expenses.  The impact
of the restatement will be limited to the presentation of the consolidated statements of operations and comprehensive income (loss).
The loss from operations and net loss will remain unchanged. The consolidated balance sheets, the consolidated statements of stockholders'
equity and the related consolidated statements of cash flows will remain unaffected.
The Company's authorized officers
and the Audit Committee, have discussed the foregoing matters with the Company's current independent registered public accounting
firms, Goldman Kurland and Mohidin LLP. The Board of Directors has authorized and directed that the officers of the Company take
the appropriate and necessary actions to restate the Annual Report on Form 10-K for the year ended December 31, 2010 and the Quarterly
Reports on Form 10-Q for the quarters ended March 31, 2011, June 30, 2011 and September 30, 2011.
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION
OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On May 17, 2012, the Company entered into
an Employment Agreement with Mr. Zhenggang Wang, its Chief Executive Officer and Chairman, to continue to serve the Company in
such capacity. The term of the Employment Agreement shall continue for a period of 36 months until May 17, 2015 unless earlier
terminated as set forth in the Employment Agreement, and thereafter on a month to month basis unless and until terminated upon
no less than 30 days prior written notice by either the Company or Mr. Wang.
Pursuant to the terms of the Employment
Agreement, the Company will pay Mr. Wang as compensation a base salary in cash of (i) $40,000 per annum for the year beginning
on May 17, 2012 (the "Effective Date") and ending on the first anniversary of the Effective Date, (ii) $20,000 per
annum for the year beginning on the first anniversary of the Effective Date and ending on the second anniversary of the Effective
Date and (iii) $20,000 per annum for the year beginning on the second anniversary of the Effective Date and ending on the third
anniversary of the Effective Date. In addition, the Company will grant to Mr. Wang, 17,500,000 restricted shares of the Company's
common stock (the "Restricted Shares") pursuant to the Company's 2011 Restricted Stock Plan, as amended. 5,833,333
of the Restricted Shares shall vest on the first anniversary of the Effective Date, 5,833,333 of the Restricted Shares shall vest
on the second anniversary of the Effective Date and 5,833,344 of the Restricted Shares shall vest on the third anniversary of the
Effective Date provided, in each case, that Mr. Wang continues to serve the Company as the Chief Executive Officer on such applicable
vesting date.
A copy of Mr. Zhenggang Wang's Employment
Agreement is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
On May 17, 2012, the board of directors
of the Company authorized an amendment to the Company's 2011 Restricted Stock Plan (the Plan") to increase the number
of shares of the Company's Common Stock that may be issued pursuant to the Plan from 3,000,000 shares to 20,500,000 shares.
A copy of the Amendment to the Company's 2011 Restricted Stock Plan is attached as Exhibit 10.2 to this Current Report on
Form 8-K and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
10.1
Employment Agreement dated May 17, 2012 by and between the Company and Zhenggang Wang.
10.2
Amendment to the Company's 2011 Restricted Stock Plan.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CHINA 3C GROUP
By:
/s/ Zhenggang Wang
Name:
Zhenggang Wang
Title:
Chief Executive Officer
Dated: May 23, 2012