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): September 5, 2006

                                   ----------

                            General Components, Inc.
               (Exact name of registrant as specified in charter)


             Nevada                                               88-0496645
(State or Other Jurisdiction of           000-33483           (I.R.S. Employer
         Incorporation)           (Commission File Number)   Identification No.)

Suite 2021, 20F, Two Pacific Place, 88 Queensway, Hong Kong            n/a
         (Address of Principal Executive Offices)                  (Zip Code)

Registrant's telephone number, including area code: 852-2167-8298

          -------------------------------------------------------------
          (Former Name or 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 the registrant under any of the
following provisions (see General Instruction A.2. below):

|_|   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))

<PAGE>

Item 1.01. Entry into a Material Definitive Agreement.

Sale of VOIP Business

      On September 8, 2006, General  Components,  Inc.  ("General  Components"),
through its subsidiary General  Components,  Inc., a Cayman Islands  corporation
("GCI Cayman"), and General Components, Inc., a Beijing, China corporation ("GCI
China"),  a subsidiary of GCI Cayman,  entered into an asset purchase  agreement
(the  "Agreement")  with ZGS  Corporation  ("ZGS")  pursuant  to  which  General
Components will sell to ZGS all of its assets relating to its VOIP business (the
"Asset  Sale"),  subject to  conditions  specified in the Agreement and ZGS will
assume up to  $120,000  of the  existing  liabilities  of the VOIP  business  to
Tekelec  Corp.  The Asset  Sale will close on  September  30,  2006,  or as soon
thereafter as practicable following the satisfaction or waiver of all conditions
to closing (which  include a provision  obligating ZGS to establish an entity in
China to hold the PRC  operations of GCI China and its  subsidiaries),  provided
that the  closing  of the Asset  Sale takes  place  after the date that  certain
investors  purchase  shares of the Class A common  stock of ZGS  pursuant  to an
agreement entered into by ZGS and such investors.

      In  consideration  for the Asset Sale,  GCI Cayman will receive (i) 30% of
ZGS's common stock on a fully  diluted basis (which will provide GCI Cayman with
a 15% economic  interest in ZGS at the time of closing),  (ii) $250,000 in cash,
less $30,000  previously paid to GCI Cayman in connection with an option entered
into by GCI China  with the  President  of ZGS (which  option  was  subsequently
assigned to ZGS) and any  accounts  payable to Tekelec  Corp.  assumed by ZGS as
described above, and (iii) a promissory note in the principal amount of $250,000
(subject to adjustment as provided in the Agreement)  that matures 60 days after
the closing date.

      Concurrently with entering into the Agreement,  GCI Cayman entered into an
option  agreement  (the  "Option") with ZGS pursuant to which GCI Cayman granted
ZGS the option to repurchase  all of the ZGS common stock owned by GCI Cayman at
any  time  before  the  first  anniversary  of the  date of the  Option.  If ZGS
exercises  the Option (i) within six months of the date of the Option,  ZGS must
pay an option  exercise  price of $250,000 to GCI Cayman,  (ii)  between six and
nine months after the date of the Option,  ZGS must pay an option exercise price
of $375,000 to GCI Cayman,  and (iii) after nine months but before twelve months
from the date of the Option,  ZGS must pay an option  exercise price of $500,000
to GCI Cayman.  GCI Cayman also agreed not to transfer or encumber the shares of
ZGS's common stock that it is acquiring pursuant to the Agreement.

      The foregoing  does not purport to be a full  description  of the parties'
rights and obligations under the Agreement and the Option.

Bridge Financing

      On  September  5, 2006,  General  Components  entered into an agreement to
borrow an aggregate of $165,000 in the form of convertible promissory notes. The
Notes are due on  September 5, 2007,  bear  interest at the rate of 8% per annum
and are secured by the  promissory  note to be  received  by General  Components
pursuant  to the Asset Sale  described  above.  The notes are  convertible  into
shares of General  Component's  common  stock at any time prior to maturity at a
conversion  price of $.05 per share  and  General  Components  is  obligated  to
register  the  resale of the shares to be  received  upon  conversion  under the
Securities Act of 1933, as amended,  in the event it registers  common stock for
the account of its other  stockholders  in connection  with a public offering of
such  shares.  The  notes  may be  prepaid  by  General  Components  at any time
following the filing of such registration statement.

      The foregoing  does not purport to be a full  description  of the parties'
rights and obligations under the notes.


                                       2
<PAGE>

Share Exchange Transaction

      On September 10, 2006,  General  Components  entered into a Share Exchange
Agreement  dated as of September 6, 2006 (the "Share Exchange  Agreement")  with
Magical Insight  Investments  Ltd.  ("Magical") to effect a change in control of
the company by means of an exchange of shares (the "Share  Exchange").  Pursuant
to the Share  Exchange  Agreement,  General  Components  has  agreed to issue an
aggregate of 179,970,000  shares of its common stock and warrants to purchase an
additional  280,030,000  shares of its  common  stock in  exchange  for the sole
outstanding  share of Magical,  subject to adjustment as described  below.  As a
result, following the closing of such exchange, the current beneficial owners of
the sole  outstanding  share of Magical will become the  beneficial  owners of a
majority of the  outstanding  shares of Common Stock of General  Components  and
will have  appointed a new board of directors  consisting of Mr. Zhang  Zhengyu,
Ms. Li Ming and Mr. Ma Qing,  with Mr. Simon Mu  continuing as a director in the
post-exchange company.

      There are several  conditions to the  consummation  of the Share Exchange,
including  that  General  Components  shall be pursuing a financing  intended to
raise $5  million  in  gross  proceeds,  and  several  significant  post-closing
obligations  on the part of General  Components,  including  the  effecting of a
reverse split of its outstanding  common stock, the sale of the remainder of its
existing  businesses  (other than those  operated by Magical) and the closing of
the  financing  mentioned  above.  In the event the  financing  covenant  is not
fulfilled  within 30 days of the  closing  of the share  exchange,  Magical  may
negotiate  to receive  additional  shares of General  Component's  common  stock
without the payment of any additional consideration.

      The Share  Exchange  Agreement  also provides for the issuance of up to an
additional 400,000,000 shares of common stock to the CEO of Magical in the event
certain  earnings and operational  thresholds are achieved in the next 18 months
(with a  decrease  in the  number  of  contingent  shares  that may be issued if
certain net earnings targets are not met).

      The foregoing  does not purport to be a full  description  of the parties'
rights and obligations under the Share Exchange Agreement.


                                       3
<PAGE>

                                   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.


                                        GENERAL COMPONENTS, INC.


                                        By:   /s/ Bruce A. Cole
                                              ----------------------------
                                              Name:  Bruce A. Cole
                                              Title: President

Dated: September 20, 2006


                                       4
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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): September 5, 2006

                                   ----------

                            General Components, Inc.
               (Exact name of registrant as specified in charter)

             Nevada                                               88-0496645
(State or Other Jurisdiction of           000-33483           (I.R.S. Employer
         Incorporation)           (Commission File Number)   Identification No.)

Suite 2021, 20F, Two Pacific Place, 88 Queensway, Hong Kong            n/a
         (Address of Principal Executive Offices)                  (Zip Code)

Registrant's telephone number, including area code: 852-2167-8298

          -------------------------------------------------------------
          (Former Name or 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 the registrant under any of the
following provisions (see General Instruction A.2. below):

|_|   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 1.01. Entry into a Material Definitive Agreement.

Sale of VOIP Business

      On September 8, 2006, General  Components,  Inc.  ("General  Components"),
through its subsidiary General  Components,  Inc., a Cayman Islands  corporation
("GCI Cayman"), and General Components, Inc., a Beijing, China corporation ("GCI
China"),  a subsidiary of GCI Cayman,  entered into an asset purchase  agreement
(the  "Agreement")  with ZGS  Corporation  ("ZGS")  pursuant  to  which  General
Components will sell to ZGS all of its assets relating to its VOIP business (the
"Asset  Sale"),  subject to  conditions  specified in the Agreement and ZGS will
assume up to  $120,000  of the  existing  liabilities  of the VOIP  business  to
Tekelec  Corp.  The Asset  Sale will close on  September  30,  2006,  or as soon
thereafter as practicable following the satisfaction or waiver of all conditions
to closing (which  include a provision  obligating ZGS to establish an entity in
China to hold the PRC  operations of GCI China and its  subsidiaries),  provided
that the  closing  of the Asset  Sale takes  place  after the date that  certain
investors  purchase  shares of the Class A common  stock of ZGS  pursuant  to an
agreement entered into by ZGS and such investors.

      In  consideration  for the Asset Sale,  GCI Cayman will receive (i) 30% of
ZGS's common stock on a fully  diluted basis (which will provide GCI Cayman with
a 15% economic  interest in ZGS at the time of closing),  (ii) $250,000 in cash,
less $30,000  previously paid to GCI Cayman in connection with an option entered
into by GCI China  with the  President  of ZGS (which  option  was  subsequently
assigned to ZGS) and any  accounts  payable to Tekelec  Corp.  assumed by ZGS as
described above, and (iii) a promissory note in the principal amount of $250,000
(subject to adjustment as provided in the Agreement)  that matures 60 days after
the closing date.

      Concurrently with entering into the Agreement,  GCI Cayman entered into an
option  agreement  (the  "Option") with ZGS pursuant to which GCI Cayman granted
ZGS the option to repurchase  all of the ZGS common stock owned by GCI Cayman at
any  time  before  the  first  anniversary  of the  date of the  Option.  If ZGS
exercises  the Option (i) within six months of the date of the Option,  ZGS must
pay an option  exercise  price of $250,000 to GCI Cayman,  (ii)  between six and
nine months after the date of the Option,  ZGS must pay an option exercise price
of $375,000 to GCI Cayman,  and (iii) after nine months but before twelve months
from the date of the Option,  ZGS must pay an option  exercise price of $500,000
to GCI Cayman.  GCI Cayman also agreed not to transfer or encumber the shares of
ZGS's common stock that it is acquiring pursuant to the Agreement.

      The foregoing  does not purport to be a full  description  of the parties'
rights and obligations under the Agreement and the Option.

Bridge Financing

      On  September  5, 2006,  General  Components  entered into an agreement to
borrow an aggregate of $165,000 in the form of convertible promissory notes. The
Notes are due on  September 5, 2007,  bear  interest at the rate of 8% per annum
and are secured by the  promissory  note to be  received  by General  Components
pursuant  to the Asset Sale  described  above.  The notes are  convertible  into
shares of General  Component's  common  stock at any time prior to maturity at a
conversion  price of $.05 per share  and  General  Components  is  obligated  to
register  the  resale of the shares to be  received  upon  conversion  under the
Securities Act of 1933, as amended,  in the event it registers  common stock for
the account of its other  stockholders  in connection  with a public offering of
such  shares.  The  notes  may be  prepaid  by  General  Components  at any time
following the filing of such registration statement.

      The foregoing  does not purport to be a full  description  of the parties'
rights and obligations under the notes.

                                       2
Share Exchange Transaction

      On September 10, 2006,  General  Components  entered into a Share Exchange
Agreement  dated as of September 6, 2006 (the "Share Exchange  Agreement")  with
Magical Insight  Investments  Ltd.  ("Magical") to effect a change in control of
the company by means of an exchange of shares (the "Share  Exchange").  Pursuant
to the Share  Exchange  Agreement,  General  Components  has  agreed to issue an
aggregate of 179,970,000  shares of its common stock and warrants to purchase an
additional  280,030,000  shares of its  common  stock in  exchange  for the sole
outstanding  share of Magical,  subject to adjustment as described  below.  As a
result, following the closing of such exchange, the current beneficial owners of
the sole  outstanding  share of Magical will become the  beneficial  owners of a
majority of the  outstanding  shares of Common Stock of General  Components  and
will have  appointed a new board of directors  consisting of Mr. Zhang  Zhengyu,
Ms. Li Ming and Mr. Ma Qing,  with Mr. Simon Mu  continuing as a director in the
post-exchange company.

      There are several  conditions to the  consummation  of the Share Exchange,
including  that  General  Components  shall be pursuing a financing  intended to
raise $5  million  in  gross  proceeds,  and  several  significant  post-closing
obligations  on the part of General  Components,  including  the  effecting of a
reverse split of its outstanding  common stock, the sale of the remainder of its
existing  businesses  (other than those  operated by Magical) and the closing of
the  financing  mentioned  above.  In the event the  financing  covenant  is not
fulfilled  within 30 days of the  closing  of the share  exchange,  Magical  may
negotiate  to receive  additional  shares of General  Component's  common  stock
without the payment of any additional consideration.

      The Share  Exchange  Agreement  also provides for the issuance of up to an
additional 400,000,000 shares of common stock to the CEO of Magical in the event
certain  earnings and operational  thresholds are achieved in the next 18 months
(with a  decrease  in the  number  of  contingent  shares  that may be issued if
certain net earnings targets are not met).

      The foregoing  does not purport to be a full  description  of the parties'
rights and obligations under the Share Exchange Agreement.

                                       3
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.

                                        GENERAL COMPONENTS, INC.

                                        By:   /s/ Bruce A. Cole
                                              ----------------------------
                                              Name:  Bruce A. Cole
                                              Title: President

Dated: September 20, 2006

                                       4