Here are some more examples. From left to right one can see the English word "EASt", and from top to bottom the Chinese character dong 東 is evident to any Chinese reader.

Here is the word "Tokyo", and from top to bottom the two characters 東京, meaning "Tokyo" in both Chinese and English.
More examples of Chinese-English ambigrams can be found at:
www.cognitive-china.org
or
http://blog.cctv.com/home_42.shtml