ShangPharma prices initial public offering of American depositary shares

Oct 19 2010

ShangPharma Corporation (NYSE: SHP) ("ShangPharma" or the "Company"), a leading China-based pharmaceutical and biotechnology research and development outsourcing company, today announced that its initial public offering of American depositary shares ("ADSs") was priced at $15 per ADS. The Company is offering 3,200,000 ADSs and certain of its shareholders are offering an additional 2,600,000 ADSs. Each ADS represents 18 ordinary shares of the Company. The Company will not receive any proceeds from the ADSs sold by the selling shareholders. The underwriters have been granted a 30-day option to purchase up to an additional 870,000 ADSs from the selling shareholders. The ADSs will begin trading on the New York Stock Exchange on October 19th, 2010, under the ticker symbol "SHP".

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC acted as joint bookrunners for the offering. William Blair & Company, L.L.C. and Oppenheimer & Co. Inc. acted as co-managers for the offering.