Management CommentMichael Xin Hui, founder and Chief Executive Officer of ShangPharma, commented, "We are pleased to deliver another quarter of broad-based solid results. Our business lines grew as a result of our strategy to expand our technology platforms and customer base in different geographical areas to respond to the demands of our clients.
"Our expanded integrated service offerings are allowing us to penetrate deeper into our existing customer base. We are successfully attracting new customers in the Chinese pharmaceutical industry, which is a nascent, but rapidly growing industry. Revenues from our China-based customers rose by 202.7% year-over-year, and included a mix of both local pharmaceutical companies and smaller domestic laboratories, as well as major multi-national biotech and pharmaceutical companies' R&D centers in China, representing a great improvement on the diversification of our customer base. Revenue from China-based customers increased to near 10% of total revenues due to strong demand from the local market. There is tremendous growth opportunity for our services in China, and we plan to further increase our China business while simultaneously increasing penetration to developed pharmaceutical markets. We continue to do very well in terms of generating revenues from our top customers, which are largely major global pharmaceutical and biotechnology companies. We have continued to benefit from the trend that big major gl
|SOURCE ShangPharma Corporation|
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