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Shanghai Century Acquisition Corporation Announces Sichuan Kelun Pharmaceutical Co Results for the Six Months Ended June 30, 2007
Date:9/19/2007

roximately RMB 65 million (US$8.5 million). This net income excluded approximately RMB 3 million (US$0.4 million) of pre-acquisition profits of the 12 operating entities and also profits of approximately RMB 12 million (US$1.6 million) with respect to a fair value adjustment to the inventories of these 12 operating entities at their respective dates of acquisition when applying the purchase method in accounting for the acquisition of such entities. If these two profit adjustments were added back, net income for the first half of 2007 would amount to approximately RMB 80 million (US$10.5 million) or approximately 11.6% of sales. Due to the seasonality of Kelun's business and demand patterns in Kelun's main market, the People's Republic of China (PRC), and taking into account the full six months impact of the 12 operating entities in the second half of 2007, Kelun expects sales in the first six months of 2007 to approximate 42% of the full year sales.

Commenting on the results, Mr. Liu Gexin, Chairman of Kelun said: "Our results for the first six months of the year demonstrate a continued strong performance. In particular, we are seeing growing market demand in China for IV solution products, particularly PP bottles, non-PVC soft bags and upright- standing PP soft bags, due to a rise in living standards and new government policies to improve healthcare nationally. We will continue to expand capacity to further leverage our branded market-leading products. "

About Shanghai Century Acquisition Corporation

Shanghai Century is a special purpose acquisition company formed in April 2005 for the purpose of acquiring, through a merger, asset acquisition or other similar business combination, or controlling, through contractual arrangements, an operating business having its primary operations in the PRC.

In April 2006, Shanghai Century raised US$115 million through an initial public offering on the American Stock Exchange. Shanghai Century's units began
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SOURCE Shanghai Century Acquisition Corporation
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