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ShangPharma Announces Up to $10 Million Share Repurchase Program
Date:8/12/2011

SHANGHAI, Aug. 12, 2011 /PRNewswire-Asia/ -- ShangPharma Corporation (NYSE: SHP) ("ShangPharma" or the "Company"), a leading China-based pharmaceutical and biotechnology research and development outsourcing company, today announced that its Board of Directors has approved a share repurchase program.  The company expects to use cash and internally generated funds to pay for the ADSs that may be repurchased.

The board has authorized ShangPharma to buy up to $10 million of its American Depositary Shares ("ADSs") in the open market within two years from August 24, 2011, when ShangPharma's trading window for insiders re-opens, subject to market conditions and other factors. The repurchases will be made from time to time in open-market transactions on the NYSE at prevailing market prices, in negotiated transactions off the market, in block trades or otherwise pursuant to Rule 10b5-1 and/or Rule 10b-18 plans.  The number of shares to be repurchased and the timing of repurchases, if any, will depend on a variety of factors, including, but not limited to, share price, economic and market conditions, and corporate and regulatory requirements. The repurchase program does not obligate ShangPharma to make repurchases at any specific time or situation. ShangPharma's Board will periodically review the share repurchase program and may authorize adjustments to the program's terms and size. The Board may also suspend or discontinue the repurchase program at any time.

In addition, Michael Xin Hui, ShangPharma's founder and Chief Executive Officer, intends to purchase up to $1 million of ADSs through a personal, family-owned company during the periods when he is legally permitted to purchase ShangPharma's ADSs.

Mr. Hui commented, "Given our confidence in the solid growth outlook of our company, strong operating cash flows, and our proven ability to create long-term value
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SOURCE ShangPharma Corporation
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