ShangPharma appoints J.P. Morgan as depository bank

ShangPharma issued 5.8 million ADSs at $15 per ADS.

J.P. Morgan said that this will raise $87 million via a listing of ShangPharma's American Depository Shares on the New York Stock Exchange.

“We are pleased with the success of our ADS listing in the United States,” said Lan Xie, Vice President of Finance and Operations, ShangPharma. “The J.P. Morgan depositary receipts team brought with them experienced servicing skills and a host of value-added services, and we look forward to working with the team in the future.”

Kenneth Tse, Asia Pacific Head of J.P. Morgan’s depositary receipts group, commented: “ShangPharma is a market leader in the global pharmaceutical and biotech contract research organization industry, and we are pleased to have been mandated as ShangPharma’s depositary bank. Leveraging our extensive DR experience and ability, we were able to execute a seamless solution that helped achieve ShangPharma’s capital raising objectives. We look forward to building a long-term relationship with ShangPharma as it continues to broaden its investor base."