J.P. Morgan Appointed Depositary Bank by ShangPharma

Hong Kong, December 22, 2010 – J.P. Morgan announced today that it has been appointed depositary bank by ShangPharma Corporation (“ShangPharma”), raising $87 million via a listing of ShangPharma’s American Depositary Shares (ADS) on the New York Stock Exchange.  

ShangPharma, a leading China-based pharmaceutical and biotechnology research and development outsourcing company, issued 5.8 million ADSs at $15 per ADS.  “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."

J.P. Morgan is committed to working closely with its clients to design and implement customized depositary receipt (‘DR’) programs to achieve their strategic goals and facilitate DR liquidity.

J.P. Morgan launched the first depositary receipt program in Asia in 1961 for Sony and serves as depositary bank for leading companies throughout the region. J.P. Morgan provides a full range of American Depositary Receipt (‘ADR’) and Global Depositary Receipt (‘GDR’) services to issuers seeking to have their equity traded on exchanges beyond their home markets. For more information on depositary receipts and international equities, please visit J.P. Morgan’s award-winning website, www.adr.com .

About J.P. Morgan Worldwide Securities Services
J.P. Morgan Worldwide Securities Services (WSS) is a premier securities servicing provider that helps institutional investors, alternative asset managers, broker dealers and equity issuers optimize efficiency, mitigate risk and enhance revenue. A division of JPMorgan Chase Bank, WSS leverages the firm’s global scale, leading technology and deep industry expertise to service investments around the world. It has $15.9 trillion in assets under custody and $6.7 trillion in funds under administration. For more information, go to www.jpmorgan.com/wss .  

About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.1 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.