Shanghai Century Acquisition Corporation Announces IPO Closing

Shanghai Century Acquisition Corporation Announces IPO Closing

May 04, 2006

    HONG KONG and MENLO PARK, Calif., May 4
/Xinhua-PRNewswire/ -- Shanghai Century Acquisition
Corporation ("the Company") (AMEX: SHA.U) today
announced the closing on April 28, 2006 of the Company's
initial public offering for 14,375,000 units (including
1,875,000 units subject to the underwriters' over allotment
option, which was exercised in full).  

    Each unit consists of one ordinary share, par value
$0.0005 and one warrant.  The units were sold at an
offering price of $8.00, generating gross proceeds to the
Company of $115,000,000.  I-Bankers Securities
Incorporated, WR Hambrecht + Co and Ladenburg Thalmann
& Co. Inc. acted as the managing underwriters for the
initial public offering.  The Company's units began trading
on the American Stock Exchange on Tuesday, April 25, 2006
shortly after the Company's registration statement was
declared effective by the Securities and Exchange
Commission.

     "We are delighted with the success of our
IPO," said Anthony Kai Yiu Lo, Co-Chief Executive
Officer and Chairman, Shanghai Century Acquisition
Corporation.  "We are committed to building
shareholder value and will soon begin exploring growth
opportunities through potential acquisitions."

    Franklin D. Chu, Co-Chief Executive Officer, Shanghai
Century Acquisition Corporation, added: "We will tap
our extensive relationships and adhere to sound investment
strategies in our search for potential target companies in
China."

    Copies of the prospectus relating to this offering may
be obtained from I-Bankers Securities Incorporated, 125 E. 
John Carpenter Freeway, Suite 260, Irving, TX 75062 or from
Shanghai Century Acquisition Corporation, Suite 1002, 10th
Floor, 43 Lyndhurst Terrace, Central, Hong Kong SAR,
People's Republic of China.

    This announcement is neither an offer to sell nor a
solicitation of an offer to buy these securities.  The
offer is made only by the prospectus.

    About Shanghai Century Acquisition Corporation
    Shanghai Century Acquisition Corporation is a company
with principal offices in Hong Kong.  The Company was
formed for the purpose of acquiring, through a stock
exchange, asset acquisition or other similar business
combination, or control, through contractual arrangements,
an operating business having its primary operations in the
People's Republic of China.

    Media Contact

     Patricia Block
     Block Consulting 
     Tel:   [phone]
     Email: [e-mail]

SOURCE  Shanghai Century Acquisition Corporation