ShangPharma Announces Appointment of Benson Tsang as a Member of the Board of Directors and Audit Committee
SHANGHAI, Nov. 8, 2010 /PRNewswire-Asia/ -- ShangPharma Corporation (NYSE: SHP) ("ShangPharma" or the "Company"), a leading China-based pharmaceutical and biotechnology research and development outsourcing company, today announced the appointment of Benson Tsang as a member of the Company's Board of Directors and Audit Committee, effective November 8, 2010. Kevin Penghui Chen, the Chief Financial Officer and Chief Operating Officer of ShangPharma, will resign as a member of the Audit Committee, but will remain as a member of the Board.
Benson Tsang has been the Chief Financial Officer and financial and principal accounting officer of ATA Inc. since March 2010. Mr. Tsang has more than 21 years of experience in accounting, financial management, and the capital markets. He has held senior financial and management positions in multinational corporations and international accounting firms, and has financial and accounting experience with companies listed on the New York Stock Exchange, The Stock Exchange of Hong Kong, and the Singapore Exchange. Mr. Tsang served as the Chief Financial Officer of WuXi Pharmatech (Cayman) Inc. from July 2006 to February 2009. Prior to that, Mr. Tsang held senior financial and management positions in private and public companies, including PCCW Ltd. and Global Tech Holdings Ltd. He worked at PricewaterhouseCoopers and Deloitte Touche Tohmatsu from 1988 to 1996, and between March 2009 and March 2010, Mr. Tsang provided consulting services through his own firm, the Benita Consulting Company.
Mr. Tsang is a member of the Canadian Institute of Chartered Accountants and the Hong Kong Institute of Certified Public Accountants. He received a Bachelor of Commerce degree and an MBA degree from McMaster University in Canada.
Michael Xin Hui, founder and Chief Executive Officer of ShangPharma, commented, "We are pleased to have Mr. Tsang join our Company as a member of the Board and Audit Committee. His tremendous experience at publicly-listed companies in both the U.S. and Hong Kong, and knowledge accumulated at two big-four audit firms make him a valuable addition to our team. In particular, he will be a great asset in helping our company fulfill our legal and fiduciary obligations in terms of accounting, auditing, financial reporting, internal control and legal compliance."
ABOUT SHANGPHARMA CORPORATION
ShangPharma Corporation is a leading China-based contract research organization providing high-quality and cost-effective services for the pharmaceutical and biotechnology industry. It offers a broad range of high-quality, integrated services across the drug discovery and development process to help international and Chinese pharmaceutical and biotechnology companies discover and develop novel drug candidates efficiently. ShangPharma's services consist of discovery chemistry, discovery biology and preclinical development, pharmaceutical development and biologics services. For more information, please visit www.shangpharma.com.
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SOURCE ShangPharma Corporation
CONTACT: ShangPharma Corporation, Lan Xie, VP of Finance and Operations at [email protected]; Christensen: In New York: Kimberly Minarovich at +917-533-3268 or [email protected]; In Hong Kong: Tip Fleming, +852-9212-0684 or [email protected]
Web Site: http://www.shangpharma.com