Business: Shanghai Century Acquisition Corporation announcement

It will not be filing form 20-F for the year ended December 31, 2007

New York (BUSINESS WIRE) - Shanghai Century Acquisition Corporation (AMEX: SHA) At the Company's July 8, 2008 General Extraordinary Meeting of the Shareholders, Cosimo Borrelli and Jacqueline Walsh, both of Borrelli Walsh Limited, were appointed to serve as liquidators of the Company. The liquidators' responsibilities include the settling any outstanding creditor claims and making a pro rata distribution to the holders of securities issued in the Company's April 28, 2006 initial public offering (the "IPO"), from the trust account (the "Trust Account") into which the net proceeds of the IPO were deposited (plus (i) one-half of the interest earned on the Trust Account and (ii) any remaining net assets) The per share distribution amount will not be determined until after the liquidators have evaluated and paid the creditors' claims and may be less than the IPO price of US$8.00 per unit. As of May 31, 2008, approximately US$114,500,000 was held in the Trust Account and invested in money market funds.

The Company's annual report on Form 20-F for the year ended December 31, 2007 was initially due on June 30, 2008. The filing of Form 20-F is a requirement for the Company's continued listing on the American Stock Exchange ("AMEX"). The Company has today received a notice from AMEX regarding this delinquent filing and that it is not in compliance with sections 134 and 1101 of the AMEX Company Guide. The liquidators have determined that a Form 20-F for the year ended December 31, 2007 will not be filed for the following reasons: the Company is in the process of liquidation and additional expenses should be minimized to allow for a larger distribution to shareholders and the Company's major asset as of December 31, 2007 was the Trust Account and information with respect thereto has been given to shareholders.

Shanghai Century Acquisition Corporation was formed for the purpose of acquiring an operating business. In April 2006 the Company raised US$115 million in its IPO of which approximately $110 million was deposited into the Trust Account. Since the Company's proposed acquisition was not approved by its shareholders, the Company is required to liquidate and dissolve in accordance with its charter and applicable law.

Borrelli Walsh LimitedCosimo Borrelli, +852 3761 3888
Managing Director

Business: Shanghai Century Acquisition Corp announces results of GM

New York (BUSINESS WIRE) - Shanghai Century Acquisition Corporation (AMEX: SHA) announced that the proposal to appoint Cosimo Borrelli and Jacqueline Walsh, both of Borrelli Walsh Limited, to act jointly and severally as liquidators of the Company in relation to the Company's voluntary liquidation was approved by the shareholders of Shanghai Century at its General and Extraordinary Meeting held on July 8, 2008.

The Liquidators' responsibilities include, but are not limited to, undertaking an independent assessment, evaluation and settlement of the Company's creditors; and making pro rata distributions to the holders of securities from the trust account (the "Trust Account") of the Company into which the net proceeds of the Company's initial public offering were deposited (plus (i) one-half of the interest earned on the Trust Account and (ii) any remaining net assets).
The per share distribution amount will not be determined until after the Liquidators have evaluated and paid the creditors' claims and may be less than the initial public offering price of US$8.00 per unit, assuming the entire amount of the Trust Account is available for distribution. No payments will be made in respect of the outstanding warrants (which have expired worthless) or to any of its initial shareholders with respect to the shares owned by them prior to the initial public offering.

Cosimo Borrelli is a chartered accountant with over 20 years of experience in formal and informal corporate restructuring, insolvency, forensic accounting and financial investigations.
Jacqueline Walsh is a qualified lawyer in Hong Kong and the United States with over 14 years of experience in formal and informal corporate restructuring, insolvency, court and private receiverships and financial investigations.
Shanghai Century Acquisition Corporation was formed for the purpose of acquiring, through a share exchange, asset acquisition or other similar business combination, or control through contractual arrangements, an operating business having its primary operations in China. In April 2006 the Company raised US$115 million through an initial public offering on the American Stock Exchange. Shanghai Century Acquisition Corporation's principal offices are in Hong Kong.

Shanghai Century Acquisition Corporation
Franklin D. Chu, +852-2854-1118 Co-Chief Executive Officer &
Director
fchu@shanghai-century.com

Business: Shanghai Century acquisition corporation announces extraordinary

Shanghai Century acquisition corporation announces extraordinary general meeting of shareholders for appointment of voluntary liquidators

New York (BUSINESS WIRE) - Shanghai Century Acquisition Corporation (AMEX: SHA) Shanghai Century announced that its Board of Directors will convene a General Extraordinary Meeting of the Shareholders on July 8, 2008, to consider and approve a proposal to appoint Cosimo Borrelli and Jacqueline Walsh, both of Borrelli Walsh Limited, to act jointly and severally as liquidators of the Company in relation to the Company's voluntary liquidation.

On May 28, 2008, the Shanghai Century Board of Directors filed a Notice of Dissolution and a Declaration of Solvency with the Cayman Islands' Registrar of Companies, in addition to publishing in the Cayman Islands' Gazette, a notice to all possible creditors of the Company's voluntary winding-up and distribution of assets. The Liquidators will undertake their own independent assessment of the Company's creditors and evaluation of claims.

The Board considers it advisable for an independent liquidator to be appointed, which under Cayman Islands' law requires shareholder approval. Cosimo Borrelli is a chartered accountant with over 20 years of experience in formal and informal corporate restructuring, insolvency, forensic accounting and financial investigations. Jacqueline Walsh is a qualified lawyer in Hong Kong and the United States with over 14 years of experience in formal and informal corporate restructuring, insolvency, court and private receiverships and financial investigations.

The Liquidators' responsibilities will include, but are not limited to, settling any outstanding creditor claims and making a pro rata distribution to the holders of securities issued in the Company's April 28, 2006 initial public offering (the "IPO"), from the trust account (the "Trust Account") into which the net proceeds of the IPO were deposited (plus (i) one-half of the interest earned on the Trust Account and (ii) any remaining net assets) The per share distribution amount will not be determined until after the Liquidators have evaluated and paid the creditors' claims and may be less than the IPO price of US$8.00 per unit, assuming the entire amount of the Trust Account is available for distribution. No payments will be made in respect of the outstanding warrants (which have expired worthless) or to any of its initial shareholders with respect to the shares owned by them prior to the IPO.

Shanghai Century Acquisition Corporation was formed for the purpose of acquiring, through a share exchange, asset acquisition or other similar business combination, or control through contractual arrangements, an operating business having its primary operations in China. In April 2006 the Company raised US$115 million through an initial public offering on the American Stock Exchange. Shanghai Century Acquisition Corporation's principal offices are in Hong Kong.

Shanghai Century Acquisition CorporationFranklin D. Chu,
+852-2854-1118 Co-Chief Executive Officer &
Directorfchu@shanghai-century.com