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SHANGHAI PETROCHEMICAL APPOINTS DEWE ROGERSON FOR INVESTOR RELATIONS

 SHANGHAI, People's Republic of China, Sept. 30 /PRNewswire/ -- Shanghai Petrochemical Company Ltd. announced today the appointment of Dewe Rogerson Inc. as the global coordinator for its financial communications efforts. Dewe Rogerson will be responsible for the company's U.S. and European investor relations program, including responding to information queries from the investment community and the media, development and distribution of corporate information, and arranging investor meetings and presentations. In Hong Kong, Dewe Rogerson has established a relationship with The Rowland Company to handle Shanghai Petrochemical's financial communications for that region.
 In the first global offering by a Chinese company, this July, Shanghai Petrochemical raised approximately $343 million through a global initial public offering underwritten by Merrill Lynch & Co. Of the total proceeds, nearly $172 million was raised through the issuance of 8.2 million American Depositary Receipts which are listed on the New York Stock Exchange under the symbol "SHI." The depositary for the ADR program is The Bank of New York. Each ADR represents 100 Class H ordinary shares. At the time of the offering the shares were placed in the market at $20.39 and as of Sept. 29 are trading at $25.75.
 Shanghai Petrochemical Company Limited is the largest petrochemical company and the ninth largest industrial enterprise in the People's Republic of China. Located in Jinshawei in the southwest of Shanghai, the company is a highly integrated petrochemical complex which processes crude oil into a broad range of synthetic fibers, resins and plastics, intermediate petrochemicals and petroleum products. In 1992, the company's net sales totaled approximately 5.177 billion RMB (nearly US$588 million based on current swap centre rate of US$1 equals 8.8 RMB).
 Dewe Rogerson Inc. is a leader in providing financial communications, investor relations, and shareholder analysis services to clients worldwide. With a client base of more than 40 companies in 17 countries, Dewe Rogerson serves such companies as Nestle, Rhone-Poulenc, Guinness, Banamex-Accival, Argentaria and Alliance Capital Management. To obtain further information about Shanghai Petrochemical Company Ltd., contact the company directly, or Steven Kennedy or Corey Cutler of Dewe Rogerson Inc. at 212-688-6840.
 -0- 9/30/93
 /CONTACT: Steven Kennedy or Corey Cutler of Dewe Rogerson, Inc., 212-688-6840/
 (SHI)


CO: Dewe Rogerson, Inc.; Shanghai Petrochemical Company, Ltd. ST: New York IN: OIL SU:

CK-TS -- NY087 -- 7414 09/30/93 15:21 EDT
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Publication:PR Newswire
Date:Sep 30, 1993
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