ShangPharma Corporation (NYSE: SHP) is trading higher by about 18.5% pre-market on news that their largest shareholder, [ShangPharma] Chairman and Chief Executive Officer Mr. Michael Xin Hui, has made a non-binding bid to buy the company (source). The offer comes in at the very least, a 23.5% premium to Thursday’s closing price on the New York Stock Exchange, but 26.5% lower the 52-week high at the midpoint of the offer. According to the company, a ‘special committee of independent directors’ will review the bid of “between $8.50 and $9.50 per American Depositary Share“. The offer comes in at a time when the company is trading near all-time lows and has fallen under scrutiny from investors who are worried about slowing growth. Zacks and TheStreet downgraded ShangPharma to a ‘sell’ rating earlier this year. Notwithstanding, the news are unlikely to have any material impact on investment flow in the sector; ShangPharma has traded an average of 10,939 shares over the last 60 days.