Shengkai Innovations Public Offering Priced at $5.50 per Share

Shengkai Innovations, Inc.

today announced that the Company has priced a public offering of 1,058,646 shares of common stock at $5.50 per share, resulting in approximately $5.3 million in net proceeds, after deducting the underwriting discount, commissions, and expenses. The transaction is expected to close on or about December 22, 2010, subject to customary closing conditions.