[3] The Sharks, who share their colors with the New York Knicks, are best known outside China for having developed Yao Ming before he entered the National Basketball Association.

Yao was the driving force behind their three consecutive appearances in the finals (1999–2000, 2000–01, and 2001–02), facing the Bayi Rockets each time.

The Sharks were runners-up the first two years, but won for the first time on their third try, breaking the Rockets' streak of six CBA championships in a row.

On July 16, 2009, Chinese media reported that Yao Ming had stepped in to purchase the team.

[6][7] Around that time, alongside the CBA as a whole, they became an Internet meme as a future landing spot for high-profile NBA stars who underperform in a game or series, particularly in the playoffs.