A family drama, the film was the surprise winner of the 19th Golden Rooster Awards in China, where it won best picture over the heavily favored House of Flying Daggers.

Once wealthy capitalists, the family unravels during the Cultural Revolution; their home, once a French concession mansion, converted into a multi-family dwelling.

When her four grown children return, it is the first time the family has been under one roof in decades.

Nominated for several categories at the Golden Rooster Awards, the film was not expected to win, which according to Arthur Jones of Variety, faced tough competition particularly from Zhang Yimou's big-budget wuxia picture, House of Flying Daggers.

Shanghai Story was eventually released in China in 2005 for the Mid-Autumn Festival.