Shanghai III

Although the game does not include any credits,
Phase Out mentions a Shanghai game released for
Super Famicom and the Arcades on their old list
of works (http://www.phase.co.jp/sound/2.htm).

The title's placement with games released
around 1994 implies that they worked on this
rather than Banri no Choujou/Triple-Threat,
which was also released for both platforms.

Additionally, Shigeharu Isoda lists this game
on his old Wave Master profile, having done the
sound data conversion and sound driver for this
game. Nobuyuki Shioda was also involved in
"Converting SE to PCM data", as mentioned on
his website:
(https://www.saltomatic.net/?page_id=7).

Some of the music in this game went on to
appear in future Shanghai entries from Sunsoft,
including the various versions of Game no
Tatsujin: The Shanghai and even on their recent
iteration of Mahjong Solitaire for smartphones.

Generated by MAME 0.236 VGM mod
(mame0236-2-g1ec85877cc7).

Size reduction:
1. vgm_sro: 6.68 MB -> 1.75 MB (26.2 %)
2. vgm_cmp: 1.75 MB -> 1.37 MB (78.2 %)
Total: 6.68 MB -> 1.37 MB (20.5 %)

— marklincadet

Source: VGMRips