I have one of these, and wasn't sure if it it was legit or not. Now, I'm certain that this cartridge is a bootleg from Brazil. I finally happened upon one of these for sale - with a box and everything! Fairly unusual, but not exactly unheard of when it comes to these bootlegs. The writing on the box art - EVERYBODY SHANG TSUNG TONIGHT - makes it pretty clear that this not an official release.
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This box seems to be wrapped on a DVD-like case and the quality is not good BUT I remember I had the same one back in 1995. In 1996 I lent both the box and the game to a kid who stole them from me, I had to go with my mom to talk to his dad since the kid was nowhere to be seen. They ended up giving me a Super Mario World cartridge instead.
I remember I used to be mad at how different the pictures on the back side of the box looked from the final game, since they seemed to be taken straight from the arcade version. They were surrounded by a dark filter too, although it may have been the low quality of the camera or the printing that may have caused it, anyway they looked awesome.
I never really paid attention to the "Everybody Shang Tsung tonight" phrase since my english was too basic back then (my country's mother tongue is spanish). No wonder lots of illegal copies of this game were circulating around due to its popularity. The Brazilian bootleg origin seems to explain why it was found in both South and Central America (Caribbean) and never found in the US.
Thank you very much for the pictures and the info, you brought back some good memories from my childhood and I can finally put this to rest.