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December 30, 2009

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New chairman for Metro firm

THE city's subway operator has made a change of chairman for its listed arm, Shanghai Shentong Metro Co Ltd, according to a statement released late Monday.

The Shanghai-listed company announced it has appointed Yu Guangyao as the new chairman of the board, replacing Zhang Yan.

It also elected Xue Yunkui as independent director in charge of its auditing committee during the first temporary shareholder's meeting on Monday.

Zhang's departure follows last week's rush-hour delay on the most populous Metro Line 1, which trapped thousands of passengers for hours on Tuesday morning last week.

But sources familiar with the decision denied any connection between the accident and Zhang's departure. They said he had been moved into a new job several months ago as president of Shanghai Urban Construction (Group) Co.

Zhang, 48, had served the Shentong listed company for five years.

Yu, 50, is also the president of the company's parent Shanghai Shentong Metro Group, and had served Shanghai Railway Administration for 32 years before moving to Shentong Group in September.

Shentong Group is the investor, builder and operator of Shanghai Metro network, which now has eight lines with a total length of 234 kilometers in operation, and is growing.

Besides Tuesday's delay, caused by the collision of two Metro trains, the subway network also experienced several minor malfunctions after that. The latest was an expanded interval between two trains on Saturday morning due to the replacement of transformer equipment at stations.

Shanghai Mayor Han Zheng urged transport officials to ensure operational safety of the subways.


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