Shentong shares hit daily limits after Yu appointment

SHANGHAI: Shares of Shanghai Shentong Metro Co surged to daily limits yesterday after the city's Metro Line 1 operator appointed a new chairman, triggering hopes that the much-anticipated asset restructuring would start soon.

The company said in a statement yesterday that it has appointed Yu Guangyao, an industry veteran, as the new chairman.

The announcement comes a week after the subway operator was hit by an accident that grounded trains for several hours.