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SCMP Reporter

SHANGHAI Vacuum Electron Devices chairman Xue Wenhai has resigned from the position for unknown reasons.

  Shanghai Securities News reported that Shanghai Vacuum's board unanimously accepted his resignation at a meeting on August 6.

  Mr Xue also relinquished his position as the company's general manager.

  He was replaced as chairman by former vice-chairman Gu Peizhu.

    Shanghai Vacuum, the first mainland enterprise to issue B shares for overseas investors, became the centre of controversy with its failed attempt at a rights issue early this year.

  No reason was given for Mr Xue's resignation, but analysts said it was quite common for the mainland authorities to change a company's management.

  Under the communist system, a company's management was employed by and subject to the government authorities, the analysts said.

   However, they also said they expected fewer management changes in mainland enterprises which were converted into publicly-owned entities.



Manager's resignation a mystery