Shanghai Shentong Metro Group Co., Ltd. known as Shentong Metro Group is the operator of Shanghai Metro and Shanghai Maglev Train, as well as the parent company of the listed company Shanghai Shentong Metro Co., Ltd. It is currently responsible for the operation of Shanghai Metro. This includes investment, financing and operation management, and owns most of the assets of Shanghai Metro. The name is derived from Shen (Chinese: 申) is the alternative name of Shanghai, while Tong (Chinese: 通) literally means transportation.
Shentong Metro Group is a subsidiary of Shanghai Jiushi Group (Chinese: 上海久事（集团）有限公司) (for 66.57% stake), a state-owned enterprise.[a] The minority interests (33.43% stake) was owned by another Shanghai state-owned enterprise Shanghai Municipal Investment Group (Chinese: 上海城投(集团)有限公司) (also known as Shanghai Chengtou (Group) Co., Ltd. (Chinese: 上海城投)).
Shentong Metro Group was established on 28 April 2000 with a registered capital was 26 billion yuan (Shanghai Jiushi Company invested 60%: 15.6 billion yuan; Shanghai Municipal Investment Group invested 40%: 10.4 billion yuan).
In 2001 the Shanghai Municipal People 's Government approved the "Shanghai Municipal People's Government's Approval in Principle of the Municipal Planning Commission and the Municipal Construction Commission's Opinions on Improving the "Four-Separate" System of Shanghai Rail Transit" (Hu Fu [2001] No. 13): Shentong Metro Group is the representative of the municipal government's investment in rail transit, as the municipal-level investor in the construction of Shanghai's rail transit network, undertakes the investment and financing functions of the Shanghai government in the field of rail transit. As a consequence, on 29 June 2001 Shentong Metro Group acquired Shanghai Lingqiao Tap Water Co., Ltd. (Chinese: 上海凌桥自来水股份有限公司) and renamed it on 25 July 2001 to Shanghai Shentong Metro Co., Ltd (Chinese: 上海地铁股份有限公司).
The company received huge subsidies in order to provide affordable transport in Shanghai.[1] In 2015 the company increased the share capital from CN¥117.0 billion to CN¥164.8 billion.[1]
Since 2014, after the internal reorganization, Shentong Metro Group has the following subsidiaries:
Shanghai Shentong Metro Co., Ltd (Chinese: 上海地铁股份有限公司) known as Shentong Metro (Chinese: 申通地铁) is listed on the Shanghai Stock Exchange with stock code: SSE: 600834. Shentong Metro Group is the major shareholder with 58.43% of the shares. Shentong Metro became the first listed company in mainland China to engage in rail transit investment and operation. At present, the company consists of the headquarters and 4 subordinate subsidiaries:
The predecessor of Shentong Metro, Shanghai Lingqiao Tap Water Co., Ltd. (Chinese: 上海凌桥自来水股份有限公司), was established on 12 June 1992. On 24 February 1994 it was listed on the Shanghai Stock Exchange. Up to 2001 the Lingqiao Tap Water Co., Ltd. was responsible for (besides water supply) rail transit construction, and there was no separate project company responsible for construction and project investment. On 29 June 2001 a major asset restructuring took place:[3]
On 25 July 2001 the operating assets such as all 18 trains of Metro Line 1, the ticket sales system and a 51% stake in Shanghai Metro Advertising Company (Chinese: 上海地铁广告有限公司, established 7 October 1992) (registered capital of 1 million yuan, mainly engaged in station light box advertisements, train advertisements, subway ticket advertisements, station broadcast advertisements) were officially renamed as Shanghai Shentong Metro Co., Ltd.
In 2013, with the establishment of the company's wholly-owned subsidiary "Shanghai Shentong Metro Line 1 Development Co., Ltd." (Chinese: 上海申通地铁 一号线发展有限公司), the company injected the business of Metro Line 1 into this subsidiary. At the same time, with the written consent of Shentong Metro Group, Shanghai Metro Line 1 management right was transferred to Shanghai No. 1 Metro Operation Co. Ltd. (Chinese: 上海地铁第一运营有限公司).
Shentong Metro Group was planned to inject real estate assets to the listed subsidiary Shentong Metro in 2017.[4] However, the plan was scrapped in June 2017.
On 24 May 2019, the company completed a major asset restructuring, sold Shanghai Shentong Metro Line 1 Development Co., Ltd. (valued at 1.767 billion yuan) to Shentong Metro Group, and acquired from Shentong Metro Group the 51% of Shanghai Keolis Public Transportation Operation Management Co., Ltd. (100% valued at 104 million yuan; 51% valued at 53.04 million yuan). The transaction was completed with cash consideration.[5]
The subsidiaries are responsible for the operation of different lines and different sections. All operation companies are fully subsidiaries of Shentong Metro Group, except Shanghai Keolis which is 51% owned by Shanghai Shentong Metro Co., Ltd. and the other 49% of shares are owned by Keolis.[1]
The line development company is responsible for the investment, construction, operation and management of the projects of each line, as well as the comprehensive development of the station area along the line (operating with a license for licensed operation). All companies are subsidiaries of Shentong Metro Group, except Kunshan Rail Transit Investment Development Co., Ltd. which owns the assets of the Kunshan segment (Anting - Huaqiao) of line 11 of which the parent company is Kunshan Transportation Development Holding Group Co., Ltd.