BEIJING, Oct. 16, 2009 (Xinhua News Agency) -- Hurray! Holdings Co., Ltd. (Hurray!, HRAY.NASDAQ), a China-based mobile music provider, announced Thursday that the CEO Xiang Songzuo, and the CFO and vice president Guo Xiaoqing have resigned for private reasons Their resignations became effective immediately.

Meanwhile, Hurray! appointed Qu Haibin as the acting CEO, and Li Yao acting CFO, with immediate effect.

Stimulated by the management changes, Hurray!'s shares soared 14.73 percent or 0.81 U.S. dollars Thursday to close at 6.31 dollars on Nasdaq, hitting a 52-week high.

Qu entered the board of directors of Hurray! in July 2009. He has been the senior executive vice president of Shanda Interactive Entertainment Ltd. (NASDAQ:SNDA) (Shanda, SNDA.NASDAQ) since August 2005.

Li has served as the financial director of Shanda since December 2007. Li also works as the director and CFO of South Korean online gaming company Actoz Soft.