Boost for Chinese defence stocks: Shares surge after Pakistan said it intends to buy China's J-35 stealth fighter jets; first international sale
Chinese defence companies saw a surge in share prices on Monday following Pakistan's announcement of its intention to purchase advanced fighter aircraft from China.
AVIC Shenyang Aircraft Company, which manufactures the J-35 stealth fighter jet, saw its shares rise by the maximum daily limit of 10% in Shanghai, continuing its upward trend for the third straight session.
Other defence-sector companies also witnessed significant gains, with Aerospace Nanhu Electronic Information Technology Co. experiencing up to 15% increase in share value, according to a Bloomberg report.
On Friday, Pakistan's government announced via social media its plans to acquire 40 J-35 fifth-generation fighter jets, KJ-500 airborne early warning and control aircraft, and HQ-19 ballistic missile defence systems.
China is set to make its first international sale of the J-35 fifth-generation fighter jet to Pakistan. This advanced aircraft, featuring sophisticated stealth capabilities for airspace penetration, was manufactured by Shenyang Aircraft Corporation and showcased at the 2024 Zhuhai Airshow.
Pakistan's military capabilities would be enhanced with the KJ-500 aircraft, offering improved radar coverage and operational flexibility in regional conflicts.
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Additionally, the HQ-19 surface-to-air missile systems would strengthen their ballistic missile defence capabilities, the Bloomberg report said.
The regional military landscape is evolving, as evidenced by Indonesia's consideration of Chinese J-10 jets. Although Indonesia has previously acquired munitions and surveillance equipment from China, this would be their first purchase of Chinese fighter aircraft, marking a shift from their traditional reliance on American and Russian manufacturers.
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