Shares of Chinese Defense Companies Jump as Pakistan Confirms Purchase of Stealth Fighter Jets

Chinese defense stocks soared on Monday after Pakistan announced that it will buy the most advanced Chinese weaponry, including the J-35 fifth-generation stealth fighter jet, reported Bloomberg. Shares of J-35 maker AVIC Shenyang Aircraft Company jumped by the 10 percent daily limit in Shanghai, while other defense-related firms also saw huge growth. Aerospace Nanhu Electronic Information Technology Co. rose as much as 15 percent. Pakistan confirmed plans to acquire 40 J-35 stealth fighters, KJ-500 airborne early warning and control aircraft, and HQ-19 ballistic missile defense systems. China’s exporting J-35 jets to Pakistan will be Beijing’s first export of a fifth-generation fighter aircraft. Pakistan has credited Chinese-supplied J-10C jets with shooting down six Indian fighter aircraft, including French-made Rafales. India has acknowledged losing aircraft but has played down the role of foreign weaponry. The KJ-500 aircraft is expected to enhance Pakistan’s radar coverage, while the HQ-19 system would bolster its ballistic missile defense.