Shares of China’s Chengdu Aircraft Corporation (CAC) soared over 17% on Wednesday following reports that the Pakistan Air Force (PAF) had shot down several Indian fighter jets, including French-made Rafales.
CAC, the manufacturer of the J-10 and JF-17 fighter jets operated by the PAF, saw its stock price jump on the Shenzhen Stock Exchange, reaching CNY 71.08 — an 18% increase from the previous close. At the time of reporting, the stock remained strong, trading at CNY 68.88, marking a 16.29% gain.
The surge came after Pakistan’s Defence Minister confirmed that the PAF had downed five Indian fighter jets overnight. According to senior Pakistani defense officials, the total tally included three Rafale jets, one MiG-29, one SU-30, and a Heron surveillance drone.
“All Indian aircraft were attempting to strike Pakistani territory with stand-off munitions,” a Pakistani military spokesperson stated, adding that no PAF aircraft were damaged and all units returned safely to base.
Meanwhile, France’s Dassault Aviation — the maker of the Rafale — saw its shares slip at the Paris Stock Exchange, falling by EUR 5.40, or 1.64%, to EUR 324.
Defense analysts noted that Dassault’s stock could face an additional 5% decline as questions mount over the Rafale’s performance in combat.
The stark contrast in market reaction reflected growing global investor confidence in the capabilities of the PAF and the performance of the JF-17 and J-10C jets, jointly developed by China and Pakistan. The incident has also reignited debate over the combat readiness and reliability of India’s Rafale fleet.
