Dongfanghong Rises to Record as Satellite Navigation Cited in 5-Year Plan
China Dongfanghong Spacesat Co. rose to a record, leading gains among satellite navigation stocks, after the Shanghai Securities News reported the government will boost industry spending as part of the next 5-year plan.
China Dongfanghong jumped 6.8 percent to 23.12 yuan as of 10:25 a.m. in Shanghai, heading for the highest since its debut in September 1997. Chengdu GoldTel Electronical Technology Co. advanced 7.2 percent to 78.33 yuan in Shenzhen while Beijing BDStar Navigation Co. surged the maximum 10 percent daily cap to 47.87 yuan.
China plans to include the development of the satellite navigation industry in the nation’s next five-year plan, the Shanghai Securities News reported today, without saying where it got the information. The industry will likely grow more than 50 percent a year to a market of more than 400 billion yuan by 2020, it said.