Shares of China’s Chengdu Aircraft Corporation (CAC) soared on the Shenzhen Stock Exchange (SZSE) following reports that the Pakistan Air Force shot down multiple Indian Dassault Rafale fighter jets during overnight hostilities.

CAC, a major Chinese aerospace conglomerate and manufacturer of the J-10 and JF-17 fighter jets used by the Pakistan Air Force, saw its stock jump by as much as 18 percent in early trading. At 9:45 AM Pakistani time, CAC shares were trading at CNY 71.08, up CNY 11.9 from the previous close. By 11:45 AM PKT, the stock remained strong at CNY 69.42, up 17.17 percent, and at 11:51 AM PKT, it was at CNY 68.88, marking a 16.29 percent increase.

In contrast, shares of France’s Dassault Aviation, the manufacturer of the Rafale jets, fell sharply on the Paris Stock Exchange (AM.PA) after news broke that up to six Rafale combat jets had been downed by Pakistan. At 11:53 AM PKT, Dassault shares were down EUR 5.40, or 1.64 percent, at EUR 324.

The market reaction followed confirmation from Pakistan’s Defense Minister that five Indian fighter jets had been shot down during the confrontation.