Shares of Chengdu Aircraft Corporation (CAC) on the Shenzhen Stock Exchange (SZSE) have surged by 63 percent over the past week following reports that Pakistan shot down India’s French-made Dassault Rafale fighter jets during recent aerial combat.

Since May 5, CAC’s stock price has jumped by CNY 36, reaching CNY 95.86 at 9:45 AM Pakistani time on May 12, marking a 20 percent increase from the previous close.

In contrast, shares of Dassault Aviation, the manufacturer of the Rafale jets, have fallen by 3.44 percent over the same period, closing at EUR 314.6 on May 9.

During a joint press conference on Sunday, Indian defense officials acknowledged losses in the air combat, including Rafale jets, though they did not disclose specific details. The Indian Defence Ministry’s statement that “losses are part of combat” has been widely interpreted as confirmation of significant damage to the Indian Air Force, including the loss of Rafale aircraft.