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Chinese Stocks Opened a Tad Higher as Satellite Suppliers Rose
Zhang Yushuo
DATE:  Dec 28 2018
/ SOURCE:  yicai

(Yicai Global) Dec. 28 -- Chinese stock markets on the mainland advanced slightly this morning, as satellite makers gained due to yesterday's news about the launch of a China-made global positioning system. 

The Shanghai Composite Index opened at 2,483.62, up 0.02 percent. The Shenzhen Component Index rose 0.2 percent to 7,233.31. The Growth Enterprise Market Index opened flat at 1,248.06.

The BeiDou Navigation Satellite System has started offering global services, Ran Chengqi, a director of the China Satellite Navigation Office, said in a press conference yesterday. The global coverage comes up to two years early, as the system was supposed to reach this goal by the end of 2020, according to China Daily's report in February. BeiDou will generate more than CNY400 billion (USD58.3 billion) in revenues by 2020, Ran added. 

BeiDou's software supplier Hi-target Navigation Technology [SZ: 300177] opened nearly 9 percent higher. Chip and antennae maker BDStar Navigation [SZ: 002151] started the day 5.44 percent stronger. Hwa Create [SZ: 30045], which does research for the navigation system, rose 4.46 percent.

The first satellite of BeiDou, which means the Big Dipper asterism, was sent to space in 2000. The network of tens of such space stations extended their services to the Asia-Pacific region in 2012. 

Editor: Emmi Laine

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