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BusinessChina telecom-gear makers jump after official calls for faster...

China telecom-gear makers jump after official calls for faster digital infrastructure construction

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Chinese telecom-equipment makers including ZTE Corp. jumped on Thursday after a top Beijing official said the country should accelerate the construction of digital infrastructure.

ZTE’s Hong Kong-traded shares
763,
+5.25%
rose as much as 7.6%, while its Shenzhen-listed stock
000063,
+7.41%
added 8.8%.

In the A-share market, radio-frequency components supplier Wuhan Fingu Electronic Technology Co.
002194,
+10.05%
hit the daily limit with a 10% surge, while optical-fiber and optical-cable manufacturer Hengtong Optic Electric Co.
600487,
+6.02%
jumped 4.7%.

The sector’s sharp upturn came after state media reported that Xiao Yaqing, head of China’s Ministry of Industry and Information Technology, made comments at an industry conference encouraging companies to speed up the building of digital infrastructure, including 5G base stations and fiber-optic networks.

Write to Yifan Wang at [email protected]

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