SHANGHAI: The first large Chinese-made passenger jetliner took off on its maiden test flight Friday from Shanghai, a symbolic milestone in China’s long-term goal to break into the Western-dominated aircraft market.
China is touting the C919 as a rival to single-aisle jets the Airbus A320 and Boeing 737. The plane was originally due to fly in 2014 before being delivered to buyers in 2016, but has been beset by delays blamed on manufacturing problems.
If the maiden flight is successful, the aircraft’s maker, state-owned Commercial Aircraft Corp. of China Ltd., or Comac, will then seek certification from China’s civil aviation authority and foreign regulators before making any deliveries.
The jet’s development is a key step on the path laid out by Chinese leaders to transform the country into a creator of profitable technology.
Comac says it has 570 orders, mostly from state-owned Chinese airlines. A total of 23 domestic and foreign customers have placed orders. The handful of foreign customers includes GE Capital Aviation Services and Thailand’s City Airways.
The plane can come with 155-175 seats and has a standard flight length of 4,075 kilometers (2,530 miles).
China’s first domestically made jet, the twin-engined regional ARJ-21, flew its passengers in June 2016, eight years after its first test flight.
Large Chinese-made passenger jet makes maiden flight
Large Chinese-made passenger jet makes maiden flight
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
