Xi'an Aircraft International Corp, a Chinese supplier of parts to Boeing Co and Airbus SAS, agreed to pay about 3.2 billion yuan (US$405 million) in stock to buy factories from its parent.

The shares surged to a record high. The acquisition, which includes production lines for the ARJ21 and MA60 regional planes, will probably boost income sevenfold to 440 million yuan next year, the company said in a statement to the Shenzhen Stock Exchange on October 16.