China's A share market listed stocks in sports sector witnessed sharp price rise on Wednesday followiing the latest issued national exercise appealing plan by the State Council on Tuesday.
At the open of trading on Wednesday morning, various sports related shares including Impulse (Qingdao) Health Tech Co, Shuhua Sports Co and Shanghai Lisheng Racing Co all saw sharp increases and quickly hit their daily upper limit of 10 percent.
The State Council issued a national exercise plan from 2021 to 2025, to ensure the population's fitness and exercise demands. The plan vowed to increase the number of people who often participate in regular exercise by 38.5 percent and expanding the scale of nationwide sports industry to 5 trillion yuan ($773.69 billion) by 2025.
China's sports industry was worth approximately 2.95 trillion yuan in 2019, a 10.9 percent increase over 2018. The sports related service sector has great development potential with added value of 761.5 billion yuan, taking 67.7 percent of industry scale in 2018, according to media reports. Analysis firms estimated that China's sports industry scale may exceed 3.5 trillion yuan by 2021.