Shares in China Information Security jump on deal for build-out of smart electric grid

China Info. Security jumps on smart-grid deal news

NEW YORK — Shares in China Information Security Technology Inc. jumped by nearly a third Tuesday after the company said it was chosen as one of two suppliers to help build out China’s nationwide smart electricity grid.

Shares rose $1.68, or 31.6 percent, to close at $7.00.

The company said its GeoStar and GeoGlobe geographic information systems would be used by the State Grid Corp. of China to build out the smart grid.

China Information Security Technology will be the only domestic supplier for the project.

CEO Jiang Huai Lin said the contract will help the company win other business related to its geographic information systems.

The company, based in Shenzhen, China, provides digital security, geographic information and hospital information systems in China.