Guangzhou Hi-Target Navigation Tech (300177), a producer of global navigation satellite systems, said general manager Li Zhongqiu and deputy general manager Xu Feng each purchased 20,000 shares, or a 0.02 percent stake, during the last two days, reports eastmoney.cn, citing a company filing.

Li purchased the shares at an average price of 23.48 yuan each, while the average price paid by Xu was 24.1 yuan per share.

The two executives said they purchased the shares as they were optimistic about the company's future prospects.