(Yicai Global) Oct. 12 -- Guangzhou Hi-Target Navigation Tech Co. [SHE:300177] has successfully developed a next-generation high-precision positioning service system, which is slated to start mass production next year.

The system covers more than 200 countries in all the seven continents and delivers real-time positioning accuracy down to the centimeter range, making it suitable for transportation, construction, maritime navigation and oil pipeline survey operations, the public company said in a statement. It comes with software programs with staff management and data analysis features.

Development of the product is complete now, and the system has been released at the Intergeo exhibition in Germany in Sept., per the statement. System testing and optimization will be conducted in the next several months, and mass production is slated to begin next year.

Hi-Target Navigation Tech bought a 60 percent stake in a British Satnav technology firm, Hi-POS Technology Ltd. in June for USD3.04 million (CNY20 million), and the new satellite positioning system was developed based on the Hi-POS technology.

Hi-Target will be actively involved in the development of China's own satellite positioning system, and promote applications of the home-grown Beidou Satnav system in countries along the 'One Belt, One Road', the firm noted in the statement.