(Yicai Global) July 15 -- Shares of Hwa Create surged to the highest level in almost eight months after the Chinese firm said it has developed a high-precision positioning baseband chip for the country's self-developed satellite navigation system.

Hwa's stock price [SHE: 300045] soared as much as 20 percent to CNY11.65 (USD1.80) intraday, the highest since December 2020.

The chip, which is compatible with China's most advanced BeiDou-3 navigation system, as well as the major foreign equivalents, is likely to be used in mapping, safety monitoring, unmanned driving, and agriculture, the Beijing-based positioning product developer said in a statement yesterday.

The BeiDou Navigation Satellite System is the third global satellite navigation system after its US and Russian counterparts.

The new product can also play a role in the fields of SMS communication, emergency rescue, and data collection, the firm added.

The chip lays a solid foundation for Hwa to enter the global market of BeiDou-3 satellite navigation services, it said. Moreover, the breakthrough shows that the firm has improved its technical strength in integrated circuits, it added.

Formed in 2001, Hwa develops products for BeiDou and TianTong mobile communications satellite system.

Editor: Emmi Laine, Xiao Yi