World’s largest pumped storage plant
Business briefs from the Chinese media — Wednesday January 4
Stocks in Hong Kong reached a five-month high today after comments made yesterday by Liú Kūn (刘昆), China’s finance minister, that China will implement moderate fiscal expansion policies to bolster growth in 2023.
Hydropower high: On Friday last week, construction started on the world’s largest pumped storage hydropower plant at Lianghekou Dam in Sichuan Province. Pumped storage is a highly efficient and reliable way of storing electricity. The plant will have four 300,000 kilowatt (kW) units, plus 3 million kW capacity of Lianghekou Hydropower Station as a conventional unit for a total installed capacity of 4.2 million kW.
Live streaming ecommerce is hot: According to a new report by Kuaishou 快手, China’s second most popular short video app after Douyin, almost 80% of the platform’s users participated in ecommerce live streaming in 2022, and there are now 400 types of such live streaming broadcasts, of which the most popular types in 2022 were talent display, daily life, and agriculture.
Shenzhen Infinova is in trouble: Shenzhen Infinova 深圳英飞拓, the Shanghai-listed subsidiary of the U.S. video surveillance technology firm Infinova, has received a letter of concern from the Shenzhen Stock Exchange. In the first three quarters of 2022, Shenzhen Infinova reported a net loss of 247 million yuan ($35.79 million), and its revenue of 1.29 billion yuan ($187.79 million) dropped by 40.14% year-on-year.
