Media Focus on Multinational Corporations [2022.12.05]






ABB opens mega robotics factory in Shanghai

ABB Group, the Swiss technology company, opened its mega robotics factory in Shanghai on Friday, a move to further enhance its market presence in both China and the Asia-Pacific region.

The 67,000-sqm factory, including production and research facilities, represents a $150 million investment. The plant will deploy ABB's digital and automation technologies to manufacture next generation robots, the company said in a statement.

'The opening of our new mega factory is another milestone in helping our customers grow sustainably, address labor shortages and create high-value jobs in a new era of automation,' said Sami Atiya, president of ABB's robotics and discrete automation division.

ABB predicts that the global robot market will grow from today's $80 billion to $130 billion in 2025. All while China, the world's largest robotics market, accounted for 51 percent of global robot installations in 2021, surpassing the one-million-unit mark of operational robots.

As one of ABB's three robotics factories worldwide, the Shanghai plant will support customers in China and other parts of the Asia-Pacific region. The manufacturing base in Vasteras, Sweden supplies customers in Europe and the Auburn Hills factory in Michigan supports clients in North and South America.

The factory is the latest ABB robotics and discrete automation facility to open this year following a new global innovation and training campus for machine automation in Austria in July and an Industry 4.0 standard training center in Berlin in September.




Boeing Announces New International Leaders

Boeing  today announced that Dr. Brendan Nelson AO will take over as president of Boeing International (BI) and lead the company's international strategy and corporate operations. The former Australian diplomat and government minister will succeed Sir Michael Arthur when he retires from Boeing in early 2023 after five decades of service in the public and private sectors, including the past four years at the helm of Boeing International.

Nelson, the second non-U.S. citizen to lead the organization, will report to Boeing President and CEO Dave Calhoun and join the company's executive council. The Australian citizen has been president of Boeing Australia, New Zealand and South Pacific since February 2020. He will move to London to take up his new role, effective Jan. 12, 2023.

'Brendan brings to his new position vast experience in government and diplomacy, industry and non-profit associations, that will serve us well as we continue to grow as a global company while navigating the dynamics of the geopolitical environment,' said Calhoun.

Since joining Boeing in 2014, Arthur and Boeing International have worked to expand the company's global business in recent years. Boeing now has customers in 150 countries and a worldwide supply chain of 20,000 suppliers and partners. The company operates in 65 different countries, including major operations in Australia, India, the Middle East and United Kingdom, and employs more than 25,000 people outside of the United States who are engaged in design, development, manufacturing, services and support.

'On behalf of our global team, I want to sincerely thank Sir Michael for his tremendous contributions, his tireless service to our customers, employees and industry over the past eight years,' added Calhoun.

Nelson will oversee 20 regional offices in key global markets. His responsibilities will include developing the company's growth and productivity initiatives outside the United States, forming new business and industrial partnerships, overseeing international affairs, enhancing Boeing's local presence and providing global functional support.

When he served as Australian Minister of Defence, Nelson oversaw deployments to Iraq, Afghanistan, East Timor and the Solomon Islands. He later served as Australia's ambassador to Belgium, Luxembourg, the European Union and NATO for three years. Nelson is a long-time and passionate advocate of veterans' affairs and prior to joining Boeing in 2020, Nelson was the director of the Australian War Memorial for seven years.

Maria Fernandez PSM will succeed Nelson as president of Boeing Australia, New Zealand and South Pacific effective Dec. 20, 2022. She will be the senior company leader in the Oceania region and board chair of Boeing Australia Holdings. In this role, Fernandez will coordinate Boeing Australia activities, lead government relations and direct the implementation of the company's strategy to expand its local presence and grow the business.

'Maria has had a distinguished career with more than 20 years of leadership experience in the Australian national security sector and was the first woman to lead an Australian intelligence agency. She has the ideal background for this position,' said Nelson.

Fernandez has held senior executive positions in Australia's departments of Home Affairs, Defence, Immigration and Border Protection, and Education. Prior to joining Boeing, she ran a consultancy that provided strategic advisory and independent assurance services to Australian government agencies.



Tesla delivers electric semis to PepsiCo at Nevada factory

Tesla delivered its first electric semis to PepsiCo Thursday, more than three years after Elon Musk said his company would start making the trucks.

The Austin, Texas, company formally delivered the trucks at a factory near Reno, Nevada. The event was livestreamed on Twitter, which Musk now owns.

Musk drove one of three Tesla Semis in front of a crowd inside the factory. One was white, one was painted with a Pepsi logo, and another with Frito-Lay colors.

PepsiCo, which is based in Purchase, New York, is taking part in a zero-emissions freight project at a Frito-Lay facility in Modesto, California. That project is being funded by a $15.4 million clean-freight technology grant from the California Air Resources Board that includes 15 Tesla battery-electric tractors and other electric- and natural-gas powered trucks.

Electric semis also would be eligible for a federal tax credit of up to $40,000.

At an event in November of 2017 unveiling the Tesla Semi, Musk said production would begin in 2019 and the trucks would be able to follow each other autonomously in a convoy. But during Tesla's third-quarter earnings conference call in October he said the company's Full Self Drivingsystem is not quite ready to be driverless.

Musk said the truck has a range per charge of 500 miles (800 kilometers) when pulling an 82,000-pound (37,000-kilo) load. The company plans to ramp up Semi production to make 50,000 trucks in 2024 in North America.

Competitors working on hydrogen-powered semis say battery-powered trucks won't work for long-haul carriers because it will take too long to recharge the huge batteries. Musk said hydrogen isn't needed for heavy trucking.



Tesla recalls over 400,000 vehicles in China for rear light issue

Electric carmaker Tesla will recall 435,132 vehicles in China as a software glitch may cause tail lights to fail to illuminate, China's top quality watchdog said.

The recall involves 142,277 Model 3 vehicles manufactured between Dec 27, 2020 and Nov 7, 2022, and nearly 300,000 Model Y vehicles produced between Jan 1, 2021 and Nov 11, 2022, according to a statement from the State Administration for Market Regulation.

Tail lamps on one or both sides of the vehicle may fail to illuminate as a firmware anomaly may cause false fault detections during the vehicle wake-up process. Such failure may increase the risk of a collision in dark conditions, said the statement.

Tesla will deploy an over-the-air software update to address the issue, according to the statement.


Pratt & Whitney

Pratt & Whitney Awarded F135 Engine Core Upgrade Contract

Pratt & Whitney, a Raytheon Technologies (NYSE: RTX) business, has won a $115 million contract for the F135 engine enhancement effort, also referred to as an engine core upgrade.

'Upgrades like this are a normal part of any major defense program and the F135 engine has been pushed beyond its original specifications for too long,' said Jill Albertelli, president of Pratt & Whitney's Military Engines business. 'The F-35 engine core upgrade saves taxpayers $40 billion in lifecycle costs and builds upon a combat-tested engine architecture that has more than one million flight hours. We deeply appreciate Chairwoman DeLauro's support on this critical program.'

The contract award will support Pratt & Whitney's preliminary development activities through 2023.

'Pratt & Whitney is one of the foremost leaders in advanced technology and defense manufacturing,' said Rosa DeLauro, chair of the House Appropriations Committee. 'The recent announcement will protect good paying union jobs in Connecticut, while providing a much-needed charge to our economy. Pratt & Whitney employs more than 11,000 people in East Hartford and Middletown and is a core component of our state's economy. I was proud to fight for this investment in F135 modernization, and you have my word that I will always fight to keep these jobs in Connecticut.'

The F135 engine core upgrade delivers the fastest, most cost efficient, lowest risk path to Block 4 capability for all global F-35 operators. It is the only F-35 propulsion option that is a 'drop in' solution for all variants, adding no weight and avoiding disruptive and costly air vehicle changes that would introduce additional costs, schedule delays, and technical risk.

The F135 program is a major driver of economic growth in the state of Connecticut and around the country, supporting more than 53,000 jobs across 36 states. In Connecticut alone, the program supports more than 27,000 direct and indirect jobs and nearly 100 suppliers.



CNPC jolts things up with new charging venture

China National Petroleum Corp announced on Monday the establishment of a new energy company with its business covering battery manufacturing, new energy vehicle sales and charging piles.

The business of the company, with a registered capital of 60 million yuan ($8.34 million), also includes new energy vehicle accessories sales, power transmissions, distribution and control equipment manufacturing, as well as the manufacture and sales of photovoltaic equipment and components, according to Tianyancha, a corporate information-sharing site.

CNPC, together with Shanghai Qiyuan Green Power Tech Co Ltd and Shanghai Enneagon Energy Tech Co Ltd, hold shares in the joint venture.

The company said earlier that it aims to build over 1,000 charging stations by 2025 in China, having built 203 as of September.

An analyst said China's energy giants have been expanding their investment in low-carbon businesses including renewables, hydrogen and electric mobility to further facilitate the country's goal of achieving carbon neutrality by 2060.

Wei Hanyang, a power market analyst at BloombergNEF, said CNPC has selected a wise route to go green by targeting renewable energy to benchmark with global oil majors and competitors.

NEVs will eventually replace internal combustion engines in the China market, and if left behind in this transition, oil companies can lose their competitive edge over the long term, Wei said.

In September, CNPC joined SAIC Motor Corp, battery maker Contemporary Amperex Technology Co Ltd and China Petrochemical Corp also known as Sinopec, the world's largest refiner by volume to set up a Shanghai-based JV to supply swappable batteries for electric vehicles.

The JV, Shanghai Jieneng Zhidian New Energy Technology, is expected to set up about 40 battery swapping stations in cities such as Shanghai and Beijing as well as Guangdong province's Guangzhou and Shenzhen this year. The aim is to put about 300 such stations into operation by the end of 2023 and about 3,000 by 2025.

The firm will also research swappable battery technology as well as provide big data services with its business focusing on leasing power batteries, according to official business registration portal

Luo Zuoxian, head of intelligence and research at the Sinopec Economics and Development Research Institute, said domestic oil majors have been stepping up development of new energy assets in recent years, while their widespread gas stations nationwide also give them an edge as pioneers in the new energy industry.

The oil majors can not only provide physical sites, but also take over the supply of clean energy via battery swapping based on their existing filling station networks, and they should further extend the industry chain of new energy transportation, including developing hydrogen refueling stations, Luo said.

Sinopec and CNPC aim to switch to new energies and transform petrol stations into 'integrated energy service stations' where drivers can either charge or swap their vehicles' batteries.



CNOOC ups investment in Brazil

CNOOC Petroleum Brasil has doubled its stake in the Buzios oilfield in Brazil to 10 percent from 5 percent, its parent China National Offshore Oil Corp announced on Thursday.

CNOOC paid $1.9 billion for the additional 5 percent stake as part of a production-sharing agreement with Petrobras, the Brazilian oil and gas giant that operates the field and holds an 85 percent stake in the venture. CNODC Brasil Petroleo e Gas holds the remaining 5 percent stake.

In 2019, CPBL signed an agreement with Petrobras for an initial 5 percent stake in the oilfield in Santos Basin, offshore southeast Brazil.

It is the world's largest deepwater pre-salt-producing oilfield with an average water depth of about 2,200 meters. It started operations in 2018.

The project is developed by the traditional deepwater pre-salt development mode called the FPSO+Subsea. Daily production has reached 600,000 barrels, said CNOOC.

Xia Qinglong, executive director of CNOOC, said acquiring additional interests in the Buzios oilfield further expands the company's presence in Brazil's deepwater pre-salt region, home to bountiful oil and gas resources.

'The transaction promotes the international development of the company and fortifies the resource base for the company's high-quality development,' he said.

'The company will adhere to the concept of win-win cooperation and work closely with the host government and project partners to promote the sustainable development of Brazil's oil and gas industry, economy and society.'

Li Ziyue, an analyst with BloombergNEF, said the oil and gas production of CNOOC is expected to rise more than 6 percent each year during the 2022-24 period and its continuous upstream investment and production commitment will also play a critical role in China's energy supply security.

CNOOC has been seeking to use its engineering prowess to become a major player in offshore wind power projects. It accounted for more than half of China's total oil and gas output growth in 2021, she said.

CNOOC currently owns five deepwater oil and gas block assets in Brazil. In 2013, CNOOC, Petrobras, Shell, TotalEnergies and China National Petroleum Corp formed a consortium to win the Libra block, entering the Brazilian subsalt ultra-deepwater oil and gas field for the first time.



CNOOC acquires a larger percentage of Búzios oilfield

China National Offshore Oil Corp, the country's largest offshore driller, announced on Thursday that it has completed the acquisition of another 5 percent of participation interest in the Production Sharing Contract of the Búzios oilfield in Brazil for $1.9 billion.

Located in the Santos Basin, southeast offshore of Brazil, the oilfield is the world's largest deep-water pre-salt producing oil field with an average water depth of approximately 2,200 meters. It was put into operation in 2018 and developed by the traditional deep-water pre-salt development mode, FPSO+Subsea. The current daily production has reached 600,000 barrels, said CNOOC.

CNOOC currently owns five deep-water oil and gas block assets in Brazil. In 2013, CNOOC, Petrobras, Shell, TotalEnergies and China National Petroleum Corp formed a consortium to win the Libra block, entering the Brazilian subsalt ultra-deepwater oil and gas field for the first time.


Saudi Arabia

Saudi Arabia discovers two new gas fields

Saudi Arabia's energy minister said Saudi Aramco had discovered two new natural gas fields, Awtad and AlDahna, in the country's eastern region, state news agency SPA reported.

Awtad was discovered southwest of the Ghawar field, and gas flowed from one well, Awtad-108001 well at a rate of 10 million standard cu ft daily, plus 740 barrels of condensate, and another well, Awtad-100921 at 16.9 million standard cu ft daily, and 165 barrels of condensate, SPA said.

AlDahna was discovered 230 km southwest of Dhahran, and flowed from the AlDahna-4 well at 8.1 million cu ft daily and from the Al-Dahna-370100 well at 17.5 million cu ft daily plus 362 barrels of condensate.


Canadian Natural

Canadian Oil Giant Plans to Pump Record Crude Next Year

Canadian Natural Resources Ltd., Canada’s largest oil and gas producer, is aiming to raise production as high as 1 million barrels a day in 2023 for the first time as the company ramps up drilling amid historically high prices.

Combined with natural gas, production is forecast to increase by 56,000 barrels of oil equivalent a day from this year to as much as 1.4 million barrels, the company said in an investor presentation Wednesday.

Oil sands production, accounting for almost 75% of oil output, will increase about 5% as the company drills new well and reduces maintenance work at some facilities. Conventional production is expected to grow about 4% as heavy output rises from the Clearwater formation in Alberta and in the Bonnyville and Lloydminster areas.

The oil giant’s plans buck the industry, which is being more conservative in deploying cash to new drilling even as oil price futures this year trade at higher levels. Suncor Energy Inc., the largest oil sands producer, expects output to increase from this year by no more than 10,000 barrels a day to as high as 770,000 barrels of oil equivalent, the company said in a conference call on Tuesday. MEG Energy Corp., a smaller oil sands producer, will increase output to as high as 105,000 barrels a day.

The company’s shares fell 40 cents to C$80.31 in Toronto on Wednesday as the company announced its guidance for next year.



BP wins two oil exploration blocks offshore Egypt

British oil major BP has received two oil exploration blocks offshore Nile Delta, Egypt, in the Mediterranean Sea.

The blocks, called the Northwest Abu Qir Offshore Area and Bellatrix-Seti East block, have been awarded by Egyptian state-owned company Egyptian Natural Gas Holding Company (Egas ).

BP owns an 82.75% operatorship stake in Northwest Abu Qir Offshore Area while Wintershall-Dea owns the remaining 17.25% stake.

Located west of the BP-owned North King Mariout block, the Northwest Abu Qir Offshore Area covers an area of approximately 1038km².

BP holds a 50% stake in the 3440km² Bellatrix-Seti East block, located west of the Atoll field and North Tabya blocks. The remaining stake is held by Italian firm Eni.

BP gas and low carbon energy executive vice-president Anja-Isabel Dotzenrath said: “Egypt has long been important for BP, with almost 60 years of successful partnership and more than $35bn invested.

“We now look forward to an even more successful future, continuing to help meet Egypt’s growing energy needs by providing cost-competitive supplies of gas and supporting Egypt through the energy transition by exploring growth opportunities in hydrogen, for example.”

In 2022, BP was awarded the North El Fayrouz offshore area, King Mariout Offshore Area, and the North El Tabya area extension.

BP regional president for Egypt, Algeria, and Libya Karim Alaa said: “We have been awarded four new exploration blocks and a block extension in 2022, which offer the potential for gas discoveries that could be developed using existing infrastructure. Acquiring this acreage is part of our strategy to maintain a longer-term plateau production rate.”

Earlier this year, Bloomberg News reported that BP was considering selling oil assets in Mexico to shift its focus towards renewable energy in the country.



BP Weighs Ending its 70-year-old Statistical Review of World Energy

BP is considering ending the publication of its Statistical Review of World Energy, over 70 years after it first published the benchmark report, as the energy major focuses on its shift to renewables, the company told Reuters.

The Statistical Review has been a go-to resource for the wider energy sector since it was first published in April 1952, providing detailed data on global oil, gas and coal production and consumption.

Led by BP's Chief Economist Spencer Dale in recent years, the report was expanded to include data on renewable energy and even minerals used for batteries.

However, the report has been seen by some BP executives as detrimental to the company's new direction, sources told Reuters.

A BP spokesperson confirmed the company has launched an internal review of the report.

'We're looking at options for publishing the annual Statistical Review of World Energy, but as yet we've taken no decision,' the company said.

'The world of energy is changing fast and becoming ever more complex, and our energy and economics team are focused on understanding different elements of the energy transition and their implications for BP.'

The company added that 'the Review is a valuable source of objective and comprehensive data, and ensuring this continues is an important consideration.'

Chief Executive Officer Bernard Looney has radically shifted BP's focus since taking office in 2020, aiming to sharply reduce oil and gas production while rapidly building a renewables business in order to slash greenhouse gas emissions.

The company has in recent years also cut its ties with several oil and gas associations and has sought to raise its profile as a clean energy provider.

'Put simply, it (Statistical Review) is bad PR,' one company source said.



First Gas Flows from BP's Cassia C Development Offshore Trinidad and Tobago

BP has started production from its Cassia C development offshore Trinidad and Tobago.

Cassia C is BP Trinidad and Tobago's first offshore compression platform and, according to the company, its biggest offshore facility.

The project will enable BP to access and produce low pressure gas resources from the Greater Cassia Area.

The platform, bpTT’s 16th offshore facility, is connected to the existing Cassia hub which lies approximately 35 miles off Trinidad’s southeast coast.

According to BP, Cassia C is expected to produce, at peak, about 200-300 million standard cubic feet a day of gas. Production will go towards meeting bpTT’s gas supply commitments and will be important to sustaining T&T’s LNG and petrochemical industries, the company said,

David Campbell, bpTT president said: “First gas from Cassia C is an important milestone for bp in Trinidad and Tobago. This first offshore compression facility will allow us to unlock new resources and bring much-needed gas to market. I am immensely proud of the teams which have been working hard to bring this facility online.”

The Cassia C platform’s jacket – its legs and supporting frame - was built at TOFCO (Trinidad Offshore Fabricators) and installed in 2020. Its topside structure was built in the McDermott fabrication yard, Altamira, Mexico and was installed in 2021.

First gas from Cassia C follows the recent sanction of the Cypre development and the execution of the gas supply agreement with the National Gas Company.



Equinor to Drill 25 Offshore Exploration Wells in Norway in 2023

Norwegian major Equinor plans to drill 25 exploration wells off the Nordic country next year, compared with 22 wells this year, most of them in the North Sea, a senior executive said on Tuesday.

A 'small handful' of wells will be drilled in the Norwegian and Barents Seas each, Jez Averty, Equinor's head of exploration and production in Norway, told Reuters on the sidelines of an energy conference.

Equinor has become the European Union's largest gas supplier following a drop in gas flows .

Equinor was focusing on providing as much gas as possible to Europe, but exploring for new gas fields was a long-term process, Averty said.

'We've heard a message from Europe that it needs as much Norwegian gas as possible, and we are going to work on that, but it takes time,' he said.



Shell spending $2 billion to buy the largest biomethane producer in Europe

Shell Petroleum, a wholly-owned subsidiary of Shell, has entered into an agreement to acquire 100% shareholding of Nature Energy Biogas, a Denmark-based producer of renewable natural gas (RNG), for nearly $2 billion.

By purchasing the shares in Nature Energy, Shell said it will acquire the largest RNG producer in Europe. The acquisition will include its portfolio of cash-generative operating plants, associated feedstock supply and infrastructure, its pipeline of growth projects and its in-house expertise in the design, construction, and operation of innovative and differentiated RNG plant technology.

It will also further increase Shell’s ability to work with its established customer base across multiple sectors to accelerate its transition to net-zero emissions.

Furthermore, the acquisition will support Shell’s ambition to profitably grow its low-carbon fuel production.

The transaction is subject to regulatory approvals and is expected to close in Q1 2023.

“Acquiring Nature Energy will add a European production platform and growth pipeline to Shell’s existing RNG projects in the United States. We will use this acquisition to build an integrated RNG value chain at a global scale, at a time when energy transition policies and customer preferences are signalling strong growth in demand in the years ahead”, said Huibert Vigeveno, Shell’s Downstream Director.

Nature Energy owns and operates 14 industrial-scale RNG, also known as biomethane, plants and an international development pipeline of about 30 plants across Europe and North America.

It is currently owned by a consortium of institutional investors, including Davidson Kempner Capital Management LP, Pioneer Point Partners and Sampension.


China Pharma Holdings, Inc.

China Pharma Announces Receipt of Noncompliance Notice from NYSE American

China Pharma Holdings, Inc., a specialty pharmaceutical company, today announced that on December 1, 2022, received a notification (the 'Deficiency Letter') from the NYSE American LLC (the 'NYSE American') stating that the Company was not in compliance with a certain NYSE American continued listing standard relating to stockholders' equity, or Section 1003(a)(ii) of the NYSE American Company Guide, which requires an issuer to have stockholders' equity of $4.0 million or more if it has reported losses from continuing operations and/or net losses in its four most recent fiscal years. The Deficiency Letter noted that Company had stockholders' equity of $2.8 million as of September 30, 2022, and has reported losses from continuing operations and/or net losses in its four most recent fiscal years ended December 31, 2021.

The Company remains subject to several deficiencies and/or incompliance as disclosed in the current report on Form 8-K dated June 22, 2022 (Initial Equity Notification) and the current report on Form 8-K dated September 30, 2022 (Price Noncompliance Notification) for the price noncompliance. In addition, the Company remains subject to the Plan Acceptance dated August 29, 2022 in which NYSE American accepted the Company's plan (the 'Plan') for curing the stockholders' equity noncompliance under Section 1003(a)(iii). Therefore, if the Company is not in compliance with all stockholders' equity standards by December 15, 2023 or does not make progress consistent with the Equity Plan during the Plan period, the exchange will initiate delisting proceedings as appropriate. Furthermore, if the Company is not in compliance with the price standard by March 26, 2023, the exchange will initiate delisting proceedings as appropriate.

The Company's common stock, par value $0.001 per share ('Common Stock') will continue to be listed on the NYSE American while it attempts to regain compliance with the listing standards noted, subject to the Company's compliance with other continued listing requirements. The Common Stock will continue to trade under the symbol 'CPHI'. However, the Company will continue to be included in the list of NYSE American noncompliant issuers and the .BC indicator will continue to be disseminated with the Company's ticker symbol(s). The website posting and .BC indicator will be removed when the Company has regained compliance with all applicable continued listing standards. The NYSE American notification does not affect the Company's business operations or its SEC reporting requirements and does not conflict with or cause an event of default under any of the Company's material agreements.



Tencent amps up efforts to bolster digital transformation

Tencent Holdings Ltd is doubling down on the burgeoning industrial internet sector, in a move to bolster the digital transformation of manufacturing and improve the operational efficiency of enterprises.

The company has developed its industrial internet platform WeMake, with 3 million items of industrial equipment connected to the platform, serving about 400,000 industrial enterprises in 22 vertical segments, said Cao Lei, vice-president of Tencent Cloud.

By leveraging cutting-edge digital technology, such as big data, cloud computing and artificial intelligence, WeMake aims to help manufacturing enterprises quickly build data-driven smart factories, and improve the digitalization of enterprises' operation, manufacturing process and equipment management, he said.

The company also unveiled its latest digital solutions covering intelligent factories, digital marketing services and digital industrial chains during its Global Digital Ecosystem Summit held in Shenzhen, Guangdong province.

The industrial internet, a new type of manufacturing automation that combines advanced machines, internet-connected sensors and big data analysis, will boost productivity and reduce costs in industrial production.

Known for its expertise in cloud computing and years of experience in the fields of games as well as audio and video solutions, Tencent Cloud is committed to helping enterprises, especially the small and medium-sized manufacturing enterprises, accelerate digital upgrades, Cao added.

The revenue of China's industrial internet market is projected to reach 914.7 billion yuan ($129.6 billion) in 2022, with a compound annual growth rate of 14.4 percent in the next three years, according to a research report released by market research firm CCID Consulting.



Shanghai Disneyland closed again because of COVID-19

Shanghai Disneyland, which reopened just a few days ago on Nov 26, was again closed on Tuesday due to COVID-19 prevention and control measures, according to a notice from the Shanghai Disney Resort.

It is still unclear when Shanghai Disneyland will resume operations.

All those who have been affected by the closure of the theme park will be given refunds or exchanges.

Disneytown, Wishing Star Park and the two resort hotels will continue to operate as per normal.