Alibaba's New Record is $115 Billion of Sales on Singles Day
Alibaba sales for the Singles’ Day shopping event hit $74 billion. It was overshadowed by a 10% drop in its shares after China published draft anti-trust rules aimed at internet platforms.
This year, the world’s biggest sales event
eclipsed Black Friday and Cyber Monday in the US. It lasted 11 days and brought sellers on Alibaba's platforms 21 times as many orders by value as Amazon global Prime Day last month.
Many Chinese companies also held Singles’ Day events. For example, Pinduoduo Inc, JD.com Inc, and Douyin.
COVID-19 forbids Chinese people to go overseas and this actually stimulates online consumption.
According to Alibaba, the gross merchandise volume (GMV) hit 498.2 billion yuan ($74.1 billion) because lockdown-weary consumers splashed out on as many as 16 million discounted goods at the event.
However, the performance provided little relief for Alibaba investors because they focused on the proposed anti-monopoly rules that could increase scrutiny on e-commerce marketplaces and payment services. Alibaba Group Holding Ltd’s Hong Kong-listed shares closed 9.8% down.