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The Singles Day shopping festival, aka Double 11, that falls on Nov. 11 customarily is a shopping bonanza in China that domestic retailers use to great advantage. Chinese online retail giant Alibaba Group Holding Ltd - ADR (NYSE: BABA), which spearheads the shopping push during the annual affair, maintained a low profile this time around but ended up doing well.
Singles Day in China is the world's largest annual shopping extravaganza. Its creator, the e-commerce giant Alibaba, is now exporting the event to the rest of the world as part of its push to challenge Amazon and others.
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Sales grew 8.5 percent from last year, but had grown 26 percent in 2020 from the year before.
Alibaba Group Ltd. BABA, +3.16% said Thursday that its 11.11 shopping event generated gross merchandise volume of RMB540.3 billion ($84.54 billion) this year.
Chinese stocks BABA and JD are enjoying sizable upticks after the e-commerce giants reported record sales numbers on Singles' Day. The post Chinese Stocks: Why Are BABA and JD Stocks Both Gaining Today?
HANGZHOU, China--(BUSINESS WIRE)--Alibaba Group Holding Limited (NYSE: BABA; HKEX: 9988) today successfully concluded its 13th annual 11.11 Global Shopping Festival (“11.11”), which generated RMB540.3 billion (US$84.54 billion) in gross merchandise volume (GMV) during the 11-day campaign. "This 11.11 Global Shopping Festival, we delivered steady and quality growth that is a reflection of the dynamic Chinese consumption economy. We also leveraged the power of 11.11 as a platform to fulfill our s
Chinese e-commerce giant Alibaba Group Holding Ltd recorded Singles' Day gross merchandise value (GMV) of 540.3 billion yuan ($84.54 billion) over the 11-day sales period, the company said on Friday.
Three of last year's hottest stocks are trading 49% to 57% off their recent highs. Let's go shopping.
Chinese consumers were hunting for bargains on Singles Day, the online shopping extravaganza that takes place every November 11 which was originally launched by e-commerce giant Alibaba.