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Alibaba Group Holdings’ (BABA) – Get the report The Singles Day shopping event topped $ 75 billion in total sales, a huge increase from last year’s record that suggests strong consumer health in the world’s second-largest economy.
According to data released by Alibaba just after midnight in Beijing (11 a.m. EST), the gross value of goods for the group’s 12th annual Global Shopping Festival reached 498.2 billion Chinese yuan, a little higher $ 75 billion, a staggering total that eclipses the record $ 10.4 billion. spent during Amazon Inc. (AMZN) – Get the report two-day Prime Day event last month.
Alibaba’s U.S.-listed shares were up 0.9% by late morning Wednesday after the Singles Day sales update to change hands at $ 268.90 each.
The group’s shares, however, fell more than 8.3% yesterday and 3.2% on Monday, as tech stocks around the world were also dragged into a sell-off vortex in the wake of Pfizer Inc.’s announcement. (PFE) – Get the report coronavirus vaccine breakthrough earlier this week.
There are also significant concerns about Alibaba’s business model now that Chinese regulators are seeking public opinion on regulatory plans to curb monopoly practices of internet platforms.
Asia’s most valuable tech group, Alibaba, kicked off its annual global shopping extravaganza ten days earlier this year with a “ Phase 1 ” portion of the event that generated significant sales ahead of the official launch at midnight in Beijing.
Singles Day sales itself were initially expected to generate $ 45 billion or more in total sales, an increase of almost 20% from last year’s record $ 38 billion, as shoppers of the Major Asian economies are grappling with technology and consumer goods after months of linked lockdowns. to the global coronavirus pandemic.
Last year’s Thanksgiving Weekend and Black Friday sales were just under $ 70 billion, according to research group Consumer Growth Partners.
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