Submitted by: Submitted by mengruilin
Views: 10
Words: 630
Pages: 3
Category: Business and Industry
Date Submitted: 01/16/2016 03:46 AM
news.investors.com
http://news.investors.com/technology/111115-780298-alibaba-jd-report-record-sales-for-china-singles-day.htm
China's Singles Day A Bonanza For Alibaba, JD.com
By BRIAN DEAGON
11/11/2015 07:19 PM
ET
With Hollywood celebrities and loads of sales promotions, Alibaba Group celebrated a new record on China's biggest
shopping day of the year Wednesday.
By the midnight end of the 11.11 event in China, which was 11 a.m. Wednesday in New York, Alibaba (NYSE:BABA)
said that it had recorded $14.3 billion in sales transactions across its various websites, far surpassing the $9.3 billion
that the e-commerce giant had logged the same day a year ago. JD.com (NASDAQ:JD), China's equivalent of
Amazon.com (NASDAQ:AMZN), also had a record day.
The boom suggests that China's slowing economy has not yet tapped consumers out.
Alibaba Executive Chairman Jack Ma speaks in front of a
giant screen showing real-time sales figures at a press
conference in Beijing for the... View Enlarged Image
"From the numbers Alibaba released, I don't see anything
that would raise concerns about consumer spending and
sentiment," said Summit Research analyst Henry Guo,
who has a buy rating on Alibaba.
"The event also shows the dominant position of Alibaba,"
he said. "Their infrastructure handled huge volumes of
traffic, and I'm not aware of any glitches."
Around 710 million payment transactions were
processed.
Love And Money
What started as a joke by college students has become
the single biggest online shopping day in China. Chinese
university students picked the day for people who are
single to celebrate, hence 11.11, or Singles' Day. It was
initially created as an anti-Valentine's Day holiday.
Alibaba adopted the theme in 2009, and Nov. 11 has
since evolved into a day when, single or not, consumers
buy gifts and celebrate.
Also jumping aboard the shopping festival was Tencent
(OTCPK:TCEHY), China's leader in mobile messaging,
gaming and social...