Alibaba Singles Day Sales Top $14 Billion In One Hour

Singles Day Sales On Alibaba

One billion dollars worth of products were already sold on the first day of The World's Largest Sale hosted by Chinese company Alibaba, which according to the company is higher than last year's record.

In the first hour of the annual Singles Day Sales, a total of 100 billion yuan ($14 billion, 11 billion pounds) was sold.

American pop star Taylor Swift inaugurates the 24-hour shopping fair through her performances. This is the company's first Singles Day after the stepping down of Alibaba founder Jack Ma.

Earlier this year, when Jack Ma announced that he was leaving his job to focus on welfare and education, Daniel Zhang took over as the company's executive chairman.

Alibaba said more than $1 billion was sold in the first minutes of shopping on Singles Day. According to the company, the limit of 100 billion yuan was crossed 40 minutes earlier than last year.

So Alibaba is on track to set the latest sales volume record for this shopping event, which was $30.8 billion last year. Looking at the first hour, Daniel Newman a technology analyst at Futurum Research says. I would be very surprised if it didn't go above $32 billion.

What is Singles Day Sales?

Alibaba began celebrating this day for those who are not in a romantic relationship.

Now it is the largest online event in the world and its business was exceeded last year by Cyber Monday. Singles Day Sales is considered to reflect the sentiment of buyers in China about how buyers want to spend.

Prior to the event, there were fears that some Chinese consumers might not want to buy from American brands due to ongoing tensions between China and the United States.

The world's two largest economies are fighting a trade war, during which both have imposed billions of dollars in taxes on imported products. This trade war has created problems for China's recessionary economy.

Alibaba E-Commerce Company

In the past few years, Alibaba has grown from an online marketplace to one of the largest e-commerce companies in the world, now ranging from financial services to artificial intelligence.

According to Forbes Magazine, one of China's largest companies it's valued at $480 billion. Alibaba says it is seeking to register itself in the stock market in Hong Kong.

It is reported that the company, already listed on the stock markets in the United States, will likely announce its plans to register with several billion shares in Hong Kong later this week.

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