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Alibaba boasts $56 billion sales as post-virus Singles' Day

HANGZHOU: Chinese e-commerce giant Alibaba Group Holding Ltd said orders made during its Singles' Day mega-shopping festival had exceeded $56 billion by Wednesday morning, as consumers sought to cash in on a deluge of discounts. This year's shopping extravaganza comes a week after Alibaba lost almost $76 billion of its market value following China's suspension of the $37 billion listing of Ant Group, the financial technology firm Alibaba owns a third of.

It also takes place as China experiences an economic rebound after getting the spread of the novel coronavirus under control within its borders, following the virus' emergence in the central city of Wuhan late last year. Alibaba launched the annual online blitz early this year, with two primary discount periods taking place from Nov. 1 through Nov. 3 and again on Nov. 11.

News source ~ Economic Times