Posted on 11/11/2014 9:07:20 PM PST by 2ndDivisionVet
HANGZHOU China (Reuters) - E-commerce giant Alibaba Group Holding Ltd reported more than $9 billion in sales on China's Singles' Day on Tuesday, illustrating the buying power of the Chinese consumer and the importance of the event in the retail calendar.
Real-time figures on a giant screen at Alibaba's sprawling Hangzhou campus surged past 2013's record to 57.1 billion yuan ($9.3 billion) just after midnight after Chinese and overseas shoppers snapped up heavily discounted goods online.
The shopping day, similar to Cyber Monday and Black Friday in the United States, comes less than eight weeks after Alibaba's record $25 billion public share listing in New York.
Founder and Executive Chairman Jack Ma said earlier on Tuesday that Alibaba's financial services arm, Alipay, also "will definitely go public", probably in China.
Ma later spoke briefly to reporters, saying he felt a bit nervous" due to the higher pressures and expectations now that Alibaba is a listed company.
Alibaba turned Singles' Day, a Nov. 11 Chinese response to Valentine's Day, into an online shopping festival in 2009....
(Excerpt) Read more at ca.news.yahoo.com ...
Alibaba: Helping bring hard currency to commies
It’s like ebay or whatever in that it does not own the crap sold over it, they get a commission. The site didn’t sell $9 billion, other companies sold $9 billion through it
Yes, but imagine the commissions on $9.3 billion dollars sales.
Probably a lot of that is also funneled back to the commies-in-charge
Years ago my husband started buying silly stuff from China. Lasers and other things you couldn’t get anywhere else. The shipping label always said, “Alibaba.” I asked him who they were. He replied, “Just a small Chinese company, they’ll never amount to much.”
They have an actual helicopter aircraft carrier for sale to small governments on there.
http://www.alibaba.com/product-detail/Mobile-Coastal-Defence-Systems_11226603.html
They flooded the net with ads that day, I saw them pop up in places I’ve sure never seen them before.
I got delivered to their online storefront without clicking even, with a pop-under ad
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