Alibaba Group Holding Limited said Thursday that sales settled through Alipay in the first five minutes of of the 2016 11.11 Global Shopping Festival, known as Singles Day, exceeded $1 billion. “Chinese consumers purchased more in the first hour of 11.11 this year than the entire 24 hours in 2013,” said Chief Executive Daniel Zhang in a statement. The annual shopping day kicked off at 12 a.m. China time. Sales at the 19 hour 37 minute mark, according to Alibaba’s live blog of the shopping event, reached $15 billion. Total sales in 2015 were $14.3 billion. Alibaba shares are down 1.2% in premarket trading, but up 16.1% for the year so far. The S&P 500 Index is up 6% for 2016 to date.
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From:: Stock Market News