Alibaba, JD set new records to rack up record $115 billion of sales on Singles Day as regulations loom

Chinese e-commerce giants Alibaba and JD.com racked up around $115 billion in sales across their platforms during the Singles Day shopping event, both setting new records. The record sales number comes as the Singles Day event, also known as Double 11 because it happens on Nov. 11, was extended beyond just a 24-hour period. Instead, promotions ran from Nov. 1 to midnight on Nov. 12.

Alibaba said its total gross merchandise value (GMV) over the 11-day period, a figure that shows the total value of orders across Alibaba’s shopping platforms, totaled 498.2 billion yuan — or $74.1 billion. That figure nearly doubled last year’s 268.4 billion yuan. Meanwhile, JD.com’s transaction volume over the same period totaling 271.5 billion yuan ($40.97 billion), more than the 204.4 billion yuan it recorded in 2019.

This year’s Singles Day event came as the Chinese economy continues to show signs of recovery after appearing to broadly control the coronavirus pandemic. But it was also overshadowed by huge stock price falls for both Alibaba and JD.com which came after Chinese regulators released draft rules that, for the first time, defines what constitutes anti-competitive behavior. Investors fear that China’s technology giants could get caught up in a tough regulations which could damage their business.

Alibaba’s Hong Kong-listed stock was around 3% higher on Thursday while JD.com’s Hong Kong-listed shares were up over 7%, showing signs of a rebound.

Alibaba, JD set new records to rack up record $115 billion of sales on Singles Day as regulations loom, CNBC, Nov 12