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China's Singles' Day sales hit 10 billion yuan in 96 seconds
Updated 17:35, 11-Nov-2019
CGTN
China's Singles' Day sales on Alibaba's Tmall is considered an economic barometer of China, and this year, sales volume reached a new peak in a shorter time.
Sales hit 100 billion yuan in just 63 minutes after it kicked off on midnight Monday. Last year, it took an hour and 47 minutes for Tmall to reach 100 billion, and the year before that, it took nine hours and four seconds.
It has broken last year's full-day transaction record of 213.5 billion yuan, taking about 16 hours and 31 minutes.
The time it took to reach 100 billion yuan during the 24-hour online shopping festival. Graphic: CGTN
Alibaba reached 10 billion yuan in just one minute and 36 seconds, 29 seconds faster than last year, and sales reached 50 billion yuan in 12 minutes and 49 seconds. Last year, it took 26 minutes and three seconds to reach that threshold.
Chinese e-commerce giant Alibaba launched the annual online shopping promotion on November 11, 2009, a day many young Chinese celebrate as Singles' Day or Double 11, since the date has four ones together.
Read more: How China's 'Singles' Day' became a shopping holiday
This year, more than 200,000 brands participated in Tmall's online shopping festival, and more than 20,000 of them were international brands. Jiang Fan, the CEO of Tmall and Taobao said in a previous interview that the brands planned to launch discounts that could give consumers savings of as much as 50 billion yuan.
Alibaba's Double 11 shopping festival sales have grown at a fast pace since its conception. In 2009, sales from the shopping festival stood at 100 million yuan. However, last year, the number reached 213.5 billion yuan.
The sales number from 2009 to 2018 of the 24-hour online shopping festival. Graphic: CGTN
According to statistics from the e-commerce platform, Alibaba's Double 11 shopping festival is the world's largest shopping event in terms of sales, with average sales of 30.8 billion yuan. It ranks first globally, with Cyber Monday in the U.S. coming in second with average sales of around 7.75 billion yuan.
Hong Kong IPO
Hong Kong media outlets are watching a possibility that Alibaba may raise 10 to 15 billion U.S. dollars with a new listing.
Multiple sources say the Chinese e-commerce giant is seeking approval from Hong Kong's listing committee this coming Thursday to further proceed with a sale of shares in the final week of November.
The deal is expected to be a boon for the Asian financial hub. The Hong Kong stock market has seen a significant decline this year compared with the same period in 2018.
Alibaba listed on New York Stock Exchange with the largest IPO in history on September 19, 2014. /VCG Photo
If Alibaba achieves its goal of completing its IPO by the end of the year, the Hong Kong Stock Exchange (HKEX) will regain its spot at the top of the global IPO fundraising list.
Sources say Alibaba initially applied a Hong Kong listing in June, with the goal of raising 20 billion U.S. dollars, but the plan was later put on hold.
Analysts say the company hopes to use this year's Double 11 to stimulate interest in one of the biggest stock listings this year.
Almost half a year ago, Alibaba already did not comment on Bloomberg's report about second listing in HKEX.
Sales spurt from other online platforms
Tmall is not the only online e-commerce platform that offers discounts on Singles' Day in China. Its rival JD.com said that by 9 am Beijing time, total sales had reached 165.8 billion yuan.
Suning.com, which mainly focuses on electronic products and household appliances, also witnessed its sales surpassed one billion yuan in just one minute, with sales of products from
Apple, Huawei, Xiaomi, Hai'er, Midea and Gree all passing 100 million yuan.
https://news.cgtn.com/news/2019-11-...n-one-minute-36-seconds-LvX01PnAU8/index.html
Updated 17:35, 11-Nov-2019
CGTN
China's Singles' Day sales on Alibaba's Tmall is considered an economic barometer of China, and this year, sales volume reached a new peak in a shorter time.
Sales hit 100 billion yuan in just 63 minutes after it kicked off on midnight Monday. Last year, it took an hour and 47 minutes for Tmall to reach 100 billion, and the year before that, it took nine hours and four seconds.
It has broken last year's full-day transaction record of 213.5 billion yuan, taking about 16 hours and 31 minutes.
The time it took to reach 100 billion yuan during the 24-hour online shopping festival. Graphic: CGTN
Alibaba reached 10 billion yuan in just one minute and 36 seconds, 29 seconds faster than last year, and sales reached 50 billion yuan in 12 minutes and 49 seconds. Last year, it took 26 minutes and three seconds to reach that threshold.
Chinese e-commerce giant Alibaba launched the annual online shopping promotion on November 11, 2009, a day many young Chinese celebrate as Singles' Day or Double 11, since the date has four ones together.
Read more: How China's 'Singles' Day' became a shopping holiday
This year, more than 200,000 brands participated in Tmall's online shopping festival, and more than 20,000 of them were international brands. Jiang Fan, the CEO of Tmall and Taobao said in a previous interview that the brands planned to launch discounts that could give consumers savings of as much as 50 billion yuan.
Alibaba's Double 11 shopping festival sales have grown at a fast pace since its conception. In 2009, sales from the shopping festival stood at 100 million yuan. However, last year, the number reached 213.5 billion yuan.
The sales number from 2009 to 2018 of the 24-hour online shopping festival. Graphic: CGTN
According to statistics from the e-commerce platform, Alibaba's Double 11 shopping festival is the world's largest shopping event in terms of sales, with average sales of 30.8 billion yuan. It ranks first globally, with Cyber Monday in the U.S. coming in second with average sales of around 7.75 billion yuan.
Hong Kong IPO
Hong Kong media outlets are watching a possibility that Alibaba may raise 10 to 15 billion U.S. dollars with a new listing.
Multiple sources say the Chinese e-commerce giant is seeking approval from Hong Kong's listing committee this coming Thursday to further proceed with a sale of shares in the final week of November.
The deal is expected to be a boon for the Asian financial hub. The Hong Kong stock market has seen a significant decline this year compared with the same period in 2018.
Alibaba listed on New York Stock Exchange with the largest IPO in history on September 19, 2014. /VCG Photo
If Alibaba achieves its goal of completing its IPO by the end of the year, the Hong Kong Stock Exchange (HKEX) will regain its spot at the top of the global IPO fundraising list.
Sources say Alibaba initially applied a Hong Kong listing in June, with the goal of raising 20 billion U.S. dollars, but the plan was later put on hold.
Analysts say the company hopes to use this year's Double 11 to stimulate interest in one of the biggest stock listings this year.
Almost half a year ago, Alibaba already did not comment on Bloomberg's report about second listing in HKEX.
Sales spurt from other online platforms
Tmall is not the only online e-commerce platform that offers discounts on Singles' Day in China. Its rival JD.com said that by 9 am Beijing time, total sales had reached 165.8 billion yuan.
Suning.com, which mainly focuses on electronic products and household appliances, also witnessed its sales surpassed one billion yuan in just one minute, with sales of products from
Apple, Huawei, Xiaomi, Hai'er, Midea and Gree all passing 100 million yuan.
https://news.cgtn.com/news/2019-11-...n-one-minute-36-seconds-LvX01PnAU8/index.html
