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Singles Day 2019: Alibaba Sets New Sales Record

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Singles Day is a national holiday in China and the world’s largest shopping event. Young Chinese people celebrate their pride in being single, and the date, 11/11, was chosen because it resembles a person who is alone. This year was the 11th edition of Singles Day.

It’s hosted every year by Chinese e-commerce giant Alibaba (BABA - Free Report) , and the company hit a new sales record: over $30 billion; gross merchandise volume (GMV) hit $12.01 billion in the first hour. This easily surpasses any single U.S. shopping holiday like Black Friday or Cyber Monday.

Some of the top-selling products included Apple’s (AAPL - Free Report) iPhone 11 and Huawei’s 5G Mate Pro smartphone.

Alibaba wasn’t the only company offering deep discounts. Competitors (JD - Free Report) and Pinduoduo all offered their own sales, as well as some of Southeast Asia’s e-commerce platforms like Lazada.

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