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Alibaba Singles’ Day Ends Strongly as Beijing Crackdown Looms
- Alibaba tops last year’s haul but in vastly expanded festival
- China retail sales sank 7% this year as GDP growth rebounded
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Alibaba Group Holding Ltd. posted sales of $75 billion during the world’s largest shopping binge, wrapping up an annual frenzy of Chinese consumption that this year was overshadowed by escalating regulatory scrutiny over the country’s giant internet sector.
Sales during the Singles’ Day festival totaled 498.2 billion yuan at the end of Nov. 11, easily surpassing 2019’s $38 billion official tally after Alibaba added several days and additional services to the count for the first time. Unlike past years, Alibaba didn’t provide detailed breakdowns about what got sold apart from tidbits like the fact its Tmall platform logged 583,000 orders in one second at its peak.