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Alibaba Says Singles' Day Sales Surpass Last Year's $9.3 Billion Total

Ron Burgundy

By Ron Burgundy,
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Ron Burgundy

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Alibaba founder and chairman Jack Ma gestures as he attends Alibaba Group's 11.11 Global shopping festival in BeijingBy Paul Carsten BEIJING (Reuters) - Chinese e-commerce giant Alibaba Group Holdings Ltd said on Wednesday the value of merchandise it has sold so far during the Singles' Day online shopping extravaganza had surpassed last year's total of $9.3 billion. The company, which six years ago turned Nov. 11 into China's equivalent of U.S. shopping event Cyber Monday, could see this year's sales rise to as much as $13.8 billion, a growth of almost 50 percent from last year's total, according to research firm IDC. JD.com Inc , China's second largest e-commerce firm and Alibaba's chief rival, also said it broke past last year's full-day total just before noon China time (0400 GMT).




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