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Chinese e commerce giant alibaba group holding ltd said orders made during its singles day mega shopping festival had exceeded 56 billion by wednesday morning as consumers sought to cash in on a deluge of discounts.
China business news alibaba. Alibaba s stock price in hong kong plunged about 10 following the announcement. 5 2020 in quarterly revenue as china recovers from the virus and online shopping demand remains high. That followed a speech in which ma criticized regulators as backward and an obstacle to business development.
China s biggest e commerce firm alibaba group holding reported a 30 jump thursday nov. China s move to draft rules aimed at preventing monopolistic behaviour by internet platforms is timely and necessary alibaba group ceo daniel zhang said on monday nov 23. Alibaba s e commerce marketplaces and payment services are also expected to face greater oversight under the draft rules published on nov.
Daniel zhang chairman and ceo of alibaba group delivers a speech at the world internet conference in wuzhen in east china s zhejiang province monday nov. This year s shopping extravaganza comes a week after alibaba lost almost 76 billion of its market value following china s suspension of the 37 billion listing of ant. The antitrust guidelines came a week after regulators suspended the market debut of ant group the world s biggest online finance platform on nov.
The event is taking place against a backdrop of increasing scrutiny from beijing for china s internet giants including alibaba tencent holdings and meituan. The ban comes even as the two neighbours are in talks to ease border tensions. By justin harper business reporter bbc news singles day on 11 november is the world s biggest 24 hour online.
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