Alibaba reported record sales amid the Singles Day shopping event.
The Chinese e-commerce group 540.3bn yuan (£63bn) spent by Chinese shoppers on the day that is similar to US Black Friday shopping.
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Strong sales were in cosmetics, appliances and electronics. This is the first year that year-on-year growth failed to reach double digit growth.
Rui Ma from the Tech Buzz China explained: “It’s probably not that great if you consider the market is expected to grow at almost 12%. They’ve already tapped out this holiday to its extreme. This is already a big number so its hard to show growth,”
Alibaba shares were down 1%.