Alibaba’s $74 billion Singles Day record overshadowed by 10% stock plunge as China proposes new regulation
알리바바 11•11 쇼핑축제 83조 기록 세웠지만 시총 70조 증발
Despite worries about COVID-19, Alibaba hit a record 74 billion dollars in sales on Wednesday during the biggest shopping event in China,... known as "Singles Day".
That's nearly double the previous record.
The Chinese e-commerce giant says the strong numbers indicate the recovery of domestic consumption post-pandemic.
The surge is also attributed to three extra days of a pre-sales period earlier this month.
Despite the massive figures, Alibaba's stock plunged by nearly 10 percent,... as it faces more regulatory threats from the Chinese government.
A total of 63 billion dollars was wiped off Alibaba's market cap in a day.
2020-11-12, 07:00 (KST)
#Alibaba #stock #China
알리바바 11•11 쇼핑축제 83조 기록 세웠지만 시총 70조 증발
Despite worries about COVID-19, Alibaba hit a record 74 billion dollars in sales on Wednesday during the biggest shopping event in China,... known as "Singles Day".
That's nearly double the previous record.
The Chinese e-commerce giant says the strong numbers indicate the recovery of domestic consumption post-pandemic.
The surge is also attributed to three extra days of a pre-sales period earlier this month.
Despite the massive figures, Alibaba's stock plunged by nearly 10 percent,... as it faces more regulatory threats from the Chinese government.
A total of 63 billion dollars was wiped off Alibaba's market cap in a day.
2020-11-12, 07:00 (KST)
#Alibaba #stock #China
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