Alibaba records sales of 7.9 trillion yen on 'Single's Day' sale
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The large-scale online shopping sale held on ' Single's Day ' in China ended at midnight on November 12, 2020 local time. At this sale, Alibaba Group, the largest online shopping company in China, recorded sales of RMB498.2 billion (about 7.9 trillion yen), but the stock price plummeted by 10%.
Alibaba's Singles Day sales top $ 74 billion, planned rules hit shares | Reuters
https://www.reuters.com/article/us-singles-day-alibaba/alibaba-boasts-56-billion-sales-as-post-virus-singles-day-gets-into-full-swing-idUSKBN27Q2HX
Alibaba Singles Day 2020: Record sales overshadowed by stock plunge
https://www.cnbc.com/2020/11/11/alibaba-singles-day-2020-record-sales-overshadowed-by-stock-plunge.html
Since the number '1', which means single in Chinese, is lined up in a row, 'November 11 = Single's Day' has become established in China. In recent years, online shopping companies have begun to carry out large-scale sales, which is one of the largest in the year.
In 2020, the sale was held ahead of schedule from November 1st to avoid the concentration of transactions only on 'Single's Day'. From November 1st to 11th, the industry's largest sales of Alibaba reached RMB498.2 billion, breaking the record of RMB268.4 billion (¥ 4.3 trillion) in 2019.
In addition to Alibaba, JD.com (Kyoto Shojo), which is the second largest in the industry, also reported that sales of Singles' Day sale in 2020 recorded 271.5 billion yuan (4.3 trillion yen). It is believed that the background to the significant increase in demand for online shopping is that shopping opportunities have decreased due to the increase in demand for nesting due to the effects of the new coronavirus and the inability to travel abroad due to travel restrictions. I will.
While Alibaba's business is doing well, stock prices have fallen sharply. On November 10, 2020, Chinese authorities announced that they would increase their scrutiny of online sales and online financial services businesses such as Alibaba, aiming to eradicate the monopoly practices of the domestic Internet industry. Since Alibaba was included in this monitoring target, Alibaba has decided to postpone the listing in a hurry.
China to strengthen supervision of internet company monopoly Alibaba mind (photo = AP): Nihon Keizai Shimbun
https://www.nikkei.com/article/DGXMZO66065130Q0A111C2EA1000/
Alibaba's stock price has fallen sharply due to the announcement by the Chinese authorities. Despite the success of Singles' Day, stock prices temporarily fell 9.8%.
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