Anti-trust rules put damper on Alibaba's $74bn windfall

Such is the size of Alibaba's Singles' Day shopping event that its performance is widely considered indicative of China's post-virus economic recovery

15 November 2020 - 00:05

Alibaba sales for its Singles' Day shopping extravaganza hit $74bn (about R1.2-trillion), a haul that was overshadowed by a 10% drop in its shares on Wednesday after China published draft anti-trust rules aimed at internet platforms.

The world's biggest sales event - eclipsing Black Friday and Cyber Monday in the US - spanned 11 days this year and brought sellers on Alibaba's platforms 21 times as many orders by value as Amazon.com's two-day global Prime Day last month...

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