Alibaba set a new sales record for the annual Singles Day shopping event, a feat that was overshadowed by a 8 stock plunge caused by proposed new Chinese antitrust regulation.
Singles Day is typically a 24hour shopping event in China that sees huge discounts across millions of products on ecommerce platforms run by Alibaba, JD.com and other players. It generates more sales than Black Friday and Cyber Monday in the U.S. combined.
But this year, retailers JD.com and Alibaba have extended the shopping event. It has run from Nov. 1 and will end at midnight on Nov. 12. Alibaba said gross merchandise value GMV, a figure that shows the total value of orders across Alibabas shopping platforms, surpassed 372.3 billion yuan 56.42 billion as of 1230 a.m. Beijing time on Wednesday. That is the total since the shopping event kicked off on Nov. 1. That is more than the 268.4 billion yuan of GMV Alibaba recorded last year in a 24hour period on Singles Day.
JD.com, Alibabas biggest rival, said transaction volume on its platform was 200 billion yuan as of 1209 a.m. Beijing time on Wednesday. Again, that is a total from Nov. 1.
Despite the massive figures recorded by Alibaba and JD.com, both their share prices have taken a hammering. Thats because the Chinese government has proposed new antitrust regulations. On Tuesday, Alibabas U.S.listed shares closed down over 8 at 266.54, wiping off over 60 billion of value in a day. The Chinese technology giants Hong Konglisted stock was also…