Alibaba's Singles Day took place over an 11 day period this year, compared to its usual span of just 24 hours. Sales figures easily eclipsed last year's records, and they bode well for the Chinese economy as it recovers from coronavirus-related shutdowns.
But even though Alibaba set new sales records with this year's Singles Day event, its stock still took a hit on the news that the Chinese government is drafting antitrust regulations aimed at tech giants like Alibaba. Shares fell 10% on Wednesday.
The world's biggest sales event... brought sellers on AliBaba's platforms 21 times as many orders by value as Amazon.com Inc's two-day global Prime Day last month.