Alibaba’s Singles’ Day Sales at $9.3bn

AlibabaSingles’ day is a day for people who are single to celebrate on November 11th (11.11) every year and every year on this day, Alibaba Group (NYSE: BABA) holds the world’s largest 24 hours online sale, comparative to “Cyber Monday” and “Black Friday” in the United States.

On this day alone, sales on Alibaba had reached 57.1 billion yuan (US$9.3 billion), shipping a total of 278 million orders, of which 43% are placed on mobile devices. On the same day last year, sales was recorded at $5.8 billion, shipping 150 million packages.

“We are very happy with the results of this year’s 11.11 shopping festival.” Alibaba Chief Executive, Jonathan Lu, said.

Trading Halt Due to Power Supply Failure

The Singapore Exchange (SGX) said today that the outage experienced by the securities and derivatives market was a result of multiple power supply issues and not arising because of a cyber-attack. This affected the connectivity of the market participants.

Market participants were being disconnected from 2:18pm Singapore time and a formal trading halt was declared by SGX at 2:51pm. No trades were executed during these times.