China Digital
Singles Day Ends With $5.7 Billion Spent On Tmall
As Singles Day concluded it was obvious the quirky holiday was on its way to smash records. By 12pm yesterday, after 12 hours since the online sales frenzy started, Tmall alone accrued $2.86 billion in online sales, surpassing totals sales accounted for last year’s “Cyber Monday.” As the sale drew to a close at midnight China’s largest shopping event topped $5.7 billion (RMB 35 billion), an 83% increase from the previous year. Not only did sales increase but one point of interest was the way these sales were done. Approximately 21% of total orders (171.4 million) were placed over mobile devices, up from 5% last year. The increase is probably due to the free mobile data the Alibaba group provided during the 11.11 sale. But all is not business. Jack Ma, Alibaba Group’s executive chairman, said that he believes this sales event is not just to “post big numbers” but to actually build a relationship between business’ and its customers., Mr. Ma hopes that in the future 11.11 will be day where merchants can thank consumers.
Source:Alizila
Yahoo Planning On Keeping Larger Stake After Alibaba Goes Public
As profitability seems certain for Alibaba Group Holding Ltd., the US Internet company announced alongside its quarterly results that it plans to hold a bigger stake in Alibaba after its IPO. Originally Yahoo agreed that after Alibaba’s IPO it would sell 261.5 million of its shares but now has decided to reduce that number to 208 million hoping to profit from the e-commerce company’s future growth. Funded by billionaire Jack Ma, Alibaba is expected to file a 15 billion IPO in 2014 but has not decided on which exchange to list its shares.
Source: Reuters
China Digital
Yahoo Planning on Keeping Larger Stake after Alibaba Goes Public
As profitability seems certain for Alibaba Group Holding Ltd., the US Internet company announced alongside its quarterly results that it plans to hold a bigger stake in Alibaba after its IPO. Originally Yahoo agreed that after Alibaba’s IPO it would sell 261.5 million of its shares but now has decided to reduce that number to 208 million hoping to profit from the e-commerce company’s future growth. Funded by billionaire Jack Ma, Alibaba is expected to file a 15 billion IPO in 2014 but has not decided on which exchange to list its shares.
Source: Reuters