China's e-commerce giants set a new record for Single's Day

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"The fact that Singles' Day this year happened to be on a weekend also gave consumers more time to shop", the company said in a statement.

Momo.com said it integrated its online and offline resources by convening a 10-hour marketing event in Xinyi District on Saturday, inviting 11 Taiwanese celebrities to live-stream promotions of discounted products displayed on the event stage.

In China, BABA offers incredible deals in an annual Singles Day that top analyst Youssef Squali at SunTrust believes "lived up to its hype", outclassing the tail-end of his 29% to 35% growth forecast.

"168.2 billion yuan sales is not only a record in China, but also a record worldwide", said Alibaba chief executive Daniel Zhang Yong. And about 90% of the purchases were done through mobile as the company reveals.

China's second-largest e-commerce company JD.com (NASDAQ: JD) on Monday reported better-than-expected financial results for the quarter ended September 30, 2017, sending the stock up over 5 percent.

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China's e-commerce platforms grossed a record-breaking total of US$38.2bn in online sales during the Singles' Day shopping festival over the weekend, up almost 50 percent compared to the same period a year ago, state media Xinhua reports.

Singles Day was begun by Chinese college students in the 1990s as a version of Valentine's Day for people without romantic partners.

EHS attributed the strong growth to the increasing popularity of the Singles' Day shopping event in Taiwan. Sales achieved at Amazon's last Prime Day, held in July this year and which actually lasted for 30 hours, were one billion USA dollars.

China has 750 million internet users, and 95% of them used a mobile device to access the internet in 2016, according to China's state-owned news agency Xinhua. More than 140,000 brands participated in this year's shopping event.

Last week during a visit to China by U.S. President Donald Trump, JD said it would buy $2 billion in U.S. goods, including $1.2 billion in beef, over the next three years. For example, Alipay dealt with over a billion transactions and Cainao delivered 657 million packages in 24-hours on Singles Day.

For comparison, merchants pulled in a record $3.34 billion on Black Friday and $3.45 billion on Cyber Monday in 2016, according to Adobe Digital Insights.

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