Alibaba said its total gross merchandise value (GMV) over the Singles Day event, which spanned 11-days, totalled 498.2 billion yuan or $74.1 billion. That beat last year’s 268.4 billion yuan figure.
But it was also overshadowed by huge stock price falls for both Alibaba and JD.com which came after Chinese regulators released draft rules that, for the first time, defines what constitutes anti-competitive behavior. Investors fear that China’s technology giants could get caught up in a tough regulations which could damage their business.
Alibaba’s Hong Kong-listed stock was around 3% higher on Thursday while JD.com’s Hong Kong-listed shares were