Date
23 October 2017
General Images Of Alibaba.com Campus

The Big Picture: SINGLES DAY SALES

Singles Day sales at T-mall.com, Alibaba Group’s business-to-consumer (B2C) online mall, broke the previous full-day record of 19.1 billion yuan (US$3.13 billion) in just 13 hours after the annual promotion began Sunday midnight, according to a company statement Monday. Together with contribution from group entity Taobao.com, full-day sales amounted to 35 billion yuan yesterday, up 83 percent from a year ago.

The Singles Day promotion, aiming to capitalize on the gift-buying spree to celebrate the unmarried life among young Chinese, was started by Alibaba in 2009. Full-day sales records were 100 million yuan in 2009, 936 million yuan in 2010, 5.2 billion yuan in 2011 and 19.1 billion yuan last year.

Alibaba’s chief executive Jonathan Lu {陸兆禧} said on Oct. 24 that the group will try to keep daily turnover below 30 billion yuan on the Singles Day in China to avoid a logistics overload. November 11 marks the so-called Singles Day in China.

The Chinese e-commerce giant was a hot topic of discussion recently after Premier Li Keqiang {李克強} met group chairman Jack Ma {馬雲}, along with some other entrepreneurs, at an economic forum on Oct. 31. Mainland media reported that Li had been to Taobao.com facilities and appreciated the efforts of the e-shop operators.

Also, over the weekend, a China Central Television video clip was uploaded to the central government’s website with the headline: “An open lecture on economics by Premier Li”. The Chinese leader said the country will promote e-commerce development, which can help boost domestic consumption and create jobs, according to the video of a speech given by Li on Oct. 21.

Investors now are waiting to see if the Chinese Communist Party will announce any concrete measures to boost the e-commerce sector as well as the overall economy.

China, EU to upgrade ties at Beijing summit

China and the European Union will hold their 16th summit in Beijing on Nov. 21 to outline cooperation for the next five to 10 years and upgrade their relationship, Xinhua news agency reported on Monday. Premier Li Keqiang will launch the summit with European leaders, and President Xi Jinping will meet with European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso, a foreign ministry spokesman was quoted as saying.

Govt seeks to improve housing construction quality

The state housing authority will launch a special action to inspect and improve the construction quality of new residential projects, especially those under the affordable housing program, in the next five years, Xinhua reported late Monday, citing an official from the authority. Teams will be deployed to look for quality problems such as leaks and cracks, and make sure the developers fix them.

Bank of Shanghai to pursue dual listing

Bank of Shanghai Co. Ltd. is pushing through with its plan to list both in mainland China and Hong Kong, the Shanghai Securities News reported Tuesday, citing an official with the lender. The date of the listing will depend on regulatory approvals and the market situation, the official said, adding that the bank hopes to sell shares when the valuation is reasonable. Meanwhile, the lender plans to issue up to 15 billion yuan (US$2.44 billion) worth of tier-2 debt to boost its capital base within three years, the report said.

– Contact HKEJ at [email protected]

JP/AC/RC

 

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