HANGZHOU, China (Reuters) – Alibaba sales for its post-COVID-19 Singles’ Day shopping extravaganza hit $74 billion, a haul that was overshadowed by a 10% drop in its shares on Wednesday after China published draft anti-trust rules aimed at internet platforms.
The world’s biggest sales event – eclipsing Black Friday and Cyber Monday in the United States – spanned 11 days this year, and brought sellers on AliBaba’s platforms 21 times as many orders by value as Amazon.com Inc’s two-day global Prime Day last month.
Such is its size that its performance is widely considered indicative of China’s post-virus economic recovery.
Alibaba rivals JD.com…
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