China’s Anti-Valentine day has handily surpassed Black Friday sales as the worlds most lucrative online shopping day and its well on it way to become the biggest manufactured holiday outside the US in history. Alibaba Group Holding Ltd (NYSE:BABA) surpassed $2 billion in sales in sales volume processed through its payment gateway Alipay in one hour 11 seconds which is huge compared to any other historic records. According to many unconfirmed reports, Alibaba Group Holding Ltd (NYSE:BABA) had sales volumes of $5.9 billion in the first 14 hours of the sales going live in China.
The day known as “Singles Day” was invented by Alibaba to celebrate singles all across China in 2009. According to estimates, Alibaba Group Holding Ltd (NYSE:BABA) expects to rake in $8.2 billion from sales volumes for the day with many analysts believe that the company would surpass the early estimates. Analysts around the street believe that the sales volume generated by Alibaba Group Holding Ltd (NYSE:BABA) on Singles day would surpass sales volume generated in the entire Cyber Week in the US during the holiday season.
According to the CEO Jack Ma, Singles Day this year would be able to reach users in more than 220 countries due to the increased participation of global retailers and Tmall facilitating transactions for more than 27,000 sellers in total. Shares of Alibaba Group Holding Ltd (NYSE:BABA) have been up a whooping 68% since the time of its listing at $68 per share. Analysts firm Oppenheimer initiated coverage on the company with a outperform rating. Technical Analysts on the street believe that the stock is in a huge uptrend and momentum indicators are currently indicating towards the presence of buying interest at current levels which is a huge positive for the stock going forward.