The large-scale Internet shopping mall sale held on the Chinese version of Black Friday Gwanggun Day ended on November 12 at 00:00 (local time). In this sale, Alibaba, a Chinese internet shopping mall, recorded sales of 498.2 billion yuan, but the stock price plunged 10%.
The number 1, which means single in Chinese, was lined up in a row, so in China, November 11 was settled as Single Day. In recent years, it has become the day when internet shopping mall companies carry out the largest annual sale.
In 2020, to prevent the concentration of transactions only on Gwanggun Day, a sale was held ahead of November 1st. From November 1 to 11, Alibaba’s sales, the largest in the industry, reached 498.2 billion yuan, a record of 266.8 billion yuan in 2019.
In addition to Alibaba, JD.com, the second place, also posted 271.5 billion yuan in sales at Gwanggun Day in 2020. The background of such a large increase in demand for internet shopping malls is believed to be due to the increased demand that remains in the house due to the influence of Corona 19, and increased purchase opportunities as travel restrictions made overseas travel impossible.
However, while Alibaba’s business was robust, its share price fell sharply. On November 10, the Chinese authorities announced that they would strengthen monitoring of Internet sales and online financial service businesses such as Alibaba, with the aim of eradicating monopoly practices in the Internet industry. As Alibaba was included in the watchdog, Alibaba hastily decided to postpone the listing. Alibaba’s share price fell sharply following the announcement by Chinese authorities. In the end, despite the success of the Gwanggun Day, the stock price once fell 9.8%. Related information can be found here .