Chinatopix via APAlibaba Group Ltd. BABA said Thursday that its 11.11 shopping event generated gross merchandise volume of RMB540.3 billion ($84.54 billion) this year. That marks an increase from RMB498.2 billion a year earlier. The results reflected “steady and quality growth that is a reflection of the dynamic Chinese consumption economy,” Alibaba Vice President Yang Guang said in a release. Singles Day, or 11.11, is a major shopping event in China during which retailers offer various shopping promotions, including in the days leading up to Nov. 11. Fellow Chinese e-commerce giant JD.com Inc. JD noted on its corporate Twitter account that it saw RMB349.1 billion in volume as of midnight on Nov. 11, “ending the 11-day promotion” that started at 8 p.m. Oct. 31. U.S.-listed shares of Alibaba are up 3.1% in Thursday trading, while shares of JD.com are up 7.4%.
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