China's e-commerce giants set a new record for Single's Day

China e-commerce laws

China e-commerce laws

Alibaba's annual one-day shopping extravaganza produced a 39% rise in gross merchandise volume, yet the stock is flatlining today.

Alipay, the online payment service started by Alibaba Group, helped to drive mobile sales with its integration on Alibaba's smartphone app. Alipay completed 256,000 payment transactions a second at peak within the first hour of Singles Day, per a statement.

Alibaba Group, during its flagship event Double 11 (also called 11.11 Sale), surpassed its last year's "Single's Day" sales of 18 billion dollars, cashing in circa 25.3 billion dollars on Saturday.

JD.com said it began its sales event on November 1 in order to reduce delivery bottlenecks and to give users a chance to spend more time online to make their purchasing decisions.

In the end, Singles Day - now dubbed 11/11 - was only about 10% of total GMV in the last fiscal quarter of 2016, Raymond James analysts note.

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That's almost double the sales from Black Friday and Cyber Monday in the United States combined, according to technology news website The Verge. The event is celebrated on November 11 in China and is the biggest commercial day of the year, with sales reaching at least 225 countries worldwide.

JD.com, China's second-largest e-commerce firm, saw its stock jump over 7 percent in pre-market trading on Monday after it reported better-than-expected income for the quarter ended September 30, due to strong sales. Alibaba has a big footprint around the world, including corporate offices in 12 countries, and it accounts for over 11% of all retail sales in China. The company is also converting 100,000 retail outlets into so-called smart stores. Ma's company spent billions buying into grocers, shopping malls and even department stores years before Amazon announced its $13.7 billion acquisition of Whole Foods Market Inc.

Lazada is Alibaba's early dibs on a young and keen market.

Alibaba spotted the region's potential, and injected another $1 billion into Lazada in June this year, to now own 83 percent of the company.

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