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TCEHY - Wall Street Breakfast: Alibaba Sets New Singles' Day Record
Tencent Holdings Ltd. ADR
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The event regularly racks up bigger sales than Black Friday and Cyber Monday combined, but Alibaba (BABA) already topped last year's record in 16.5 hours with gross merchandise value of 213.5B yuan ($30.5B). That's equal to 87% of Amazon's (AMZN) online store sales in its latest quarter, and the figure is set to rise further. Held back by a slowing overall e-commerce industry and the trade war, sales