On Monday, Alibaba's (BABA) Singles Day broke all records. Chinese consumption and e-commerce signal not just continued resilience but evident strength.
By 5 pm on Monday, Alibaba Group had already broken last year's record of $31 billion. And at midnight, the new record soared to $38.3 billion - 25 percent higher than last year.
Despite the continuing - and misleading - international headlines about China's "slowing economy" and "consumption collapse," Alibaba's 11th Singles Day gala alone generated more revenues than US Black Friday and Cyber Monday combined.
Alibaba's Singles Day shopping festival is not just