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Jack Ma’s Ant Financial Expects to Rack Up a Singles’ Day Record

  • The Alibaba affiliate is working round the clock for the event
  • Nov. 11 shopping gala is closely watched by investors
In 2015, Chinese online retailers reported record-beating Single's Day sales with nearly $14 billion in transactions.

In 2015, Chinese online retailers reported record-beating Single's Day sales with nearly $14 billion in transactions.

Photographer: Xinhua News Agency/Getty Images

Ant Financial, the Chinese payments giant controlled by billionaire Jack Ma, expects this year’s Singles’ Day shopping extravaganza to top 2015’s roughly $14 billion as domestic consumption remains resilient despite an economic slowdown.

The online financial services company expects to handle a record amount of sales on Nov. 11, an annual 24-hour online shopping marathon pioneered by affiliate Alibaba Group Holding Ltd. that’s become a barometer for Chinese internet retail. As the operator of leading payments service Alipay, Ant Financial plays a key role in the smooth exchange of the enormous sums of cash in play.