Alibaba Group Holding Ltd.’s Singles’ Day shopping festival posted record sales of 540.3 billion yuan ($84.5 billion), offering China’s largest e-commerce firm a much-needed boost following a year of heightened regulatory scrutiny.
Sales at the end of Nov. 11 eclipsed the 498.2 billion yuan official tally for 2020. The strong performance could ease concerns among investors grappling with a 30% slump in Alibaba’s shares this year, which has seen the company hit with a record $2.8 billion antitrust fine and report its first revenue miss in two years. Alibaba’s U.S.-traded shares closed 2.4% up on Thursday.
