\Jack Ma, founder of Alibaba, smiles during the company's IPO at the New York Stock Exchange, Friday, Sept. 19, 2014 in New York. The stock is expected to start trading Friday under the ticker "BABA." The IPO values Alibaba at $167.62 billion, larger than the current market value of Amazon, Cisco, and eBay.
Chinese ecommerce giant Alibaba brought in $1 billion of sales in about 17 minutes of its Singles Day sale — Singles Day being the equivalent of Black Friday in the company's home country.
Compared to that, it took quite a long time for sales to get to $2 billion.
[01:00] In a little over an hour, the #1111sale exceeds USD 2 billion in GMV; 45%+ of it coming from mobile #Alibaba #singlesday #China— Alizila.com (@Alizila) November 10, 2014
Singles Day began in the early 1990s, and it's a numerological holiday: it celebrates the four 1s in the date, 11/11. Something of an anti-Valentine's day in China, the day is marked by parties and outings for single people — as well as a torrent of online shopping. Alibaba brought in $5.75 billion on Singles Day 2013.
The company recently went public in the U.S. with a market capitalization of $230 billion — larger than Amazon and close to Amazon. It holds the title of the largest IPO of all time, having raised $21.8 million.
Tags: Alibaba, BLACK FRIDAY, BUSINESS, E-COMMERCE