Alibaba rival achieves 40 % turnover growth

On Saturday, at midnight, an estimate of 168.3 billion yuan was registered on the live sales ticker used by Alibaba which was already 39% more from the 120.7 billion yuan that was made past year.

The total gross merchandise volume or the amount of sales transacted on Alibaba's platforms was almost four times the combined online sales of "Black Friday" and "Cyber Monday" in the US, Alibaba officials said.

As for the US retailing equivalents just after Thanksgiving, for years the sales figures in China on Singles Day have blown past the totals of Black Friday and Cyber Monday combined.

The e-commerce company saw sales rise 40% this year, an increase of $7.5bn on 2016.

Alipay, the online payment service started by Alibaba Group, helped to drive mobile sales with its integration on Alibaba's smartphone app. Alipay completed 256,000 payment transactions a second at peak within the first hour of Singles Day, per a statement.

This was the eighth edition of the online shopping spree which had about 140,000 brands including 60,000 worldwide labels.

The sales of Alibaba have been higher than that of Cyber Monday sales that was $12.8 billion. "On Singles' Day, shopping is a sport, it's entertainment". More than 140,000 brands participated in this year's shopping event.

Other e-commerce companies also cut prices, but the event is closely associated with Alibaba. And this year, shoppers in China spent $25 billion in 24 hours.

The 11.11 shopping festival, also commonly referred to as Singles Day, began in 2009 with participation from just 27 merchants and was designed as event for merchants and consumers to raise awareness of the value in online shopping.

The stock of JD.Com Inc (ADR) (NASDAQ:JD) closed at $39.96 gaining 0.40% in yesterday's trading session.

Cainiao Network, the logistics arm of Alibaba, has established 266 cross-border warehouses in 224 countries and regions.

CEO Daniel Zhang said the sales figures underscore the opportunities that exist in the Chinese market.

Vanessa Coleman