Alibaba’s record Singles Day shrugs off China fears

Concerns the Chinese economy is slowing looked misplaced today as e-commerce giant Alibaba’s takings for Singles Day raced past last year’s record haul reaching $10 billion (£6.6 billion).

Alibaba said that more than $1 billion was spent within eight minutes of the clock striking midnight. The company later revealed that its earnings surpassed last year’s record $9.3 billion, in half the time it took in 2014.

Singles Day — also known as Double 11 because it is held annually on November 11 — is the world’s biggest online shopping phenomenon, when Chinese shoppers seek big bargains. It was started as a Chinese anti-Valentine’s celebration in the Nineties.

Alibaba held a huge party in Beijing to launch the shopping event and broadcast films featuring western celebrities, including Kevin Spacey playing House of Cards’ Frank Underwood and James Bond star Daniel Craig urging shoppers to snap up good deals.

Since floating with a $25 billion valuation in September 2014, Alibaba has disappointed investors with shares falling by 40% and slipping below the offer price at one point.