Alibaba Boasts Over $70 Billion Sales as First Post-Virus Singles’ Day Nears End

China’s Alibaba said orders on its e-commerce platforms during the Singles’ Day shopping extravaganza had exceeded $70 billion by Wednesday evening, as lockdown-weary consumers splashed out on as many as 16 million discounted goods. From a report: The world’s biggest sales event — eclipsing Black Friday and Cyber Monday in the United States — spans four main days this year, and so far has brought sellers 20 times as many orders by value than Amazon.com’s two-day global Prime Day last month. Such is its size that its performance is widely considered indicative of China’s post-virus economic recovery. “Because of COVID-19, many Chinese cannot go overseas,” Vice President Liu Bo told reporters. “This actually stimulates online consumption.” So far, the performance is likely a relief for Alibaba Group Holding after losing about 10% of its market value last week when regulators scuppered the listing of fintech affiliate Ant Group.