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MarketScreener Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  Suning.com Co., Ltd.    002024   CNE000001KF2


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Alibaba records billions in sales as China's first post-virus Singles' Day kicks off

11/10/2020 | 08:27pm EST

HANGZHOU, China, Nov 11 (Reuters) - Chinese e-commerce giant Alibaba Group Holding Ltd said orders made during its Singles' Day mega-shopping festival had exceeded $56 billion by Wednesday morning, as consumers sought to cash in on a deluge of discounts.

This year's shopping extravaganza comes a week after Alibaba lost almost $76 billion of its market value following China's suspension of the $37 billion listing of Ant Group, the financial technology firm Alibaba owns a third of.

It also takes place as China experiences an economic rebound after getting the spread of the novel coronavirus under control within its borders, following the virus' emergence in the central city of Wuhan late last year.

Alibaba launched the annual online blitz early this year, with two primary discount periods taking place from Nov. 1 through Nov. 3 and again on Nov. 11.

The company will calculate gross merchandise volume (GMV) over the full 11-day period, as opposed to the usual 24 hours.

As of 12:30 a.m. local time (1630 GMT) on Nov. 11, the campaign's GMV had surpassed 372.3 billion yuan ($56.3 billion) with the order rate hitting a record peak of 583,000 per second, Alibaba said.

Alibaba has said it will introduce more than 2 million new products, double last year's amount. Other companies such as Douyin - the Chinese version of Beijing ByteDance Technology Co Ltd's TikTok - JD.com Inc and Pinduoduo Inc are also holding their own Singles Day shopping events.

JD.com, which started its shopping promotions on Nov. 1, said it recorded 200 billion yuan worth of sales by nine minutes after midnight on Wednesday, while electronics retailer Suning.com Co Ltd - part-owned by Alibaba - said it made 5 billion yuan in sales in the first 19 minutes of the day.

Analysts expect this year to be a boon for luxury brands, as Chinese consumers accustomed to going overseas to buy high-end goods are now stuck at home due to coronavirus border closures.

Andy Halliwell, retail analyst at digital consultancy Publicis Sapient, in a client note said, "The lack of consumer tourism which has hit European and U.S. stalwarts like Harrods, Galeries Lafayette and Nordstroms will likely see bigger spending locally".

On China's Twitter-like Weibo, discussions around Singles Day trended while a poll by Sina Entertainment, which garnered 174,000 respondents, found 76,000 people aimed to spend less than 1,000 yuan while only 7,341 planned to dole out more than 10,000 yuan.

Alibaba first launched the shopping event in 2009 and has made it the world's biggest online sales festival, eclipsing Cyber Monday in the United States. Last year, it recorded $38.4 billion in GMV on the day.

Pop star Katy Perry made an appearance at the company's gala for the first time late on Tuesday, albeit via livestream, as travel restrictions on outside visitors remain in place in China. ($1 = 6.6146 Chinese yuan)

(Reporting by Josh Horwitz in Hangzhou; Additional Reporting by Sophie Yu in Beijing; Editing by Edwina Gibbs and Christopher Cushing)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED -0.53% 258.62 Delayed Quote.11.12%
ALSO HOLDING AG -1.60% 246 Delayed Quote.-2.77%
PINDUODUO INC. -0.53% 171.89 Delayed Quote.-3.25%
SINA CORPORATION 0.35% 43.08 Delayed Quote.1.65%
SUNING.COM CO., LTD. -1.48% 7.34 End-of-day quote.-4.80%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.00% 6.4845 Delayed Quote.-0.49%
WEIBO CORPORATION 0.05% 42.96 Delayed Quote.4.81%
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Sales 2020 275 B 42 460 M 42 460 M
Net income 2020 1 146 M 177 M 177 M
Net cash 2020 259 M 39,9 M 39,9 M
P/E ratio 2020 59,8x
Yield 2020 0,36%
Capitalization 66 974 M 10 333 M 10 334 M
EV / Sales 2020 0,24x
EV / Sales 2021 0,21x
Nbr of Employees 42 196
Free-Float 29,4%
Duration : Period :
Suning.com Co., Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends SUNING.COM CO., LTD.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 14
Average target price 11,83 CNY
Last Close Price 7,34 CNY
Spread / Highest target 90,7%
Spread / Average Target 61,2%
Spread / Lowest Target 29,4%
EPS Revisions
Managers and Directors
En Long Hou President
Jin Dong Zhang Chairman
Xiao Ling Wang Chairman-Supervisory Board
Wei Min Sun Vice Chairman
Xiang Sheng Meng Director & Senior Vice President
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