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Hong Kong
CNN Business
—
China’s Singles Day, the world’s biggest annual shopping event, is known for regularly smashing sales records.
This year’s bonanza, which wraps up on Friday and is led by internet titans Alibaba
(BABA) and JD.com
(JD), will likely be no exception: Analysts expect it to rack up 1 trillion yuan ($140.8 billion) in sales for the first time.
Singles Day usually eclipses two of the world’s most popular sales events — Black Friday and Cyber Monday — combined. The festival, also known as “Double 11,” is pegged to China’s unofficial, anti-Valentine’s Day holiday that celebrates people not in romantic relationships. The date — 11.11 — was chosen since written out, it appears as four ones, or singles.
But the projected tally would represent just a small uptick — about 5% — on…
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