- NYSE:BABA gained 0.14% during Thursday’s trading session.
- AliBaba kicked off its annual Singles Day season with massive sales numbers.
- AliBaba Cloud released a new enterprise solutions service for businesses.
NYSE:BABA continued its strong performance as of late with another positive day on Thursday despite rising tensions in China regarding the Evergrande scandal. Shares of BABA gained 0.14% and closed the trading session at $177.42. Thursday saw another mixed day for the U.S. markets, as the Dow Jones slipped lower, while the S&P 500 and NASDAQ continued to climb higher. Chinese ADRs were also mixed, with AliBaba, Nio (NYSE:NIO), Didi (NYSE:DIDI), and XPeng (NYSE:XPEV) were higher while JD.Com (NASDAQ:JD) and PinDuoDuo (NASDAQ:PDD) were in the red.
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AliBaba officially kicked off its Singles Day season, which is annually one of the biggest retail events of the year in China. It was even reported that the presales and traffic were so heavy that AliBaba’s eCommerce platform Taobao crashed for twenty minutes before being restored. Last year, the event brought in the equivalent of $75 billion USD, which puts it on par with American retail events like Black Friday. One of the hottest ticket items is paying for video streams of celebrities and exclusive performances by artists which was a top seller during Thursday’s site crash.
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AliBaba’s cloud platform, also known as Aliyun, released an enterprise software solutions system for businesses. The platform is called Tingwu and offers an AI-powered meeting assistant, as well as a new version of its cloud computer. In the new digital age, next-generation businesses will be able to utilize Tingwu as a virtual business meeting assistant which can offer transcription and voice recognition, as well as artificial intelligence and machine learning capabilities to be a fully customizable enterprise solution.
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