News Snapshot:
Nothing showcases China’s love of e-commerce better than Singles’ Day, or 11.11. This unofficial holiday, initially founded as an anti-Valentine’s Day for singletons, is held annually on the 11 November. In 2009, an e-commerce company CEO seized on the idea of turning the day into a 24-hour shopping extravaganza, and it has now become the largest online shopping day in the world. Last year, two of the largest e-commerce companies in China, Alibaba and JD, reached a new Singles’ Day sales record of Rmb889 billion, equivalent to around US$133 billion. This was despite a weak macroeconomic backdrop and a regulatory...
