Alibaba’s Singles’ Day event racks up $5b sales in first hour

A screen shows real-time data of transactions at Alibaba Group's 11.11 Global shopping festival opening, in Shenzhen, Guangdong province, China, November 11, 2016. REUTERS/Stringer

Chinese e-commerce giant Alibaba Group Holding Ltd said it racked up more than $5 billion in transactions in the first hour of its annual ‘Singles’ Day’ sales blitz on Friday – a third more than in the first hour of last year’s spree.

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