China’s Alibaba, JD.Com boost singles’ day sales with discounts

China's Alibaba Group Holding and JD.com saw sales increases for Singles' Day, with both companies reporting higher gross merchandise value and order amounts compared to the previous year. The annual shopping event, which serves as a barometer for Chinese consumption sentiment, focused on a low-price strategy this year. China's postal delivery companies also experienced a significant increase in packages handled during this period. The earnings reports from Alibaba, JD.com, and Tencent next week will provide insights into the recovery of domestic consumption.

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