SHANGHAI: Ant Financial, the Chinese payments giant controlled by billionaire Jack Ma, expects this year’s Singles’ Day shopping extravaganza to top 2015’s roughly US$14bil as domestic consumption remains resilient despite an economic slowdown.
The online financial services company expects to handle a record amount of sales on Nov 11, an annual 24-hour online shopping marathon pioneered by affiliate Alibaba Group Holding Ltd that’s become a barometer for Chinese Internet retail.
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