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Alibaba Breaks Sales Record on China Singles Day Amid Discounts

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Alibaba Group Holding Ltd. said transactions on its websites yesterday topped 35 billion yuan($5.75 billion), surpassing last year’s single-day sales of 19.1 billion yuan as discounts fueled demand on China’s biggest online shopping day.

Taobao and Tmall, Alibaba’s two main platforms, broke last year’s sales in the first 13 hours of the 24-hour period, China’s largest e-commerce company said on its official Twitter Inc. account. Yesterday was China’s Singles’ Day, a local twist on Valentine’s Day, and e-commerce firms marked the occasion by flooding the Internet with promotions.

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