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Alibaba racks up $2 billion in sales in first hour of annual shopping festival
New York -- Chinese E-commerce giant Alibaba Group Holdings sold about $2 billion worth of goods on its websites within approximately the first hour of its annual shopping extravaganza. This is the sixth year Alibaba has celebrated Singles Day, or 11.11 (named after the date, 11/11), a 24-hour deep-discount festival designed to boost sales during an otherwise weak period in China's sales calendar.
