Xiaomi, a Chinese smartphone and consumer electronics company, claimed its sales record of products on platforms such as Alibaba’s Tmall and Taobao, JD.com, Pinduoduo and Douyin during the Singles Day shopping festival from Oct. 23 to Nov. 11 to be more than 22.4 billion yuan ($3.11 billion). The announcement sparked a rally in its share prices late Monday morning to increase more than 2% in the Hong Kong stock market.
Alibaba and JD.com had declined to share the total figures for the Singles Day shopping festival for a second-straight year.
Alibaba did not share much detail on sales by product or brand for the entire shopping festival period, while JD had said that the volume of transaction of Apple products exceeded 10 billion yuan ($1.39 billion), conveying the same figure as in 2021.
Originally, the Singles Day festival was a 24-hour online shopping event that was held on November 11 every year in China, widely known as 11.11. However, the shopping period has been extended into more than a week long of promotions across major e-commerce platforms in the country.