Instead, the online platforms plan to organize a different event titled 'year-end good price' in December, Reuters reports.

In recent years, Singles Day, traditionally on November 11, has expanded into a multi-week event starting in late October. The report cited data provider Syntun estimate that gross merchandising volume (GMV) sales across major e-commerce platforms increased by 2.08% to 1.14 trillion yuan ($156.40 billion) this year, compared to a 2.9% growth last year.

During Singles Day, as per the report, Alibaba offered 80 million products at their lowest prices of the year to compete with rivals like Douyin and PDD Holdings Inc's (NASDAQ:PDD) Pinduoduo.

This reorganization also addresses management instability that began with the departure of former president Jeff Zhang in 2022. Alibaba Cloud has been without a permanent CEO since then, with interim leadership changes.

Alongside Liu, two other senior managers will oversee the hybrid cloud services and cloud infrastructure divisions. These veterans will divide the majority of the Chinese market's responsibilities. The cloud division is central to Alibaba's AI initiatives.

Price Action: BABA shares traded lower by 0.57% at $78.51 premarket on the last check Friday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.