UPDATE: Alibaba Generated $5B in GMV in First 90 Minutes of 2015 11.11 Global Shopping Festival

Alibaba Group Holding Limited BABA announced that USD 5 billion (approximately RMB 31.8 billion) of GMV was settled through Alipay on Alibaba's China and international retail marketplaces in the first 90 minutes of the 2015 11.11 Global Shopping Festival.1 Daniel Zhang, chief executive officer of Alibaba Group said in his opening remarks for the 11.11 Global Shopping Festival Countdown Gala, "This year, Alibaba Group has transformed 11.11 into an unprecedented mobile shopping experience. Over the course of the 24-hour shopping marathon, consumers will have a new surprise every hour that has been especially tailored for mobile users. The whole world will witness the power of Chinese consumption this November 11." See full press release