Why Are Alibaba Shares Trading Higher Today?

A virtual appearance by British actor Benedict Cumberbatch and flashy deals kicked off Alibaba Group Holding Ltd BABA final 24 hours of its Singles' Day shopping event on November 11, Reuters reports.
The online shopping extravaganza, like last year, extended from a one-day event to two primary discount periods.
The shopping gala took place from November 1 - November 3 and again on the whole day of November 11.
The report notes that the event racked up $74 billion in orders, or "gross merchandise value" (GMV) in 2020.
Analysts, however, expect Alibaba to report a minor increase in GMV this year, citing slowing retail sales, supply chain shortages, power disruptions, and the impact of COVID-19 lockdowns.
Alibaba also shunned the audience for its annual entertainment gala this year or opened a media center to reporters for the first time, citing COVID-19 precautions, and opted to live stream the event instead.
Alibaba said that in the first second of sales on November 1, shoppers bought 300 million yuan ($46.94 million) worth of Apple Inc AAPL iPhones. The figure grew within four minutes to exceed all iPhone sales on the first day at last year's event.
Over 200 luxury brands participated in this year's event too to offer over 100,000 new products.
The number of buyers who placed orders during the first sales window for luxury goods jumped 40% year on year.
The shopping event also capped a year of ongoing regulatory tightening from Chinese authorities in several industries, during which Alibaba was a frequent target.
Related Content: Berkshire's Charlie Munger Boosts Long Position In Alibaba: Report
Price Action: BABA shares traded higher by 2.77% at $164.59 on the last check Wednesday.

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