ALIBABA STILL LEADING IN SALES

Alibaba has indulge in a new timing for super customer services.

The new timing means that the company will have an opportunity to show prospective investors its most recent sales figures after Monday’s Singles Day. That is the mainland China‘s largest annual online shopping day.

Alibaba’s sales last year reached $30bn on the day, which was more than three times as large as Cyber Monday, the equivalent shopping day in the US.

Meanwhile, Alibaba had last week reported second-quarter revenue increased by 40 percent. To 119.02 billion yuan ($17bn) in the second quarter from 85.15 billion yuan ($12bn) the previous year.

However the result beat analysts’ expectations of revenue of 116.8 billion yuan ($16.6bn), according to International Brokers Estimate System data from Refinitiv.

The company will next week appoint more banks to help sell its shares in Hong Kong, sources said.

The deal is currently being led by China International Capital Corp Ltd and Credit Suisse. Major investment banks led by Morgan Stanley and Goldman Sachs are currently jockeying for the most senior positions behind those two.