China's Biggest Shopping Event: What Is Singles Day?

China's Biggest Shopping Event: What Is Singles Day?

China's Biggest Shopping Event: What Is Singles Day?

For Alibaba, it's the biggest single day of the year, and the company is gearing up to ship more than 1 billion packages as a result of the holiday.

Shares of Alibaba were relatively unchanged as the Chinese Holiday started on Friday in the US.

The offer will be limited to 99 lucky customers, who will receive 12 boxes of the liquor, each month.

Baijiu is a fiery white spirit usually made from sorghum or rice and can easily contain alcohol content well above the standard 40%.

The endless batch can be inherited by a family member if the customer dies within five years of the purchase.

Watch Alibaba's stock price live here.

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A single bottle sells for 15 yuan. And previous year, it took the Chinese e-commerce giant a full hour to reach $5 billion in transactions.

Chinese e-commerce giant Alibaba Group Holding officially kicked off its annual Singles' Day shopping spree starting from midnight on November 11 in China, aiming to smash last year's 24-hour sales' record that was already more than three times the combined sales of Black Friday and Cyber Monday in the United States.

But some people have been suspicious, doubting the company can really provide a lifetime of booze without affecting its business.

"Now my only concern is the company's lifespan", said one person on the Twitter-like Weibo.

"The run-up to this year's 11.11 looks solid, with 140,000 brands participating, of which 60,000 are global (there were ~11,000 global brands on Tmall at last year's event)", Youssef Squali, an analyst at SunTrust Robinson Humphrey said in a note to clients.

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