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Taobao Tmall Pumps RMB30B as Consumer Welfare, Anticipates to Welcome Most No. of Participating Users in History
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BABA-W (09988.HK)'s China commerce business Taobao and Tmall Group launched today (14th) the 16th Double 11 Global Shopping Festival, investing in users on a record scale. For this year's Double 11, Taobao and Tmall Group will launch RMB30 billion in consumer coupons and red envelopes to welcome what is expected to be the largest number of participating users in history. Liu Bo, Vice President of Alibaba Group and President of Tmall, said that this year's Double 11 coincides with a warmer consumption sentiment in China, while an unprecedented investment will be made for users this year's Double 11, and support will be given to brands and businesses to achieve high-quality growth. The number of merchants and product registrations for Double 11 this year trumped expectations, which is exciting, expressed Liu, confident about the sales growth of branded products during Double 11. AAStocks Financial News |
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