Taobao Posts

Chinese Consumers Spend $5.7B During 11.11 Shopping Festival

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Chinese consumers have spent a record CNY35.01 billion ($5.7 billion) in the 11.11  Shopping Festival that is held by e-commerce giant Alibaba.  The festival can be compared to Cyber Monday in the United States.  Total sales during the event is up 83% from the previous year and 171.4 million orders were placed on Alibaba’s e-commerce platforms Tmall and Taobao.

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Alibaba Hits 1 Trillion RMB In Sales, Becomes Largest E-Commerce Company In The World

Alibaba has sold one trillion RMB worth of goods in 2012.  That is the equivalent of $157 billion in gross merchandise volume (GMV).  This means that Alibaba has surpassed U.S. e-commerce companies and eBay combined.

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About 50,000 Apple iTunes Accounts Stolen and Being Sold In China

Someone in China hacked into iTunes and was able to steal information about 50,000 accounts. The stolen credit card information was listed on Chinese auction website The buyers were promised temporary access to unlimited downloads for as low as 1 yuan at a time.
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