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.
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 Amazon.com and eBay combined.
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 TaoBao.com. The buyers were promised temporary access to unlimited downloads for as low as 1 yuan at a time.
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