Alibaba Group Holding Limited (NYSE:BABA) announced today that it will host its sixth annual 11.11 shopping festival from Hangzhou which will begin Monday, November 10, 2014 @ 11:00 US EST.
What is The 11.11 Shopping Festival?
Every year on Nov. 11, Alibaba Group, China’s largest e-commerce company, holds the world’s biggest 24-hour online sale: the 11.11 Shopping Festival, when millions of Chinese consumers, attracted by deep product discounts, shop on Alibaba’s Tmall.com and Taobao Marketplace. This year the festival goes global as shoppers in some 200 countries and regions can get deals on over one million products offered by Chinese and international e-tailers on Tmall Global and AliExpress.
Shares of Alibaba (BABA) traded higher today for the 5th consecutive day closing at around $114/share. Analysts have the stock reaching $120 by the end of the calendar year and then rising to $150 shortly after the new year.