China's Single Day - bigger than Black Friday and expected to smash $20bn

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Shares of Alibaba were relatively unchanged as the Chinese Holiday started on Friday in the US. Sales online in China have exceeded the two biggest shopping days in the United States combined - Black Friday and Cyber Monday.

China's Singles' Day is an entertaining festival widespread among young Chinese people, to celebrate the fact that they are proud of being single.

Combining the most recent Prime Day, Black Friday and Cyber Monday sales gives you only 43% of Alibaba's total sales during last year's Singles' Day.

Then in 2009, sensing a lull between the sales period of China's National Day on October 1 and Chinese New Year in late January or early February, Alibaba's Jack Ma saw an opening: retail therapy to soothe lonely hearts.

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Alibaba hit $5 billion in transactions in less than 15 minutes on Singles Day, blowing the opening minutes of past years for the one-day shopping event out of the water.

With a focus on retail as entertainment, this year is expected to be bigger with more add-ons including augmented-reality games, shopping tours and virtual fitting rooms.

Singles' Day is a holiday created to serve as an alternative to Valentines Day in China. With more worldwide brands participating in the holiday with deals, sales could be much higher than previous year, according to Squali. In the first hour of Singles Day a year ago, about 175,000 hours per second came in. As of this writing, Jiang Xiao Bai is offering 28 limited sets of a "lifetime supply" of baijiu for ¥11,111 ($1,672).

The agreement also says that if the company folds anytime within 30 years of the purchase then the lifetime supply will be voided.

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