Alibaba Group Holding Limited (NYSE: BABA) today kicked off the 2019 11.11 Global Shopping Festival at midnight in China. In the first minute and eight seconds, GMV settled through Alipay reached US$1.0 billion (RMB7.0 billion). In the first hour, GMV settled through Alipay reached US$12.0 billion (RMB84.0 billion).
In the hours leading up to the shopping event, Alibaba's video streaming platform Youku hosted the fifth annual countdown gala, which included interactive performances from Taylor Swift and other international and domestic celebrities. Hosted at the Mercedes-Benz Arena in Shanghai, the gala was broadcast live across nearly 30 platforms and TV channels.