Alibaba Group Holding Ltd's (NYSE: BABA) 618 shopping festival shows strong momentum, according to preliminary data from Taobao and Tmall platforms.
As of May 31, 185 brands, including Apple Inc (NASDAQ: AAPL), Xiaomi Corp (OTC: XIACF), and Huawei Technologies Co, each achieved over 100 million yuan in gross merchandise value, SCMP reports.
Additionally, 37,000 brands doubled their sales compared to last year.
As co-founder and chairman Joe Tsai stated, this positive trend supports Alibaba's goal of returning to double-digit revenue growth by 2027.
Tsai expressed confidence in a stable regulatory environment and emphasized growing consumer willingness to spend, especially during events like the Labour Day holiday.
He also highlighted the company's advancements in large language models (LLMs) for generative AI, which over 90,000 corporate clients have adopted.
Alibaba also continues expanding its global cloud reach to Mexico, with plans for new data centers in Malaysia, Thailand, and South Korea. It has already waged a price war with its domestic rivals by slashing the prices of its cloud and artificial intelligence services.
Alibaba Group Holding Ltd stock lost 8% in the last 12 months. Investors can gain exposure to the stock via Tidal Trust II CoreValues Alpha Greater China Growth ETF (NYSE: CGRO) and ProShares Long Online/Short Stores ETF (NYSE: CLIX).
Price Action: BABA shares were trading lower by 0.64% at $77.84 at the last check on Monday.