Alibaba-backed Alipay, and China’s Craigslist-like platform Koubei, will invest more than RMB one billion (USD 156 million) in the coming “Double 12” Chinese shopping festival on December 12, Sina news portal reports on Thursday.
It is reported that over 300 thousand offline-business owners in 200 mainland Chinese cities and 12 regions, including Australia, Hong Kong and Macau will participate in the shopping festival. Businesses joining the festival are mostly restaurants, supermarkets, cinemas and beauty salons.
Tmall, one of Alibaba’s largest e-commerce sites, just set another world record for overall transactions – RMB 91.2 billion (USD 14.3 billion) for the ‘Double 11’ shopping festival on November 11.
