Alibaba to select small U.S. businesses for Singles Day participation at upcoming virtual event

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Alibaba Group Holding Ltd. will host a virtual event, Go Global 11.11 Pitch Fest, that will help small- and medium-sized businesses test an expansion into China and other global markets. The event will allow select companies to participate in the blockbuster Singles Day shopping event, which generated $38.4 billion in gross merchandise value over the course of 24 hours in 2019, and receive advice and tools for selling on 11/11. Submissions must be received by September 4, and the virtual event will take place on September 15. Alibaba reported fiscal first-quarter earnings that beat expectations this week. Alibaba stock has gained 23% for the year to date while the S&P 500 index is up 5% for the period.
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