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Chinese Fund Managers Sentenced to Death after Cheating Investors out of 1 Billion USD

HANGZHOU – Two brothers and their father were sentenced to death on Monday for cheating 15,000 investors out of over $1.1 billion in east China’s Zhejiang province. Ji Wenhua, president of the Yintai Real Estate and Investment Group, was sentenced to death for the crime

Gold at $7,000 article goes viral in Chinese media

Dan Collins CMR “Gold going to $7,000”, an article today in the Chinese media is going viral and one of the most viewed articles in the financial press. The article references American Jim Rickards and his concept of comparing inflation-adjusted gold prices. Most Chinese economists

Western paper markets manipulate gold prices lower as China takes the real stuff off the market.

It’s not uncommon for the large Wall Street banks to combine in shorting an entire years supply of minded silver in a single day.The same goes for all commodities. Endless paper printing getting funneled to Wall Street has destroyed all real price discovery. Capitalism fails

“American Collapse Theory” Gaining Ground in China

Dan Collins CMR When I moved to China back in 1998 I was surprised to learn how highly the Chinese thought of America. Of course China was a much poorer place back then but coming from the Detroit area I couldn’t fathom where was all

Chanos is back….This is getting sad

Chanos is back! His short China thesis is very long in the tooth but as it goes with most ego maniacs he cannot accept failure or that fact that he might be wrong. Being wrong on an entire country where you have never visited and

China Car Sales Up 22.6% -The Chinese economy is collapsing?

You have to laugh at the whole “China will collapse crowd” on CNBC and even respected sites like Zero Hedge. Personally, I love the Zerohedge stuff. They understand the ponzi-financial fraud-money printing-welfare state economy that now envelops the West. But China is a real economy,

Cloud Computing in China booming as American giants are pushed out

D.Collins CMR China’s cloud computing market is expected to be worth 37.2 billion yuan (US$6 billion) in 2017 as demand for the service grows, the Chinese-language China Securities Journal reported on Friday. Some American tech companies are watching the largest and fastest I.T. market in

Oil rig dispute could see repeat of Sino-Vietnamese War: report

Breaking News today that a Chinese vessel as rammed and sunk a Vietnamese fishing boat. All countries in the South China Sea and East China Sea are using fishing boats in a game of cat-and-mouse to challenge each other on their respective areas. This time

China now runs 4 of the world’s 5 biggest banks

Stockswatch China has become a banking powerhouse. Four of the five largest banks in the world are Chinese, according to SNL Financial’s latest global bank rankings. It’s a big change from the past few years when only two Chinese banks made the top five. Beijing-based

France relents to China, Chinese police to help patrol Paris streets

Scared of losing the Chinese tourist dollar, France has relented to China and will allow Chinese police on the streets of Paris. More signs of the benefits of third-world immigration into the West to the point where cultural breakdown has occurred and law and order

People’s Bank of China will take down global gold price manipulation

Gold has been flowing East for a decade. When the West wakes up to the fact that their gold is gone, they will no longer have sound money with which to back a currency. The world has only been off a gold standard since 1971

China to lower reserve requirement ratio

From the China Daily… BEIJING – China will lower banks’ reserve requirement ratio (RRR) by 0.5 percentage points starting May 18, the country’s central bank announced Saturday. The cut, the second of its kind this year, will drop the RRR for the country’s large financial

Chinese Officials Falsify Data To Mask Slowdown, NYT Says

Is China tweaking its numbers on GDP? Probably. For twenty years Chinese GDP roughy came in right on the governments target. This would be an almost magical performance record considering economists in the West can predict absolutely nothing. For years, China most likely lowered GDP

Japan Learning the Hard Way, Destroying your Currency is Not an Economic Strategy

Japan will learn the hard way that destroying your currency is not an viable economic strategy. Shanghai Daily JAPAN posted a record 1.63 trillion yen (US$17.4 billion) trade deficit in January as rising exports trailed surging imports of crude oil and gas due to rising

Renminbi-yen trade growing strongly a year after launch

One year after the launch of direct trading between the renminbi and Japanese yen, the daily trading volume between the two currencies has reached 50-100 billion Japanese yen on the Shanghai market and 15 billion yen on the Tokyo market, a combined volume double that

Compromised Mainstream Economists Have Gone Full-Tard Declaring Importing and Paying for Refugees Path to Economic Growth

You have seen and read about mainstream American economists such as Paul Krugman
declaring that all we need is an alien invasion to fix the economy as people would
be forced to spend and prepare for the defense of the planet. In line with the same
thinking, Bloomberg is now reporting on the “economic boom” created in Germany.
According to German government reports, it takes 60 people to monitor just 1 radical
extremist hiding in the throngs of young, mostly male “refuge” population over of
1 million in 2015. Not to mention, there are no jobs in Europe and the social systems
are near collapse especially in South Europe.

Today’s economists have no intellectual backbone or higher-process thinking. They
are at heart, technocrats, organzing and structuring lies to justify the end game.
The end game being of course the fleecing of the populace, bringing and end to liberty,
and forcing everyone into a barrel of poverty, violence, and extremism both on the left
and right. Because in chaos, one finds economic opportunity.

Buy it all when blood is on the streets.

From Bloomberg-
The expected absorption of some 800,000 asylum seekers into Germany, many fleeing
the violence in Syria, will add 0.2 percentage point to annual growth next year,
according to the median estimate in a Bloomberg survey of 24 economists, conducted
Nov. 6-13.

The VW scandal’s impact will be negligible, lowering 2016 growth by just 0.03
percentage point. Based on the IMF’s October estimate of nominal German gross
domestic product, the combined impact translates into roughly $6 billion in extra
economic activity next year.

“The public sector directly demands more goods and services to deal with the influx
of refugees and the refugees themselves boost private demand as they also spend money
in Germany, ” said Stefan Kipar, an economist at Bayerische Landesbank in Munich.
“To sum up, the refugee influx has effects comparable to an —unplanned — economic
stimulus program in the short run.”

The increased demands on public coffers to house and feed hundreds of thousands of
refugees, however, means a planned budget surplus for 2016 has evaporated, according
to several economists who participated in the Bloomberg survey.


Russia Slams Turkish Economy with Sanctions

Russia has slammed the Turkish economy with sanctions over the downed fighter jet
which many have speculated that was an American supported, pre-mediated attack.
The forces of evil must keep the radical jihadists in the field and the cheap
oil flowing through corrupt channels.

The wide-ranging sanctions unleashed on Turkey (by its 2nd largest trade partner)
include a ban on Turkish workers (with estimates that 90,000 will be fired by Jan
1 2016), restrictions on imported goods and services provided by Turkey, and scraps
visa-free travel and bans charter flights (implicitly hurting a major part of Turkey’s
domestic industry).

Finally, Putin calls for “strengthening of port control and monitoring to ensure
transport safety,” hinting at the fears many have voiced over whether Turkey shutting
the Bosphorous in an escalation would be seen as an act of war.


China Is Setting Up Its First Military Base in Africa

Some news catching people attention this week, something we reported on several
years ago.

National Interest

The People’s Republic of China is setting up its first military base in Africa as it continues its evolution into a global superpower. Beijing has signed a ten-year leasing agreement with Djibouti to build a logistical hub in that nation, which is located in the Horn of Africa.

“They are going to build a base in Djibouti, so that will be their first military location in Africa,” U.S. Army Gen. David Rodriguez, commander of U.S. Africa Command, recently told defense reporters according to The Hill’s Kristina Wong.

It was only a matter of time before China set up overseas bases in the region. Beijing has enormous economic interests in the region that it needs to protect. China has set up deals to supply its growing economy—which even as it slows down is expanding at close to seven percent per annum—with raw materials.

According to the Economist, China is the African continent’s biggest trading partner with trade worth more than $160 billion per year. Over the past decade, more than a million Chinese laborers and merchants have move to Africa to work. Essentially, Africa ships raw material to China, which is then exported back as finished products.

China has somewhat of an advantage in competing for business in Africa because it does not have any intention or desire to impose its values on the locals or their governments. As such Chinese investments don’t come with any strings attached in terms of human rights or governance. But there has been some backlash from African civil society groups and even some African leaders. Indeed, Lamido Sanusi—Nigeria’s former central bank governor—told the Economist that Africa is opening itself up to a “new form of imperialism.”

Japan scrambles F-15’s as large squadron of Chinese Planes fly near Japanese islands

Japan scrambled jets after 11 Chinese military planes flew near southern
Japanese islands during what Beijing said was a drill to improve its
long-range combat abilities, reports said Saturday.

The planes — eight bombers, two intelligence gathering planes and one early-
warning aircraft — flew near Miyako and Okinawa on Friday without violating
Japan’s airspace, the Japanese defence ministry said in a statement released
on Friday.

A Chinese air force spokesman said several types of planes, including H-6K
bombers, were involved in Friday’s drill over the western Pacific, China’s
Xinhua news agency reported.

Shen Jinke said such open sea exercises had improved the force’s long-distance
combat abilities, according to Xinhua.

While there were no further comments from the Japanese ministry, the Yomiuri
Shimbun reported that it was “unusual” for China to dispatch such a large fleet
close to Japan’s airspace and the ministry was analysing the purpose of the mission.

Japan scrambles jets hundreds of times a year to defend its airspace, both against
Russia and these days also against Chinese aircraft.

Beijing has warned this is heightening tensions between the two Asian powerhouses,
which are already at loggerheads over a longstanding territorial row in the East
China Sea and Japanese military aggression in the first half of the 20th century.

The move comes with tensions running high in the South China Sea after a US warship
sailed close to at least one land formation claimed by China, which has rattled its
neighbours with its increasingly assertive stance in territorial disputes.


China’s Shanghai Composite drops more than 5%

China’s main share index closed down by more than 5% after several major
brokerage firms announced they were under investigation.

The Shanghai Composite index ended the day 5.5% lower at 3,436.3 points –
marking its biggest drop since August.

Late on Thursday, it was announced that China’s securities regulator was
investigating the country’s largest brokerage, Citic Securities.

The firm is being probed over the possible breaking of market rules.
Rival brokerage Guosen Securities is also being investigated, and shares
in both Citic and Guosen fell by 10%, the maximum allowed in one day.

In addition, trading in China Haitong Securities shares was halted and
later in the day the firm also confirmed it was under investigation.
Chen Xingyu, an analyst at Phillip Securities, told the AFP news agency:
“The biggest reason for such a sudden drop today is because of regulator’s
investigation of the top brokers. It has triggered a broader sell-off.”

Americka’s Welfare Hordes beat each other over Chinese made products

China’s biggest brokerage Citic in $166bn error

China’s biggest brokerage, Citic Securities, overstated its derivative business by $166bn (£110bn) from April to September, according to the country’s securities association.
The Securities Association of China said the firm inaccurately inflated the amount of its equity swap transactions in a report submitted in October.

Citic said the error occurred due to a system upgrade and has been corrected.
Probes have resulted in executives confessing to insider trading at Citic.
In September, shares of China’s largest state-owned brokerage slumped after it reported that three executives, including its president, were under police investigation.
The firm has been part of a crackdown by China’s regulators on irregular stock trading since mainland markets plunged dramatically in mid-June.

The securities association, which is partly overseen by the China Securities Regulatory Commission, said it was investigating Citic’s overstatement and would take further action if necessary.
It did add that the error did not affect the month-end net size of Citic’s business.
The brokerage told the Reuters news agency that it had amended the figures at the start of November and the size of its swaps business was $6.2bn.
An equity swap is a type of derivative that refers to a cash exchange between realized gains on specific stocks and fixed interest rates over a certain period of time in the future.
Shares of Citic Securities fell 0.7% in Shanghai.

Matt Drudge Just Dropped This 5-Word Bombshell About America And ISIS

With the growth of ISIS into the largest terrorism force in human history, all eyes are on the Iraq and Syrian strongholds of the group, with the Western world figuring out how this threat grew to such a dangerous size so quickly.

But now Matt Drudge has just Tweeted a shocking claim that could upset everything.
On Tuesday morning, November 24, Drudge surprised his followers by tweeting, “A shocking truth is unfolding: America has been arming ISIS…”


Russia’s dismantling of ISIS



Airstrikes on ISIS Targets:
2,289 Sorties have been launched
4,111 targets destroyed including;

562 command posts
64 Training Camps
54 factories manufacturing arms and ammunition

– Launch offensive against the entire front in several provinces
– Liberation of 40 towns and villages

Chinese children learn to Code as American kids learn to Twerk

Latest Craze for Chinese Parents: Preschool Coding Classes – Bloomberg Business 11/19/15, 1:26 PM

Nanjing mother Zhang Minyan began encouraging her 5-year-old daughter to learn coding from Wu after watching a video of an American child who wrote an app for friends so they could share their views on Canadian singer Justin Bieber, she said. Before that, Zhang hadn’t thought it was necessary for children to learn.

‘Big impression’

“That made a big impression on me,” Zhang, 32, recalls. “I thought, since my child is playing games on an iPad everyday already, why not give her some guidance and let her learn something in the process?”
Also children are learning to code in other countries and Zhang doesn’t want her daughter to be left behind, she says.

Encouraging children to learn how to write the instructions for computer programs may help China move up the technology value chain, making it more of an innovator of software and digital tools, rather than a mass manufacturer and a component supplier.



China declares war on ISIS after execution of Chinese hostage

China will join the war on ISIS after four of its citizens were killed by
Islamist terror groups in two separate attacks this week.

The vow comes after ISIS claimed to have killed Beijing man Fan Jinghui, 50,
alongside Norwegian national Ole Johan Grimsgaard-Ofstad, 48, who were feared
to have been taken hostage in September.

Chinese President Xi Jinping: “China will strengthen cooperation with the
international community, resolutely crack down on violent terrorist operations
that devastate innocent lives and safeguard world peace and security.”

He also called on the relevant departments to boost security work “outside
China’s borders”.

The Flip Side of the Chinese Anti-Corruption Program- Chinese Government Institutions amassing huge stockpile of money


As China’s economy has been slowing, the government has been cutting interest
rates to stimulate the economy. In a world of zero and even negative interest
rates, however, China still has a 4.35% lending rate out of the People’s Bank
of China compared to 0% out of the Federal Reserve, a private company owned by
its member banks which has a charter to act as the U.S. Central Bank.

China’s GDP per capita is up from $2,500 to $8,800 just since the financial crisis
in 2008. In the past several years, the Chinese currency has become much stronger
against some of the world’s major currencies such as the Euro and Yen while most of
the world’s emerging currencies have melted down, many having seen drops of over
30% against the U.S Dollar.

The slowdown in China, has been partly the result of a natural end of a 15 year
boom cycle which saw the country build 70 new international airports, the
equivalent of 20 New York cities, the world’s largest road network, and more
high-speed rail than the rest of the world combined. In addition to the end of
the cycle, in addition there has been an engineering slow-down. Government
corruption in China had reached epic proportions and with the internet, the graft
could no longer be concealed. President Xi then went on an offensive against
corruption in his ‘tigers and flies” campaign to root out the theft of government
monies. The result was a massive a sharp slowdown in purchases by the government.
The first to go were the restaurants and luxury shops in Beijing. They were the
canary in the coal mine for the end of lavish government banquets and paid-off
mistresses and family members.

We have now entered a bizarre period, another OIC, Only-in-China, economic situation.
Recent reports have surfaced that as Central Bank tries to stimulate the economy,
the fiscal authorites are working in the opposite direction sucking money out of the
economy through taxes, fees, and other measures. China’s Public Institions have so
much money they they’re socking away huge sums in bank deposits, a peculiar phenomenon
exsiting only in China.

According to the PBOC, public institutions in China had 21 trillion RMB
($3.3 trillion USD) in bank depsoits as of Septemeber 2015. Those deposits have
doubled since 2011 and now equal 32% of GDP.

Most public institions in other countries keep only enough cash to cover short-term
spending needs. Those depoits do not include savings by SOE’s. Nor do they include
deposit totals from the Central government held at the Central Bank. They do appear to
include savings held by government ministires, the PLA, and business such as hotels,
restaurants, newspapers, held by local governments but not incorporated as SOE’s.

The Chinese government savings excess is not apparent as the country is running a 2%
debt to GDP number but that does not take into account the income of the state-owned

China has high taxes and low welfare combined with a huge national savings rate of 38%.

So while the U.S. government off-balance debt is in the trillions and will eventually
lead to a currency crisis, the Chinese relatively small Chinese deficits are actually not
only boosted by their huge FX reserves of $3.5 trillion but also another $3.3 trillion
held in government institutions

What 8 Men Just Detained at This Airport Had on Them Takes ‘Refugee Crisis’ to a Whole New Level

Top Right News

Eight ISIS terrorists were just apprehended in Turkey at Ataturk Airport, after sneaking into Europe posing as ‘Syrian refugees.’

And most chilling was the IDs they were using to get through…was nearly identical to that used by one of the Paris terrorists. And experts say “potentially thousands” of Muslims have already gotten through using this same ID, before it was finally flagged after Friday’s horrific attacks that killed nearly 130 people in the French capital.

Barack Obama is attacking Republicans who oppose the mass importation of so-called “refugees” into America, saying “they are afraid of widows and orphans.” But these guys were anything but. And it proves why the governors of 32 states are wise to reject the settlement of “Syrian refugees” in their states.

As IJReview reported:

Eight men were detained at Ataturk Airport in Turkey, and they are believed to be members of ISIS, the terror group responsible for theatrocities in France on November 13th.

Turkish police detained eight suspected members of the ISIS extremist group, state media said Wednesday, adding they were planning to sneak into Europe posing as refugees.

The police found a hand-written note on one of the suspects detailing a migration route from Istanbul to Germany via Greece, Serbia and Hungary, including smuggler boats across the Mediterranean Sea, as well as several train and bus journeys.

Following the Paris attacks, a Syrian passport was found on one of the bodies of the terrorists that blew themselves up. The Greek government confirmed that the jihadist came through the Greek island of Lagos. In addition, he was believed to have gone through Serbia.



French Suicide Plans to Continue- Hollande proves himself a traitor to the French nation, if such a concept still exists

As expected…153 dead, 400 plus shot or bombed would not be enough
to stop the suicide of the French Nation. Hollow slogans such as
“We are are war” and a few bombing raids is all that you will get
from the cowards that run Europe and the United States.

Huffington Post

Hollande: France Will Still Take In 30,000 Refugees In Next 2 Years
French President François Hollande said Wednesday that he remains committed to
taking in refugees following a wave of deadly attacks in Paris that killed at
least 129 people last week.

“Some have wanted to link the influx of refugees to Friday’s acts of terror,”
Hollande said in a speech to French mayors. But “30,000 refugees will be
welcomed in the next two years.”

Hollande expressed his gratitude to mayors who have welcomed refugees from the
“jungle” of Calais, a town on the western coast of France where thousands of
refugees are encamped and living in squalor.

He said France has a simultaneous duty to ensure “humanity for refugees and
protection of the French people.”

“I know your worries,” Hollande said. “We also have to verify people who are
coming onto the European territory and into France to make sure there are zero
risks for our country. So we will be executing necessary verification before
accepting any refugees onto our soil.”


Exclusive: China’s Tsinghua Unigroup to invest $47 billion to build chip empire

BEIJING/HONG KONG (Reuters) – China’s Tsinghua Unigroup Ltd plans to invest 300 billion yuan ($47 billion) over the next five years in a bid to become the world’s third-biggest chipmaker, the chairman of the state-backed technology conglomerate said on Monday.

Chairman Zhao Weiguo also told Reuters in an interview in Beijing that the company controlled by Tsinghua University, which counts President Xi Jinping among its alumni, was in talks with a U.S.-based company involved in the chip industry.

A deal could be finalized as early as the end of this month, he said. He declined to give more details but said buying a majority stake was unlikely as it was too “sensitive” for the U.S. government.

“If you can’t be the top-three giant, it will be very hard to develop your business in the chip industry,” Zhao said, citing reports that China imported more chips than crude oil every year.

“The next five years is key… There is an enormous market out there.”

Currently, Qualcomm Inc (QCOM.O) holds the No.3 position in the global chip rankings, behind Samsung Electronics Co Ltd and market leader Intel Corp (INTC.O), which has a market capitalization of $151.5 billion.

The sheer size of Tsinghua Unigroup’s planned investments is almost equal to Intel’s $50 billion chip revenue last year and could disrupt the NAND chip industry. The top five chipmakers control more than 90 percent of the global NAND chip market after years of boom-and-bust squeezed out smaller players.

Tsinghua Unigroup’s investment drive comes after a two-year deal-making campaign to bolster China’s fledgling chip industry, seen as a strategic priority for the Chinese government.

Beijing is keen to end China’s reliance on foreign semiconductors as it seeks to build a modern, digitized armed forces capable of matching other advanced militaries.

It has also attached strategic importance to the development of domestic semiconductor, server and networking equipment industries amid fears of foreign cyberspying.

Tsinghua Unigroup has spent more than $9.4 billion making acquisitions and investments at home and abroad over the past two years, including the purchase of stakes in U.S. data storage company Western Digital Corp (WDC.O) and Taiwan’s Powertech Technology Inc

Luxury giant Louis Vuitton shuts store in Guangzhou

Government mistresses across the country are going without.

China Daily
French luxury retailer reels from austerity measures, slow sales

Louis Vuitton has pulled the plug on one of its two flagship stores in Guangzhou, Guangdong province, as the French fashion house continues to grapple with slow sales in China.

Separately, the Financial Times said that the company has already closed three outlets in China-Guangzhou, Harbin and Urumqi-and was drawing up plans to close several others, citing people familiar with the matter. The store closures will leave LV with about 50 stores across the mainland.

The Guangzhou outlet was located in the La Perle shopping mall and unconfirmed reports had said that the retailer’s lease was set to expire at the end of this month.

LV officials in Shanghai did not immediately respond to queries from China Daily on the development.

Industry experts, however, do not see anything untoward in the move as a senior company official had earlier in the year indicated that the company would close some of its stores in China as part of an ope–rational restructuring.

Jean-Jacques Guiony, chief financial officer of LVMH Moet Hennessy Louis Vuitton, the world’s largest luxury group by turnover and the parent of LV and about 70 other luxury brands, said during an earnings call last month that most of the store closures in China would be in the second-tier cities.

Guiony said the group’s business in China was battered in the third quarter due to the wild stock market swings. The group’s revenue growth in Asia, except Japan, in the first nine months of this year fell by nearly 6 percent from a year earlier, despite an 18 percent increase in revenue to 25.3 billion euros ($27.1 billion) during the period.


China No 3 for international students

China is now the third most-popular country for international students, according to a report.
The number of students from other countries studying in the Chinese mainland for the academic year 2014-2015 was 377,054. The United States was No 1, followed by the UK, according to the Open Doors Report 2015 released by the Institute of International Education (IIE) in Washington on Monday.

“When it comes to the third-largest overseas students destination, it is actually very surprising,” said Peggy Blumenthal, senior counselor to the president of the IIE at a briefing about the report. “In previous years, it might be European countries, such as Germany and France.”

She said that the survey also showed that China is the fifth most popular country chosen by US students for studying abroad.

Why China is becoming more attractive for international students to study there can be attributed to different reasons other than the country’s high quality of education, said Blumenthal.
She said one reason is that more and more US universities are setting up branches in China, such as Duke Kunshan University and New York University Shanghai, attracting students from around the world.

China Economic Data- 16NOV2015

– CPI came in lower than expected 1.3% (vs estimates of 1.4%), leaving the PBOC
more leeway for potential interest cuts. PPI came in at -5.9%, showing an
industrial sector still mired in deflation.

– Retail sales for October showed a very strong performance with 11% growth,
higher both than expectations and last month’s growth.

– Fixed asset investment also showed strong growth of 10.2%, better than
expectations, but slightly below last month’s growth.

-The PBOC conducted two separate reverse repos totaling 20 billion RMB of 7-day
reverse repos, at 2.25%. There were 20 billion of reverse repos coming due last
week, resulting in no net addition or subtraction of liquidity.

– Both IMF staff and IMF Managing Director Christine Lagarde have endorsed the
inclusion of the RMB in the IMF’s Strategic Drawing Rights. Should the inclusion
of the RMB in the SDR get final approval from the IMF board, Standard Chartered
estimates that RMB reserves (as a percentage of global reserves) will grow by
1% point a year before finally reaching 5% of global reserves – accounting for
hundreds of billions of USD equivalent in RMB.

Singles Day getting nuts as online retail shop owners pray to Jack Ma for a good sales day


Chinese Singles Day makes U.S. Black Friday look like a joke

Chinese GDP per capita is up from $2,500 to $8,800 per person just since
the 2008 financial crisis. China has moved middle market. Signs of mass
wealth are everywhere across China’s major cities.

Today, E-commerce giant Alibaba has broken its own record for sales on
China’s Singles Day, the world’s biggest online shopping event. About half
way through the 24-hour-long sale, the site surpassed the 57.1bn yuan worth
of sales ($8.96bn; £5.91bn) made during the entire event last year.

Alibaba said more than $1bn was spent within eight minutes of midnight, which
is when the sale starts. Singles Day is held on 11 November and is a major event
for Chinese retailers.

The day is also referred to as Double Eleven because of its date. Some 14 hours
into the event, the firm said sales had climbed to $10bn (63.6bn yuan) on its
China and international retail marketplaces.Eight minutes. That was how long it
took Alibaba to hit $1 billion in sales today on Single’s Day, China’s Black
Friday equivalent.

By midday, that amount had crossed US$9 billion, equalling Alibaba’s take for
the whole day last year. China’s second largest e-commerce company, JD.com, has
recorded 14 million orders thus far.

Black Friday sales in the US amounted to a relatively paltry US$2.5 billion.

Despite massive numbers of Ali baba , Hedge fund collaborators in the U.S. media
were pushing stories of fake products to drive down the stock. The goal is to push
out mom and pop investors out of the names to get their positions cheap.