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Alibaba smashes through early Singles' Day records

Ecommerce firm Alibaba is on course to break previous records for China’s Singles’ Day, after raking in $5bn (£4bn) of sales in the first hour alone.

The company had generated $11.9bn (£9.4bn) in transactions as of midday in China.

Alibaba said 85% of early purchases were made on mobile. It has also been experimenting this year with new technology, including augmented and virtual reality.

It took 90 minutes to hit the $5bn milestone in 2015, and the firm made $14.3bn (£11.4bn) in total.

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