Singles' Day: Alibaba's Jack Ma Says Shopping Results Miss Expectations

Alibaba Group Holding co-founder Jack Ma said on Wednesday results from the Singles’ Day annual online shopping festival had missed the Chinese e-commerce giant’s expectations.

Launched in 2009, Singles’ Day has become China’s version of US online sale event Cyber Monday, which follows America’s Thanksgiving holiday. Analysts monitor sales on Singles’ Day to gauge consumer sentiment in China.

The Chinese shopping festival is held on November 11 and is also referred to as Double Eleven because of the date.

“This year’s Double Eleven did not meet the expectations I had imagined,” he said at the 5th World Zhejiang Entrepreneurs Convention.