Alibaba recorded better than expected profits and revenues in its third quarter as it played down concerns about China’s flagging economy and an ongoing investigation, ahead of an annual online shopping spree.
The ecommerce group said preparations for Singles Day on November 11 had not been affected by an investigation into its accounting practices by the US Securities and Exchange Commission.
As part of its probe the SEC has asked about the large unaudited sales numbers Alibaba publishes for Singles Day. Analysts have said this refers to gross merchandise value, a measure used for total sales across platforms.
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