China's largest online shopping event, Singles day, was Sunday – and from a sales-perspective, it didn't disappoint.
The shopping event, started by Alibaba 10 years ago, racked up over $30b in gross merchandise value – nearly a 27% gain from last year - setting a record for the company.
To put that in perspective, total online sales in the U.S. for Black Friday totaled just $5b in 2017.
The growth was driven by Alibaba's "New Retail" strategy, which brought together 180,000 brands and 2000,000 smart stores from the company's ecosystem.
But shares of Alibaba tend to sell off after the event.
In keeping with history, shares of Alibaba sold off November 12th, something the stock has done in the four previous Singles Days that it's been a public company.
And a month later, the negative sentiment tends to continue.
The stock loses another 4 percent, a negative trade 75 percent of the time - underperforming the S&P.