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Yahoo BusinessNov 13, 2019
Jack Ma Is Ripping Up a $12 Trillion Stock Market
(Bloomberg Opinion) -- Jack Ma is riding high this week. Alibaba Group Holding Ltd., the company he founded, has won approval to forge ahead with a Hong Kong share sale that could raise at least $10 billion. On Monday, China's largest e-commerce company logged more than $38.3 billion of purchases during its annual Singles' Day shopping event, a new record. The rest of China's retail sector hasn't been so lucky. Just as shoppers were placing gadgets in their carts, investors were selling their consumer stocks. In two days, Gree Electric Appliances Inc. of Zhuhai and peer Midea Group Co. tumbled 7.4% and 6.2%. That's despite electronics companies notching a 30% rise in sales this Singles' Day.What explains the selloff?Blame Jack the Ripper. He's killing the most beloved trade in China's $12 trillion stock market: a bet on consumers. The retail sector, excluding cars, has been remarkably resilient this year.Now Alibaba's Singles' Day has kicked off a price war. Over the weekend, Gree announced it would forgo 3 billion yuan ($427.5 million) in profit just to please China's lonesome hearts. Its air conditioners sold for as little as 1,399 yuan, a 42% discount, both online and at the company's thousands of retail outlets. China's biggest electronics makers have been caught in a three-way race, so it's little surprise that rivals from Midea to Haier Electronics Group Co. quickly followed suit.Investors were already looking at Monday's stellar statistics with suspicion, after an alarming report over the weekend that producer prices fell ag
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