At midnight Thursday, Zhang Ke was ready. She began clicking furiously on her smartphone, trying to snare one of four pairs of Adidas striped sneakers on sale for more than half off.

E-commerce giant Alibaba Group Holding Ltd reported more than $9 billion in sales on China's Singles' Day on Tuesday, illustrating the buying power of the Chinese consumer and the importance of the event in the retail calendar.

Alibaba Group Holding Limited shares jumped 38.07 percent on Friday to close at $93.89 following the e-commerce giant’s first day as a publicly traded company. The stock opened for trading at $92.70 per share and has a market cap of nearly $230 billion.

Chinese online retailing conglomerate Alibaba Group plans to raise as much as $24 billion in an initial public offering according to new documents filed with the Securities and Exchange Commission on Friday. At that size, Alibaba’s IPO would be the largest ever on for a U.S.-listed company and would value the firm at about $163 billion

Alibaba Group Holding Ltd , China's largest e-commerce platform, said it will commit "as many resources necessary" to stop the sale of pirated goods on its Taobao shopping portals, where transactions exceeded $161.7 billion last year.