Launched in 2009, Singles' Day has become China's version of US online sale event Cyber Monday
Alibaba also plans to spend more on developing Youku, which the company says is one of the leading online video platforms in China.
A sale of that size will dilute existing shareholders by 2.8% and investors will be able trade shares
The fundraising comes at what bankers and industry insiders describe as an increasingly tough financing environment for Chinese EV startups which must jostle for attention in a crowded sector
As online retail growth slows in top-tier cities, Alibaba faces fierce competition from emerging players like Pinduoduo that use budget deals to attract price-sensitive consumers in lower-tier cities
Singles' Day is a gauge of Chinese consumer sentiment and also a shop window for Alibaba as it plans sale of $15 bn worth of shares.
China on its own represents 54.7% of the global e-commerce market, nearly twice the share of the next five countries combined, the report showed.
The index finished the session down 2.6%. It has declined 1.3% since the protests first flared up in the second week of June, versus 6% gains in the MSCI All-Country World Index.
Within the first two hours, the total GMV exceeded $17.24 billion, surpassing the total GMV of 2016 11.11
India will celebrate 11.11 with the UC Shopping Festival in association with Paytm, VMate and 9Apps.
The Chinese e-commerce giant plans to start taking investor orders on November 15, after its Singles' Day sale, and price the offering on November 20, the people said
On November 11, a big treasure box is up for grabs with the opportunity to win the whole 5 listed products for free.
The company had been working on an August listing in Hong Kong but the transaction was put on hold due to anti-government protests in the city creating financial and political uncertainty
Among tech business leaders, Google CEO Sundar Pichai topped the list, followed by Tesla and SpaceX CEO Elon Musk.
Hangzhou, in the eastern province of Zhejiang, is assigning government affairs representatives to facilitate communication and expedite projects, the city government said on its website
Adityanath government to onboard ecommerce platforms to promote MSMEs
Ma's exit comes as Alibaba has grown to become Asia's most valuable listed company, with a market capitalisation of $460 billion
Ma, one of China's wealthiest and best-known entrepreneurs, gave up his post on his 55th birthday as part of a succession announced a year ago
The Chinese juggernaut handles more business than any other company. Yet like many of its compatriots, it has struggled to expand into new markets
We have already built a very solid foundation in e-commerce, said Daniel Zhang