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  • Tenet (PKK) contributes to record-setting Singles’ Day
  • Tenent generated $7.8M in revenue during event
  • Online retail giants Alibaba and JD.com combined to rack up US$139B (about C$177B) in sales, helping to set yet another record for the event
  • Tenet’s Singles’ Day revenue haul puts the company on pace to meet or exceed its revenue forecast for 2021
  • The event has quickly become China’s third-largest shopping extravaganza and has been dubbed China’s “Black Friday” because of the deep discounts offered to consumers
  • Tenet Fintech Group Inc. (PKK) is down 0.66 per cent, trading at C$7.52 at 11:12 am EST

Tenet Fintech Group (PKK) has published the results of its operations related to this year’s Singles’ Day shopping event.

It was thought by some that this year’s event would be muted due to several mitigating factors, but Singles’ Day once again more than lived up to its reputation of being the biggest shopping event in the world.

According to CNBC, online retail giants Alibaba and JD.com combined to rack up USD$139B (about CAD$177B) in sales, helping to set yet another record for the event.

Following the same formula it used during the 618 Shopping Festival held in June, Tenet worked with retailers and distributors supplying products on those platforms to ensure that they would have the cash flow flexibility they needed to keep up with demand.

Doing so was Tenet’s way of contributing to the success of the event. However small that contribution might have been to this year’s record sales numbers, it did allow Tenet to generate approximately CAD$7.8M during the event, making the company’s Singles’ Day debut just as successful as its 618 debuts earlier this year.

Tenet’s Singles’ Day revenue haul puts the company on pace to meet or exceed its revenue forecast for 2021. The company will now focus its attention on the upcoming Double Twelve (“12/12”), aka Couples’ Day shopping event.

12/12, which takes place every year on December 12, was originally created as a way for smaller retailers who might have missed out on Singles’ Day to have their own special event.

The event has quickly become China’s third-largest shopping extravaganza and has been dubbed China’s “Black Friday” because of the deep discounts offered to consumers. This year will mark Tenet’s first participation in the event, which will provide the Company with an opportunity to work with and introduce its services to new retailers and distributors.

Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence companies.

Tenet Fintech Group Inc. (PKK) is down 0.66 per cent, trading at C$7.52 at 11:12 am EST.

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