NEW YORK (TheStreet) -- Alibaba (BABA) generated a record $9.3 billion in sales on "Singles Day," the biggest online shopping day of the year for China.

The Nov. 11 event, known as Singles Day, was fueled by the increasing number of Chinese consumers using smartphones and tablets to shop, according to The Wall Street Journal.

And Alibaba's founder Jack Ma told media outlets that he hopes to publicly list shares of Alipay, the company's online financial services arm, in China in the near future. Alibaba's $25-billion IPO in September on the New York Stock Exchange was the largest public offering on record.

Alibaba shares fell 3.77% to close at $114.61 Tuesday. Here's what analysts were saying.

Cheng Cheng, Pacific Crest Securities (Outperform; $127 price target)

Singles Day performance was driven by strong mobile adoption and strong brand performance. We continue to see Alibaba as a driver and beneficiary of e-commerce growth in China, which is still in the early phases. We continue to be positive on BABA.

While growth has been slowing due to the sheer scale of the event, we still see several metrics to suggest that Singles Day is becoming an increasingly important event for Alibaba and an increasingly larger contributor to the December quarter. When we compare Singles Day GMV to total December-quarter GMV, 2014 grew to roughly 7.5% compared to 6.8% in 2013 and 5.5% in 2012.

Eddie Leung, Bank of America Merrill Lynch (Buy; $132 price target)

Alibaba's solid growth momentum in GMV in 2QFY15 seems to be extending into its Singles Day on 11 Nov., which accounted for ~7% of the quarterly China retail GMV in 4Q13 (3QFY14). This year, GMV in the 1st hour stood at RMB12b, up ~70% YoY.

Although we expect growth to decelerate during the later part of the day, we still see upside to our previously conservative estimates of sub-55% growth on the day and 52% growth in the quarter. Key drivers include 1) cross-border trades with more participation of international brands and consumers outside Mainland China; 2) improved mobile experience such as personalized content to deal with short visit time. Demand outside Mainland China is strong. HK and Taiwan have been among the top markets on the day. Mobile, which facilitates quick order placement during promotions, made up of 45% of orders in the early hour (vs. 35% in last year's Singles Day and 36% in 2QFY15).

We revise up 15-17E adj. EDITDA moderately by 1-5% and PO to US$132 on higher growth estimates. However, we expect the recent share price rally to have factored in part of the momentum.

Ella Ji, Oppenheimer (Initiated Coverage with Outperform; $133 price target)

We're initiating coverage of Alibaba (BABA) with an Outperform rating and $133 target. The world's largest online/mobile commerce platform has now developed to be one of the most comprehensive ecosystems globally.

The Alibaba dominance in e-commerce is represented by the largest user base and unmatched user engagement -- 50 orders per active customer in FY14, vs. 7/9/3 orders for JD/AMZN/other Chinese peers avg. This not only attests to the superior value it provides, but also suggests strong user stickiness, a powerful lever to boost future monetization capabilities.

-Written by Laurie Kulikowski in New York.

Follow @LKulikowski

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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