GUANGZHOU, China — Chinese e-commerce giant JD.comAs of the Singles Day shopping event in Beijing, 311.4 billion yuan (48.6 trillion dollars) had been sold across its platforms. This surpasses its last-year record.

JD.com’s transaction volume is the number that was released. It is the amount of money that is transacted across its e-commerce platforms and does not directly translate into revenue for the company — and it does not take into account returned items.

It’s still a sign of how hungry shoppers are for Singles Day (or Double 11), a significant shopping day in China, that surpasses Black Friday in sales and Cyber Monday in U.S.

Last year, JD’s transaction volume totaled 271.5 billion yuan. Singles Day is still many hours away this year. JD’s sale ends at midnight China Time on Friday. This means that the transaction volume will rise.

JD Rival AlibabaCurrently, has yet to release any data on transactions between its platforms.

Alibaba began the Singles Day event in 2009Retailers across the nation are now involved and offer massive discounts to entice consumers into purchasing goods.

Singles Day used to be a flash sale that lasted 24 hours, but it has become longer every year.

JD offered a pre-sale window from October 20 through Oct. 31. Official sales were then initiated immediately and continued until midnight Friday. JD’s ability to increase its transaction volume in this year’s past year is partly due to the longer sales period.