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Apart from Red, other online retailers are wooing a large number of affluent Chinese consumers with a wide range of authentic and high-quality overseas products.

Ant Financial Services Group announced on Wednesday that it will allow third-party financial institutions to set up virtual shops through an indigenous app, another push to vie for supremacy in the country's booming online financial sector.

Anthony Fauci, the nation's top infectious diseases expert, on Monday warned that the Christmas holiday season may be even worse than Thanksgiving in terms of spreading the coronavirus. Millions of people rejected warnings from health officials and traveled for the long holiday weekend. He said the US is "probably just at the beginning" of seeing the resulting increase in cases.

Another domestic oil and gas behemoth, China Petroleum and Chemical Corp (Sinopec), has also beefed up gas storage to meet increasing demand during the peak winter consumption period.

Apart from Ctrip, Industrial and Commercial Bank of China has also rolled out the foreign currency red packets this year, which is priced at 598 yuan per set. Most of the notes are less seen, coming from countries like Cambodia or Zimbabwe, said Fang Qing, vice-general manager of ICBC's Jing'an branch in central Shanghai.