South Korean cosmetics and fashion firms posted record sales on 'Singles' Day' in China on Monday.

South Korea ranked third behind the United States and Japan in terms of sales, prompting pundits to speculate that Beijing's ban on South Korean business and products may have been lifted. The ban was introduced in 2016 amid a row over Seoul's deployment of the U.S. THAAD missile defense system.

According to Chinese e-commerce giant Alibaba, 299 domestic and foreign brands logged sales of over 100 million yuan or about 16-point-six billion Korean won across Alibaba's various online platforms during the 24 hour sales period.

South Korean brands on the list included Samsung Electronics as well as the cosmetic group Amorepacific, whose Singles' Day sales surged 62 percent this year.

Five South Korean cosmetic brands under LG Household & Health Care also saw sales surge 187 percent this year.