Baozun (BZUN) CSO Wu Junhua discloses RSU, ADS and share stakes

Rhea-AI Filing Summary

Baozun Inc. director and Chief Strategy Officer Wu Junhua filed an initial ownership report showing existing equity holdings. Wu directly holds restricted stock units representing 46,347 Class A ordinary shares and directly holds 47,428 American Depositary Shares (ADSs).

Indirectly, through Casvendino Holdings Limited, a BVI company wholly owned by Wu, there are 921,569 ADSs and 3,890,369 Class B ordinary shares reported. Footnotes state that 37,500 and 8,847 of the RSUs were granted under the 2015 Share Incentive Plan and are fully vested, and each RSU gives the right to receive one Class A ordinary share.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Wu Junhua

(Last) (First) (Middle)

NO. 1-9, LANE 510, WEST JIANGCHANG ROAD

(Street)

SHANGHAI F4 200436

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/17/2026

3. Issuer Name and Ticker or Trading Symbol
Baozun Inc. [ BZUN ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Strategy Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
American Depositary Shares	47,428	D
American Depositary Shares	921,569	I	Held by Casvendino Holdings Limited, a BVI company wholly owned by the reporting person
Class B Ordinary Shares	3,890,369	I	Held by Casvendino Holdings Limited, a BVI company wholly owned by the reporting person

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit	(1)	(1)	Class A Ordinary Shares	46,347	(2)	D

Explanation of Responses:

1. The 37,500 RSUs and 8,847 RSUs were granted to the reporting person pursuant to the 2015 Share Incentive Plan in March 2018 and March 2021, respectively, and have been fully vested.

2. Each RSU represents the contingent right to receive one Class A ordinary share of the Company.

	/s/ Junhua Wu	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
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FAQ

What does Baozun (BZUN) insider Wu Junhua report on this Form 3?

Wu Junhua reports existing equity holdings in Baozun, including RSUs, ADSs, and ordinary shares. The filing lists both directly held securities and indirect holdings through Casvendino Holdings Limited, a wholly owned BVI company associated with the reporting person.

How many RSUs does Baozun (BZUN) executive Wu Junhua hold?

Wu Junhua holds restricted stock units representing 46,347 Class A ordinary shares. Footnotes explain that 37,500 RSUs and 8,847 RSUs were granted in March 2018 and March 2021 under Baozun’s 2015 Share Incentive Plan and are now fully vested.

What direct ADS holdings are disclosed for Baozun (BZUN) insider Wu Junhua?

The filing shows Wu Junhua directly holds 47,428 American Depositary Shares of Baozun. These ADS holdings are reported as directly owned, separate from additional ADSs that are held indirectly through Casvendino Holdings Limited, which is wholly owned by the reporting person.

What indirect Baozun (BZUN) holdings are reported through Casvendino Holdings Limited?

Indirectly, through Casvendino Holdings Limited, a BVI company wholly owned by Wu Junhua, the filing reports 921,569 American Depositary Shares and 3,890,369 Class B ordinary shares. These positions are classified as indirect ownership under the nature-of-ownership disclosure.

What does each Baozun (BZUN) RSU held by Wu Junhua represent?

Each restricted stock unit held by Wu Junhua represents the contingent right to receive one Class A ordinary share of Baozun. The footnotes clarify this one-for-one relationship, linking the RSU awards directly to future delivery of Class A ordinary shares upon settlement.

Are the Baozun (BZUN) RSUs held by Wu Junhua vested?

Yes. Footnotes state that 37,500 RSUs granted in March 2018 and 8,847 RSUs granted in March 2021 under the 2015 Share Incentive Plan have been fully vested. These vested RSUs together form part of the 46,347 underlying Class A ordinary shares reported.