Baozun Inc. received an updated ownership report from director Vincent Wenbin Qiu and Jesvinco Holdings Limited. As of December 31, 2025, Jesvinco beneficially owned 9,410,379 shares, representing 5.4% of Baozun’s Class A ordinary shares on an as-converted basis.
Qiu is the sole shareholder of Jesvinco and is deemed to beneficially own a total of 13,434,745 shares, or 7.7% of the Class A ordinary shares on an as-converted basis. Baozun has dual-class stock: each Class A share carries one vote and each Class B share carries ten votes and can convert one-for-one into Class A shares.
What does the Baozun (BZUN) Schedule 13G/A filing disclose about ownership?
The filing shows updated beneficial ownership for Jesvinco Holdings Limited and Vincent Wenbin Qiu in Baozun Inc. It details their share counts, voting and dispositive powers, and the percentage of Class A ordinary shares they represent on an as-converted basis as of December 31, 2025.
How many Baozun shares does Jesvinco Holdings Limited beneficially own?
Jesvinco Holdings Limited beneficially owns 9,410,379 shares in total. This includes 9,410,369 Class B ordinary shares and ten Class A ordinary shares, all as of December 31, 2025. These holdings represent 5.4% of Baozun’s Class A ordinary shares on an as-converted basis.
What is Vincent Wenbin Qiu’s total beneficial ownership in Baozun (BZUN)?
Vincent Wenbin Qiu beneficially owns 13,434,745 shares of Baozun. This includes 4,024,366 Class A ordinary shares held directly and all shares held by Jesvinco Holdings Limited. Together, these holdings represent 7.7% of Baozun’s Class A ordinary shares on an as-converted basis.
How is the 5.4% and 7.7% ownership in Baozun calculated?
The percentages are based on 161,015,878 Class A ordinary shares and 13,300,738 Class B ordinary shares outstanding as of December 31, 2025. The calculation assumes all Class B shares held by the reporting persons convert into the same number of Class A shares.
What are the voting rights of Baozun’s Class A and Class B shares?
Class A ordinary shares carry one vote per share. Class B ordinary shares carry ten votes per share and are convertible at any time into one Class A ordinary share. Class A shares cannot be converted into Class B shares under any circumstances, giving Class B holders enhanced voting power.
Who are the reporting persons in the Baozun Schedule 13G/A Amendment No. 11?
The reporting persons are Vincent Wenbin Qiu and Jesvinco Holdings Limited. Qiu is a citizen of the People’s Republic of China and the sole shareholder of Jesvinco, a British Virgin Islands company, leading to his deemed beneficial ownership of Jesvinco’s Baozun shares.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 11)
Baozun Inc.
(Name of Issuer)
Class A ordinary shares, par value US$0.0001 per share
(Title of Class of Securities)
06684L103
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
06684L103
1
Names of Reporting Persons
Jesvinco Holdings Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
VIRGIN ISLANDS, BRITISH
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
9,410,379.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
9,410,379.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
9,410,379.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.4 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: Notes to Rows 5, 7, and 9: This represents 9,410,369 Class B ordinary shares and ten Class A ordinary shares directly held by Jesvinco Holdings Limited as of December 31, 2025.
Note to Row 11: Based on 161,015,878 Class A ordinary shares (excluded certain Class A ordinary shares represented by ADSs repurchased by the Issuer from the open market under the Issuer's share repurchase programs). As-converted percentage is also based on 13,300,738 Class B ordinary shares issued and outstanding as of December 31, 2025, and assuming all Class B ordinary shares held by such reporting person are converted into the same number of Class A ordinary shares. The rights of the holders of Class A ordinary shares and Class B ordinary shares are identical, except with respect to voting and conversion. Each Class A ordinary share is entitled to one vote per share. Each Class B ordinary share is entitled to ten votes per share and is convertible at any time into one Class A ordinary share. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.
SCHEDULE 13G
CUSIP No.
06684L103
1
Names of Reporting Persons
Vincent Wenbin Qiu
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CHINA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
13,434,745.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
13,434,745.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,434,745.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.7 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: Notes to Rows 5, 7, and 9: Mr. Vincent Wenbin Qiu may be deemed to have beneficial ownership over (i) 9,410,369 Class B ordinary shares and ten Class A ordinary shares held by Jesvinco Holdings Limited as of December 31, 2025, and (ii) 4,024,366 Class A ordinary shares beneficially owned by Mr. Vincent Wenbin Qiu as of December 31, 2025.
Note to Row 11: Based on 161,015,878 Class A ordinary shares (excluded certain Class A ordinary shares represented by ADSs repurchased by the Issuer from the open market under the Issuer's share repurchase programs). As-converted percentage is also based on 13,300,738 Class B ordinary shares issued and outstanding as of December 31, 2025, and assuming all Class B ordinary shares held by such reporting person are converted into the same number of Class A ordinary shares. The rights of the holders of Class A ordinary shares and Class B ordinary shares are identical, except with respect to voting and conversion. Each Class A ordinary share is entitled to one vote per share. Each Class B ordinary share is entitled to ten votes per share and is convertible at any time into one Class A ordinary share. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Baozun Inc.
(b)
Address of issuer's principal executive offices:
NO. 1-9, LANE 510, WEST JIANGCHANG ROAD, JING'AN DISTRICT, SHANGHAI, F4 200436
Item 2.
(a)
Name of person filing:
Vincent Wenbin Qiu
Jesvinco Holdings Limited
This Schedule 13G/A is being filed jointly by Mr. Vincent Wenbin Qiu and Jesvinco Holdings Limited (collectively, the "Reporting Persons"). Pursuant to the Joint Filing Agreement filed with the Securities and Exchange Commission on February 16, 2016 and incorporated by reference herein, the Reporting Persons have agreed to file this Schedule 13G/A jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Act.
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of Mr. Vincent Wenbin Qiu is No. 1-9, Lane 510, West Jiangchang Road, Shanghai 200436, the People's Republic of China.
The registered address of Jesvinco Holdings Limited is ICS Corporate Services (BVI) Limited, Sea Meadow House, P.O. Box 116, Road Town, Tortola, British Virgin Islands.
(c)
Citizenship:
Vincent Wenbin Qiu: People's Republic of China
Jesvinco Holdings Limited: British Virgin Islands
(d)
Title of class of securities:
Class A ordinary shares, par value US$0.0001 per share
(e)
CUSIP No.:
06684L103
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person and is incorporated herein by reference.
Mr. Vincent Wenbin Qiu beneficially owned 4,024,366 Class A ordinary shares as of December 31, 2025. Jesvinco Holdings Limited is the record owner of 9,410,369 Class B ordinary shares and ten Class A ordinary shares of the Issuer. Mr. Vincent Wenbin Qiu is the sole shareholder of Jesvinco Holdings Limited, and thereby may be deemed to beneficially own all of the shares held by Jesvinco Holdings Limited.
(b)
Percent of class:
The information required by Item 4(b) is set forth in Row 11 of the cover page for each Reporting Person and is incorporated herein by reference.
The percentage is calculated based on 161,015,878 Class A ordinary shares (excluded certain Class A ordinary shares represented by ADSs repurchased by the Issuer from the open market under the Issuer's share repurchase program) and 13,300,738 Class B ordinary shares issued and outstanding as of December 31, 2025.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by this item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person and is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information required by this item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person and is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information required by this item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person and is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information required by this item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person and is incorporated herein by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Jesvinco Holdings Limited
Signature:
/s/ Vincent Wenbin Qiu
Name/Title:
Vincent Wenbin Qiu/Director
Date:
02/12/2026
Vincent Wenbin Qiu
Signature:
/s/ Vincent Wenbin Qiu
Name/Title:
Vincent Wenbin Qiu
Date:
02/12/2026
Exhibit Information
Joint Filing Agreement (incorporated by reference to Exhibit 99.1 of Schedule 13G (File No. 005-89353) filed with the Securities and Exchange Commission on February 16, 2016)
