Vipshop (VIPS) CEO Eric Ya Shen discloses share and option stakes

Rhea-AI Filing Summary

Vipshop Holdings Ltd director and Chief Executive Officer Eric Ya Shen filed an initial statement of beneficial ownership. The filing shows fully vested share options over 2,601,894 and 51,669 underlying Class A ordinary shares, with exercise prices of 66.8500 and 68.3500, expiring on December 31, 2029 and December 31, 2026.

He also holds 2,533 Class A ordinary shares directly. Indirectly, through Elegant Motion Holdings Limited and the SYZXC Trust, he has beneficial ownership over 380,726 Class A ordinary shares and 15,560,358 Class B ordinary shares, with authority together with his spouse to direct voting and disposition decisions for those trust-held shares.

Insider Trade Summary

5 transactions reported

Mixed 5 txns

Insider Shen Eric Ya

Role Chief Executive Officer

Type	Security	Shares	Price	Value
holding	Share Options (Right to Buy)	--	--	--
holding	Share Options (Right to Buy)	--	--	--
holding	Class A ordinary shares	--	--	--
holding	Class A ordinary shares	--	--	--
holding	Class B ordinary shares	--	--	--

Holdings After Transaction: Share Options (Right to Buy) — 2,601,894 shares (Direct); Class A ordinary shares — 2,533 shares (Direct); Class A ordinary shares — 380,726 shares (Indirect, See Footnote); Class B ordinary shares — 15,560,358 shares (Indirect, See Footnote)

Footnotes (1)

1. These shares are directly held by Elegant Motion Holdings Limited, a British Virgin Islands company, which is ultimately wholly owned by the SYZXC Trust. Under the terms of the SYZXC Trust, Eric Ya Shen and his wife Xiaochun Zhang have the power to direct the trustee with respect to the retention or disposal of the ordinary shares of the Issuer held by Elegant Motion Holdings Limited and the exercise of any voting and other rights attached thereto. All options granted have been fully vested and exercisable as of the date hereof.

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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

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Shen Eric Ya

(Last) (First) (Middle)

128 DINGXIN ROAD, HAIZHU DISTRICT

(Street)

GUANGZHOU 510220

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Vipshop Holdings Ltd [ VIPS ]

3a. Foreign Trading Symbol

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

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

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

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)
Class A ordinary shares	2,533	D
Class A ordinary shares	380,726	I	See Footnote(1)
Class B ordinary shares	15,560,358	I	See Footnote(1)

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
Share Options (Right to Buy)	(2)	12/31/2029	Class A ordinary shares	2,601,894	$66.85	D
Share Options (Right to Buy)	(2)	12/31/2026	Class A ordinary shares	51,669	$68.35	D

Explanation of Responses:

1. These shares are directly held by Elegant Motion Holdings Limited, a British Virgin Islands company, which is ultimately wholly owned by the SYZXC Trust. Under the terms of the SYZXC Trust, Eric Ya Shen and his wife Xiaochun Zhang have the power to direct the trustee with respect to the retention or disposal of the ordinary shares of the Issuer held by Elegant Motion Holdings Limited and the exercise of any voting and other rights attached thereto.

2. All options granted have been fully vested and exercisable as of the date hereof.

	/s/ Eric Ya Shen	03/18/2026
	** 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).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does Eric Ya Shen report in his Form 3 filing for Vipshop (VIPS)?

Eric Ya Shen reports his initial beneficial ownership in Vipshop. He lists fully vested options over 2,601,894 and 51,669 Class A ordinary shares plus direct and indirect holdings of Class A and Class B shares, establishing his status as a significant shareholder and executive.

How many share options does Eric Ya Shen hold in Vipshop (VIPS)?

He holds fully vested share options linked to 2,601,894 and 51,669 Class A ordinary shares. The options carry exercise prices of 66.8500 and 68.3500 and expire on December 31, 2029 and December 31, 2026, respectively, indicating sizeable potential equity exposure.

What direct shareholdings does Eric Ya Shen have in Vipshop (VIPS)?

He directly holds 2,533 Class A ordinary shares of Vipshop. This direct position is smaller than his option-based exposure and his indirect holdings, but it still represents personal ownership of the company’s equity separate from trust or entity structures.

What indirect Vipshop (VIPS) holdings are attributed to Eric Ya Shen?

Indirectly, he has beneficial ownership over 380,726 Class A and 15,560,358 Class B ordinary shares. These are held by Elegant Motion Holdings Limited, which is ultimately owned by the SYZXC Trust, where he and his wife can direct voting and disposition decisions.

What is the role of the SYZXC Trust in Eric Ya Shen’s Vipshop (VIPS) ownership?

The SYZXC Trust ultimately owns Elegant Motion Holdings Limited, which holds certain Vipshop shares. Under the trust terms, Eric Ya Shen and his wife may direct the trustee on retaining or disposing of these shares and exercising voting and related rights, giving them effective control.