Vipshop director sells 479 shares for taxes

Vipshop director Yang Donghao sold a small number of shares to cover tax withholding from restricted share vesting while retaining substantial direct and indirect holdings.

Rhea-AI Filing Summary

Vipshop Holdings Ltd (VIPS) director Yang Donghao reported a small tax-related sale of Class A ordinary shares. On September 8, 2026, he sold 479 shares at $64.8025 per share in a sell-to-cover transaction to satisfy tax withholding on vesting and settlement of restricted shares. After this, he directly holds 72,703 shares and indirectly holds 172,000 shares through Crown Harvest Enterprise Ltd., a controlled corporation. No Rule 10b5-1 trading plan is reported.

Insider Trade Summary

Net Seller: 479 shares

Net Sell 2 txns

Insider Yang Donghao

Role Director

Sold 479 shs ($31K)

Type	Security	Shares	Price	Value
Sale	Class A ordinary shares F1	479	$64.8025	$31K
holding	Class A ordinary shares	--	--	--

Holdings After Transaction: Class A ordinary shares — 72,703 shares (Direct); Class A ordinary shares — 172,000 shares (Indirect, By Crown Harvest Enterprise Ltd., a controlled corporation of the reporting person.)

Footnotes (1)

1. F1. The shares were sold in a "sell-to-cover" transaction to cover tax withholding obligations in connection with the vesting and settlement of restricted shares.

Key Figures

Shares sold: 479 shares Sale price per share: $64.8025 per share Direct holdings after transaction: 72,703 shares +2 more

5 metrics

Shares sold 479 shares Class A ordinary shares sold on September 8, 2026 in a sell-to-cover transaction

Sale price per share $64.8025 per share Average price for the 479 Class A ordinary shares sold on September 8, 2026

Direct holdings after transaction 72,703 shares Class A ordinary shares directly held by Yang Donghao after the sale

Indirect holdings after transaction 172,000 shares Class A ordinary shares indirectly held through Crown Harvest Enterprise Ltd.

Net shares sold 479 shares Net sell activity across reported non-derivative transactions in this Form 4

Key Terms

sell-to-cover, restricted shares, controlled corporation

3 terms

sell-to-cover financial

"The shares were sold in a "sell-to-cover" transaction to cover tax"

Sell-to-cover is when part of newly issued or exercised company stock is immediately sold to pay required taxes and fees, so the recipient keeps the remaining shares. For investors this matters because it reduces the number of shares insiders or employees actually hold after a grant, can create small, routine share sales that aren’t signal of cashing out, and slightly increases share supply on the market—like selling a portion of a paycheck to cover the tax bill.

restricted shares financial

"obligations in connection with the vesting and settlement of restricted shares"

Restricted shares are company stock that cannot be sold or transferred immediately because they are subject to legal or contractual limits, such as a required holding period or performance conditions. They matter to investors because these locked-up shares can affect a company’s available stock for trading, future dilution, and insider incentives—imagine a gift that can’t be cashed until certain conditions are met, which changes when and how much supply can suddenly enter the market.

controlled corporation financial

"By Crown Harvest Enterprise Ltd., a controlled corporation of the reporting person."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did VIPS director Yang Donghao report?

He reported a sale of 479 Class A ordinary shares on September 8, 2026, at $64.8025 per share in a sell-to-cover transaction to pay tax withholding related to the vesting and settlement of restricted shares.

How many VIPS shares did Yang Donghao retain after the reported sale?

After the transaction, Yang Donghao directly holds 72,703 Class A ordinary shares and indirectly holds 172,000 shares through Crown Harvest Enterprise Ltd., a controlled corporation of the reporting person.

Was the VIPS insider sale by Yang Donghao part of a Rule 10b5-1 trading plan?

No. The filing indicates no Rule 10b5-1 plan is reported, and a footnote states the sale was a sell-to-cover transaction to satisfy tax withholding obligations from restricted share vesting.

What price did Yang Donghao receive per VIPS share in the sale-to-cover transaction?

He sold the shares at an average price of $64.8025 per Class A ordinary share on September 8, 2026, in an open-market or private transaction as characterized in the Form 4.

How many VIPS shares were involved in the tax-related sell-to-cover by Yang Donghao?

The sell-to-cover transaction involved 479 Class A ordinary shares, sold to cover tax withholding obligations connected with the vesting and settlement of restricted shares.

How are some of Yang Donghao’s VIPS holdings structured?

In addition to his direct holdings, Yang Donghao indirectly owns 172,000 Class A ordinary shares through Crown Harvest Enterprise Ltd., which is described as a controlled corporation of the reporting person.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/10/2026 - 09:50 AM Accepted by SEC EDGAR 09/10/2026 - 09:49 AM Learn about SEC filing dates

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Yang Donghao

(Last) (First) (Middle)

FLOOR 39, POLY DEVELOPMENT PLAZA

NO. 832 YUE JIANG ZHONG ROAD

(Street)

GUANGZHOU 510335

(City) (State) (Zip)

CHINA

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A ordinary shares	09/08/2026		S(1)		479	D	$64.8025	72,703	D
Class A ordinary shares								172,000	I	By Crown Harvest Enterprise Ltd., a controlled corporation of the reporting person.

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The shares were sold in a "sell-to-cover" transaction to cover tax withholding obligations in connection with the vesting and settlement of restricted shares.

	/s/ Donghao Yang	09/09/2026
	** 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 4 (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 4: SEC 1474 (03-26)