Was the Vipshop (VIPS) insider sale a discretionary trade or tax-related?

The Vipshop insider sale was tax-related, not a discretionary trade. Footnotes state the 397 shares were sold in a sell-to-cover transaction specifically to satisfy tax withholding obligations from vesting and settlement of restricted shares.

What is the net share impact of the reported Vipshop (VIPS) insider transaction?

The net impact of the reported transaction is a reduction of 397 shares. Transaction summary data show netBuySellShares of -397, reflecting only the tax-related sell-to-cover disposition with no offsetting insider share purchases or option exercises reported.

Vipshop (VIPS) director logs 397-share tax sell-to-cover, retains large stake

Filing Impact

(Neutral)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Vipshop Holdings Ltd director Yang Donghao reported a small disposition of Class A ordinary shares tied to tax obligations rather than a discretionary trade. On the transaction date, 397 shares were sold at $69.3005 per share in a “sell-to-cover” transaction to satisfy tax withholding from vesting restricted shares.

Following the transaction, Yang held 73,182 Class A ordinary shares directly and 172,000 Class A ordinary shares indirectly through Crown Harvest Enterprise Ltd., described as a controlled corporation of the reporting person.

Insider Trade Summary

Net Seller: 397 shares ($27,512)

Net Sell 2 txns

Insider Yang Donghao

Role null

Sold 397 shs ($28K)

Type	Security	Shares	Price	Value
Sale	Class A ordinary shares	397	$69.3005	$28K
holding	Class A ordinary shares	--	--	--

Holdings After Transaction: Class A ordinary shares — 73,182 shares (Direct, null); Class A ordinary shares — 172,000 shares (Indirect, By Crown Harvest Enterprise Ltd., a controlled corporation of the reporting person.)

Footnotes (1)

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Key Figures

Shares sold: 397 shares Sale price per share: $69.3005/share Direct holdings after transaction: 73,182 shares +2 more

5 metrics

Shares sold 397 shares Sell-to-cover disposition of Class A ordinary shares

Sale price per share $69.3005/share Price for sell-to-cover transaction

Direct holdings after transaction 73,182 shares Class A ordinary shares held directly post-transaction

Indirect holdings 172,000 shares Held by Crown Harvest Enterprise Ltd., a controlled corporation

Net share change -397 shares transactionSummary netBuySellShares

Key Terms

sell-to-cover, restricted shares, indirect, controlled corporation

4 terms

sell-to-cover financial

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

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

"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.

indirect financial

""ownership_type": "indirect""

controlled corporation financial

"a controlled corporation of the reporting person"

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Form 4 Insider Transactions: What Each Field Means →

06/11/2026 - 08:53 AM

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)
06/09/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A ordinary shares	06/09/2026		S⁽¹⁾		397	D	$69.3005	73,182	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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	06/11/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Vipshop Holdings (VIPS) director Yang Donghao report?

Yang Donghao reported selling 397 Vipshop Class A ordinary shares. The sale was a sell-to-cover transaction used to pay tax withholding triggered by the vesting and settlement of restricted shares, rather than a discretionary open-market share sale.

At what price were the Vipshop (VIPS) shares sold in the Form 4 filing?

The 397 Vipshop Class A ordinary shares were sold at $69.3005 per share. This price applied to the sell-to-cover transaction executed to cover tax withholding obligations arising from the vesting and settlement of restricted shares held by the reporting person.

How many Vipshop (VIPS) shares does Yang Donghao hold directly after the transaction?

After the reported transaction, Yang Donghao holds 73,182 Vipshop Class A ordinary shares directly. This figure reflects his direct ownership balance immediately following the 397-share sell-to-cover disposition reported in the Form 4 insider trading report.

What indirect Vipshop (VIPS) holdings does Yang Donghao report on Form 4?

Yang Donghao reports indirect ownership of 172,000 Vipshop Class A ordinary shares. These shares are held by Crown Harvest Enterprise Ltd., which is described as a controlled corporation of the reporting person, reflecting his indirect economic interest in those shares.