# EDGAR Filing Document

**Accession Number:** 0001529192
**File Stem:** 0000950170-25-108400
**Filing Date:** 2025-8
**Character Count:** 16728
**Document Hash:** 76da51164e3a76d7de6e0197367b66af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-108400.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0000950170-25-108400

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vipshop Holdings Ltd
- **CENTRAL INDEX KEY:** 0001529192
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-CATALOG & MAIL-ORDER HOUSES [5961]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-86788
- **FILM NUMBER:** 251214187

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** VIPSHOP HEADQUARTERS, 128 DINGXIN ROAD
- **STREET 2:** HAIZHU DISTRICT,
- **CITY:** Guangzhou
- **NON US STATE TERRITORY:** CHINA
- **PROVINCE COUNTRY:** F4
- **ZIP:** 510335
- **BUSINESS PHONE:** 86 (20) 2233-0000

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** VIPSHOP HEADQUARTERS, 128 DINGXIN ROAD
- **STREET 2:** HAIZHU DISTRICT,
- **CITY:** Guangzhou
- **NON US STATE TERRITORY:** CHINA
- **PROVINCE COUNTRY:** F4
- **ZIP:** 510335
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Elegant Motion Holdings Ltd
- **CENTRAL INDEX KEY:** 0001555780

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** DURRELL HOUSE
- **STREET 2:** 28 NEW STREET
- **CITY:** ST. HELIER
- **STATE:** Y9
- **ZIP:** JE2 3RA
- **BUSINESS PHONE:** 216-479-8361

**MAIL ADDRESS:**
- **STREET 1:** DURRELL HOUSE
- **STREET 2:** 28 NEW STREET
- **CITY:** ST. HELIER
- **STATE:** Y9
- **ZIP:** JE2 3RA

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

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 10)**

**Issuer:** Vipshop Holdings Limited

**Title of Class of Securities:** Class A ordinary shares, par value US$0.0001 per share

**CUSIP Number:** G93629106

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [x] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Elegant Motion Holdings Limited | Names of Reporting Persons<br>Elegant Motion Holdings Limited |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>D8 | Citizenship or Place of Organization<br>D8 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>15941084 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>15941084 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>15941084 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>15941084 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>16.2% | Percent of Class Represented by Amount in Row (9)<br>16.2% |
| 12. | Type of Reporting Person (See Instructions)<br>CO | Type of Reporting Person (See Instructions)<br>CO |

**Comment for Type of Reporting Person:** 1.	The shares beneficially owned by Elegant Motion Holdings Limited represent (i) 15,560,358 Class B ordinary shares and (ii) 380,726 Class A ordinary shares in the form of ADSs.
2.	The voting power of the ordinary shares beneficially owned represent 65.4% of the total outstanding voting power of the Issuer. The percentage of voting power is calculated by dividing the voting power beneficially owned by the reporting person by the voting power beneficially owned by all of the Issuer's holders of Class A ordinary shares and Class B ordinary shares as a single class as of June 30, 2025 (taking into account the number of shares that the reporting person had the right to acquire based on the options and restricted shares that shall have become vested within 60 days after June 30, 2025). Each holder of Class A ordinary shares is entitled to one vote per share and each holder of Class B ordinary shares is entitled to ten votes per share on all matters submitted to them for vote.

---

| 1. | Names of Reporting Persons<br>Eric Ya Shen | Names of Reporting Persons<br>Eric Ya Shen |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>F4 | Citizenship or Place of Organization<br>F4 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>2469853 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>15941084 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>2469853 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>15941084 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>18410937 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>18410937 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>18.2% | Percent of Class Represented by Amount in Row (9)<br>18.2% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

**Comment for Type of Reporting Person:** 1.	The shares beneficially owned by Eric Ya Shen represent (i) options to acquire 2,467,320 Class A ordinary shares exercisable within 60 days after June 30, 2025, (ii) 2,533 Class A ordinary shares in the form of ADSs, which are directly held by Eric Ya Shen, (iii) 15,560,358 Class B ordinary shares beneficially owned by Elegant Motion Holdings Limited and (iv) 380,726 Class A ordinary shares in the form of ADSs beneficially owned by Elegant Motion Holdings Limited.
2.	The voting power of the ordinary shares beneficially owned represent 65.7% of the total outstanding voting power of the Issuer. The percentage of voting power is calculated by dividing the voting power beneficially owned by the reporting person by the voting power beneficially owned by all of the Issuer's holders of Class A ordinary shares and Class B ordinary shares as a single class as of June 30, 2025 (taking into account the number of shares that the reporting person had the right to acquire based on the options and restricted shares that shall have become vested within 60 days after June 30, 2025). Each holder of Class A ordinary shares is entitled to one vote per share and each holder of Class B ordinary shares is entitled to ten votes per share on all matters submitted to them for vote.

---

| 1. | Names of Reporting Persons<br>Xiaochun Zhang | Names of Reporting Persons<br>Xiaochun Zhang |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>F4 | Citizenship or Place of Organization<br>F4 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>15941084 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>15941084 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>15941084 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>15941084 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>16.2% | Percent of Class Represented by Amount in Row (9)<br>16.2% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

**Comment for Type of Reporting Person:** 1.	The shares beneficially owned by Xiaochun Zhang represent (i) 15,560,358 Class B ordinary shares beneficially owned by Elegant Motion Holdings Limited and (iv) 380,726 Class A ordinary shares in the form of ADSs beneficially owned by Elegant Motion Holdings Limited.
2.	The voting power of the ordinary shares beneficially owned represent 65.4% of the total outstanding voting power of the Issuer. The percentage of voting power is calculated by dividing the voting power beneficially owned by the reporting person by the voting power beneficially owned by all of the Issuer's holders of Class A ordinary shares and Class B ordinary shares as a single class as of June 30, 2025 (taking into account the number of shares that the reporting person had the right to acquire based on the options and restricted shares that shall have become vested within 60 days after June 30, 2025). Each holder of Class A ordinary shares is entitled to one vote per share and each holder of Class B ordinary shares is entitled to ten votes per share on all matters submitted to them for vote.

---

**Item 1(a). Name of Issuer:**
Vipshop Holdings Limited

**Item 1(b). Address of Issuer's Principal Executive Offices:**
Vipshop Headquarters, 128 Dingxin Road Haizhu District, Guangzhou 510220 People's Republic of China

**Item 2(a). Name of Person Filing:**
Elegant Motion Holdings Limited
Eric Ya Shen
Xiaochun Zhang
(collectively, the "Reporting Persons")

**Item 2(b). Address of Principal Business Office:**
For Elegant Motion Holdings Limited:
Trident Chambers, Wickhams Cay, PO Box 146
Road Town, Tortola, British Virgin Islands

For Eric Ya Shen and Xiaochun Zhang:
Vipshop Headquarters, 128 Dingxin Road
Haizhu District, Guangzhou 510220
People's Republic of China

**Item 2(c). Citizenship:**
Elegant Motion Holdings Limited - British Virgin Islands
Eric Ya Shen and Xiaochun Zhang - People's Republic of China

**Item 2(d). Title of Class of Securities:**
Class A ordinary shares, par value US$0.0001 per share

**Item 2(e). CUSIP Number:**
G93629106

**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:**

Elegant Motion Holdings Limited  - 15,941,084
Eric Ya Shen - 18,410,937
Xiaochun Zhang - 15,941,084

**(b) Percent of class:**

See Row (11) of each cover page. Pursuant to Rule 13d-3(d)(1), all Class B ordinary shares (which are convertible into Class A ordinary shares) were deemed to be converted for the purpose of (i) determining the aggregate amount of Class A ordinary shares beneficially owned by the Reporting Persons and (ii) calculating the percentages of the Class A ordinary shares beneficially owned by the Reporting Persons. The percentage of the class of securities beneficially owned by each Reporting Person is calculated based on a total of 98,625,072 issued and outstanding ordinary shares (consisting of 83,064,714 Class A ordinary shares and 15,560,358 Class B ordinary shares) of the Issuer as of June 30, 2025 as a single class. In computing the percentage ownership of the Reporting Persons, the Reporting Persons have included, where applicable, shares that the reporting persons have the right to acquire within 60 days, including through the exercise of any option, warrant, or other right or the conversion of any other security, after June 30, 2025.
As of June 30, 2025, 15,560,358 Class B ordinary shares of the Issuer and 380,726 Class A ordinary shares in the form of ADSs of the Issuer were held by Elegant Motion Holdings Limited, a British Virgin Islands company. Elegant Motion Holdings Limited 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. Other than the trustee, no other person has the power to direct the receipt of dividends from, or proceeds from the sale of the ordinary shares of the Issuer held by Elegant Motion Holdings Limited. Pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder, Eric Ya Shen and Xiaochun Zhang may be deemed to beneficially own all the ordinary shares of the Issuer held by Elegant Motion Holdings Limited.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

See Row (5) of each cover page.

**(ii) Shared power to vote or to direct the vote:**

See Row (6) of each cover page.

**(iii) Sole power to dispose or to direct the disposition of:**

See Row (7) of each cover page.

**(iv) Shared power to dispose or to direct the disposition of:**

See Row (8) of each cover page.

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

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. Certification:**

—

### 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.

**Elegant Motion Holdings Limited**

**Date:** 08/14/2025

**By:** Stepway Limited

**Name & Title:** Stepway Limited, Director

**Eric Ya Shen**

**Date:** 08/14/2025

**By:** /s/ Eric Ya Shen

**Name & Title:** Eric Ya Shen

**Xiaochun Zhang**

**Date:** 08/14/2025

**By:** /s/ Xiaochun Zhang

**Name & Title:** Xiaochun Zhang