Document:

Form of Employment Agreement

 Exhibit 10.2 
 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT AGREEMENT (the
“Agreement”), is entered into as of (the “Effective Date”), by and between Vipshop Holdings Limited, a company incorporated and existing under the laws of the Cayman Islands (the “Company”)
and         , an individual (the “Executive”). Except with respect to the direct employment of the Executive by the Company, the term “Company” as used herein with respect to all
obligations of the Executive hereunder shall be deemed to include the Company and all of its subsidiaries and affiliated entities (collectively, the “Group”). 
 RECITALS 
 A. The Company desires to employ the Executive as its
         and to assure itself of the services of the Executive during the term of Employment (as defined below). 
 B. The Executive desires to be employed by the Company as its          during the term of Employment and upon the terms and conditions of this Agreement.

 AGREEMENT 
 The parties hereto agree as follows: 
 1. POSITION 

The Executive hereby accepts a position of          (the “Employment”) of the
Company. 
 2. TERM 
 Subject to the terms and conditions of this Agreement, the initial term of the Employment shall be five years commencing on the Effective Date, unless terminated earlier pursuant to the terms of this
Agreement. The Employment will be renewed automatically for additional one-year terms if neither the Company nor the Executive provides a notice of termination of the Employment to the other party or otherwise proposes to re-negotiate the terms of
the Employment with the other party within one month prior to the expiration of the applicable term. 
 3. PROBATION 

No probationary period. 
 4.
DUTIES AND RESPONSIBILITIES 
 The Executive’s duties at the Company will include all jobs assigned by the
Company’s Board of the Directors (the “Board”) or the Company’s Chief Executive Officer, as the case may be. 
 The Executive shall devote all of his or her working time, attention and skills to the performance of his or her duties at the Company and shall faithfully and diligently serve the Company in accordance
with this Agreement, the Memorandum and Articles of Association of the Company, as amended and restated from time to time (the “Articles of Association”), and the guidelines, policies and procedures of the Company approved from time
to time by the Board. 
 The Executive shall use his or her best efforts to perform his or her duties hereunder. The Executive
shall not, without the prior written consent of the Board, become an employee of any entity other than the Company and any subsidiary or affiliate of the Company, and shall not be concerned or interested in any business or entity that engages in the
same business in which the Company engages (any such business or entity, a “Competitor”), provided that nothing in this clause shall preclude the Executive from holding any shares or other securities of any Competitor that is listed
on any securities exchange or recognized securities market anywhere. The Executive shall notify the Company in writing of his or her interest in such shares or securities in a timely manner and with such details and particulars as the Company may
reasonably require. 

  
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 5. NO BREACH OF CONTRACT 
 The Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Executive and the performance by the Executive of the Executive’s duties hereunder
shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or otherwise bound except for agreements entered into by and between the Executive and any member of the Group
pursuant to applicable law, if any; (ii) that the Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated by, the
Executive entering into this Agreement or carrying out his or her duties hereunder; (iii) that the Executive is not bound by any confidentiality, trade secret or similar agreement (other than this) with any other person or entity except for
other member(s) of the Group, as the case may be. 
 6. LOCATION 
 The Executive will be based in Shenzhen, China. The Company reserves the right to transfer or second the Executive to any location in China or elsewhere in accordance with its operational requirements.

 7. COMPENSATION AND BENEFITS 
  

	 	(a)	Cash Compensation. The Executive’s cash compensation (including salary and bonus) shall be determined by the Company and specified in a standalone agreement
between the Executive and the Company’s designated subsidiary or affiliated entity and such compensation is subject to annual review and adjustment by the Company. 

 

	 	(b)	Equity Incentives. To the extent the Company adopts and maintains a share incentive plan, the Executive will be eligible for participating in such plan pursuant
to the terms thereof as determined by the Company. 

  

	 	(c)	Benefits. The Executive is eligible for participation in any standard employee benefit plan of the Company that currently exists or may be adopted by the Company
in the future, including, but not limited to, any retirement plan, life insurance plan, health insurance plan and travel/holiday plan. 

 8. TERMINATION OF THE AGREEMENT 
  

	 	(a)	By the Company. 

 (i)
For Cause. The Company may terminate the Employment for cause, at any time, without notice or remuneration (unless notice or remuneration is specifically required by applicable law, in which case notice or remuneration will be provided in
accordance with applicable law), if: 
 (1) the Executive is convicted or pleads guilty to a felony or to an act of fraud,
misappropriation or embezzlement, 

  
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 (2) the Executive has been grossly negligent or acted dishonestly to the detriment of the
Company, or 
 (3) the Executive has engaged in actions amounting to willful misconduct or failed to perform his or her duties
hereunder and such failure continues after the Executive is afforded a reasonable opportunity to cure such failure. 
 (ii)
For death and disability. The Company may also terminate the Employment, at any time, without notice or remuneration (unless notice or remuneration is specifically required by applicable law, in which case notice or remuneration will be
provided in accordance with applicable law), if: 
 (1) the Executive has died, or 

(2) the Executive has a disability which shall mean a physical or mental impairment which, as reasonably determined by the Board, renders
the Executive unable to perform the essential functions of his or her employment with the Company, even with reasonable accommodation that does not impose an undue hardship on the Company, for more than 180 days in any 12-month period, unless a
longer period is required by applicable law, in which case that longer period would apply. 
 (iii) Without Cause. The
Company may terminate the Employment without cause, at any time, upon a two-month written notice. Upon termination without cause, the Company shall provide the following severance payments and benefits to the Executive: (1) a lump sum cash
payment equal to          months of the Executive’s base salary at a rate equal to the greater of his/her annual salary in effect immediate1y prior to the termination, or his/her then current annua1
salary as of the date of such termination; (2) a lump sum cash payment equal to a pro-rated amount of his/her target annual bonus for the year immediately preceding the termination; (3) payment of premiums for continued health benefits
under the Company’s health plans for months          fo1lowing the termination; and (4) immediate vesting of [100%] of the then-unvested portion of any outstanding equity awards held by the
Executive. 
 (iv) Change of Control Transaction. If the Company or its successor terminates the Employment upon a merger,
consolidation, or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s) or entity (the “Change of Control Transaction”), the Executive shall be entitled to the following
severance payments and benefits upon such termination: (1) a lump sum cash payment equal to          months of the Executive’s base salary at a rate equal to the greater of his/her annual salary in
effect immediate1y prior to the termination, or his/her then current annua1 salary as of the date of such termination; (2) a lump sum cash payment equal to a pro-rated amount of his/her target annual bonus for the year immediately preceding the
termination; (3) payment of premiums for continued health benefits under the Company’s health plans for          months fo1lowing the termination; and (4) immediate vesting of [100%] of the
then-unvested portion of any outstanding equity awards held by the Executive. 

  
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	 	(b)	By the Executive. The Executive may terminate the Employment at any time with a one-month prior written notice to the Company, if (1) there is a material
reduction in the Executive’s authority, duties and responsibilities, or (2) there is a material reduction in the Executive’s annual salary before the next annual salary review. Upon the Executive’s termination of the Employment
due to either of the above reasons, the Company shall provide compensation to the Executive equivalent to          months of the Executive’s cash compensation that he/she is entitled to immediately prior
to such termination. In addition, the Executive may resign prior to the expiration of the Agreement if such resignation is approved by the Board or an alternative arrangement with respect to the Employment is agreed to by the Board.

  

	 	(c)	Notice of Termination. Any termination of the Executive’s employment under this Agreement shall be communicated by written notice of termination from the
terminating party to the other party. The notice of termination shall indicate the specific provision(s) of this Agreement relied upon in effecting the termination. 

 9. CONFIDENTIALITY AND NONDISCLOSURE 
  

	 	(a)	Confidentiality and Non-disclosure. The Executive hereby agrees at all times during the term of the Employment and after its termination, to hold in the
strictest confidence, and not to use, except for the benefit of the Company, or to disclose to any person, corporation or other entity without written consent of the Company, any Confidential Information. The Executive understands that
“Confidential Information” means any proprietary or confidential information of the Company, its affiliates, or their respective clients, customers or partners, including, without limitation, technical data, trade secrets, research
and development information, product plans, services, customer lists and customers, supplier lists and suppliers, software developments, inventions, processes, formulas, technology, designs, hardware configuration information, personnel information,
marketing, finances, information about the suppliers, joint ventures, franchisees, distributors and other persons with whom the Company does business, information regarding the skills and compensation of other employees of the Company or other
business information disclosed to the Executive by or obtained by the Executive from the Company, its affiliates, or their respective clients, customers or partners either directly or indirectly in writing, orally or otherwise, if specifically
indicated to be confidential or reasonably expected to be confidential. Notwithstanding the foregoing, Confidential Information shall not include information that is generally available and known to the public through no fault of the Executive.

  

	 	(b)	Company Property. The Executive understands that all documents (including computer records, facsimile and e-mail) and materials created, received or transmitted
in connection with his or her work or using the facilities of the Company are property of the Company and subject to inspection by the Company, at any time. Upon termination of the Executive’s employment with the Company (or at any other time
when requested by the Company), the Executive will promptly deliver to the Company all documents and materials of any nature pertaining to his work with the Company and will provide written certification of his or her compliance with this Agreement.
Under no circumstances will the Executive have, following his or her termination, in his or her possession any property of the Company, or any documents or materials or copies thereof containing any Confidential Information.

  
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	 	(c)	Former Employer Information. The Executive agrees that he or she has not and will not, during the term of his or her employment, (i) improperly use or
disclose any proprietary information or trade secrets of any former employer or other person or entity with which the Executive has an agreement or duty to keep in confidence information acquired by Executive, if any, or (ii) bring into the
premises of the Company any document or confidential or proprietary information belonging to such former employer, person or entity unless consented to in writing by such former employer, person or entity. The Executive will indemnify the Company
and hold it harmless from and against all claims, liabilities, damages and expenses, including reasonable attorneys’ fees and costs of suit, arising out of or in connection with any violation of the foregoing. 

 

	 	(d)	Third Party Information. The Executive recognizes that the Company may have received, and in the future may receive, from third parties their confidential or
proprietary information subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. The Executive agrees that the Executive owes the Company and such third
parties, during the Executive’s employment by the Company and thereafter, a duty to hold all such confidential or proprietary information in the strictest confidence and not to disclose it to any person or firm and to use it in a manner
consistent with, and for the limited purposes permitted by, the Company’s agreement with such third party. 

This Section 9 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this
Section 9, the Company shall have right to seek remedies permissible under applicable law. 
 10. CONFLICTING EMPLOYMENT.

 The Executive hereby agrees that, during the term of his or her employment with the Company, he or she will not engage in
any other employment, occupation, consulting or other business activity related to the business in which the Company is now involved or becomes involved during the term of the Executive’s employment, nor will the Executive engage in any other
activities that conflict with his or her obligations to the Company without the prior written consent of the Company. 
 11. NON-COMPETITION
AND NON-SOLICITATION 
 In consideration of the salary paid to the Executive by the Company and subject to applicable law,
the Executive agrees that during the term of the Employment and for a period of one (1) year following the termination of the Employment for whatever reason: 
  

	 	(a)	The Executive will not approach clients, customers or contacts of the Company or other persons or entities introduced to the Executive in the Executive’s capacity
as a representative of the Company for the purposes of doing business with such persons or entities which will harm the business relationship between the Company and such persons and/or entities; 

  
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	 	(b)	unless expressly consented to by the Company, the Executive will not assume employment with or provide services as a director or otherwise for any Competitor, or
engage, whether as principal, partner, licensor or otherwise, in any Competitor; and 

  

	 	(c)	unless expressly consented to by the Company, the Executive will not seek, directly or indirectly, by the offer of alternative employment or other inducement
whatsoever, to solicit the services of any employee of the Company employed as at or after the date of such termination, or in the year preceding such termination. 

The provisions contained in Section 11 are considered reasonable by the Executive and the Company. In the event that any such
provisions should be found to be void under applicable laws but would be valid if some part thereof was deleted or the period or area of application reduced, such provisions shall apply with such modification as may be necessary to make them valid
and effective. 
 This Section 11 shall survive the termination of this Agreement for any reason. In the event the Executive
breaches this Section 11, the Executive acknowledges that there will be no adequate remedy at law, and the Company shall be entitled to injunctive relief and/or a decree for specific performance, and such other relief as may be proper
(including monetary damages if appropriate). In any event, the Company shall have right to seek all remedies permissible under applicable law. 

12. WITHHOLDING TAXES 

Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from
any amounts otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation. 

13. ASSIGNMENT 
 This
Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; provided, however, that (i) the Company may assign or
transfer this Agreement or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a Change of Control Transaction, this Agreement shall, subject to the provisions hereof, be binding upon
and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder. 
 14. SEVERABILITY 
 If any provision of this Agreement or the application
thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be
severable. 

  
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 15. ENTIRE AGREEMENT 
 This Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written
agreements concerning such subject matter. The Executive acknowledges that he or she has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement. Any amendment to this
Agreement must be in writing and signed by the Executive and the Company. 
 16. GOVERNING LAW; JURISDICTION 

This Agreement shall be governed by and construed in accordance with the laws of the Cayman Islands. Each party hereto irrevocably agrees
that the courts of the Cayman Islands shall have jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes which may arise out of or in connection with this Agreement and for such purposes irrevocably submits to
the jurisdiction of such courts. 
 17. AMENDMENT 
 This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of
the parties hereto. 
 18. WAIVER 
 Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise
of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a
waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 

19. NOTICES 
 All
notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) delivered by hand, (ii) otherwise delivered against receipt
therefor, or (iii) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party. 

20. COUNTERPARTS 
 This
Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall
become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. 
 Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose. 

  
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 21. NO INTERPRETATION AGAINST DRAFTER 

Each party recognizes that this Agreement is a legally binding contract and acknowledges that it, he or she has had the opportunity to
consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms. 

[Remainder of this page has been intentionally left blank.] 

  
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 IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above. 

 

			
	Vipshop Holdings Limited
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Executive
		
	Signature:	 	  

	Name:	 	
	Title:	 	

  
 9English translation of the Loan Contract, dated as of June 30, 2011

 Exhibit 10.3 
 Loan Contract 
 Contract No.: 2011 Dong Zi No. 1011570043 

x This Contract is the concrete contract under the Credit Agreement numbered 2011 Dong Zi
No. 0011577765. (Please tick in the brackets when applicable) 
 Lender: China Merchants Bank Co., Ltd, Shenzhen Keyuan Sub-Branch
(“Party A”) 
 Main Person in Charge: Xiaolei SUN 
 Borrower: Guangzhou Vipshop Computer Service Co., Ltd (“Party B”) 
 Legal
Representative/Main Person in Charge: Eric Ya SHEN 
 Party B applies for a working capital loan from Party A due to business needs. 

Upon examination, Party A agrees to issue the loan. In accordance with the relevant laws, Party A and Party B, after thorough negotiations, now agree to
enter into this Contract based upon the following terms: 
 1. Currency and Amount of the Loan 

Renminbi (in words): thirty million only. 

2. Purpose for Loan 
 The Loan, which is
a working capital loan, shall be solely used to supplement the working capital of Party B and its affiliate under the same controller, Guangzhou Vipshop Information Technology Co., Ltd. The specific purposes shall include the payment of product
purchase, logistics transport expenses and advertising expenses and rental. Party B shall not misappropriate the funds under this Loan to any other purposes without Party A’s written consent. 

3. Term of Loan 
 One year, commencing
from May 31, 2011 to May 31, 2012. In case the actual issuance date of the Loan is different from the aforesaid commencing date, then the issuance date of the Loan shall be as specified on the loan receipt, and the repayment date shall be
postponed accordingly as specified in the loan receipt. 
 x During the term of the Loan, Party
A may release the funds in installments according to Party B’s actual needs. The specific amount, commencing and ending dates of the respective installment shall be as specified in the loan receipt. (please tick in the brackets to choose this
paragraph) 
  ̈ During the term of the Loan, Party A shall be entitled to request Party B to
repay the Loan in installments according to the following schedule: (please tick in the brackets to choose this paragraph) 

  
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 — 
 4. Preconditions for Loan 
 The Loan hereunder (including each installment of the Loan when
the Loan is released by installments) shall be issued only after Party B has satisfied the following conditions. Should Party B fail to satisfy any of the following conditions, Party A shall have the right to refuse to issue the Loan: 

 

									
		 	4.1.	  	Party B has provided the related documents as required herein;
			
		 	4.2.	  	Party B has cooperated with Party A in its supervision and inspection as required herein;
			
		 	4.3.	  	Party B has fully performed its obligation to repay the loans already issued in time;
			
		 	4.4.	  	No events of default mentioned herein has occurred on Party B; and
			
		 	4.5.	  	Party B has not acted in violation of the other provisions hereof.

 The abovementioned preconditions for the Loan are set up for the benefit of Party A, therefore, Party A may unilaterally
lower its requirements for these preconditions. 
 5. Loan Interest Rate and Interest 

 

									
		 	5.1.	  	Interest Rate
				
		 		  	5.1.1.	  	The loan interest rate shall adopt: (please tick to choose one from below)
				
		 		  		  	 ̈ fixed interest rate; x floating interest rate.
				
		 		  	5.1.2.	  	Interest rate determination during the contract term:
			
		 		  	 For RMB loans, the interest rate shall be: 5% x
above/ ̈ below (please tick to choose one) the benchmark interest rate of  ̈ month/one-year RMB loan issued by financial institutions applicable on the
pricing date as published by People’s Bank of China; or

			
		 		  	 For foreign currency loans, the interest rate shall be:  ̈ basis points (BPs)  ̈ above/ ̈ below (please tick to choose one) the benchmark interest rate of  ̈ month/ ̈ day loan in the same currency of the Loan applicable on the pricing day or 1 or 2 business day(s) prior to the pricing day. Party A shall choose to take the pricing day or 1 or 2 business day(s) prior to
the pricing day as the interest rate determination day with reference to the international practice.

			
		 		  	 Pricing day mentioned herein shall mean the referenced day to determine the benchmark interest rate during the term of the loan or the
floating period. In case a fixed interest rate is adopted, the pricing day shall be determined subject to Article 5.1.3.

  
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		 		  	 The “5% x above/ ̈ below “ the
benchmark interest rate (hereinafter referred to as the “Floating Percentage”), or the “ ̈ basis points (BPs)  ̈ above/ ̈ below “(hereinafter referred to as the “BPs”) shall mean the floating percentage and/or BPs determined at the signing of this Agreement, which may be adjusted by Party A on a
regular/irregular basis with reference to the change of the relevant State policies, price change of the domestic credit market or the variation of Party A’s own credit policies. Once Party A decides to make such adjustment, it shall serve a
written notice to Party B five (5) working days in advance.

			
		 		  	 Such adjustment shall take effect upon Party A’s notifying Party B. The relevant loans newly withdrawn by Party B, or the loan
already withdrawn by Party B before the notice takes effect but not yet repaid shall adopt the Floating Percentage and/or BPs specified in Party A’s notice. The benchmark interest rate and floating period shall remain subject to this
Contract.

				
		 		  	5.1.3.	  	When a floating interest rate is adopted, the floating period adopted shall be three months/ ̈ days, and the benchmark
interest applied in each floating period shall be determined pursuant to Article 5.1.2.
				
		 		  		  	The actual issuance date of the Loan shall be the pricing day of the first floating period, while the first day of each floating period shall be the pricing day of
such floating period.
				
		 		  	5.1.4.	  	Should Party B fail to use the loan for the purpose agreed herein, an additional 100% interest rate will be charged based on the original interest rate for the part of
the loan that fails to be used for the purpose intended herein from the day when the purpose fails to be observed.
				
		 		  		  	Should Party B fail to repay the Loan on schedule, an additional 50% interest rate will be charged based on the original interest for the outstanding amount of the
Loan from the day when the repayment starts to be overdue.
				
		 		  		  	The “Original Interest Rate” shall mean the interest rate applicable by the due date (pre-maturity date included) of the Loan (or the last floating period
before the due date (pre-maturity date included) in case of floating interest rate).
				
		 		  		  	In case the overdue repayment and the failure to use the Loan for the intended purpose occur at same time, the higher of the above penalty interest rate shall
prevail.
				
		 		  	5.1.5.	  	During the term of the Loan, in case the People’s Bank of China adjusts the loan interest rate, the relevant provisions of the People’s Bank of China shall
apply.
			
		 	5.2.	  	Interest Calculation: The interest of the Loan shall start to be accrued from the day when the Loan is deposited into Party B’s bank account. The interest will be
calculated based upon the actual amount released and the actual number of days when the loan is occupied. The interest shall be calculated on a monthly basis with the 20th day of each month as the interest calculation day. The daily interest will be converted and calculated in a manner
stipulated in the relevant regulations of the People’s Bank of China or subject to the international practice.

  
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		 	5.3.	  	Interest Payment: Party B shall pay the interest on the interest calculation day, which may be directly deducted and collected by Party A from Party B’s deposit
account. Should Party B fail to pay the interest on time, Party A may charge an additional compound interest equivalent to the loan interest of the corresponding period on the outstanding interest.
	
	6. Guarantee (please tick in the brackets according to the actual situation)
			
	 ̈	 	6.1.	  	The principal, interest of the Loan and all the other relevant expenses hereunder shall be secured by
             as designated by Party B as the guarantor, who shall issue an irrevocable guarantee letter to Party A; and/or
			
	 ̈	 	6.2.	  	The Loan hereunder shall be secured by the mortgage (pledge) of              that
             owns or has the right to dispose of, subject to a mortgage (pledge) contract otherwise entered into by and between the Parties.
			
	 ̈	 	6.3.	  	Other forms of guarantee:
                    

Where this Contract is the concrete contract under the Credit Agreement this Article 6 shall not apply and the debt hereunder shall
automatically be included into the scope of guarantee of the maximum amount mortgage/pledge contract signed with Party A or the irrevocable guarantee letter with maximum amount issued to Party A. 

Should the guarantor fail to execute the guarantee documents or complete the guarantee formalities as required, Party A may refuse to issue the Loan
to Party B. 

									
	
	7. Party B’s Rights and Obligations
			
		 	7.1.	  	Party B shall enjoy the rights:
				
		 		  	7.1.1.	  	to withdraw and use the entire Loan as agreed herein; and
				
		 		  	7.1.2.	  	to transfer and assign the debt to a third person after obtaining Party A’s consent.
			
		 	7.2.	  	Party B shall undertake the obligation:
				
		 		  	7.2.1.	  	to faithfully provide the documents and materials, as well as the information about all the deposit banks, account No. and the balance of such deposits and loans upon
the request of Party A, and to cooperate with Party A in its investigations, examinations and inspections;
				
		 		  	7.2.2.	  	to accept Party A’s supervision on its use of the loan funds, its production, operation and financial activities, and to take reasonable measures on Party A’s
suggestions or requirements in time;

  
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		 		  	7.2.3.	  	to use the Loan for the purpose agreed herein, and to comply with Party A’s requirements for payment and management of loan funds;
				
		 		  	7.2.4.	  	to repay the principal and interest of the Loan in full amount and on time pursuant to this Contract;
				
		 		  	7.2.5.	  	to obtain Party A’s written consent when assigning all or part of the debts hereunder to a third person;
				
		 		  	7.2.6.	  	Party B shall immediately notify Party A at Party B’s occurrence of the following circumstances and cooperate with Party A in implementing the measures to secure
the timely and full repayment of the principal and interest of the Loan hereunder and all the other costs as required by Party A;
					
		 		  		  	7.2.6.1.	  	Party B suffers significant financial losses, asset losses or other financial crisis;
					
		 		  		  	7.2.6.2.	  	Party B provides a loan or a guarantee for the benefits of a third person or to protect a third person from losses, or provides a guarantee by creating mortgage (pledge) on its
own property (rights);
					
		 		  		  	7.2.6.3.	  	Party B’s credit or the profitability of its main operating business deteriorates;
					
		 		  		  	7.2.6.4.	  	Party B closes down, or its business license is revoked or canceled, Party B files or is filed for bankruptcy, or is dissolved, etc;
					
		 		  		  	7.2.6.5.	  	Party B’s controlling shareholder, actual controller or other affiliates experiences major crisis in its operation or finance, which affects Party B’s normal
operation;
					
		 		  		  	7.2.6.6.	  	Party B’s normal business is affected by any major affiliated transactions concluded between Party B and its controlling shareholder or other affiliates;
					
		 		  		  	7.2.6.7.	  	any litigation, arbitration or criminal or administrative penalty is filed or imposed on Party B, which causes material adverse consequences on its operations or financial
situation;
					
		 		  		  	7.2.6.8.	  	the Borrower’s legal representative, director or major senior management is changed, or his/her personal freedom is restricted by the competent authority of the State due to
violation of laws or disciplines, which may affect the Borrower’s normal operations; or
					
		 		  		  	7.2.6.9.	  	any major events that may affect its solvency;
				
		 		  	7.2.7.	  	not to be negligent in managing and claiming its due creditor’s rights, or to dispose its existing material assets for free or in other inappropriate
manner;

  
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		 		  	7.2.8.	  	to obtain Party A’s prior written consent to its merger, division, restructuring, equity transfer, equity (cooperative) joint venture, property right transfer,
transformation into a stock company, external investment, substantial increase of debt financing and such other major events; and
				
		 		  	7.2.9.	  	to act as required by Party A as follows: (please tick in the brackets below according to the actual situation):
				
		 		  		  	 ̈  to purchase insurance to cover its core assets and to designate Party A as the beneficiary first in
order;
				
		 		  		  	 ̈  not to sell or mortgage its assets of as         
designated by Party A before the Loan is settled;
				
		 		  		  	 ̈  to impose the following restrictions on the percentage of its dividends to its shareholders at the
request of Party A during the existence of the Loan:
			
		 		  	 ____________

				
		 		  		  	 ̈  others:
                    
	
	8. Party A’s Rights and Obligations
			
		 	8.1.	  	Party A shall enjoy the rights:
				
		 		  	8.1.1.	  	to require Party B to repay the principal and interest of the Loan in full amount and on schedule;
				
		 		  	8.1.2.	  	to require Party B provide the Loan-related materials;
				
		 		  	8.1.3.	  	to learn about Party B’s production, operations and financial activities;
				
		 		  	8.1.4.	  	to supervise Party B to use the Loan for the purpose agreed herein;
				
		 		  	8.1.5.	  	to monitor the account opened by Party B at Party A, to entrust other offices of China Merchants Bank than Party A to monitor Party B’s account, and to control the
payment of loan funds according to the purpose of the Loan and the scope of payment agreed between the parties;
				
		 		  	8.1.6.	  	to directly deduct the principal and interest of the Loan and other relevant expenses from Party B’s account;
				
		 		  	8.1.7.	  	to assign its creditor’s rights against Party B, and to notify Party B of such transfer and urge Party B to make the repayment in an appropriate manner which it
deems appropriate, including but not limited to by facsimile, mail, personal delivery and announcement through public media;
				
		 		  	8.1.8.	  	in the business of “Seller to Pay Interest for Buyer’s Loan” and “Buyer to Pay Interest for Seller’s Loan”, to refuse to issue the Loan to
Party B until Party A receives the Commitment Letter on Interest Payment submitted by the seller/buyer;

  
 6 

									
				
		 		  	8.1.9.	  	to collect the repayment ahead of schedule in light of Party B’s status of capital collection;
				
		 		  	8.1.10.	  	to take measures pursuant to this Contract when Party B fails to perform the obligations hereunder; and
				
		 		  	8.1.11.	  	to enjoy other rights provided by this Contract.
			
		 	8.2.	  	Party B shall undertake the obligations:
				
		 		  	8.2.1.	  	to issue the Loan to Party B based upon the conditions hereunder; and
				
		 		  	8.2.2.	  	to keep Party B’s financial, production and operating situation confidential, except otherwise required by laws, regulations or regulatory bodies.
	
	9. Special Warranties of Party B
			
		 	9.1.	  	Party B is a legal person duly incorporated and existing under the PRC laws, having full civil capacity to sign and execute this Contract;
			
		 	9.2.	  	Party B has obtained full authority from its board of directors or any other competent organ to sign and execute this Contract, and this Contract constitutes legitimate,
effective and binding obligation of Party B upon the date of execution;
			
		 	9.3.	  	The project and the purposes which the Loan is for comply with the laws and regulations. Party B will not use the loan to invest in fixed assets, equity, etc, or in the
speculation of valuable securities, futures and real estate; or use the Loan for mutual loans to seek illegal proceeds; or use the Loan in any fields of production and operations or for any purpose which are forbidden by the State; or use the Loan
for any purpose other than what is provided herein;
			
		 	9.4.	  	In the event that the loan funds are used and paid at the Borrower’s own discretion, Party B shall regularly (at least on a quarterly basis) summarize and report
the payment of the loan funds, and Party A may check and verify whether the payment of the Loan is in conformity with the agreed purpose by means of account analysis, receipt inspection, on-site investigation and such other means;
			
		 	9.5.	  	If Party B needs to use online bank to pay the loans upon the consent of Party A, Party B shall accept such restrictive measures imposed by Party A in relation to online
bank as pre-setting of list of payees, upper ceiling amount for each single payment and upper ceiling amount for each installment of payment;
			
		 	9.6.	  	The documents, materials, vouchers and other files provided by Party B in relation to Party B, guarantor, mortgagor (pledgor), collateral for mortgage (pledge) are all
true, accurate, complete and valid without any significant errors inconsistent with facts or any omissions of material facts;

  
 7 

									
			
		 	9.7.	  	At the signing of this Contract no litigations, arbitrations or criminal, administrative penalty that have material adverse impact on Party B or its material properties
have occurred, and such litigations, arbitrations or criminal, administrative penalty will not occur during the execution of this Contract. Once such litigations, arbitrations or criminal, administrative penalty occur, Party B shall immediately
notify Party A;
			
		 	9.8.	  	Party B will strictly comply with all the laws and regulations of the State in relation to its business activities, conduct its activities strictly subject to the
business scope specified in its Business License for Enterprises as Legal Person, and complete annual check registration formalities for enterprises (as legal person);
			
		 	9.9.	  	Party B will maintain or improve its existing operation and management capability to ensure the value of its existing assets is maintained and increased, not waive any
due creditor’s rights or dispose of its existing material properties for free or in any other inappropriate manner;
			
		 	9.10.	  	Party B shall ensure that its financial metrics during the term of the loan will not fall below the following requirements:
			
		 		  	__________
			
		 	9.11.	  	At the signing of this Contract, Party B has not experienced any significant events that may affect the performance of its obligations hereunder.
	
	10. Withdrawal and Use of Loan
			
		 	10.1.	  	Party B shall use the Loan hereunder in any of the following manners: (please tick in the brackets for choice according to the actual situation, only one of the options
can be chosen. Failure to choose may cause Article 10.1.2 to apply automatically)
				
		 	 ̈	  	10.1.1.	  	Discretionary Payment
			
		 		  	Discretionary payment shall mean: after Party A releases the loan funds to Party B’s account at the withdrawal request of Party B, Party B will pay such funds by
itself to its counterparties of transactions which are in conformity with the purpose agreed herein.
				
		 	 ̈	  	10.1.2.	  	Entrusted Payment
			
		 		  	Entrusted payment shall mean: Party A shall pay the loan funds through Party B’s account to Party B’s counterparties of transactions which are in conformity
with the purpose agreed herein pursuant to Party B’s loan payment request and payment entrustment.
			
		 		  	When the entrustment payment is adopted, any external payment after the Loan is issued must be made only after approved by Party A, and Party B may not evade Party
A’s supervision by means of online bank, transfer funds to its own account in other bank by cheque, breaking the whole loan into parts and such other means.

  
 8 

									
				
		 	x	  	10.1.3.	  	Combination of Discretionary Payment and Entrusted Payment
			
		 		  	Under this option, if the amount of a single payment intended to be paid to the same beneficiary is equal to or above RMB 5 million (or equivalent foreign currency)
when Party B applies for loan payment, such payment shall be subject to the entrusted payment stipulated in Article 10.1.2; if the amount of a single payment intended to be paid to the same beneficiary is below such amount when Party B applies for
loan payment, then the discretionary payment mentioned in above Article 10.1.1 will automatically apply.
			
		 	10.2.	  	When withdrawing the Loan, Party B shall submit to Party A the Withdrawal Request Letter, loan receipt and other documents required by Party A based upon the different
requirements of discretionary payment or entrusted payment; otherwise, Party A may decline Party B’s withdrawal request.
			
		 	10.3.	  	After Party A receives the abovementioned documents, if it agrees to issue the loan, then the actual issuance day, term, amount of each withdrawal of Loan will be
specified in the loan receipt.
			
		 		  	For the loan funds that adopt entrustment payment manner, Party B authorizes Party A to pay such loan funds to Party B’s counterparties of transactions through
Party B’s account on the day when the loan funds are released (or the business day following the issuance day).
	
	11. Earlier Repayment
			
		 	11.1.	  	Party B may request earlier repayment of the Loan, subject to Party A’s consent;
			
		 	11.2.	  	The interest rate shall still be calculated pursuant to this Contract even if Party B repays the Loan earlier.

 12. Extension of Loan Term 
 Should Party B be unable to repay the Loan hereunder on schedule and needs to extend its term, it shall file a written application to Party A one month before this Contract expires; if Party A agrees with
such extension request upon examination, a separate extension agreement will be signed between the Parties. If Party A disagrees with such extension request, this Contract shall remain effective, and the loan already occupied by Party B and the due
interest accrued thereon shall be repaid according to the terms of this Contract. 
 13. Costs and Expenses 

Any expenses of credibility investigation, examination and notarization in connection with this Contract, as well as any attorney fee, litigation fee and
travel costs paid by Party A in order to realize its creditor’s right when Party B is unable to repay the principal and interest of the Loan hereunder or to pay the due expenses on time, shall all be paid by Party B in full. Party B authorizes
Party A to deduct any such amounts directly from its bank account; in case the amounts in the bank account is insufficient to cover the relevant payables, Party B guarantees to repay the appropriate amount of shortage upon receiving Party A’s
notification and requires no proofs to be provided by Party A. 

  
 9 

 x    14. Special Loan
Account (please tick in the brackets to apply this Article) 

									
			
		 	14.1.	  	All the loan capitals hereunder shall be issued and paid through the following bank account:
				
		 		  		  	The detailed information is as follows:
				
		 		  		  	Name of Account: Guangzhou Vipshop Computer Service Co., Ltd
				
		 		  		  	A/C: 755918136210239
				
		 		  		  	Deposit Bank: China Merchants Bank Co., Ltd, Shenzhen Keyuan Sub-Branch
			
		 	14.2.	  	In case entrusted payment is adopted, Party A may, as necessary, restrict the payment through online bank, telephone bank and other non-counter payment channels or the
universal cash withdrawing function of the above-said account.
	
	15. Monitoring of Party B’s Capital Collection Account
			
		 	15.1.	  	After this Contract comes into effect and before Party B repays the entire funds hereunder in full amount, the Parties agree to designate the following account as Party
B’s fund collection account:
				
		 		  		  	Name of Account: Guangzhou Vipshop Computer Service Co., Ltd
				
		 		  		  	A/C: 755918136210836
				
		 		  		  	Deposit Bank: China Merchants Bank Co., Ltd, Shenzhen Keyuan Sub-Branch
			
		 	15.2.	  	This account shall be monitored according to the following requirements: —
		
		 	Party A shall be entitled to recover the Loan according to the progress of Party B’s funds collection, which is to say, when there are funds collected in this
account, the part of the loan with the same amount of such collected funds may be deemed to become due earlier, so Party A may deduct such amounts directly from such account to repay such part of the Loan.
			
		 	15.3.	  	In case entrusted payment is adopted, Party A may, as necessary, restrict the payment through online bank, telephone bank and other non-counter payment channels or the
universal cash withdrawing function of the above-said account.
			
		 	15.4.	  	Party B shall inform Party A of the flow in/out of the above-said account on a quarterly basis and cooperate with Party A in its supervision on the relevant account and
on the funds collected.

  
 10 

									
	
	16. Events of Default and its Handling
			
		 	16.1.	  	Any of the following circumstances that occurs on Party B shall be deemed as an vent of Default:
				
		 		  	16.1.1.	  	Party B violates Article 7.2.1 hereof by providing Party A with fake information or concealing true situation, not cooperating with Party A’s investigations,
examination and review, and fails to correct such violation within the reasonable time limit given by Party A for correction;
				
		 		  	16.1.2.	  	Party B violates Article 7.2.2 by not accepting or escaping Party A’s supervision on its usage of the loan funds and production, operating and financial
activities;
				
		 		  	16.1.3.	  	Party B violates Article 7.2.3 by failing to use the Loan for the purpose agreed herein or failing to comply with Party A’s funds payment management and reporting
requirements;
				
		 		  	16.1.4.	  	Party B violates Article 7.2.4 by failing to repay the principal and interest of the Loan in full amount and on time as agreed herein;
				
		 		  	16.1.5.	  	Party B violates Article 7.2.5 by discretionally and unilaterally assigning its debts hereunder to a third person; or violates Article 7.2.7 by being negligent in
managing and claiming its creditor’s rights that are already due, or by disposing of its material assets for free or in any other inappropriate manner;
				
		 		  	16.1.6.	  	Party B violates Article 7.2.6 by failing to inform Party A in time at the occurrence of the circumstances listed therein, or Party A recovers the Loan due to Party
B’s failure to act as required by Party A to enhance the security measures to guarantee the repayment of the debts hereunder after Party B’s occurrence of such circumstances comes to the knowledge of Party A, which leads Party A to doubt
the security of the Loan repayment of Party A;
				
		 		  	16.1.7.	  	Party B violates Article 7.2.8 by failing to obtain Party A’s consent before the occurrence of the major events specified therein;
				
		 		  	16.1.8.	  	Party B violates Article 9.1, 9.2 or 9.6, or breaches Article 9.3, 9.4, 9.5, 9.7, 9.8, 9.9, 9.10 or 9.11, and fails to immediately rectify such violation as
required by Party A;
				
		 		  	16.1.9.	  	Party B fails to withdraw or use the Loan pursuant to Article 10 hereof, or breaches Article 15 hereof, or fails to comply with Party A’s requirements in using the
capitals in its fund collection account, or fails to accept Party A’s supervision or fails to immediately correct its violation as required by Party A;
				
		 		  	16.1.10.	  	Party B materially breaches any legitimate and effective contracts signed by Party B with other creditors, and such breach fails to be resolved satisfactorily within
three months upon such breach;
				
		 		  		  	The aforesaid material breach shall mean any of Party B’s breach that entitles its creditors to claims of an amount reaching or exceeding RMB
5 million;

  
 11 

									
				
		 		  	16.1.11.	  	Party B violates other obligations hereunder, or suffers a deterioration of its creditability or other circumstances that may affect the realization of Party A’s
creditor’s rights as reasonably judged by Party A; or
				
		 		  	16.1.12.	  	any other circumstances that Party A deems may affect its legitimate rights and interests based upon justified reasons.
			
		 	16.2.	  	Any of the following circumstances on the guarantor that Party A deems may affect the guarantor’s capability of guarantee and thus requiring the guarantor to
eliminate any adverse impact so caused, or requiring Party B to increase or change the conditions of guarantee, shall be deemed as an Event of Default, if the guarantor and Party B fail to act accordingly:
				
		 		  	16.2.1.	  	any circumstances similar to those mentioned in Articles 7.2.6, 7.2.7 and 7.2.8 hereof occur on the guarantor;
				
		 		  	16.2.2.	  	the guarantor conceals its real capability to undertake the guarantee responsibility, or fails to obtain the authorization, when issuing the irrevocable letter of
guarantee;
				
		 		  	16.2.3.	  	the guarantor fails to go through the annual check registration formalities on time; or
				
		 		  	16.2.4.	  	the guarantor is negligent in managing and claiming its creditor’s rights that are already due, or disposes of its material assets for free or in any other
inappropriate manner;
			
		 	16.3.	  	Any of the following circumstances on the mortgagor (or the pledgor) that Party A deems may cause the mortgage (or the pledge) unable to be established or the collateral
for mortgage (or pledge) insufficient to cover the guarantee, and thus requiring the mortgagor (or the pledgor) to eliminate any adverse impact so caused, or requiring Party B to increase or change the conditions of guarantee, shall be deemed as an
Event of Default, if the mortgagor (or the pledgor) and Party B fail to act accordingly:
				
		 		  	16.3.1.	  	the mortgagor (or the pledgor) has no ownership or disposal rights to the collateral for mortgage (or pledge), or has disputed ownership or disposal
rights;
				
		 		  	16.3.2.	  	the mortgagor (or the pledgor) conceals such facts that the collateral for mortgage (or pledge) is jointly owned with others, has been leased, seized or regulated, and
the existence of any legal rights that enjoy priority over the mortgage right;
				
		 		  	16.3.3.	  	the mortgagor discretionally transfers, leases, re-mortgages or otherwise inappropriately disposes of the collateral without written consent of
Party A;

  
 12 

									
				
		 		  	16.3.4.	  	the mortgagor fails to take care of, maintain or repair the collateral properly, which causes a considerable decrease in the value of the collateral; or the acts of the
mortgagor directly jeopardize the collateral, which leads to a value decrease of the collateral; or the mortgagor fails to underwrite appropriate insurance for the collateral during the term of mortgage as required by Party A; or
				
		 		  	16.3.5.	  	the collateral is or is likely to be expropriated or removed or other occurrences that may affect the value of the collateral or Party A’s mortgage
right.
			
		 	16.4.	  	Once any of the Events of Default listed in Articles 16.1, 16.2 and 16.3 occurs, Party A shall be entitled to take any or all of the following measures:
				
		 		  	16.4.1.	  	to change the conditions of entrusted payment of the loan funds, cancel Party B’s use of the Loan by means of discretionary payment;
				
		 		  	16.4.2.	  	to cease the issuance of the Loan not yet used by Party B;
				
		 		  	16.4.3.	  	to recover the principal and interest of the Loan already issued and other relevant costs;
				
		 		  	16.4.4.	  	to directly deduct and withhold amounts from the deposits available in Party B’s settlement account or other accounts, and entrust other entities of China Merchants
Bank to deduct and withhold amounts from the deposits available in Party B’s account opened in such other offices so as to repay all the debts owed by Party B hereunder; and/or
				
		 		  	16.4.5.	  	to seek recourse pursuant to Article 19 hereof.
	
	17. Amendment and Termination
		
		 	This Contract may be amended and terminated by a written agreement entered to by and between the Parties hereto through negotiations. This Contract shall remain valid
before such written agreement is concluded. Neither Party shall unilaterally amend, modify or terminate this Contract at its sole discretion.
	
	18. Miscellaneous
			
		 	18.1.	  	Situation Change and Force Majeure
				
		 		  	18.1.1.	  	Should the loan granting to Party A hereunder be rendered illegal due to a change of applicable laws or policies, Party A may terminate this Contract and declare all the
Loans already issued become due ahead of schedule, and Party B shall immediately make the repayment as required by Party A.
				
		 		  	18.1.2.	  	Should Party A have to bear additional costs to perform its obligations hereunder due to any changes of applicable laws or policies, Party B shall compensate Party A for
such additional costs as required by Party A.

  
 13 

									
				
		 		  	18.1.3.	  	Should one or both Parties suffer an event of force majeure during the course of performing this Contract, the Party encountering such event of force majeure is not
obligated to compensate for the losses incurred to the other Party, but has the obligation to notify the other Party in time and take reasonable measures to prevent further losses, failing to do which such Party shall compensate the other Party for
the additional losses thus caused.
			
		 	18.2.	  	Reservation of Rights
		
		 	So long as this Contract remains effective, any leniency, grace period granted by Party A for any breach or delay of Party B or any postponed exercise of any rights or
interests enjoyed by Party A hereunder shall not impair, affect or restrict any rights or interests under this Contract and relevant laws and regulations of Party A as creditor, nor shall it serve as the permit or acknowledgement granted by Party A
on any breach of this Contract, or is deemed as Party A’s waiver of its right to take action against any existing or future breach.
			
		 	18.3.	  	Partial Invalidity
		
		 	Party B shall nonetheless perform all of its repayment responsibilities even if this Contract or any provision thereof becomes invalid by law for any reason whatsoever.
In such case, Party A may terminate this Contract and immediately claim the principal and interest of the Loan hereunder and any other relevant payment against Party B.
			
		 	18.4.	  	Notices
		
		 	Any notices, demands or any other communications between Party A and Party B with respect to this Contract shall be made in writing. Such communications shall be deemed
as delivered: (1) upon signed on receipt by the recipient if sent by personal delivery (or on the day when such refusal is made, if the recipient refuses to sign on receipt) (2) 7 days upon sent by mail; or (3) upon received by the
recipient’s fax system. In case Party A notifies Party B of the transfer of its creditor’s rights or urges Party B to make the repayment by an announcement published on public media, then such notice shall be deemed as delivered upon the
date of such announcement.
		
		 	If to Party A: Evoc Technology Building, No. 31 Gaoxin Central Avenue 4th Road, Nanshan District, Shenzhen
		
		 	If to Party B: Building 6, No. 20 Hua Hai Street, Fang Village, Liwan District, Guangzhou
		
		 	Any Party’s change of post address shall be notified to the other Party in time; otherwise, such failing Party shall bear any losses that may be thus incurred by
itself.
			
		 	18.5.	  	The loan receipts hereunder and any written supplementary agreement entered into by and between the Parties through negotiations on the amendment hereto or any other
matters not covered herein shall all be attached as appendices hereof and constitute an indispensable component of this Contract.
			
		 	18.6.	  	–

  
 14 

									
			
		 	18.7.	  	–
			
		 	18.8.	  	–
	
	19. Applicable and Dispute Resolution
			
		 	19.1.	  	The formation, interpretation of this Contract and the resolution of the disputes therefrom shall all be governed by the laws of the People’s Republic of China, and
the rights and interests of the Parties shall be guaranteed and secured by the same.
			
		 	19.2.	  	Any disputes arising during the course of performing this Contract shall be resolved through consultation between the Parties. Should the consultation fail, either Party
may (please tick to choose any one of the below):
				
		 	x	  	19.2.1.	  	file a lawsuit to the People’s Court where Party A is located; or
				
		 	 ̈	  	19.2.2.	  	file for arbitration to              Arbitration Commission;
				
		 	 ̈	  	19.2.3.	  	submit the dispute to (if this option is chosen, please tick to choose either of the following):
			
		 		  	 ̈ China International Economic and Trade Arbitration Commission
			
		 		  	 ̈ China International Economic and Trade Arbitration Commission,
             Sub-Commission
			
		 		  	for arbitration according to the arbitration rules on financial disputes.
			
		 	19.3.	  	After this Contract is notarized for compulsory enforcement, Party A may apply for enforcement directly to the competent People’s Court to exercise its right of
recourse on the debt owed by Party B hereunder when due.

 20. Effectiveness 
 This Contract shall come into effect upon signed (or stamped) by the legal representatives (or persons in charge) or the authorized agents of the Parties and affixed with the official company seals/
special seals for contracts, and shall automatically lose effect on the day when the principal and interest of the Loan hereunder and all the other related expenses are repaid off. 
 21. Supplementary Articles 
 This Contract shall be made in duplicate, each Party holding
one, which shall have the same effect. 

  
 15 

 (This page is the signature page) 
 Special Note: 
 All the terms of this Contract have been fully negotiated by and between the
Parties. Party A has brought to Party B’s particular attention to fully and accurately understand the articles regarding the exemption or limitation of Party A’s responsibilities, certain rights unilaterally owned by Party A, increase of
Party B’s responsibilities and restriction of Party B’s rights. Party A has made the corresponding explanation on these articles to Party B at its request. Both Parties are consistent in their understanding of the terms hereof. 

Party A: /s/ China Merchants Bank Co., Ltd, Shenzhen Keyuan Sub-Branch (stamp) 
 Main person in charge or authorized agent (signature/seal): /s/ Xiaolei SUN 

June 30, 2011 
 Party B: /s/
Guangzhou Vipshop Computer Service Co., Ltd (stamp) 
 Legal representative/ person in charge or authorized agent (signature/seal): /s/Eric Ya
SHEN 
 Date of signature: June 30, 2011 

  
 16

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