$唯品会(VIPS)$ Vipshop Holdings (VIPS) Responds to Further Allegations; Believes Business Model Misunderstood
May 15, 2015 8:42 AM
Vipshop Holdings (NYSE: VIPS) issued the following statement in response to the allegations made by a short seller on May 13, 2015:

Vipshop has been and will always endeavor to be in compliance with applicable U.S. and PRC laws and regulations. Vipshop believes the allegations are based upon unsupported speculation and contain numerous errors, representing a general misunderstanding of the Company's business model and are entirely groundless. In particular, these allegations attempt to cite publicly available filings with local bureaus of the PRC State Administration For Industry & Commerce ("SAIC") made by the Company's subsidiaries in China. However, the alleged low SAIC financial numbers used to support these allegations deviate substantially from the Company's actual SAIC filings in all of the cited regions. For example, one of the allegations is that the Company's revenue in 2014 is US$354,077,936 according to the "Consolidated SAIC Financials," but even the revenue of Vipshop (China) Co., Ltd., one of the wholly-owned subsidiaries of the Company, is approximately RMB 11.1 billion (US$1.79 billion) for 2014 as reported in its publicly available SAIC filing. The Company wishes to inform investors that SAIC filings in China are publicly accessible and encourage people to conduct their own check through legitimate means.

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