Vipshop Holdings Ltd ADR A VIPS - equity, debt and subsidiaries

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Vipshop Holdings Ltd ADR A  VIPS

Summary (from latest annual and quarterly report)

  • Total equity: 955 million USD
  • Market Cap is 7.8 billion USD ( the last price of the stock is 13.16 USD)
  • Vipshop Holdings Ltd through its subsidiaries operates an online platform that offers products to consumers in the People's Republic of China through flash sales on its and website
  • Equity of total company increased from 518 million USD in 2015 to 955 million in 2017
  • Company has 650 million USD in cash on account (from latest 2017 quarterly report )
  •  Total equity – cash on account = 955 million USD – 650 million USD = 305 million USD
  • In 2017 company has 637 million USD long-term debt, short – term debt is 40 million USD (from latest quarterly report )                                                    (In 2015 total debt was 610 million USD)
  • In latest quarterly report - total equity increased to 955 million  USD from 518 million USD in 2015, total debt is 610 million USD in 2017)
  • Company's revenue increased in 2016 (latest annual report) to 8.31 billion USD from 5.9 billion in 2015
  • Net income in 2016 was 298 million USD, Net income in 2015 was 233 million USD


Opinion about the company

Fundamentally it is a good company and in the future, we can expect its growth (Total debt is 677 million USD, the company has 650 million USD in cash on account, ROE is around 39%).

Vipshop Holdings Ltd ADR A  VIPS

Vipshop Holdings Ltd through its subsidiaries operates an online platform that offers products to consumers in the People's Republic of China through flash sales on its and website. In 2013 Vipshop became the highest-valued e-commerce company in China, however has since been surpassed. As of 2017, Vipshop had 52.1 million customers, and there were 269.8 million orders for the year 2016. The company started its operations in August 2008 when the founders established Vipshop Information in China.

The company offers high-quality branded products to consumers in China through flash sales mainly on its Vipshop Online Platform. Flash sales represent an online retail format combining the advantages of e-commerce and discount sales through selling a finite quantity of discounted products or services online for a limited period of time. Vipshop Holdings derives revenues primarily from the sale of products offered on Vipshop Online Platform: in 2014, 2015 and 2016, VIPS fulfilled approximately 118.0 million, 193.1 million and 269.8 million customer orders, respectively, and the company generated total net revenues of RMB23.13 billion, RMB40.20 billion and RMB56.59 billion (US$8.15 billion), respectively. In 2014, 2015 and 2016, the company generated net income of RMB752.6 million, RMB1.51 billion and RMB1.99 billion (US$287.0 million), respectively. Their net income in 2014, 2015 and 2016 reflected non-cash share-based compensation expenses in an aggregate amount of RMB225.5 million, RMB302.9 million and RMB475.7 million (US$68.5 million), respectively.

For the first three months in 2017 - Revenue rose 31% to 15.95B yuan (about $2.32B) thanks to volume growth in customers and orders. Gross profit increased 25% to 3.69B yuan (about $536.7M), active customers rose 32% to 26M; total orders rose 23% to 72.1M. For Q2 it expects net revenue of 17B-17.5B yuan (Y/Y growth of 26-30%) vs. consensus expectations for 17.224B yuan.



VIPS standalone subsidiaries and acquisitions:

  • On February 14, 2014, Vipshop acquired a 75% equity interest in Lefeng from its parent company Ovation for 132 million USD. Before this acquisition, Lefeng had been a wholly-owned subsidiary of Ovation
  • On February 21, 2014, Vipshop acquired a 23% equity interest, on a fully diluted basis, in Ovation for a total consideration of approximately 55.8 million USD pursuant to a share purchase and subscription agreement with Ovation and certain of its existing shareholders
  • In February 2015, Vipshop acquired 42.61% of equity interest in Feiyuan, a logistics company primarily servicing southeast China, for a consideration of RMB95.4 million (US$13.7 million). In January 2016 and May 2016, Vipshop further acquired 26.18% and 28.19% of equity interest in Feiyuan for RMB65.5 million (US$9.4 million) and RMB110.0 million (US$15.8 million), respectively. With the aggregate of 96.98% of equity interest in Feiyuan, Vipshop plans to further boost its warehousing, transportation and distribution capabilities in Southeast China
  • In September 2016, Vipshop acquired 100% of equity interest in Zhejiang Ebatong Technology Co., Ltd., which is a third-party payment service provider, for a total consideration of RMB428.3 million (US$61.7 million)
  • Standalone subsidiaries Shanghai Pinzhong Commercial Factoring and Guangzhou Pinwei Software Co are worth 400 million USD ( Vipshop China formed Guangzhou Pinwei Software Co., Ltd., or Pinwei Software, in 2012 as a research and development center to focus on its mobile product and solutions)


Total = 688.4 million USD

On March 23, 2012, their ADSs began trading on NYSE under the ticker symbol "VIPS." They issued and sold a total of 11,176,470 ADSs, representing 22,352,940 ordinary shares, at an initial offering price of US$6.50 per ADS

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