GUANGZHOU, China, March 31,
2023 /PRNewswire/ -- Vipshop Holdings Limited (NYSE:
VIPS), a leading online discount retailer for brands in
China ("Vipshop" or the
"Company"), today announced that its board of directors has
authorized a new share repurchase program under which the Company
may repurchase up to US$500 million
of its American depositary shares or Class A ordinary shares until
the close of business on March 31,
2025, U.S. Eastern Time. The Company plans to adopt and
implement this share repurchase program in accordance with
applicable rules and requirements under the Securities Exchange Act
of 1934, as amended, and the Company's insider trading policy.
The Company's proposed repurchases may be made from time to
time in the open market at prevailing market prices, in
privately negotiated transactions, in block trades and/or through
other legally permissible means, depending on market conditions and
in accordance with applicable rules and regulations. The timing and
dollar amount of repurchase transactions will be subject to the
Securities and Exchange Commission Rule 10b-18 and/or Rule 10b5-1 requirements. The
Company's board of directors will review the share repurchase
program periodically, and may authorize adjustment of its terms and
size. The Company expects to fund the repurchases out of its
existing cash balance.
About Vipshop Holdings Limited
Vipshop Holdings Limited is a leading online discount retailer
for brands in China. Vipshop
offers high quality and popular branded products to consumers
throughout China at a significant
discount to retail prices. Since it was founded in August 2008, the Company has rapidly built a
sizeable and growing base of customers and brand partners. For more
information, please visit https://ir.vip.com/.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Among other things,
the business outlook and quotations from management as well as
Vipshop's strategic and operational plans contain forward-looking
statements. Vipshop may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission (the "SEC"), in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about Vipshop's beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: Vipshop's goals and strategies; Vipshop's future
business development, results of operations and financial
condition; the expected growth of the online discount retail market
in China; Vipshop's ability to
attract customers and brand partners and further enhance its brand
recognition; Vipshop's expectations regarding needs for and market
acceptance of flash sales products and services; competition in the
discount retail industry; the potential impact of the COVID-19 to
Vipshop's business operations and the economy in China and elsewhere generally; fluctuations in
general economic and business conditions in China and assumptions underlying or related to
any of the foregoing. Further information regarding these and other
risks is included in Vipshop's filings with the SEC. All
information provided in this press release is as of the date of
this press release, and Vipshop does not undertake any obligation
to update any forward-looking statement, except as required under
applicable law.
Investor Relations Contact
Tel: +86 (20) 2233-0732
Email: IR@vipshop.com
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SOURCE Vipshop Holdings Limited