GUANGZHOU, China, Feb. 21, 2013 /PRNewswire/ -- Vipshop Holdings Limited (NYSE: VIPS), China's leading online discount retailer for brands ("Vipshop" or the "Company"), today announced its intention to file a registration statement with the United States Securities and Exchange Commission (the "SEC") on or about February 21, 2013 (U.S. Eastern Time) relating to a proposed offering of its American depositary shares ("ADSs") by Vipshop and certain of its pre-IPO investors. The amount and timing of the proposed offering are subject to market conditions and other factors.
The offering will likely consist of both primary and secondary shares. The purpose of the offering is to provide additional capital to Vipshop to fund its capital expenditures and for general corporate purposes. The offering will also provide for greater liquidity of the ADSs in the market by increasing the public float as well as providing an opportunity for certain pre-IPO investors to obtain liquidity on part of their holdings in Vipshop in an organized fashion. Vipshop will not receive any proceeds from the sale of the ADSs by the selling shareholders. The number of ADSs to be issued and sold by Vipshop and to be sold by the selling shareholders will be determined at an appropriate later date and will be reflected in an amendment to the registration statement to be filed with the SEC. Each ADS represents two of Vipshop's ordinary shares.
A registration statement relating to these securities has not been filed with the SEC and, if filed, will not immediately become effective. The ADSs may not be sold, nor may offers to buy be accepted, prior to the time the registration statement relating to the proposed offering becomes effective.
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, the securities described herein, nor shall there be any offer, solicitation or sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.