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Vipshop is a China-based e-commerce company specializing in discounted branded goods for value-focused consumers.
On February 12, North of South Capital disclosed in a U.S. Securities and Exchange Commission filing that it sold 1,093,316 shares of Vipshop Holdings Limited (VIPS 1.59%), an estimated $21.04 million transaction based on average fourth-quarter pricing.
What happened
According to a filing with the U.S. Securities and Exchange Commission dated February 12, North of South Capital LLP sold 1,093,316 shares of Vipshop Holdings Limited during the fourth quarter. The estimated value of the shares sold was $21.04 million based on the average closing price for the quarter. The fund’s remaining Vipshop stake was 2,262,683 shares, valued at $40.03 million at quarter’s end. Meanwhile, the position’s value declined by $25.88 million, a figure reflecting both the sale and quarter-end price movement.
What else to know
Following the sale, Vipshop represents 3.6% of North of South Capital LLP’s 13F reportable assets, down from 6.3% in the prior quarter.
Top five holdings after the filing:
- NYSE: IBN: $220.18 million (19.8% of AUM)
- NYSE: TSM: $137.90 million (12.4% of AUM)
- NASDAQ: JD: $122.06 million (11.0% of AUM)
- NYSE: YMM: $116.40 million (10.5% of AUM)
- NYSE: PAAS: $111.27 million (10.0% of AUM)
As of February 11, Vipshop shares were priced at $17.56, up 20.9% over the past year and outperforming the S&P 500 by 6.55 percentage points.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close February 11, 2026) | $17.56 |
| Market Capitalization | $8.82 billion |
| Revenue (TTM) | $15.46 billion |
| Net Income (TTM) | $1.03 billion |
Company snapshot
- Vipshop Holdings offers a broad range of products including apparel, cosmetics, footwear, home goods, electronics, food, and consumer finance services primarily through its vip.com and vipshop.com online platforms.
- The company operates a direct-to-consumer e-commerce model, generating revenue from product sales, logistics, and value-added services such as supply chain and technology support.
- It targets value-conscious consumers in China seeking branded merchandise at discounted prices, with a focus on repeat customers and brand partnerships.
Vipshop Holdings Limited is a leading online discount retailer in China, leveraging a diversified product portfolio and robust logistics infrastructure to serve millions of customers nationwide. The company’s strategy centers on deep supplier relationships and exclusive brand partnerships to secure attractive pricing and drive customer loyalty. Vipshop’s scale and focus on value-oriented consumers underpin its competitive position in the Chinese specialty retail sector.
What this transaction means for investors
North of Sea certainly made a decisive cut to Vipshop last quarter, but it held onto a non-negligible $40 million stake in the firm, and the performance might suggest why. Vipshop delivered third-quarter revenue of RMB21.4 billion, or $3.0 billion, up 3.4% year over year, while net income attributable to shareholders climbed 16.8% to RMB1.2 billion, or $171.5 million.
More broadly, this portfolio leans heavily into large emerging market and Asia tech names, including $220.18 million in ICICI Bank, $137.90 million in Taiwan Semiconductor, and $122.06 million in JD.com. Within that mix, Vipshop is now a mid-tier China consumer play rather than a core pillar.
For long-term investors, the takeaway is straightforward. Vipshop is generating profits and cash, buying back stock, and guiding for up to 5% revenue growth next quarter. In other words, the trim looks tactical, and the business still looks durable.